Babatunde Fashola, the former Governor of Lagos State, along with professionals in the real estate sector, has proposed the implementation of a monthly rent payment system in Nigeria.
This suggestion was made during the Wemabod Real Estate Outlook 2025 event, which focused on the theme, “Real Estate Development: A Catalyst for Nigeria’s Economic Recovery,” held in Lagos.
Fashola, who previously served as Minister of Power, Works, and Housing, emphasized that aligning rent payments with monthly salary disbursements could lead to significant economic benefits, potentially stabilizing or even reversing inflation. “If rents can be paid monthly in sync with salary payments, we would witness a positive shift in the economy,” he remarked.
Similarly, Abdulrahman Yinusa, the Group Managing Director of Odu’a Investment Company Limited, expressed support for the monthly rental payment approach. He noted, “There is a disconnect between when employees receive their salaries and their rental obligations. To address this issue, employers can play a crucial role by providing guarantees to landlords.”
Bashir Oladunni, the Managing Director and Chief Executive Officer of Wemabod Limited, expressed his support for a monthly rent payment system, stating that it would help tenants fulfill their housing obligations.
He remarked, “The government should implement regulations that protect the interests of landlords. Property owners often do not have mortgages with a single interest rate; they typically borrow to finance the development of their properties. In any business, it is essential to recover investments quickly in order to continue growing and developing.
“This is a commendable initiative. An organization like Wemabod, with our extensive portfolio and support from six states in the federation, is well-positioned to lead this effort. Additionally, we are considering this option as part of our strategic plan to increase our housing portfolio by 500 units over the next five years.”
