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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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Chimamanda Ngozi Adichie Loses One of Twin Sons After Brief Illness

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Chimamanda Ngozi Adichie

By Adedapo Adesanya

Nigerian author, Ms Chimamanda Ngozi Adichie, and her husband, Dr Ivara Esege, have lost one of their twin sons, Nkanu Nnamdi.

According to a statement issued on Thursday by Ms Omawumi Ogbe, on behalf of the family, the 21-month-old baby passed away on Wednesday, January 7, 2026, after a brief illness.

The statement said the family is devastated by the loss, and requested that their privacy be respected during this difficult time.

“We’re deeply saddened to confirm the passing of one of Ms Chimamanda Ngozi Adichie and Dr Ivara Esege’s twin boys, Nkanu Nnamdi, who passed on Wednesday, 7th of January 2026, after a brief illness. He was 21 months old.

“The family is devastated by this profound loss, and we request that their privacy be respected during this incredibly difficult time.

“We ask for your grace and prayers as they mourn in private.

“No further statements will be made, and we thank the public and the media for respecting their need for seclusion during this period of immense grief,” the statement read.

Ms Adichie is known for works including Half of a Yellow Sun, Americanah and her 2012 Ted Talk and essay We Should All Be Feminists, which was sampled by Beyoncé on her 2013 song Flawless.

The 48 year old writer had her first child, a daughter, in 2016. In 2024, her twin boys were born using a surrogate.

In 2020, her 2006 novel Half of a Yellow Sun was voted the best book to have won the Women’s Prize for Fiction in its 25-year history.

Her latest book, Dream Count, was published in 2025.

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Peter Obi Questions Tinubu’s Approval of NNPC Debt Cancellation

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peter obi and tinubu

By Adedapo Adesanya

The presidential candidate of Labour Party in the 2023 general elections, Mr Peter Obi, has queried the decision of President Bola Tinubu to write-off about N8 trillion in debts owed by the Nigerian National Petroleum Company (NNPC) Limited despite unresolved audit queries running into trillions of Naira.

Mr Obi, in a statement titled Era of Financial Recklessness, described the reported debt forgiveness as alarming, especially at a time Nigerians are grappling with rising energy costs, inflation and heavier tax burdens.

“Just last week, it was alarmingly reported that the President approved the write-off of N5.57 trillion and $1.42 billion, approximately N8 trillion, in debts owed by NNPC, a company that recently announced profits and claimed it had turned a new leaf,” Mr Obi said in the statement on X, formerly Twitter.

He noted that the development comes amid ongoing audit investigations into NNPC over an alleged failure to account for N210 trillion, a figure he said exceeds Nigeria’s combined federal budgets between 2023 and 2026.

“For context, the total federal government budgets from 2023 to 2026 amount to about N178.56 trillion. Nigerians are still waiting for the outcome of the National Assembly investigation into the missing trillions,” Mr Obi stated.

The former Anambra State governor questioned the rationale behind the debt write-off, pointing out that NNPC is also under scrutiny over trillions of naira spent on non-functional refineries.

“This is the same agency facing serious audit inquiries and yet the President, who also serves as the Minister in charge, has approved the write-off of about N8 trillion in NNPC debts,” he said.

Mr Obi argued that the debt forgiveness effectively shifts the revenue burden to ordinary Nigerians, who are already reeling from the removal of fuel and electricity subsidies.

“Nigerians, already enduring severe hardships, are now confronted with this unexplained debt forgiveness. The nearly N8 trillion write-off will effectively replace revenue that the government is now seeking through unfair taxation,” he said.

Mr Obi stressed that the amount written off could have significantly strengthened key sectors of the economy.

“This almost N8 trillion exceeds the combined 2025 federal budget allocations for education, health and agriculture, which total N7.1 trillion,” he noted, adding that it is also “nearly twice the 2025 federal security budget of N4.9 trillion.”

He maintained that such resources could have been deployed to stimulate productivity, create jobs and reduce poverty, particularly in an economy struggling with unemployment and weak growth.

“The President owes Nigerians clear answers. Citizens deserve honesty, fiscal discipline and governance that protects their interests, not the interests of mismanaged corporations or political elites,” Mr Obi said.

He called for transparency around the reported write-off, warning that unchecked fiscal decisions in the energy sector could further undermine public trust and economic stability.

“This betrayal of the people must be stopped,” Mr Obi concluded.

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Togo, Niger, Benin Owe Nigeria $17.76m for Electricity

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electricity tariffs

By Adedapo Adesanya

Three international customers owe Nigeria $17.8 million for electricity supplied under bilateral arrangements, according to the Nigerian Electricity Regulatory Commission (NERC).

The electricity regulator in its Third Quarter 2025 report, noted that Togo, Niger, and Benin Republic were invoiced a total of $18.69 million by the Market Operator for electricity supplied during the period, but only remitted only $7.125 million, leaving an outstanding balance of $11.56 million.

The regulator identified the international offtakers as Compagnie Énergie Électrique du Togo, Société Béninoise d’Énergie Électrique of the Republic of Benin, and Société Nigérienne d’Électricité of the Republic of Niger.

Electricity supplied to the three countries was generated by grid-connected Nigerian generation companies (GenCos) and delivered through bilateral cross-border power arrangements.

According to the report, the three international customers had legacy invoices of $14.7 million, out of which they paid $7.84 million, leaving a balance of $6.2 million.

The debt incurred from the previous quarters and that of Q3 2025 amounted to $17.76 million.

NERC’s report stated that the remittance level represented a 38.09 per cent remittance performance, with more than half of the invoices remaining unpaid at the end of the quarter.

“The three international bilateral customers being supplied by GenCos in the NESI made a payment of $7.12 million against the cumulative invoice of $18.69 million issued by the MO for services rendered in 2025/Q3, translating to a remittance performance of 38.09 per cent.”

The commission explained that some bilateral customers paid for power purchased in the quarters before the one being reviewed.

“It is noteworthy that some bilateral customers also made payments for outstanding MO invoices from previous quarters, as follows: the MO received $7.84 million from the international bilateral customers and N1.3 billion from the domestic bilateral customers,” the report added.

In contrast, NERC said domestic bilateral customers performed better, remitting N3.19 billion out of the N3.64 billion invoiced to them during the quarter, representing a remittance rate of 87.61 per cent.

“The domestic bilateral customers made a cumulative payment of N3.19 billion against the invoice of N3.64 billion issued to them by the MO for services rendered in 2025/Q3, translating to 87.61 per cent remittance performance,” it added.

The commission further disclosed that Nigeria’s 11 electricity distribution companies remitted a combined N381.29 billion to the Nigerian Bulk Electricity Trading (NBET) Plc and the Market Operator in Q3 2025, out of a total invoice of N400.48 billion, translating to a remittance performance of 95.21 per cent.

As part of its statutory assessment of the commercial performance of the electricity market, the regulator noted that the figures were based on reconciled market settlements submitted to the commission as of December 18, 2025.

Nigeria supplies electricity to neighboring, however, faces significant challenges with unpaid bills data showing millions unpaid in arrears from these customers, despite NERC capping exports to prioritise domestic needs due to generation shortfalls and payment indiscipline.

These exports utilise Nigeria’s surplus power but highlight issues with consistent payment and balancing regional obligations with local demand, leading to reduced export levels.

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