– Jude Njoku
“The new tenancy law in Lagos as well as the high taxes and charges in processing the certificate of occupancy, C of O, consent and building approvals are disincentives to housing in Lagos State”. This is the official position of Lagos-based estate surveyors and valuers.
Chairman of the Lagos State branch of the Nigerian Institution of Estate Surveyors and Valuers, NIESV, Mr Sola Fatoki who voiced out the position of the land professionals at a breakfast interactive session with property writers, noted that “rent control in Lagos since the tenure of Brigadier-General Mobolaji Johnson, RTD, from the 70s has never achieved the desired purpose as demand is usually higher than supply”.
Describing the performance of government in the provision of housing for the low and medium income earners as abysmally low, the estate surveyors explained that the tenancy law will worsen the situation.
Fatoki who stated that the provisions of the new legislation would be exhaustively discussed at the branch’s business luncheon billed for tomorrow at the Airport Hotel, Ikeja, however appealed to the Lagos State government to ensure that “efforts are made to increase the housing stock”. This measure, he stated, would go a long way in making housing available to Nigerians and automatically force down the high rents being witnessed in the state.
Although Fatoki wondered why the law excluded highbrow areas like Ikoyi, Victoria Island, Ikeja GRA and Apapa, he stated that when you leave out such areas, you are indirectly telling people not to put their money in the provision of housing for the masses; they should only invest in the exempted highbrow areas.
Also speaking at the forum, a former chairman of the branch, Otunba Bola Onabadejo regretted that the government did not carry the relevant stakeholders along before the bill was passed and signed into law. According to him, the government should have consulted widely before the passage of such an important law that would affect many Lagos residents.
Immediate past chairman of the branch, Mr. Elias Ovesuor noted that the law will not only create a black market situation, it will also discourage people from investing in property. According to him, if you discourage people from investing in property, they will put their money into other investments. He maintained that the numerous taxes, lengthy approval processes and high documentation fees in the state, discourage people from investing in real estate in Lagos.
Also picking holes with the law, the branch’s image maker, Mr Sola Enitan stated that the government went into an investment area without factoring in the rate of inflation, interest rate and type of property being developed.
“The law has not helped the government, it has not helped the industry, the masses and the professionals. It should never have been enacted”, he said.
Chairman of NIESV agency faculty, Mr Chudi Ubosi posited that the tenancy law does not control rent. It is what the landlord and tenant agree on that would be paid by the tenant, he said.
He stated that the law would create more problems between landlords and their tenants.
He enjoined the government to create the enabling environment to encourage people to invest in housing development. Ubosi opined that te highbrow areas of Ikoyi, VI, Ikeja GRA and Apapa were exempted because the bulk of government’s income come from those places. But he noted that it is in such neighbouroods where tenants pay as high as $50,000 monthly that rent should be paid monthly.
SOURCE
Lagos State Government, yesterday, issued a nine-day ultimatum to commercial vehicle operators, who are yet to paint their vehicles to the approved yellow and black stripes colour of the state to comply or get them impounded.
Life on the Street of Lagos 