The NACCIMA Youth Entrepreneurs (NYE) have raised concerns over unregulated practices by property agents in Ondo State, warning that the lack of oversight is creating room for exploitation and hindering business growth.
In a statement, the group appealed to the state government to step in urgently, stressing the need for clear and transparent guidelines to regulate agent charges and inspection fees. They also called for an effective monitoring system and a stakeholder roundtable involving agents, entrepreneurs, landlords, and policymakers to reach common ground.
The entrepreneurs further proposed the digitalisation of the real estate sector through a centralised platform where agents can be registered, properties listed, and payments processed openly. According to them, such a system would eliminate repeated inspection charges, curb arbitrary costs, and boost trust in the market while still ensuring agents earn fairly.
“Our position is not anti-agent but pro-fairness,” the group said, noting that combining regulation, dialogue, and digital tools would protect entrepreneurs, encourage innovation, and strengthen the local economy. They pledged to continue working with all stakeholders to build a more inclusive and growth-driven business environment.
Meanwhile, reports that the Lagos State House of Assembly is currently debating a new tenancy bill aimed at reforming rent practices, regulating estate agents, clarifying landlord–tenant rights, and easing dispute resolution.
The bill, titled “A Law to Regulate the Relationship Between Landlords and Tenants, Including the Procedure for the Recovery of Premises in Lagos State, and for Other Connected Matters,” seeks to replace the 2015 Tenancy Law. It prohibits landlords or agents from demanding more than three months’ rent in advance from monthly tenants or more than one year’s rent from annual tenants.
The move follows mounting complaints from Lagos residents about rising rents, which many fear could push vulnerable households into homelessness.
