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Rent and Earn: Oscar Danladi’s Bet on Nigeria’s Broken Housing Market

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Oscar Danladi founded Rentstay to address Nigeria’s chaotic rental market after becoming frustrated by misleading listings and excessive agency fees. His platform aims to streamline the rental process by enabling direct tenant-landlord interactions, verifying properties, and offering digital caution-fee management. Rentstay seeks to transform how rentals work, ensuring transparency for both parties.

Fwangmun Oscar Danladi had done everything right. He had found a listing, confirmed a price, and arranged a viewing. The apartment, a two-bedroom flat in Jos, had decent road access, reasonable rent, and looked promising on paper. Then he arrived, and the agent asked him to wait.

“He needed to call someone else who knew where the property was,” Danladi recalls.

What followed was a slow unravelling. One agent became two, then three. Each new arrival got into Danladi’s car and directed him further down a road that bore no resemblance to what had been described. By the time they reached the property, Danladi had been in the car for the better part of an hour. The house was nothing close to what he had asked for.

Then came the real surprise: despite all of this, the agents still expected to be paid an amount more than the initial agreement, because “more people had gotten involved.”

Danladi is not the kind of person to write off a bad experience. Instead, he started asking questions. Why does renting in Nigeria require navigating an arduous path laden with unnecessary middlemen and agents? Why is a ₦500,000 apartment so often actually a ₦900,000 apartment, once agency fees, legal fees, and caution fees are piled on? Why is there no system?

“It just dawned on me,” he says. “This is what almost everybody goes through.”

Nigeria has a housing problem that its property market has largely failed to solve. The country’s urban population is expanding at roughly 2.8% to 3% annually, and demand for rental accommodation in cities like Lagos, Abuja, and Jos continues to outpace the supply of quality, verifiable listings. Sadly, this deficit is both physical and structural.

The informal networks that dominate Nigeria’s rental market, where a tenant finds an agent who knows an agent who knows a landlord, with fees accumulating at every handshake, have remained largely unchanged for decades. Technology has made its way into fintech, logistics, agrotech, and healthcare. Rental housing, for the most part, has been left behind.

A handful of startups have tried to close the gap. RentSmallSmall pioneered the rent-in-instalments model in Lagos. PropertyPro.ng built a listings aggregator. But outside the major southern cities, the informal system still holds. In a city like Jos, the kind of multi-agent chaos Danladi experienced is not a bug but a feature.

Danladi’s response was to spend months in research mode, mapping the problem before building a solution. RentStay.

Together with Jonah Onah and Abel Ochika, Danladi co-founded Rentstay, a rental platform designed, as he describes it, not just to list properties but to restructure how the entire rental transaction works.

“The system allows the tenant to go in, create an account, and you can verify your identity during registration. The property owner also has a dashboard where he can create a property listing. We then verify the property by doing background checks on th property to ensure transparency. Tenants can directly chat with the property owner via our platform,” Danladi says.

The most immediate promise is zero agency fees. Rather than paying agents to unlock access to viewings, users interact directly with landlords through the platform, where properties are listed, digitally managed, and verified before they go live.

The verification model is where Rentstay departs from the usual proptech playbook. Rather than relying purely on document checks, the platform uses a network of local affiliates who function a bit like traditional agents but with a different mandate. Their job is to confirm that a property physically exists and matches its description. They are paid for that confirmation, not for closing a deal.

It’s a subtle structural shift, but the incentive change matters. A traditional agent profits when a transaction closes, regardless of whether the tenant is satisfied. Rentstay’s affiliates profit when information is accurate. Whether that holds at scale is a question the platform has not yet had to answer.

The more unusual piece of Rentstay’s model is what it does with the caution fee
The more unusual piece of Rentstay’s model is what it does with the caution fee.

In Nigeria, caution fees, sometimes called cushion fees, are a standard part of the rental process. Tenants pay a lump sum upfront, meant to cover potential damage, and routinely struggle to recover it when they move out. The money sits idle, earns nothing, and is often the subject of disputes.

Rentstay holds caution fees digitally and invests them through what Danladi describes as insured financial channels. Tenants earn a 5% annual return on that deposit. When they leave — assuming the property is in good condition — they get back both the original amount and the interest it accumulated.

“You’re renting, but you’re also earning” – Danladi Oscar

For landlords, the platform offers a different value proposition: structure. Tenant verification, automated payment tracking, and property management tools are bundled together, which is an appealing pitch for landlords who currently manage everything through phone calls and paper receipts. Getting them to actually use it is the harder part.

Danladi is straightforward about this. Older landlords, accustomed to dealing in cash and relationships, will not convert overnight. The strategy is incremental: start with early adopters, let results travel by word of mouth, and where needed, lean on younger family members already comfortable with digital platforms to bring the older generation along.

Rentstay launched in Jos in March 2026, which is a deliberate choice. The platform’s founders are from there, knows its contours, and is realistic about the limits of dropping a new product into a market without roots. And already, the site visits show promise with hundreds of new users indicating interest in RentStay.

The five-year target is 2,500 properties under management. Danladi calls it modest, and it is, relative to the size of Nigeria’s housing market. But he frames the goal less as a number and more as a proof of concept. If Rentstay can shift how tenants and landlords in Jos think about the rental relationship, the larger cities become easier to enter.

The harder questions are still ahead. Fake listings are endemic in Nigerian proptech, and no amount of affiliate verification eliminates the possibility of fraud — it only adds friction. Maintaining landlord engagement on the platform, rather than reverting to direct deals once they’ve found a tenant, is a problem every Nigerian proptech startup has encountered. And the caution fee investment model, while compelling on paper, introduces financial risk that will need regulatory clarity as the platform scales.

None of this makes Rentstay’s ambition unreasonable. It makes it difficult in the specific, familiar ways that building in Nigeria is always difficult.

Danladi drove nearly an hour on a bad road to reach a house that didn’t match its description, and at the end of it, agents still asked for more money. That experience sits at the centre of what Rentstay is trying to solve — not by making housing frictionless, which may be too much to promise, but by making it at least legible. A market where tenants know what they’re paying for, and landlords know who they’re dealing with.

“There are properties, but there’s no system” – Danladi Oscar

Rentstay is his attempt to build one.

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Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout

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Universal Insurance Plc, Nigeria’s top underwriter, said it has paid a total of ₦1.35billion in claims during the second quarter of 2026.

This milestone according to the company highlights its ongoing commitment to customer satisfaction and the prompt settlement of genuine claims across its diverse business lines.

Tge company noted that theu claims were paid across key portfolios, including Agriculture, Aviation, Bond, Engineering, Fire, General Accident, Marine, Motor, Oil & Gas, and Special Risk insurance, demonstrating the company’s capacity to support its policyholders when they need it most.

Speaking on the performance, the Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, noted that the impressive claims payout reflects the company’s financial strength, operational efficiency, and customer-centric philosophy.

“At Universal Insurance Plc, our customers remain at the heart of everything we do. Insurance is built on trust, and nothing demonstrates that trust more than our ability to honour genuine claims promptly. The payment of over ₦1.35 billion in claims within the second quarter of year 2026 is a clear testament to our unwavering commitment to standing by our policyholders in their moments of need.”

He emphasized that prompt claims settlement remains a core strategic priority for the company as it seeks to strengthen trust in the insurance industry and deliver exceptional service to individuals, businesses, and corporate organizations.

The insurer added that every genuine claim is processed with professionalism, transparency, and urgency to ensure minimal disruption to the businesses and daily lives of its clients.

As it deepens its market presence, Universal Insurance Plc plans to continue developing innovative products, leveraging technology for faster service delivery, and maintaining high standards of corporate governance to protect the lives, businesses, and investments of its clients.

The post Universal Insurance Reaffirms Reliability with ₦1.35bn Q2 Claims Payout appeared first on Business Today NG.

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Businesses remain optimistic despite high taxes, insecurity

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Nigerian businesses maintained a positive outlook in June 2026 despite persistent macroeconomic challenges, with high taxes, interest rates and insecurity remaining their biggest operational concerns, according to the Central Bank of Nigeria (CBN).

The findings are contained in the June 2026 Business Expectations Survey (BES) released by the CBN’s Statistics Department under the Economic Policy Directorate.

The June 2026 BES was conducted between 8 and 12 June, covering 1,900 business enterprises across Nigeria.

The regulator said the survey methodology was enhanced from April 2026 by replacing the previous three-point weighted diffusion index with a five-point scale to provide a more nuanced assessment of business sentiment.

The report showed that the Business Confidence Index (BCI) stood at 7.2 points in June, indicating that businesses remained optimistic about the macroeconomy, although confidence moderated amid prevailing economic headwinds.

“The Business Confidence Index stood at 7.2 points in June 2026, signalling continued optimistic sentiment among formal businesses,” the report stated.

However, CBN said respondents identified high or multiple taxation (73.7 per cent) as the most significant business constraints, followed by insecurity (71.7 per cent) and high interest rates (67.0 per cent).

Other major business concerns cited by businesses include unfavorable political climate (63.5 percent), high bank charges (61.9 percent), poor infrastructure (58.5 percent), and financial constraints (58.2 percent).

“In June 2026, businesses identified High/Multiple Taxation (73.7 per cent), Insecurity (71.7 per cent), and High Interest Rates (67.0.per cent) as the top three constraints.

“These were followed by Unfavourable Political Climate (63.5 per cent) and High Bank Charges (61.9 per cent). Poor Infrastructure (58.5 per cent) and Financial Constraints (58.2 per cent) ranked lower but remain significant,” it stated.

According to CBN, respondents’ positive sentiment was largely driven by economic diversification (38.3 per cent) and expansionary fiscal policy (16.2 per cent).

It said cautious views were mainly attributed to energy-related challenges (23.4 per cent) and elevated geopolitical uncertainties (16.5 per cent).

Sectors, regions

The report said all major sectors expressed optimism about the macroeconomy and their own business operations during the review period.

Among the sectors, CBN said mining and quarrying recorded the highest Business Confidence Index at 42.9 points and also posted the highest capacity utilisation during the month.

The apex added that confidence remained positive across all sectors over the next six months, although the industry and services sectors recorded slower confidence levels in June compared with the previous month, 12.5 to 10.9 points.

Regionally, respondents in Northern Nigeria expressed stronger confidence than their Southern counterparts during the review month.

While all regions were optimistic about the next three and six months, the report noted that only the South-East and South-South expressed negative expectations for the following month, whereas the North-East recorded the strongest optimism over the medium-term outlook.

On business activity, the apex bank said firms expect improvements in the volume of business activity in July, September and December 2026, with the volume of business activity index recording the highest confidence level among the selected business indicators.

It added that although the Financial Condition Index and Credit Access Index remained positive, they were lower than other indicators. This suggested that financing conditions and access to credit continue to require attention.

Employment

The survey also showed mixed expectations for employment by the Nigerian businesses.

While the mining and quarrying sector recorded the strongest expansion outlook at 84.6 index points, hiring expectations across sectors remained cautious in the near term.

“Employment expectations in July 2026 were generally cautious across sectors, with the Mining and Quarrying sector exhibiting the least optimistic hiring outlook,” the report stated.

The survey further showed that businesses expect the naira to appreciate gradually against the US dollar across the review periods.

At the same time, respondents expect borrowing rates to remain elevated, with the relatively stable borrowing rate indices suggesting a moderate increase in financing costs over the near to medium term.

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