NEWS
Trouble days ahead for Shylock Landlords as Senate moves to regulate rents
John Akubo
Hard times await Shylock Landlords in Abuja as Senate tidy up legislation to regulate rents from one or two years first payment by tenants, to three months and subsequent monthly payments .
The planned legislation is contained in a bill sponsored by Senator Smart Adeyemi ( APC Kogi West) titled Advanced Rent (Residential Apartments, Office Spaces) Regulation Bill, 2022
The bill passed first reading in the Senate during plenary on Tuesday.
Explaining the intendment of the bill to journalists after plenary , Senator Adeyemi said it is targeted at cushioning effect of outrageous rents on properties on poor residents in the Federal Capital Territory .
According to him, the bill when passed into law, will regulate rent collections from tenants to three months at first instance and subsequent monthly payments as against one, two or three years first payment being collected by property owners now with subsequent yearly rent payment renewal.
“Many residents of FCT are finding it very difficult to cope with huge rent payment , the reason why many of the Houses built for such purposes are empty.
“The law is targeted at welfare and wellbeing of the downtrodden , majority of whom elected those holding public positions into offices.
“Some landlords always insist their tenants pay for one year or two years rent. That is wrong. By this bill, Nigerians especially Abuja residents will now be paying rent on monthly basis after the expiration of the initial three months.
“The law we are proposing stipulates a maximum advanced rent payment of three months. After the expiration of the three months rent, the tenants are expected to pay monthly.
“There are many tenants whose salaries are competing with their rents because they live in cities like Abuja”, he explained.
When reminded of the scenario that played out in Lagos when Governor Marwa implemented similar law but with stiff resistance from landlords , Senator Adeyemi said the law being proposed will take of such resistance by providing window of petitioning for any tenants forced to pay rents above three months .
“Most Nigerians need the protection of the law to be able to meet their basic needs after paying rents.
“Many landlords did not secure loans to build their houses, they are products of free money they acquire from the system, yet they make lives difficult for poor Nigerians who do not have such privilege of making ill-gotten money from the system and put up structures”, he added.
Adeyemi, said it was important to begin to ensure that Legislations should not just be to impose penalty to the people.
He said there was an urgent need to enact laws that could directly affect the lives of the individuals in such a manner that Nigerians would be able to have three square meals and have a roof over their head
Adeyemi said:
Some of the problems confronting our nation today is the high level of corruption and if you take a look at Abuja in particular, you see so many uncompleted houses, some of them you don’t even know the owners.
“Those, who own theses properties, they did not secure loans for them,there are free money that people have gotten, illegal monies, and put up structures.
“And this structure are put out in such a manner that an average Nigerians can not afford it.
“Why do you think that some junior people go into corrupt practices, a good number of them is the struggle and effort to get their rent paid.
“Ask those who are paying rent in Abuja, the landlord will ask them to pay two years rent.
“So I came to the conclusion that we must put the law in place that when you are going to take an apartment ,the maximum of what a landlord should ask you to pay must be three months, after three months, you can then begin to pay monthly.
“You do not allow the society to live in a manner that people can be reckless in the so called what they have, whatever,they have in the way of assets, you must have the consideration that you have a duty to protect others, not to use your wealth to oppress people and make some people to commit suicide.
“There are families that have broken up because the man of the house could not pay the rent, and some have been pushed out because the landlord asked them to pay for two years.
“If people will have to manage with their spouse to pay, we should be able to put the law in place in such that no body will be oppressed,”Adeyemi explained.
According to him the bill was designed to compel the land lords in the FCT not to charge more than three months rent for those who are seeking new apartment and monthly subsequent payment.
He said the bill also seeks to ensure that tenants are not ejected untill after six months if they were not able to pay.
He said it was important to put laws in place to protect the majority of Nigerians, who are poor, saying that there are many bills coming up that would protect the people.
“I own my God and the people to purse laws to protect the people”, Adeyemi said.
He said he was also going to engage the Civil Society Groups (CSOs)and the Nigerian Labour Congress (NLC) to canvases more support for the bill
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.
The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.
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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.
He urged the committee to carry out its assignment thoroughly and within the bounds of the law.
In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.
“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.
“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”
The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.
“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”
He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.
“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.
The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.
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