General
Lagos Reviews Tenancy Law, May Stop Agreement Fee
By Modupe Gbadeyanka
Lagos State Law Reform Commission has disclosed that it has identified the need to review certain provisions of the existing Lagos State Tenancy Law of 2011 with a view to further ensuring fairness and reposition the law to reflect present societal values and realities.
Attorney-General and Commissioner for Justice in Lagos State, Mr Adeniji Kazeem, made this known at the stakeholders’ meeting on Tenancy Law of Lagos State organised by the Law Reform Commission.
Mr Kazeem noted that the modernization of Lagos into a smart city made it imperative for its legislations to reflect modern day realities, especially in the provision of shelter.
The Commissioner added that the proposed review of the law was also part of the ease of doing business drive of the state government aimed at drastically reducing all bottlenecks capable of hampering commerce and other practices that negate global practices applicable in developed countries of the world.
Mr Kazeem said that feelers from members of the public reveals that the citizens were not pleased with the present state of the law, hence the need to consider the introduction of rules of procedure to help fast-track proceedings for recovery of possession and propose time limits for the disposal of tenancy matters, among other grey areas contained in the law.
The Attorney-General stated that “like every other piece of legislation, this law requires periodic review in line with the government’s housing policies as a way of dealing with insufficient housing problem due to the fast growing population of the state.”
He reiterated that the existing Lagos Tenancy Law was a compilation of the reviewed Recovery of Premises Law Cap 118 Laws of Lagos State 2003 and the Rent Control and Recovery of Residential Premises Edict No. 6 of 1997.
The Commissioner maintained that some aspects of the law have not really been obeyed by the concerned stakeholders, noting that the section of the law on advance payment which makes it unlawful for a landlord to receive more than a year’s rent in advance was still being flouted.
He expressed hopes that the Lagos State House of Assembly would ensure speedy adoption and passage into law, the resolutions that would be inserted in the proposed bill as would be presented by the Law Reform Commission upon review of the law.
On her part, the Chairman of the Lagos State House of Assembly Committee on Judiciary, Human Rights, Public Petitions and LASIEC, Mrs Funmilayo Tejuosho, promised that the Assembly would ensure fairness in the passage of the review of the law through a call for public hearing to reflect the opinion of the majority.
She urged concerned stakeholders to also consider the issue of Agreement Fee charged by landlords, adding that whatever amendment that would be made to the law should be able to stand the test of time and bring comfort to all residents of the state.
Delivering a welcome address at the event, the Chairman, Lagos Law Reforms Commission, Prof Gbolahan Elias (SAN), disclosed that the goal of the commission was to introduce revised tenancy legislation that will be sensitive but pragmatic, just and efficient.
He added that the proposed review would focus on the role of Estate Surveyors and Valuers, legal practitioners and the judiciary in tenancy matters.
Participants at the stakeholders’ meeting acknowledged the fact that the law cannot absolutely favour both parties involved as either of the parties would be seeking to justify their stance at the expense of the other.
The stakeholders looked forward to a situation where individuals who run afoul of the provisions of the law will be prosecuted by the state government to serve as a deterrent and boost public confidence in the law.
By Adedapo Adesanya
Tether, issuer of the world’s most popular stablecoin, USDT, wrapped up 2025 with a net profit of over $10 billion, bolstered by steady growth in its flagship token and growing exposure to US Treasuries and gold.
The fourth-quarter attestation showed Tether holding $6.3 billion in excess reserves, a buffer over its $186.5 billion in liabilities tied to issued tokens. USDT’s circulating supply grew by $50 billion over the year to over $186 billion.
The firm continued ramping up its holdings of US Treasuries, reaching $122 billion in direct exposure and $141 billion including overnight reverse repurchase agreements, positioning it among the largest holders of US government debt globally.
Tether also maintained significant allocations to gold and Bitcoin, reporting holdings of $17.4 billion and $8.4 billion, respectively.
Tether’s investment portfolio, which is separated from reserve assets, was valued at $20 billion.
“With USDT issuance at record levels, reserves exceeding liabilities by billions of dollars, Treasury exposure at historic highs, and strong risk management, Tether enters 2026 with one of the strongest balance sheets of any global company,” said the chief executive of Tether, Mr Paolo Ardoino, in a statement shared with Business Post.
“This has been made possible by the trust accrued by our strong risk management setup, unprecedented in the financial sector, and the decisions we make around asset quality, allocation, and liquidity are designed to ensure USD₮ remains reliable and usable at a global scale, even during periods of extreme demand,” he added.
The latest report comes amid rising global demand for stablecoins, with Tether’s USDT remaining the dominant digital dollar in circulation.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over its failure to account for the alleged missing or diverted N22.3 billion, $49.7 million, £14.3 million and €5.2 million oil funds.
Disclosing this in a statement on Sunday, SERAP Deputy Director, Mr Kolawole Oluwadare, said the suit followed the damning allegations documented in the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025.
The suit was filed last Friday at the Federal High Court in Abuja, with the organisation seeking “an order of mandamus to direct and compel the NNPCL to account for the alleged missing or diverted N22.3 billion, $49.7 million, £14.3 million, and €5.2 million oil money.”
It also asked the court to “direct and compel the NNPCL to disclose the specific financial transactions carried out in respect of the alleged missing or diverted N22.3 billion, $49.7 million, £14.3 million and €5.2 million oil money, including details of disbursement, the contractors, and other individuals who collected the money.”
“The diverted or misappropriated oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability,” SERAP argued, noting that, “Granting the reliefs sought would strike a blow against the impunity of those responsible for the missing or diverted oil money, and ensure that the money is returned for the sake of NNPCL’s victims—Nigerians.”
“The allegations have also undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.
“The Auditor-General has for many years documented reports of disappearance of oil money from the NNPCL. Nigerians continue to bear the brunt of these missing oil money meant to provide essential public services for Nigerians,” it added.
SERAP is also arguing that, “Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
By Aduragbemi Omiyale
The Minister of Information and National Orientation, Mr Mohammed Idris, has emphasised that unified government messaging remains very critical to restoring public trust, especially in delivering the Renewed Hope Agenda of President Bola Tinubu.
He said this on Thursday in Abuja at an interactive session with Directors of Information and Resident Information Officers (RIOs) on grade level 14-17, deployed across Ministries, Departments and Agencies (MDAs).
The event, according to a statement issued on Friday by the Director Public Relations and Protocol of the ministry, Mr Suleiman Haruna, was themed Aligning Public Information with the Renewed Hope Agenda: Rebuilding Trust Through Effective, Transparent Communication.
The Minister noted that government officials must adopt a unified, coordinated, and trust-driven approach to government communication.
He posited that public trust remains the most valuable asset of government communication, stressing that information officers must be guided by honesty, credibility, and consistency in their work.
“Public trust is our most important capital. Once credibility is lost, no amount of messaging can fix it,” the Minister said, warning that fragmented messaging and parallel communication channels weaken government credibility and confuse citizens, insisting that the government must speak with a single, clear, and consistent voice.
“We are one government serving one national interest, and our communication must reflect that unity,” he said.
Mr Idris urged Resident Information Officers to see themselves as active partners within their host MDAs rather than passive observers, encouraging them to engage proactively with Ministers, Permanent Secretaries, and agency leadership, noting that professionalism, relevance, and initiative are key to earning trust and influence.
Addressing the growing pressure of misinformation and the speed of digital media, the founder of Blueprint Newspaper stressed the importance of timely and accurate communication, noting that delays often create space for false narratives. While reaffirming the federal government’s commitment to freedom of expression, he said such freedom must be exercised responsibly.
The Minister also outlined steps being taken to strengthen professionalism within the information cadre, including mandatory periodic reporting, improved deployment processes, continuous training, and stronger institutional support. He disclosed that the Federal Government has begun restoring the National Institute of Public Information to boost capacity building for public communicators.
He called for teamwork and mutual respect, reminding participants that they are central to the projection of government policies and achievements and that they must align their work with the priorities of the Renewed Hope Agenda.
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