The Lagos State Government has urged key players in the real estate sector to support efforts aimed at reducing the financial burden on tenants and eliminating illegal charges in property transactions.
In a statement signed by the Deputy Director of Public Affairs, Ganiu Lawal, the government urged the Nigerian Institution of Estate Surveyors and Valuers (NIESV), the Real Estate Developers Association of Nigeria (REDAN), and the Association of Estate Agents in Nigeria (AEAN) to take decisive action against the widespread imposition of unlawful fees.
“The proliferation of charges such as caution fees, inspection fees, and finder’s fees is damaging to both tenants and the credibility of the real estate sector,” the statement read. “It compromises the integrity of property owners and practitioners alike.”
The professional bodies were invited to a stakeholders’ meeting at the Ministry of Housing in Alausa, Ikeja, jointly chaired by the Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare.
The session was part of an ongoing strategy to address arbitrary rent increases, curb excessive agency fees, and restore order to the real estate market.
Commissioner Akinderu-Fatai emphasised the government’s commitment to collaborating with professional groups to safeguard the interests of Lagosians.
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“Our goal is to foster a strong partnership with real estate professionals to protect families from unfair rental practices and ease the challenges of securing accommodation,” he said. “We are promoting a shift towards monthly and quarterly rent payments in accordance with the state’s tenancy laws.”
He stressed that while the government acknowledges the housing demand exceeding supply, it would no longer tolerate practices that exploit prospective tenants.
“Governor Babajide Sanwo-Olu’s administration is compassionate and determined to sanitize the real estate sector,” Akinderu-Fatai added.
Special Adviser Odunuga-Bakare highlighted existing laws like the 2015 Tenancy Law and the Lagos State Real Estate Regulatory Authority Law, which limit agency fees to a maximum of 10 percent of the transaction value. She urged real estate stakeholders to comply with these regulations to make housing more accessible.
In response, representatives from the NIESV, REDAN, and AEAN—including Gbenga Ismail, Dr. Kolawole Tony, and Dr. Adeniyi Tinubu—pledged their readiness to partner with the government.
They committed to supporting advocacy campaigns, public sensitization initiatives, and promoting best practices in real estate dealings.
The meeting concluded with a resolution to convene a broader stakeholders’ forum, involving representatives from the Nigerian Bar Association and other sectors, to achieve a comprehensive reform of the real estate landscape for the benefit of all Lagosians.
