The stage is set for an epic political battle in Saturday’s governorship election in Edo State, South-south Nigeria.

Governor Godwin Obaseki will complete his second term on 12 November. He was first elected into office in 2016 on the platform of the All Progressives Congress (APC) but was reelected in 2020 on the platform of the Peoples Democratic Party (PDP).

His switch to the PDP followed his rift with Adams Oshiomhole, the then APC national chairperson and former governor of Edo.

Major candidates

The Independent National Electoral Commission (INEC) cleared 17 candidates for the election, but Tom Iseghohi of the Action Alliance recently withdrew.

However, only three of the 16 remaining candidates are considered major contenders. They are the PDP candidate, Asuerinme Ighodalo, the APC candidate, Monday Okpebholo, and their Labour Party (LP) counterpart, Olumide Akpata.

The election is a three-horse race.

Zoning sentiment

There is no zoning or power rotation arrangement in Edo State. However, many are clamouring for a power shift to the Edo Central District, which has not produced a full-term governor since 1999. Oserheimen Osunbor from the district served for just one year before he was sacked by the Court of Appeal in 2008

On the other hand, the Edo South District has produced a governor for 16 years and the Edo North District for eight years.

On Nigeria’s return to civil rule in 1999, Lucky Igbinedion, from Edo South District, was elected the governor of the state and served between 1999 and 2007 under the PDP platform.

Mr Igbinedion handed over to Mr Osunbor of the PDP, but he was sacked by the appeal court, which declared Mr Oshiomhole as the winner of the 2007 governorship election.

Mr Oshiomhole of the defunct Action Congress of Nigeria(ACN) hails from Edo North District and served two terms from 2008 to 2016. In 2013, the ACN merged with three other legacy parties to form the APC.

In 2016, power returned to Edo South District when the current governor, Mr Obaseki, was elected.

In this Saturday’s election, two of the three major candidates – Messrs Ighodalo (PDP) and Okpebholo (APC) – hail from the Edo Central District. The LP candidate, Mr Akpata, hails from Edo South District, where the incumbent governor also comes from.

Observers say the PDP and the APC intentionally zoned their tickets to the Edo Central District to balance the state’s power rotation and garner votes from the district.

Asuerinme Ighodalo’s chances

Mr Ighodalo, a lawyer, is backed by Governor Obaseki. The PDP

candidate could take advantage of Mr Obaseki’s power of incumbency to win the election.

As the governor, Mr Obaseki controls the political structures of the state’s 18 local government areas, which could give him an advantage in mobilising support for Mr Ighodalo’s victory.

Additionally, Mr Obaseki is expected to leverage his power of incumbency to ward off threats posed by other opponents. The governor also has the financial strength to mobilise support for his party’s candidate’s victory.

Besides Mr Obaseki’s backing, Mr Ighodalo appears to enjoy some good following in the state.

More so, the zoning sentiment favours Edo Central, where the 65-year-old politician hails from, with many arguing that it is the turn of the district to produce a governor.

But Mr Ighodalo faces some challenges.

The PDP candidate comes from Edo Central, the smallest district with the lowest voting strength in the state. The district has five local government areas, and 284,878 (16.49 per cent) Permanent voter cards were collected for the exercise, according to data by INEC.

Also, Mr Ighodalo will share the votes in Edo Central with the APC candidate, Mr Okpebholo, who is also from the district.

Analysts say Governor Obaseki, who comes from the Edo South District, the largest district with the highest voting strength, needs to wield some influence in the district to win votes for the PDP candidate.

However, Edo residents have divided opinions on Mr Obaseki’s performance as governor. A negative perception of the governor’s performance may erode support for Mr Ighodalo in the election.

It needs to be stated that Mr Obaseki’s broken relationship with some PDP leaders who helped him to win reelection in 2020 may work against Mr Ighodalo. For instance, the FCT Minister, Nyesom Wike, helped Mr Obaseki to defeat Mr Oshiomhole’s plan to frustrate his (Obaseki) reelection in 2020. Both politicians have now fallen apart.

Overall, Mr Ighodalo appears to be the strongest contender for the position, with many tipping him to succeed Mr Obaseki.

Monday Okpebholo

Mr Okpebholo, the senator representing Edo Central District, enjoys the backing of Mr Oshiomhole, who appears poised for a rematch of the 2020 governorship race.

In the 2020 poll, Mr Obaseki switched to the PDP from the APC and went ahead to defeat Mr Oshiomhole-backed candidate.

The 2024 APC candidate is expected to benefit from Mr Oshiomhole’s determination to end PDP rule in Edo.

Also, Mr Okpebholo, 54, is backed by “federal might” – a euphemism for the use of government agencies to inappropriately influence votes. The APC is the ruling party at the federal level.

Like the PDP’s candidate, the APC candidate may also rake votes in the election due to the zoning sentiments favouring the Edo Central District.

However, the belief among residents that he was imposed on the party could work against him in the election. Mr Okpebholo clinched the APC ticket through a primary election of confusion and controversies.

Also, unlike the PDP, the APC has not been enjoying huge followership in the South-South. Similarly, Mr Okpebholo’s APC has been accused of being responsible for the biting economic hardship across Nigeria. Voters could use the Edo election to vent their angst on the APC.

In a nutshell, while Mr Okpebholo stands a chance, the APC candidate is more likely to emerge second in the poll.

Olumide Akpata

Mr Akpata is a successful lawyer who rose to become the chairperson of the Nigerian Bar Association. But his involvement in Nigerian politics is limited.

The 51-year-old LP candidate is mainly hoping to capitalise on the support of the supporters of the party’s 2023 presidential candidate, Peter Obi, to succeed Governor Obaseki.

Mr Obi, a former governor of Anambra State, won in many states in the South-South, including Edo, during the 2023 elections.

Although he did not win the presidential election, his strong showing has made the LP a formidable party in Nigeria. But the wave of the Obidient Movement has since faded after Mr Obi lost the election.

Again, Mr Akpata may find himself in the crossfire of a crisis ravaging the LP lately. Some LP leaders had recently announced a caretaker committee for the party, thereby ending the reign of Julius Abure as its national chairperson.

But Mr Abure has rejected the development and accused Mr Obi and others of betrayal. The former national LP chairperson did not participate in Mr Akpata’s campaign for the Saturday poll.

Mr Akpata has another big hurdle to overcome. He comes from Edo South, the same district as Governor Obaseki. Based on zoning sentiment in the state ahead of the poll, Edo Central is favoured to produce a governor.

The LP candidate is unlikely to win the poll, with analysts tipping him to, at best, clinch a third position.

The federal government committee has reached an agreement regarding the consequential adjustment for the payment of the recently approved new minimum wage of ₦70,000 for Nigerian workers.

Naija News understands the committee has come to an agreement regarding a specific option for consequential salary adjustments on the new minimum wage.

It would be recalled that the federal government last week Thursday, inaugurated a 16-member committee on consequential adjustments in salaries, to deliberate on issues arising from provisions of the National Minimum Wage Act, 2024.

The committee was inaugurated by the Head of Service of the Federation, Mrs Didi Walson-Jack. She said the decision by the government became imperative so as to maintain a fair and equitable salary structure for the federal civil servants.

According to her, “There is a need to adjust the salaries of other categories of staffers, taking into consideration the consequential effect of the new minimum wage.

“To implement the provisions of the National Minimum Wage Act, 2024, the Federal Government approved the constitution of a committee on consequential adjustments in salaries comprising 16 members.

“This is made up of eight members each from the Federal Government and Trade Union sides.”

The mandate of the committee is to provide a template for the adjustment of other categories of staffers, taking into consideration the consequential effect of the new minimum wage which increased from ₦30,000 to ₦70,000.

Details later…

[NaijaNews]

Michael Obot found himself at a crossroads after acquiring two four-bedroom duplexes on Olu Akerele Street, off Awolowo Way, Ikeja, with plans to occupy them.

However, his circumstances changed, and the properties sat vacant, leading to mounting maintenance costs.

“I bought these properties to live in, but for some reason, I didn’t move in,” Obot explained.

Faced with the expense of maintaining the duplexes, Obot decided to explore short-term rentals as a solution. Among the various platforms available, he opted for Airbnb, a popular choice for short-term bookings.

“Rather than leave the properties idle or lease them out long-term, I thought Airbnb could help me cover the maintenance costs while earning some profit,” he shared.

Now, two months into hosting, Obot has gained firsthand experience in Lagos’ burgeoning short-term rental market.

This Nairametrics feature explores whether platforms like Airbnb are indeed a smart investment for real estate investors in Lagos, a city where short-term rentals are increasingly seen as an attractive business model.

The growing appeal of short-term rentals   

Short-term rentals have gained popularity due to their flexibility for both hosts and guests. Unlike long-term leases, hosts can adjust availability and pricing based on demand, while guests enjoy personalized options that hotels may not offer.

In Lagos, a bustling hub for business and tourism, short-term rentals are becoming a preferred alternative to traditional hotels, offering more space and privacy.

Many find them to be more affordable, especially for longer stays or larger groups, making this business model attractive for property owners.

How to venture into short-term rentals in Lagos   

Nairametrics spoke to experienced hosts, including Michael Obot and Amb. Badejo Moyosore, Chief Operating Officer of Deity Homes Int’l Limited, for insights on starting a short-term rental business.

Both emphasized the need to first secure a property, whether through purchase, lease, or inheritance. Obot repurposed his duplexes for rentals, while Moyosore convinced his parents to leverage their properties across Lagos.

Obot also registered his business with the Ikeja Local Government, paying N400,000 for certification, and informed the nearest police station for added security.

Both hosts stressed the importance of business registration for credibility. Moyosore went further, obtaining a Special Control Unit against Money Laundering (SCUML) certificate from the Economic Financial Crimes Commission (EFCC)  to operate a corporate account in compliance with anti-money laundering regulations.

Obot, though unaware of SCUML, mentioned that he followed security protocols and Know Your Customer (KYC) checks before opening his corporate account.

Key factors for thriving in Lagos’ short-term rental market 

Location is key to the success of short-term rentals in Lagos. Ikeja thrives due to its proximity to the airport, central location, and entertainment options. Other notable mainland areas include Surulere, Magodo, Festac, Gbagada, and Yaba. On the Island, Lekki, Ikoyi, Victoria Island, and Ajah are popular choices.

Equally important is setting the property to a high standard, with quality finishing, interior decorations, and entertainment options like TV, streaming services, and even games. The aim is to create a homely yet luxurious space for guests.

Hosts must carefully select guests to protect their property. Generally, only two people should occupy each bedroom. For example, a one-bedroom flat should house no more than two guests, while a three-bedroom apartment may accommodate four to five. This prevents overcrowding, which can lead to damage.

It’s also common for hosts to perform KYC checks, requesting valid ID, contact details, and the reason for staying. Both Obot and Moyosore agree this helps ensure the responsible use of the property and adds security.

Setting up a short-term rental can be capital-intensive. Obot mentioned spending about N15 million to furnish his four-bedroom duplex to executive standards, equipped with all the necessary amenities to attract high-end guests.

Pricing strategies for short-term rentals in Lagos 

Amb. Badejo Moyosore explained that he bases his pricing on daily operational costs.

“I break down every expense—whether billed monthly or yearly—into daily figures,” he said.

This includes electricity, cleaning, laundry, security, pay TV and streaming services like DSTV and Showmax. Knowing the daily running cost helps him set prices that allow for-profit while remaining attractive to guests.

Michael Obot agreed with this approach, also factoring in operational costs. He noted that discounts can be offered for extended stays.

“If someone stays longer, a slight discount makes sense,” Obot shared.

Moyosore added that while he owns the five apartments he uses for short-term rentals, those who rent properties for this business must account for daily rent in their pricing. This is an extra cost to consider.

Both hosts also agree on a caution fee of N100,000, which guests must pay before their stay. The fee is refunded after their stay, provided no damages are found. While N100,000 is typical, this amount can vary across properties in Lagos.

For longer stays, such as three months or more, Moyosore may exclude services like DSTV or Netflix.

“I offer a discount, but the guest might cover some extras,” he explained.

Current price ranges for short-term rentals in Lagos 

Pricing for short-term rentals in Lagos depends on several factors. For example, Michael Obot, who owns two four-bedroom apartments in the same neighbourhood, doesn’t charge the same rates for both. For the apartment where he allows parties (with strict rules on sound levels and decorum), he charges N400,000 per day.

However, for regular lodging in that same apartment, the rate is between N250,000 and N300,000 per day. In contrast, his second, more executive apartment, where parties are not permitted, has a flat rate of N350,000 daily. This variation highlights the complexities involved in pricing short-term rentals in Lagos.

Additionally, pricing structures differ between property owners and those renting apartments for short-term stays. Location also plays a significant role. For instance, a one-bedroom apartment on the mainland typically costs between N50,000 and N70,000 per day, whereas the same type of apartment in Ikoyi can go for between N80,000 and N100,000 per day.

Here are the average daily price ranges for short-term rentals in Lagos based on property size:

• 1-bedroom apartment: N50,000 to N100,000 per day

• 2-bedroom apartment: N70,000 to N120,000 per day

• 3-bedroom apartment: N90,000 to N180,000 per day

• 4-bedroom apartment: N250,000 to N450,000 per day

Extended stays could attract discounts, depending on the agreement with the host. However, exceeding the maximum number of guests allowed in the apartment could result in additional charges to cover the extra use of facilities and potential wear and tear.

How to attract guests for short-term rentals in Lagos 

Attracting guests for short-term rentals can be achieved through multiple channels. Some hosts employ the services of agents, similar to those landlords use to find tenants, but these agents focus on short-stay rentals.

Listing platforms like Airbnb, Booking.com, Nigeria Property Centre, Private Property, and Property Pro are also effective. These platforms offer various premium subscriptions that hosts can pay for to boost the visibility of their properties, ensuring they appear in front of potential guests.

While some platforms charge only subscription fees, others, like Airbnb, take a commission on successful referrals made through their platform.

Social media is another powerful tool. Many short-term rental firms pay influencers, particularly on Instagram (and sometimes X (now Twitter)), to promote their properties.

Additionally, referrals from satisfied guests can be a significant source of new bookings, making it essential to offer quality service that encourages repeat business and word-of-mouth promotion.

The user’s perspective: Why guests choose short-term rentals in Lagos 

From speaking with various hosts, it’s clear that guests use short-term rentals for a variety of reasons, ranging from weekend getaways for couples to events like naming ceremonies, traditional marriage introductions, and business meetings.

To gain deeper insights, Nairametrics spoke to some individuals who have used short-term rentals in Lagos, including Ogieva Imaseun.

Imaseun explained that he prefers short-stay accommodations because they offer a more homely feel, giving him greater control over his environment.

“I enjoy the flexibility of cooking whenever I want, which makes feeding cheaper compared to staying in hotels,” he noted.

For him, the kitchen is a significant factor, as it allows him to prepare his own meals at his convenience.

Chibuike Miracle shared a similar experience when he travelled from Port Harcourt to Lagos for his introduction ceremony. Staying in a 3-bedroom short-term rental with his family, Miracle found the space convenient and relatively affordable.

“It was perfect because the family could stay together, plan, and prepare for the big day—something hotels couldn’t provide,” he said.

Privacy and affordability were key factors, allowing his family to have the flexibility and comfort needed during such an important occasion.

Another individual, who preferred to remain anonymous, shared that he uses short-term rentals to spend time with his mistress.

“Hotels don’t give me the privacy I need, and short-term rentals are discreet enough to avoid being found out by my wife,” he admitted, highlighting how the private nature of short-stays is a draw for those seeking seclusion.

Privacy, affordability, and flexibility in location continue to make short-term rentals an attractive option for many in Lagos.

Is Short-term rental a viable investment in Lagos? 

From discussions with hosts, short-term rentals are proving to be profitable ventures in Lagos, with the demand for short-stays on the rise.

Amb. Badejo Moyosore mentioned that his apartments are occupied at least 10 days each month, which he finds satisfactory.

Michael Obot, on the other hand, noted that each of his apartments is booked at least once a week, sometimes more, and this works well for him.

Both hosts advise that for those starting out, keeping a lean staff is essential to manage operational costs. However, for those managing multiple properties, like Moyosore with five apartments, additional help may be required while the host focuses on managerial tasks.

Outlook 

The short-term rental market in Lagos offers property owners the potential for steady profits, with increasing demand from guests seeking privacy, flexibility, and affordability.

However, hosts must consider the operational costs, fluctuating occupancy rates, and the need for consistent property upkeep to remain competitive.

While experienced hosts like Obot and Moyosore have seen success, new entrants should be prepared to manage the risks and expenses that come with this dynamic but capital-intensive business model.

[Nairametrics]