Economy
Why President Tinubu Must Address Rising Cost Of Rent, Properties In Nigeria
Why President Tinubu Must Address Rising Cost Of Rent, Properties In Nigeria
Why President Tinubu must address rising cost of rent, properties in Nigeria. With the highest respect for your person and office, and in recognition of your commitment to building a fair and prosperous Nigeria, I write as a concerned professional citizen to express my deep concern over the persistent and unregulated rise in the cost of rent and property sales across our country.
Every day, millions of hardworking Nigerians — civil servants, traders, artisans, young graduates, and families — struggle to secure or maintain decent shelter. The dream of home ownership has become increasingly distant, while many tenants face sudden rent hikes that far exceed their means. This situation has placed countless households under emotional and financial strain.
This is not merely an economic challenge; it is a humanitarian one. Shelter is a fundamental necessity of life and a key measure of social welfare. When people cannot afford a roof over their heads, it erodes family stability, productivity, and hope — the very fabric of our nation.
While the relative stability of the foreign exchange market under your administration has helped to steady the cost of building materials, the continuous increase in rent and property prices suggests that deeper issues are at play.
It has become necessary for the government to investigate the true causes of these persistent hikes — whether they stem from speculative pricing, market manipulation, weak regulatory enforcement, or limited housing supply — and to take decisive action to address them.
Lagos: A Stark Example of the Housing Crisis
Your Excellency, nowhere is this crisis more visible than in Lagos, our nation’s economic capital and commercial nerve centre.
In just a few years, rent in several parts of Lagos has risen by over 400 percent. A three-bedroom apartment that once cost N2.5 million now goes for between N8 million and N12 million, while serviced apartments in high-demand areas such as Ikoyi, Victoria Island, and Lekki have jumped from N6 million to as high as N30–N35 million per annum.
Even middle-income neighbourhoods like Yaba, Surulere, and Gbagada have not been spared, where modest two-bedroom flats that once rented for N600,000 now exceed N2 million.
This unprecedented increase is forcing residents to relocate farther from their workplaces, pushing workers into lengthy commutes and overburdening public infrastructure. It is also widening inequality — creating a city that caters to the wealthy but squeezes out the middle and working class.
If Lagos — the model city of commerce and progress — is becoming unaffordable to the people who drive its economy, then it is a warning sign for the rest of the country.
The Broader Impact
Beyond the hardship faced by individuals and families, this situation is also having serious economic consequences. Many small and medium-sized businesses can no longer afford the unreasonable rent increases on commercial spaces.
As a result, numerous shops, offices, and workshops are closing down — leading to loss of livelihoods, increased unemployment, and reduced productivity. This knock-on effect is shrinking the middle class, discouraging entrepreneurship, and slowing down local economic growth.
If left unchecked, the housing and rent crisis could undermine your administration’s efforts to create jobs, stabilise prices, and promote inclusive economic recovery.
Recommendations for Urgent Action
In light of this, I humbly appeal that your administration kindly consider the following measures:

Why President Tinubu Must Address Rising Cost Of Rent
Initiate a National Housing and Rent Control Framework — in collaboration with state governments, to ensure fair and stable rent practices across urban centres.
Strengthen the Federal Ministry of Housing and Urban Development to effectively regulate property development and pricing nationwide.
Expand affordable housing schemes for low- and middle-income earners through public-private partnerships and cooperative models.
Support mortgage reforms to make home loans more accessible, especially to civil servants and young Nigerians.
Introduce tax incentives for landlords and developers who provide affordable housing options.
Investigate the root causes of high rent and property prices and establish transparent guidelines that protect both landlords and tenants from exploitation.
Encourage state governments to implement rent regulation mechanisms tailored to their local realities.
Support small and medium-sized businesses through rent relief or subsidy schemes where unreasonable rent hikes threaten employment and stability.
A Call for Compassionate Leadership
Your Excellency, I write this letter in the spirit of faith and hope — faith in your Renewed Hope Agenda, and hope that every Nigerian will one day have the dignity of living and working in a stable and affordable environment.
A nation’s greatness is not measured by the wealth of a few, but by the well-being and productivity of the many. Lagos stands as both a warning and an opportunity — to reform the housing system, restore affordability, and rekindle the belief that Nigeria can truly work for everyone.
May Almighty God grant you continued wisdom, health, and strength as you lead our country through these transformative times.
With my highest regard and sincere respect.
Anirejuoritse Ojuyah is an urban policy analyst
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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