Professionals in the real estate sector have urged the Lagos State House of Assembly to amend some provisions in the proposed Tenancy and Recovery of Premises Bill.The call was made by representatives of the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON), Nigerian Institution of Estate Surveyors and Valuers (NIESV), Association of Estate Agents of Nigeria (AEAN), Lagos chapter, Real Estate Developers Association of Nigeria (REDAN), Nigerian Bar Association (NBA), among other stakeholders at the one-day public hearing on the bill, organised by the State’ House of Assembly Committee on Housing. One of their main concerns is the reduction in professional scale of fees from 10 per cent to five per cent. Chairman, Professional Practice Committee of ESVARBON, Dr Aminu Waziri, commended the state for setting standards for other parts of the country, but urged lawmakers to review contentious provisions. Waziri said Section 3 (subsection 1) of the bill inadvertently undermines the board’s authority by failing to exclude estate surveyors and valuers from its provisions.
He explained, “ESVARBON, which operates under the Federal Ministry of Housing and Urban Development and regulates estate surveyors and valuers in Nigeria, already has a legally established scale of fees. The bill, however, introduces a contradiction to that professional standard. ”On tax obligations, the stakeholders recommended that withholding tax on rental income should be borne by tenants. They also suggested that tenancy-related court cases should not exceed three months, and urged clarity on issues such as rent receipts, tenants’ rights, length of notice, and service of notices for both residential and business premises. Waziri called for a review of Section 3 (subsection 1), which mandates all agents to register with the Lagos State Real Estate Regulatory Agency (LASRERA) for a practice permit. Lagos NIESV Chairman, Tosin Kadiri, requested that estate surveyors and valuers be expressly recognised in the bill. He proposed that Section 3 (subsection 1) be amended to read: “Any individual engaged as an agent, either by the landlord or tenant, must be duly registered under LASRERA Law 2021 or the ESVARBON Act of 1975.
Kadiri stressed that this would create a cohesive regulatory framework, safeguard professional integrity, and protect practitioners’ rights. He further recommended an amendment to Section 3 (subsection 3a), which compels agents to remit rent collected at tenancy inception within a “reasonable period.”
“As practitioners, we know that rents collected at the execution of a contract should be treated differently from subsequent rents. Such funds cannot be remitted until all tenancy documents are executed and possession of the property has been given to the tenant,” he said.Vice Chairman of AEAN Lagos chapter, Abiodun Adelaja, argued that associations like AEAN should have a role in recommending practitioners to LASRERA for registration. He stressed that every real estate practitioner in Lagos must belong to an association and register with LASRERA to ensure accountability. Chair, NBA Lagos Branch, Uchenna Akingbade, called for clarity on tenancy agreements, emphasising that they should only be prepared by legal practitioners within a set timeline. She also proposed the inclusion of specialised tenancy courts, and the adoption of electronic service of notices via email, WhatsApp and SMS, which are already admissible in court. She further advised that while landlords should be barred from demanding advance rent, tenants willing to pay in advance should be allowed to do so.
Source- The guardian.ng
Babajide Okusaga & co are Chartered Surveyors and Real Estate Consultants with expertise in Agency, Investment, Management, and Syndication (AIMS). We are known for being client-focused and results-driven, aiming to connect clients with their specific real estate needs such as sales, letting, joint ventures, and partnerships.
We dedicate time and energy to ensure clients’ satisfaction by helping them find the best-suited real estate solutions. Whether it’s leasing office space, financing a first home, purchasing a new factory, or managing an investment portfolio, Babajide Okusaga & Company caters to the considerations of corporate entities, individuals, and High Net Worth Individuals (HNIs).
2025RealEstateOutlook #NigerianPropertyMarket #AffordableHousingNigeria RealEstateInvestmentNigeria #PropertyValueAppreciation #NigerianHousingMarket
