Business
Rising Rent Worries Ijebu-Ode Residents
The persistent increase of rent by landlords has become a source of concern for residents of Ijebu-Ode in Ogun.
Some of the residents, who spoke with our correspondent recently in Ijebu-Ode, described the increase in rent as unjustifiable and therefore, exploitative.
The residents appealed to both the state and local governments to rescue them from the arbitrariness of the landlords by persuading them to stop the unnecessary increases in rent.
They noted that if the problem persisted, it could compel tenants to relocate to near-by towns where rent was affordable.
They therefore urged government to commence the construction of low income housing to ease their burden.
A survey conducted by our correspondent, revealed that a three bedroom flat in government reserved areas cost N9,000 monthly with the landlords asking for one year down payment.
This is apart from legal charges and the commission payable to either the agent or caretaker of the house.
The survey further showed that a two bedroom flat could be hired out for N5,000, while a room could go for N2,000, with a self-contained abode going for N6,000 in high density areas.
Mrs Olufunke Ibrahim, a business woman, who spoke with NAN, said her family could not bear the leap in rent.
According to her, the monthly cost of the “room-and-parlour” in which her family is staying, was increased from N3, 000 to N5, 000 by the landlord.
She said the landlord did not bother to offer any explanation for the increase.
“When we packed into the house, it was N2, 500 we paid. After a year, the rent was increased to N3, 500.
“Now the landlord just informed us that the rent has been increased to N5, 000 without giving any reason.
“This situation is becoming unbearable. Government needs to do something urgent to regulate the activities of these landlords,” she said.
In his reaction, Mr Adelodun Abdulkareem, a civil servant in the state, said the N1,500 rent he used to pay monthly for the one bedroom flat he was occupying, had just been increased to N2, 500.
He explained that efforts to persuade the landlord to reduce the rent to N2,000, failed.
He said: “I pleaded with him when he announced the increase in rent but he refused to listen. Instead, he said if I was not comfortable with it I could pack out.
“The irony of it is that he does not maintain the house. It does not have a decent toilet facility. No water, but we are managing.
“We are managing it because if we decide to vacate the house, we are still going to find ourselves at the mercy of some other landlords.
“We implore government to come to our rescue by enacting laws that will regulate house rents and enforce it in the interest of the masses,” he said.
Reacting, Mr Aina Bolajoko, a landlord, told NAN that the rise in rent was due to the influx of people, especially students, to the town.
He explained that with the increase in the population of the town, side by side with shortage of houses, the hike in rent was inevitable.
“The only solution is for more houses to be built. Ijebu population is now growing everyday with the arrival of more and more people.
“If we have more houses for rent, this would bring about competition which would in turn bring the house rent down,” he stated.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.
Business
AFAN Unveils Plans To Boost Food Production In 2026
-
Politics4 days agoEFCC Alleges Blackmail Plot By Opposition Politicians
-
Business4 days ago
AFAN Unveils Plans To Boost Food Production In 2026
-
Sports4 days agoJ And T Dynasty Set To Move Players To Europe
-
Business4 days ago
Industrialism, Agriculture To End Food Imports, ex-AfDB Adviser Tells FG
-
Politics4 days ago
Datti Baba-Ahmed Reaffirms Loyalty To LP, Forecloses Joining ADC
-
Politics4 days ago
Bayelsa APC Endorses Tinubu For Second Term
-
Business4 days ago
Cashew Industry Can Generate $10bn Annually- Association
-
Entertainment4 days agoAdekunle Gold, Simi Welcome Twin Babies
