Spotlights
‘In Lagos, 2-bedroom flats exceed N1 million per annum – Tenants cry out over increase of house rent
For most tenants in Lagos suburbs or hinterlands, these are trying times as landlords in these areas seem to have conspired to make the cost of living more unbearable with endless increases in house rents, as reported by BusinessDay.
Many of the tenants had left the city centres for the suburbs due to the rising cost of rents, but they have now found that their annual rents are equivalent to what they paid in downtown Lagos.
Gideon Mbonu is a company worker living in Ketu-Ijanikin area of Lagos, from where he commutes to his office on Lagos Island. Mbonu shared his rent experience with BusinessDay at a wedding event of the daughter of a family friend last weekend.
“There’s no hiding place any more for low-income earners in this city,” Mbonu started out in a rather subdued tone. “My first place of dwelling in this city was Surulere, where I first lived in a two-bedroom apartment and later upgraded to a three-bedroom flat after I got married and subsequently had children. My rent at the time was N250,000 per year.
“From here, in a space of three years, the rent rose to N850,000. This was the reason we relocated from Surulere to Idimu where we paid, by our first year, N450,000 per annum for a three-bedroom apartment. But, with more influx of people from places like Surulere, Ilupeju, Gbagada and others, which are classified as middle-class locations, rent rose significantly to over a million,” he narrated.
He explained that by January 2023, a two-bedroom apartment in a nearby rural neighbourhood was renting for just N500, 000 per annum. But in the last six months, rent for the same size apartment has jumped to between N1million and N1.2 million.
Mbonu wondered where low-income earners should go to look for houses to rent if they cannot afford what is on offer in rural communities. “It is painful that costs and rents are rising almost on a daily basis when our incomes as workers remain static,” he lamented.
Fatoki Jaiyeola, another Lagos resident who lives in Ojo-Igbeda, a sleepy community that drives whatever vibrancy it enjoys from Alaba International Market, shared a similar experience, saying that the situation in the community has put tenants are on edge, unsure what to do next.
“Almost all the new houses here are constructed in two-bedroom forms because that apartment size is in high demand. Landlords are charging above N1 million for each apartment. Some who are still paying N1 million have been served notice of increase as from 2025,” Jaiyeola said.
He pointed out that about 300 metres from where he lives, a two-bedroom apartment goes for between N1.2 million and N1.5 million per annum. “They call that place Akai and most of the residents of that enclave are ‘big boys’ who are making efforts to ensure that the place is exclusive,” he added.
There are other locations where house rents have jumped in the last 12 months. Cornelius Ibeagwu, a real estate consultant, told BusinessDay in an interview that rent in Lagos Mainland is no longer affordable to most people living there.
Ibeagwu cited Okota, especially along Ago Palace Way, where, according to him, rent has jumped so high that a two-bedroom apartment now goes for between N2 million and N2.5 million while 3-bedroom apartment is priced between N3 million and N3.5 million depending on the age of the house.
“I can confirm to you that Ago Palace Way has become the Island of the Mainland because of property prices. Land prices are not so different from what are offered in both Festac and Amuwo Odofin where a standard plot of land now goes upwards for N100 million,” he said.
“As we speak, you can hardly get land for sale in this area in the primary market. All the land there has been sold out and whatever is available is in the secondary market, which is why the prices are so high. It is the same story for commercial properties. Shops are hard to come by and where you find one, it is pricey,” he added.
Reasons for Rent Increases
House rents in Lagos rise for several reasons, chief among which is the city’s high urbanisation rate. Obafemi Hamzat, the state’s deputy governor, noted recently that about 6000 people come into the state on a daily basis with about 3000 of them not having any plan to go back.
These people need places to stay and that exerts significant strain and pressure on the city’s infrastructure, especially housing. Demand from such people also leads to increase in house prices.
In the same vein, a report by Pison Housing Company on the State of Real Estate Market says Lagos has an estimated three million housing deficit. The report, which was confirmed by Moruf Akindero-Fatai, the state’s commissioner for housing, adds that over 80 percent of the state’s 20 million population live in rented accommodation.
BusinessDay
Excitement has erupted among many Nigerians as President Tinubu’s economic policies begin to deliver promising results.
The Central Bank of Nigeria (CBN) has implemented stricter controls while maintaining a lower exchange rate at official windows.
However, the limited access and stringent allocation restrictions have compelled numerous importers, businesses, and students seeking to study abroad to resort to the parallel market.
Data from the Central Bank of Nigeria (CBN) showed that the naira rose to N1,506.08 to a dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM). The last time it was that strong was on the 5th of March, 2025, when it closed at N1,500.80/$.
The naira has continued to enjoy rare stability, driven by the various policies of the apex Bank, including maintaining a high interest rate, a move that has lured in foreign capital and made the currency firmer.
Nigeria’s naira has witnessed some turbulence years after the authorities relaxed currency controls, effectively floating the currency to be more determined by market forces. That saw the unit fall by over 70 percent and disrupted business plans of many firms in Africa’s most populous nation.
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But those eras of sharp swings are phasing out as the local currency is expected to continue its rally until the end of the year, with global investment bank JP Morgan forecasting the naira to close 2025 at N1,450 per dollar.
A potential rate cut by the United States Federal Reserve also bodes well for the naira’s long-term stability as global capital finds its way into emerging markets like Nigeria, further bolstering the calmness of the currency.
“A lower US interest rate would diminish the relative attractiveness of US assets, prompting global investors to seek higher returns in emerging markets like Nigeria. Consequently, Nigeria will likely experience increased portfolio inflows, particularly into the fixed-income market,” analysts at FBNQuest Merchant Bank wrote in a note recently.
“Renewed interest by offshore investors could potentially bolster foreign exchange reserves and support the stability of the Naira.”
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The Nigeria’s national grid has again collapsed with the total of 50 Mega Watts drop, according to the report that emerged after the incident.
A breakdown of the affected states indicted that the collapse, which happened around 12:25 pm on Wednesday, September 10, affected 11 states, including the Federal Capital Territory (FCT). ...click link for full list here
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Below is the states and the affected areas according to The Cable:
1. Abuja DisCo: 20 MW
2. Benin DisCo: 10 MW
3. Eko DisCo: 0 MW
4. Enugu DisCo: 0 MW
5. Ibadan DisCo: 20 MW
6. Ikeja DisCo: 0 MW
7. Jos DisCo: 0 MW
8. Kaduna DisCo: 0 MW
9. Kano DisCo: 0 MW
10. PHarcourt DisCo: 0 MW
11. Yola DisCo: 0 MW
Total: 50 MW
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Delta State Governor, Rt. Hon. Sheriff Oborevwori, has commended the South-South states for their immense contributions to Nigeria’s growth and stability, describing the region as a critical pillar of the nation’s economic and social development.
Speaking on Sunday at the 2025 Passover Conference and dedication of the children of Apostle Charles Osazuwa, Founder of Rock of Ages Christian Assembly International, in Benin City, Edo State, the Governor stressed that the South-South remained central to Nigeria’s prosperity, given its oil and gas wealth, agricultural resources, and human capital.
Oborevwori maintained that a stronger collaboration with the Federal Government was essential to closing the development gaps and ensure that the region fully benefits from its natural endowments.
He also underscored the need for unity among South-South states in engaging the Federal Government on key issues of infrastructure, environmental protection, and economic diversification.
“A united South-South voice will not only fast-track development but also strengthen security and promote inclusive growth across our region,” the Governor said.
On the occasion, which he described as both spiritual and instructive, Oborevwori emphasized the value of thanksgiving and faith.
“Whenever God does something, it is only right that we appreciate Him. Today, we have not only witnessed the dedication, but we have also received a powerful message, one that has truly blessed us. I took notes myself because there was so much to take home,” he added.
The Governor highlighted the cultural, spiritual, and historical bond between Delta, Edo, and Bayelsa states, describing them as “one people with the same roots and destiny.”
He noted that the unity of the three states was reflected in their collective achievements, citing their strong outings at recent national sporting events as evidence of shared progress.
“At the National Youth Games, Delta came second and Edo came third. In Ogun State, Delta took first while Bayelsa came second. Whenever one of us shines, we all shine. That is the strength of our brotherhood,” he remarked.
Oborevwori also commended Apostle Osazuwa and his ministry for their integrity and commitment to the gospel, praying that the church would continue to grow in strength and impact.
Edo State Governor, Senator Monday Okpebholo, represented by his deputy, Rt. Hon. Dennis Idahosa, assured that his administration remained committed to promoting Christianity through good governance.
Similarly, Bayelsa State Governor, Senator Douye Diri, represented by his deputy, Senator Lawrence Ewhrudjakpo, congratulated Apostle Osazuwa on the dedication of his triplets, describing him as a genuine man of God who preaches with ease and conviction.
In his remarks, Apostle Osazuwa urged Governors Monday Okpebholo and Sheriff Oborevwori to leverage their offices to press the Federal Government for the urgent rehabilitation of the dilapidated Benin–Sapele Road, lamenting the severe hardships it continues to inflict on motorists.
Earlier, in a sermon titled “Understanding the Power of Effective Prayer,” Apostle Osazuwa stressed the potency of prayer as a vital tool for believers to effect change, overcome afflictions, and engage in spiritual warfare.
He described prayer as a two-way communication between man and God, noting its mystery and transformative power.
The event attracted dignitaries, including immediate past Governor of Delta State, Senator Ifeanyi Okowa; the Speaker of Delta State House of Assembly, Rt. Hon. Emomotimi Guwor, Pastor Osagie Ize-Iyamu; Prof. Idia Ize-Iyamu; alongside worshippers and well-wishers who joined the Osazuwa family in thanksgiving.
The Economic and Financial Crimes Commission (EFCC) has declared Olasijibomi Suji Ogundele, founder of Sujimoto Luxury Construction Limited, wanted for allegedly diverting funds and engaging in money laundering.
The declaration was contained in a notice issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, and circulated to the public via its official X account.
According to the Commission, Ogundele is wanted in connection with an alleged case of diversion of funds and money laundering being investigated by its Lagos Command
“The public is hereby notified that OLASIJIBOMI SUJI OGUNDELE of Sujimoto Luxury Construction Limited, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Diversion of Funds and Money Laundering,” the commission stated.
Public appeal for information
The EFCC urged members of the public with useful information on his whereabouts to contact its offices across the country.
The notice described him as a 44-year-old indigene of Ori-Ade Local Government Area of Osun State. His last known address was listed as G29, Banana Island, Ikoyi, Lagos State.
“Anybody with useful information as to his whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies,” the notice read.
The controversies surrounding Olasijibomi Suji Ogundele, the founder of Sujimoto Luxury Construction Limited, did not just begin.
In October 2024, he was under police investigation following allegations of a $325,000 real estate fraud. According to reports, a client had paid the sum for a three-bedroom apartment in the Leonardo project in Banana Island, Lagos, but neither received the property nor a refund.
The Police Force Criminal Investigations Department (FCID) invited Ogundele for questioning, but he initially failed to respond, opting instead to file a fundamental rights suit to restrain the investigation.
He later appeared at the FCID headquarters in Abuja after further pressure from investigators and was interrogated before being released on bail.
Following his release, Ogundele issued a response, denying any fraudulent activity. He explained that the delays in delivering the project were caused by external economic factors, specifically inflation, rising construction material costs, and the volatility of foreign exchange.
He stated that he had arrived at the FCID with a trove of evidence, including title documents of the Leonardo project, approvals from Lagos State, and other paperwork, which he claimed demonstrated transparency and a genuine commitment to fulfilling obligations to clients.
The Federal Government of Nigeria is in the process of obtaining new financing from the World Bank amounting to $1.75 billion, despite recent announcements of a significant increase in national revenues.
President Bola Tinubu stated on Tuesday that Nigeria has already exceeded its revenue targets for 2025.
In a follow-up clarification, the Presidency revealed that Nigeria collected N20.59 trillion between January and August 2025, reflecting a 40.5% increase compared to the N14.6 trillion accrued in the same period the previous year.
According to Bayo Onanuga, the Special Adviser to the President on Information and Strategy, this revenue surge has been largely driven by non-oil sources, which now represent 75% of the government’s total revenue.
Nevertheless, officials indicated that borrowing would persist to address funding gaps in essential sectors.
Documentation from the World Bank suggests that approval for the $1.75 billion in new loans for Nigeria is anticipated before the end of the year. These funds will be allocated to projects in agriculture, health, digital infrastructure, and financing for small businesses.
Key initiatives earmarked for support include a $500 million project aimed at enhancing agricultural value chains to improve farm productivity and promote rural development.
Additionally, there is a $500 million digital infrastructure program intended to expand connectivity and foster technology-led growth, a $250 million health security project, and a $500 million initiative focused on providing inclusive financing for micro, small, and medium enterprises.
The loans are currently undergoing various stages of review and negotiation, indicating that Nigeria continues to rely on external borrowing to meet its financial needs. According to World Bank data, the country has secured a total of $8.4 billion in new credit lines over the past two years.
President Bola Tinubu has asserted that the policies and initiatives of his administration are fundamentally anchored in the solemn oath of office he took, which obligates him to serve the interests of all Nigerians.
In a statement shared on his X handle on Monday, he emphasized that this oath serves as a guiding principle for the various infrastructural projects his government is undertaking, including the construction of bridges, roads, railways, and advancements in the power and healthcare sectors.
His remarks came in response to mounting criticisms regarding perceived imbalances in the distribution of projects and allegations of regional neglect.
Tinubu contended that his administration is committed to implementing policies and delivering projects that are intended to benefit all citizens, irrespective of their region, religion, or ethnic background.
“I took an oath to serve all Nigerians, not a section. That oath guides every bridge, road, rail, power, and health project we deliver,” the post reads.
“From the Lagos–Calabar Highway in the South to the Sokoto–Badagry Superhighway in the North; from Port Harcourt–Maiduguri rail in the East to Abuja–Kaduna–Kano expressway in the Centre, and the Trans-Saharan highway connecting African countries, these are not local trophies. They are our national assets.”
Tinubu said health centres are being rehabilitated nationwide, and light rail projects in Kano, Kaduna, Lagos, and Ogun have been given the green light.
“250,000 jobs are being created, power is returning to Kaduna through the revived 255MW power plant, bridges in Onitsha and Bonny reconnect our people, oil exploration is expanding in Bauchi and Gombe, and the AKK pipeline has crossed the Niger,” he said.
“Every farmer who needs a road, every trader who needs power, every child who needs a school, every patient who needs care… this is who we are building for.”
The president noted that the “equity of renewed hope” ensures no Nigerian is second class and no region is left behind.
“Together we will rise as one nation, one people, and one destiny. Bet on Nigeria,” he added.
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