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Tag: Landlords

  • Rent house to ‘yahoo boys,’ risk 15-year jail term – EFCC tells Landlords

    Rent house to ‘yahoo boys,’ risk 15-year jail term – EFCC tells Landlords

    The Economic Financial Commission Commission (EFCC) has issued a stern warning that landlords may risk 15 years in jail for renting houses out to “Yahoo boys.”

    The Commission made this known ahead of its next edition of its public conversation series tagged, “ #EFCCConnect,” which has been slated to be held by 6pm on Twitter Space on Wednesday, June 29th 2022.

    The commission’s Deputy Director, Legal and Prosecution, Sylvanus Tahir and Assistant Director, Legal and Prosecution, Cosmos Ugwu will be speaking on the topic, “Give your house to Yahoo boys, spend 15 years in jail” at the forum.

    Recall that the EFCC had repeatedly warned house owners and commercial real estate agents against making properties available to cyber criminals and fraudsters.

    The EFCC Chairman, Abdulrasheed Bawa, earlier met with hotel owners in Ilorin, the Kwara capital to sensitize the hospitality business community on how to work with the Commission to tame the tide of cyber crimes.

    EFCC Zonal Commander, Michael Nzekwe expressed concern about what he described as the “cold complicity by hospitality entrepreneurs.”

    Nzekwe accused some of the hotel owners of working with suspected fraudsters by housing them over a long period and making internet facilities available.

    The official stated that the act negates Section 3 of the Advance Fee Fraud and Other Fraud Related Offenses Act, 2006.

    He said, “The section provides for a prison term of between five and 15 years without option of fine for any person who permits his premises to be used for any offense under the Act.”

    Nzekwe stated that the law doesn’t recognise the position that hoteliers are business people and cannot determine who a fraudster

    The EFCC had warned hoteliers to always ask their customers for means of identification and to include their occupation during the check-in procedure.

  • FG urge landlords to charge monthly rents

    FG urge landlords to charge monthly rents

    The Federal Government has urged landlords of private property to start charging their tenants monthly, quarterly or half-year rents, instead of the current practice of charging one, two to three years of advance rents.

    It noted that in the post-COVID-19 era, most tenants are owing rents or facing eviction.

    The government said it was evident that most houses available for sale or rent belong mostly to individuals and private companies, compared to those the state or the Federal Government could provide.

    Works and Housing Minister Babatunde Fashola said this yesterday at the opening ceremony of the 15th Abuja Housing Show.

    The minister, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, said: “It is evident that most houses available for sale or rent belong mostly to individuals and private companies, compared to those the state or Federal Government have available.

    “Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property due to the pandemic are dealing with private citizens or companies and less so with government agencies.

    “Consequently, my recommendation for improving access and affordability in the COVID-19 era and beyond, as presented at the Federal Executive Council (FEC) meeting and which is still apt for this gathering, is for private companies and individuals to give back some of what they control to citizens in the way that the Federal Government of Nigeria (FGN) has given back to citizens some of what it controls.

    “For example, in- cases where the rents of businesses or some individuals are due for renewal, the private landlords can give back by accepting monthly, quarterly, or half-yearly rents, instead of one, two or three years rents in advance.

    “The risk of defaults can be secured by bank guarantees or insurance bonds provided by the tenants or the employer in exchange for a direct debit mandate from the employee for the deduction of his rent from his salary to pay the landlord.

    “Where rent has fallen into arrears, it is possible to emulate what the FGN did through the Central Bank of Nigeria (CBN) to reschedule payment on loans by rescheduling the payment for the tenant to more affordable terms, instead of adopting eviction.”