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88% of Lagos Tenants Want Monthly Rental Payment—Commissioner



lagos tenants monthly rental payment

By Aduragbemi Omiyale

The decision of the Lagos State government to implement a monthly rental payment scheme from next year has continued to generate mixed reactions.

While some have commended the government for the policy, others have knocked the administration of Mr Babajide Sanwo-Olu, predicting that it will not succeed.

But the state government disagrees with this, noting that it is a policy many tenants in the city want, according to the Commissioner for Finance, Mr Rabiu Olowo.

The Commissioner stated that the initiative was part of the resilience policy of the current administration, noting that the state government did a rental survey and found out that 88 per cent of tenants would rather pay their rent monthly.

“We had to pursue this by working with different relevant stakeholders and we now have a model that will work and enable Lagosians to pay their rent monthly.

“Landlords have nothing to lose because they will continue to receive their rent yearly and their default risk is zero,” Mr Olowo was quoted as saying in a statement posted on the official Facebook page of the Lagos State government.

He said the scheme will commence with the formal sector to enable them to minimise risk, saying, “We as a Ministry are already looking into the informal sector to bring them into this programme but we need to first begin with the formal sector to enable us to minimise the risk level.”

“It is easier for us to verify how much those in the formal sector earn and for us to know what we will get and how we will get it. When we succeed in this, we will roll out to the informal sector. There is an insurance pack that helps us manage all of the risks. We have a data plan that will help us fish out defaulters,” the Commissioner stated

He averred that the government is working with stakeholders, especially financial institutions, noting that the platform for the scheme is a social investment for the benefit of Lagos citizens and residents and not a money-making venture.

Also speaking on the matter, the Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, stated that all modalities for the commencement of the monthly rent payment system will commence soon.

She said at the just-concluded Second Lagos Real Estate Market Place Conference and Exhibitions that the new initiative will greatly ease the burden of yearly payment on residents, assuring that landlords will, however, get their annual payment of house rent upfront, while tenants will no longer have the burden of yearly payment of a huge amount of money.

“Tenants can therefore use the yearly payment for other forms of investments or for payment of school fees as the burden of payment of yearly rent is taken away from them completely. So it is a win-win social investment scheme, it is a good one and it is applaudable,” she said.

The Special Adviser explained that for tenants interested in the scheme, they must be able to meet some requirements which include the capacity to make the payments on a monthly basis, stressing that the scheme will begin with those in the formal sector with monthly income after which the informal sector will be brought on board.

“We thank the Lagos State Governor and the entire cabinet for this wonderful initiative and I pray the scheme will not only be successful but will become a reference point in Lagos,” she said.

The Managing Director/Chief Executive Officer, Nobleserve Capital Management, Mr Korede Adeyemi, described the initiative as a market platform that speaks to social impact.

“With what we are doing, every landlord will get their rent annually and tenants at the same will have the capacity to pay their rent on a monthly basis. This platform will be demand-driven because of the convenience of payment. People will be able to log into the platform to search for houses,” he said.

According to him, the initiative is a robust system that takes care of everyone and is designed to sanitise the pricing of Lagos houses in terms of tenancy rate, noting that similar property in the same area within Lagos State can either go for the same price or lower.

Managing Partner of Charles Anthony LLP, Mr Charles Adeosun-Phillips, said it is a social welfare programme and it is a win-win for the landlords, government, financial institutions and all stakeholders concerned.

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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NGA Calls for Multiple Approach to Energy Transition



Energy Transitions

By Adedapo Adesanya

The Nigerian Gas Association (NGA) has called for a multidimensional approach to energy transition in Africa amid the lingering global energy crisis and increased calls for the replacement of fossil fuels with renewable energy to reduce carbon emissions.

NGA cautioned that Africa needs to be cautious and consider all the pertinent issues in transitioning from fossil fuel to cleaner and more sustainable energy sources.

According to the National Publicity Secretary of the association, Mr Odianosen Masade, fossil transition in developed economies has been going on for over a century, whilst Africa was expected to transition over a few decades.

“Africa accounts for the smallest share of global greenhouse gas emissions, at just 3.8 per cent, in contrast to 23 per cent in China, 19 per cent in the United States, and 13 per cent in the European Union.

“Africa is also the least industrialized of all the continents in the world, yet one of the most vulnerable to climate change,” he noted.

Mr Masade, who is the Corporate Communications Lead at Eroton Exploration & Production Company, also provided insights into challenges inhibiting Nigeria from maximizing the opportunities presented by the conflict in Ukraine, which has reduced the global supply of gas.

He disclosed that the lack of political will, as well as Nigeria’s lack of critical infrastructure, were some of the greatest reasons for Nigeria’s disadvantaged position.

“One such infrastructure that would have generated significant income for the country is the Trans-Saharan gas pipeline, which will traverse Nigeria, Niger and Algeria across the Sahara desert to Europe.

“It is estimated that once completed, the $13 billion pipeline would transport up to 30 billion cubic meters (1 trillion cubic feet) of natural gas per annum from Warri in Nigeria, through Niger and Algeria on to Europe,” he stated.

In July, the oil ministers of the three countries signed a Memorandum of Understanding (MoU) and agreed to set up a task force for the project with the aim of updating an existing feasibility study.

The idea to pipe gas across the Sahara to Europe was first conceived more than 40 years ago. In 2009, an agreement was signed by the three gas-rich countries, but progress has stalled since then.

TSGP, also known as the NIGAL pipeline, may now move closer to becoming reality as Europe attempts to cut its strong dependency on Russian gas.

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IGP Authorises Stop & Search, Raids, Others to Tackle Crime



IGP alkali Tinted Permits

By Adedapo Adesanya

The Inspector-General of Police (IGP), Mr Usman Alkali Baba, has ordered the deployment of adequate security around schools, hospitals, and critical national infrastructures across the country.

The Force Public Relations Officer, Mr Olumuyiwa Adejobi, who disclosed this in a statement on Sunday, said the IGP has also ordered regular patrols, stop and search, raids and show of force by tactical commanders to clamp down on pockets of crime and criminality in some states of the federation.

“The Inspector-General of Police, Usman Alkali Baba, has ordered the deployment of water-tight security arrangements to cover all schools, hospitals, health workers, and critical national infrastructures around the country,” the statement added.

“The IGP has equally ordered regular patrols, stop and search, raids, and show of force by tactical commanders to clamp down on pockets of crime and criminality recorded in some states of the federation,” it further said.

Mr Baba gave the directive while reviewing the reports he received from various commands and formations on the general security situations across the country.

He tasked strategic police managers at various levels to prioritize the use of intelligence gathering networks while charging officers and men of the force to take the fight against crime to the doorsteps of suspected criminal elements with a view to flushing them from their hideouts.

The IGP also called for the cooperation of members of the public, warning police officers to be civil, professional, and humane in the course of discharging their duties.

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SERAP Begs INEC to Allow 7 million Nigerians Complete Voter Registration



inec electoral bill

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has asked the Independent National Electoral Commission (INEC) to allow seven million Nigerians to complete their voter registration.

SERAP made the call in a statement on Sunday through its Deputy Director, Mr Kolawole Oluwadare, warning that the failure of the electoral body to grant this request could attract legal action.

According to the rights group, INEC recently disclosed that out of 10,487,972 Nigerians who carried out their pre-registration online, only 3,444,378 completed the process at physical centres.

SERAP believes that the right to vote is also the right to be given the time and opportunity to complete the registration process so that it can be effectively exercised.

“The right to vote is not merely the right to cast a ballot but also the right to be given the time and opportunity to complete the registration process, so that the right can be meaningfully and effectively exercised,” the statement read.

“Closing the gates on eligible Nigerians and denying them the time and opportunity to complete their registration cannot preserve trust in the electoral process.

“Denying a significant number of eligible voters the time and opportunity to complete the registration for their PVCs would impair the right to vote of those affected, deny them a voice in the 2023 elections, and lead to disparate and unfair treatment of these voters,” it submitted.

The organisation noted that, “According to a report released by INEC, out of 10,487,972 Nigerians who carried out their pre-registration online, only 3,444,378 Nigerians representing 32.8 per cent, completed the process at a physical centre. 7,043,594 Nigerians carried out their pre-registration but are yet to complete the process at a physical centre.

“This represents over 67 per cent of those who began their registration process online.

“According to INEC, a total of 12,298,944 Nigerians completed their voter registration; 8,854,566 of which were persons who did their registration entirely at a physical centre.

“The over seven million Nigerians have already completed their registration online, that is, via INEC online portal by providing their biodata and required documents.”

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