Yinka Kolawole

The Federal Capital Territory (FCT) administration has initiated moves aimed at regulating the exorbitant tenancy rates being charged in Abuja.

FCT Minister, Senator Bala Mohammed, speaking at a recent town hall meeting, said that the two to three years advancement rent payment usually demanded by landlords in Abuja from potential tenants is unacceptable.

He remarked that the FCT administration has concluded arrangement to forward a bill to the National Assembly to regulate property rent being charged by landlords to make accommodation more accessible in the in the territory.

Mohammed also disclosed that the FCTA will soon resume issuance of Certificates of Occupancy (C of O) on area council lands, which was suspended in 2004, to enable title holders use such documents as collateral in their business transactions.

The issue of high rent charges have been a source of concern to residents of the federal capital territory, as with almost every urban centre in the country, a situation which has forced many of the residents to relocate to satellite towns.