2-Year Rent Banned in Lagos

Any landlord in Lagos state who collects rent in excess of one year from a new tenant is liable of punishment by the state government as such action would henceforth be seen as a criminal offence, which will either attract jail term or payment of fine.
This is part of the content of the tenancy bill that was passed by the State House of Assembly yesterday.
This means that those who are already tenants of a building are not expected to pay more than six months instead of the usual one year rent they were mandated to pay by their landlords.
Placed a fine of N100,000 or three years imprisonment on any landlord or new tenant who pays in excess of one year and N100,000 or three months imprisonment for any landlord who fails to issue a receipt to a tenant for payment of rent. According to some of the lawmakers who spoke on the passed bill, the receipt would afford the authorities the opportunity to monitor compliance with the law. They said they  are not unmindful of the fact that some landlords can be dubious and would want to change strategy adding that the law, as has been amended, takes care of those areas.

Bad news for Landlords and Great news for Tenants....