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.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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