Cross River Assembly Calls For Regulatory Framework For Property And Rent

In Breaking News, National News, Reports

by crossriverwatch admin

Cross State House Of Assembly has called on the Cross River State Government to develop a well-articulated legal and institutional framework to control, regulate and stabilize properties and rents in the State.

In the resolution of the House following a motion moved by member representing Abi State Constituency, Hon. John Gaul Lebo, the House recommended that a specific Ministry, Department or Agency be designated to manage all activities and issues relating to property development, acquisition, lease and rents, including but not limited to registration and control of properly agents, Estate Managers and property owners in the three Senatorial Districts of the state.

Making their contributions on the floor of the house, members said the regulatory framework will determine the limit of exercise of power by either landlords or tenants and stated that it was for the good of the lower and middle class income earners.

They called on Government to encourage estate developers to develop property, saying it will reduce hardship, boost investment, enhance economic activities and give security to property investors.

The legislators stressed the importance of both Government and the private sector getting involved in the development of property if they are to exercise any control at all.

Speaker of the House, Rt. Hon Larry Odey commended members for their frankness and noted that the issue touches on a very important aspect of the life of the people and therefore must be taken seriously.

Earlier in his submission, the sponsor of the motion, Hon John Gaul Lebo said Cross River is a very strong and fast growing economy in Nigeria, with expanding rural and Urban Centers. Lebo added that the state can now boast of an attractive investment climate, which is recognized globally as a destination of choice for tourist and investors.

He stated that presently in the State, the only legal instrument for the management of activities in the property sub-sector is the Rent Control and Recovery of Premises Law cap R3 and the Landlords and Tenants Law Cap. L5 Laws of the State, both of which could be said to be limited in scope of application.

He concluded that the property sub-sector across the three senatorial districts of the State will be better managed if there is a well- articulated policy, institutional, legal and regulatory framework, developed to reflect the strengths, weakness and opportunities that abound in each zone.

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