Rent regulation in FCT: Stakeholders disagree on proposed law

It was discordant tunes among stakeholders on proposed law to regulate house rent payment advancement within the Federal Capital Territory.

The Senate had on the strength of a bill sponsored by Senator Smart Adeyemi ( APC Kogi West ), mandated its committer on Lands, Housing and Urban Development, to organise public hearing on the planned legislation seeking for maximum of three months advanced rent payment and monthly payment for old tenants as against one or two years being collected by many of the landlords.

At the public hearing held on Thursday, while the Nigeria Labour Congress, Nigeria Civil Service Union, Landlords and Tenants Association etc, supported the proposed law, the Estate Surveyors and Valuers Registration Board of Nigeria and the Nigerian Institute of Building, kicked against it.

The representative of Nigeria Labour Congress (NLC) Mr Benson Upah, in his contribution, said “Nigeria stands alone in payment of yearly rent.

According to him, “rent payments in the United Kingdom and the United States of America, are done on monthly basis.”

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He commended the Senate for coming up with the proposed law as he described it as masses oriented.

Also supporting the bill, Prince Rilwan Saheed Akinolu, who made presentation on behalf of the Landlords and Tenants Association in Nigeria, said if enacted into law, it will be a win-win situation for both parties.

But kicking against the bill, the Registrar of Estate Surveyors and Valuers Registration Board of Nigeria, Ifeanyi Uzonwanne, said the proposed legislation is wrong-headed, as the Stakeholders in the property rental industry are not just Landlords and Tenants.

“Other than the Landlord and Tenant, other stakeholders in the industry include the Investors, Financiers, Banks, Mortgage Houses, Insurers, Artisans, Professionals etc, whose interests are not put into consideration.

“The key to solving the problems the bill seeks to cure is the application of very sound economic policies.

“To progress in the passage of the bill without recourse to issues herein raised, will unleash great harm to the economy,” he said.

Further picking holes in the bill, Professor Martin Dada who represented the Nigerian Institute of Building, said since inputs into construction are not regulated, it is naive and wrong, attempting regulating the outputs.

In his closing remarks, the Chairman of the Committee, Senator Sam Egwu (PDP Ebonyi North), said all submissions made, will guide the committee in arriving at report to be presented to the Senate.

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Rent regulation in FCT: Stakeholders disagree on proposed law

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Rent regulation in FCT: Stakeholders disagree on proposed law