Abuja landlords may face N20m fine under proposed rent regulation bill

Landlords and property management companies in the Federal Capital Territory (FCT) could face financial penalties of up to N20m if a proposed legislation regulating rental transactions becomes law.
The bill, which has secured passage at second reading in the House of Representatives, seeks to stop landlords from making payment of more than one year’s rent a compulsory condition for renting or renewing properties.
Under its proposed provisions, individual offenders could pay between N500,000 and N5m in fines, while corporate organisations found guilty of violating the law could be fined between N5m and N20m.
The legislation, sponsored by Paul Nnamchi, representing Enugu East/Isi-Uzo ...