Lagos Govt Reaffirms Commitment To Monthly, Quarterly, Yearly Rent Payment System

The Lagos State Government has doubled down on its commitment to a more flexible rent structure, reaffirming that rent payments must now follow monthly, quarterly, or yearly schedules—capped at a maximum of one year upfront.

This was revealed in a joint statement signed by Commissioner for Housing, Mr. Moruf Akinderu-Fatai, and Special Adviser to the Governor on Housing, Mrs. Barakat Odunuga-Bakare, following a high-level meeting with leaders of the Estate, Rent and Commission Agents Association of Nigeria (ERCAN).

Speaking during the meeting, Akinderu-Fatai emphasized that the state is actively working with stakeholders to ease the housing burden on Lagosians by encouraging flexible payment systems.

He highlighted growing concerns over exorbitant rent hikes and unregulated charges being imposed by some real estate agents—practices he said contravene the Lagos State Real Estate Transaction Law.

“We are urging professionals in the sector to put an end to these unethical practices that are fueling rent defaults and eroding public trust,” he said.

The Commissioner reminded agents that the law limits agency fees to a maximum of 10%, warning that deviations are punishable. 

He also called on estate professionals to report unqualified agents who mislead landlords into inflating rents and adding illegal charges.

ERCAN members were specifically encouraged to champion the new rent payment model within their networks and help enforce the state’s guidelines.

Akinderu-Fatai stressed that the goal of this reform is to make housing more affordable, protect the rights of tenants, and ensure landlords receive rent in a consistent, lawful manner.

In response, ERCAN President Mr. Godwin Aleke pledged full support for the initiative. 

He vowed that the association would collaborate with other professional bodies to sanitize the real estate sector and promote transparency and fairness.

“We are committed to supporting the Lagos State Government in achieving a housing market that works for everyone,” Aleke assured.

With housing affordability at the forefront of public discourse, the government’s move signals a clear intent to rein in exploitative practices and create a more tenant-friendly Lagos.