Bill to cap FCT rent at 12 months passes second reading
A bill seeking to regulate rent, prohibit compulsory multi-year demands, and cap advance payments at 12 months in the FCT has passed second reading. Read More: https://punchng.com/bill-to-cap-fct-rent-at-12-months-passes-second-reading/
The House of Representatives in Nigeria has advanced a bill to regulate rental payments in the Federal Capital Territory (FCT). Sponsored by Paul Nnamchi, the bill aims to cap advance rent demands at 12 months, control agency fees, shield tenants from unfair eviction, and create a regulatory body for rental transactions in the FCT.
The legislation also outlines penalties for violators, with fines up to N20 million for corporations and N500,000 to N5 million for individuals. During the debate, concerns were raised about the bill's constitutionality and its potential impact on landlords' property rights and freedom of trade. Supporters argue that the bill is necessary to protect tenants from exploitation and promote transparency in the housing sector.
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