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Lagos to Start Monthly Tenancy in 2022 for Easy Payment

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Lagos Monthly Tenancy

By Aduragbemi Omiyale

Governor of Lagos State, Mr Babajide Sanwo-Olu has said by next year, a new policy of monthly tenancy on property occupancy would kick-off.

Speaking at the Lagos Real Estate Market Place Conference and Exhibitions organised by the Lagos State Real Estate Regulatory Authority (LASRERA) at the Eko Hotel and Suites, Victoria Island, the Governor explained that the concept is not to punish the landlord or reduce the expected revenue of the property owner.

He said monthly tenancy would ease off the pressure of yearly rent on tenants, as the new policy is designed to make people pay their rents according to their monthly earnings.

The policy, Mr Sanwo-Olu said, emanated from an agreement reached by association of tenants, consortium of financiers and the government.

At the two-day event with the theme Lagos: 21st Century Real Estate Investment Hub, the Governor ordered the complete excision on untitled land across the state.

He explained that this is to put an end to the incessant issue of land grabbing in Lagos State, adding that a technical committee will be set up to fine-tune the framework for the excision process on untitled land, with the objective to granting Certificate of Occupancy (C-of-O) to landowners for transparent sales of the asset.

The Governor condemned an effort by state officials to frustrate and sabotage the full take-off of the state’s Enterprise Geographic Information System (e-GIS) project initiated to automate approval of land surveys and allocation titles in one talk shop.

Mr Sanwo-Olu issued a stern warning, saying he would be ruthless in purging out saboteurs in the ranks of government.

“One of the issues we are working on is the ownership of land. There is a large parcel of land across Lagos that doesn’t have the Government title.

“It is to announce to this gathering that I’ve made up my mind that we are going to do excision for untitled land. This process will kick off next year and we will set up a committee whose composition will represent all traditional divisions in Lagos. With equity and fairness, we will yield proper titles on all the land, so that the issue of land grabbing can be reduced to the minimum.

“We will also be carrying out genuine reform in our Survey Department. We need to have our e-GIS platform up and running after 10 years that it was initiated. I’m expressing my disappointment in some government officials sabotaging these efforts. I will look for the culprits and I will be ruthless in meting out punishment. I will ensure these saboteurs have no place in my government,” he said.

Addressing the cause of the high affordability of property in Lagos, the Governor said the state’s partnership with the private sector had raised the housing stock but added that the non-availability of long-tenure mortgage bonds made it impossible for low-income earners to benefit.

The government, he said, is thinking out of the box to design a financing model that would reduce the burden on mortgage applicants, while also charging real estate developers to reduce the cost of developing property by engaging local competence for skills outsourced to foreigners.

He said: “We should not just build property only for consumers, we must also build skills and integrate them in our built environment to showcase great output. Technical and vocational skills are things we must deliberately harness and reflect in our work. At the end of the day, we must be able to design a housing development and ownership model that is fit for our purpose and peculiar to our local needs.”

Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, said real estate remained the most sought after investment, noting that the market, apart from creating sustainable jobs, also has the highest potential of growing the economy of any nation.

She said the state government realised the need for investors and consumers to know policies put in place and how the knowledge of all the policies could assist stakeholders in making informed decisions in investing in the real estate market.

Mrs Benson-Awoyinka said: “As a government, we have realised this fact and as such, have been making business-friendly policies that can assist would-be investors and consumers to operate in a conducive business environment.

“LASRERA has strengthened its efforts to make this sector more vibrant by ensuring that practitioners operate within the ambit of the law.

“The agency has registered over 100 individuals and organisations that approached the Government to regularise their operations with us. We have seen positive results from this undertaking, as the State, through the LASRERA, has resolved several reported cases of fraudulent practices brought to the attention of the agency in a very professional manner.”

As a regulator, the Special Adviser urged investors and consumers to make LASRERA their first point of contact before investing in real estate in any part of Lagos.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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Middle East Crisis: AfDB, Others Task Africa on Long‑term Structural Reforms

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Africa Long‑term Structural Reforms

By Dipo Olowookere

The need for Africa to protect itself from many external shocks not of its making has again been emphasised by the African Development Bank (AfDB), the African Union Commission (AUC), the United Nations Development Programme (UNDP), and the UN Economic Commission for Africa (UNECA).

On the margins of the 58th session of the Economic Commission for Africa in Tangier, Morocco, the continent was tasked to strengthen regional integration, accelerate African-led financial solutions, and invest decisively in energy, food, and trade resilience so as to move from vulnerability to preparedness.

The meeting focused on the spikes in energy, food and fertiliser prices caused by the ongoing conflict in the Middle East.

The United States and Israel launched airstrikes on Iran in February 2026, and since then, global oil prices have surged by more than 50 per cent as of late March. Twenty-nine currencies in Africa have weakened, raising the cost of servicing external debt and importing food, fuel, and fertiliser.

Disruptions linked to Gulf energy supplies limit access to ammonia and urea during the critical March–May planting season. This will affect agricultural production, compounding risks of crisis and emergency levels of food insecurity, especially for low‑income households and import‑dependent economies.

To address these issues, the quartet has asked African leaders to, in the short-term, stabilise fuel, food, and fertiliser supply, and execute medium‑term reforms to strengthen energy security, targeted social protection, and regional trade under the African Continental Free Trade Area (AfCFTA).

They also tasked leaders to come up with long‑term structural reforms towards stronger domestic resource mobilisation and African financial safety nets, including accelerated implementation of the African Financing Stability Mechanism.

“Continued escalation of the conflict worsens global instability, with serious implications for energy markets, food security, and economic resilience, particularly in Africa, where economic pressures remain acute,” the chairperson of AUC, Mr Mahmoud Ali Youssouf, said.

Also commenting, the UN Under-Secretary-General and Executive Secretary of UNECA, Mr Claver Gatete, said, “Africa has been hit by too many external shocks not of its making. Crises like this reinforce why Africa must finance more of its own future and strengthen regional solutions that build resilience before the next shock hits.”

On her part, the UN Assistant Secretary‑General and Director of UNDP’s Regional Bureau for Africa, Ms Ahunna Eziakonwa, submitted that, “With the right mix of policy choices, financing tools, and political resolve, Africa can weather this shock and emerge more resilient, more self-reliant, and better positioned to shape its own economic future.”

“As global crises multiply, Africa’s response must evolve from managing shocks to fostering resilience. African institutions and development partners need to act swiftly and in concert, leveraging their comparative advantages to cushion short-term shocks while laying the foundations for long-term resilience,” the president of AfDB, Mr Sidi Ould Tah, stated.

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Oyetola Sets Accountability Bar for Maritime Agencies

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gboyega oyetola

By Adedapo Adesanya

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has issued a strong warning to heads of agencies under the ministry, demanding strict accountability and measurable results.

Mr Oyetola issued the warning during the signing of performance bonds with heads of maritime agencies at the Ministerial Management Retreat, held alongside the 2026 first-quarter stakeholders’ engagement in Lagos on Thursday, where he emphasised the need for performance-driven governance.

“Let me emphasise that all Departments and Agencies under the Ministry must remain firmly focused on delivering tangible results,” he said.

In a statement by Mr Bolaji Akinola, Special Adviser to the Minister, Mr Oyetola noted that performance bonds to be signed during the retreat are binding commitments that will be closely monitored and rigorously evaluated.

“These are not ceremonial documents. They are binding commitments. Accountability will not be optional,” the Minister declared.

Mr Oyetola reiterated the need for data-driven decision-making, robust monitoring and evaluation frameworks, and alignment with the Ministry’s strategic objectives.

“At the institutional level, we must remain disciplined and accountable. Every department and agency must deliver measurable outcomes,” he added.

He explained that the retreat was designed to foster alignment between policy formulation, implementation, and stakeholder expectations.

“The integration of this engagement enables us to listen, reflect, and recalibrate,” he said.

The agencies include the Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Shippers’ Council (NSC), National Inland Waterways Authority (NIWA), Maritime Academy of Nigeria, and the Council for the Regulation of Freight Forwarding in Nigeria.

He also announced a 160 per cent increase in revenue generated by agencies under the ministry, attributing the growth to sweeping reforms and a renewed focus on accountability.

“In 2023, our agencies generated N700.79 billion. By the end of 2025, this figure had risen to approximately N1.83 trillion. This remarkable achievement is the result of deliberate and sustained reforms,” he stated.

The Minister explained that the gains were driven by strengthened regulatory oversight, improved revenue assurance mechanisms, digitalisation of key processes, and a firm commitment to blocking leakages.

“This gathering reflects our commitment to a governance approach that is inclusive, transparent, and results-driven,” he added, noting that the convergence of stakeholders, policymakers, and institutional leaders was designed to align policy with implementation and public expectations.

Mr Oyetola linked the ministry’s improved performance to broader sectoral reforms, including port modernisation, approval for disbursement of the Cabotage Vessel Financing Fund (CVFF), and ongoing efforts to enhance indigenous participation in maritime activities.

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Presidency Explains Reason Tinubu Met Jos Attack Victims at Airport

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Tinubu Angwan Rukuba jos victims

By Modupe Gbadeyanka

The Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, has explained why Mr Bola Tinubu addressed the victims of the Plateau attacks at the airport on Thursday evening.

The decision of President Tinubu to console victims of the attacks, which left over 20 persons dead, at the Yakubu Gowon Airport in Jos last night has continued to generate reactions.

He was criticised for not visiting the victims at the epicentre, Angwan Rukuba, instead of having them to travel to meet with him at the airport.

In a statement on Friday, Mr Onanuga said his principal’s itinerary for yesterday included two main engagements: receiving the Chadian President, Mahamat Idriss Déby Itno, and proceeding to Iperu, Ogun State.

“After Governor Caleb Mutfwang’s briefing, President Tinubu suspended the trip to Ogun. Overnight, the Presidential Villa made arrangements for the visit to Jos, with presidential assets quickly deployed. However, the President could not postpone the scheduled visit by the Chadian leader.

“The President of Chad was at the Presidential Villa for a very important bilateral meeting focused on strengthening security collaboration between the two countries. The meeting ran longer than expected, affecting President Tinubu’s scheduled departure for Jos.

“Upon arrival in Jos, the visit encountered some logistical challenges. While the road distance from the airport to Jos township is approximately 40 minutes, the runway does not support night flights due to the absence of navigational aids. The constraints made it unfeasible to drive into town,  meet victims for on-the-spot assessment and return to the airport before dusk.

“Consequently, state and federal officials decided to bring representatives of the affected community to a hall adjoining the airport so the President could meet with them promptly while adhering to flight restrictions. Among the people in the hall were the Minister of Defence, the Chief of Army Staff and the Inspector General of Police, who had visited Rukuba, the epicentre of the conflict.  President Tinubu deployed the high-level team to Rukuba, including the Senior Special Assistant on Community Engagement, to undertake critical groundwork on security and community engagement, with a view to stabilising the area before his arrival.

“Beyond expressing his condolences to the victims, President Tinubu’s objective was to engage with critical stakeholders in Plateau State on ending the recurring, decades-old conflict that has resulted in needless loss of lives and property.

“President Tinubu’s visit to Jos was not merely symbolic. It was a strategic, high-level engagement aimed at bringing all stakeholders together to address the root causes of conflict and insecurity in the state.

“He interacted with the victims, consoled them, and listened to them. He also listened to local leaders and assured them that the federal government would deliver justice and end the cycle of violence. He promised the deployment of 5000 AI-enabled cameras to monitor the city and enhance the identification and arrest of troublemakers.

“Furthermore, the President invited the community leaders to Abuja for further talks on finding a lasting solution to the recurring violence in the state.

“The meeting, televised live, was solemn and reassuring, boosting residents’ confidence. President Tinubu achieved the purpose of his visit, despite the naysayers’ attempts to ridicule it. He dropped an unmistakable message:  sustainable peace must be built with the people, not imposed on them,” the presidency explained.

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