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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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Rex Insurance Meets NAICOM Minimum Capital Requirement Under NIIRA 2025

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BY NKECHI NAECHE-ESEZOBOR—Rex Insurance Limited has successfully met the new Minimum Capital Requirement (MCR) prescribed by the National Insurance Commission (NAICOM) under the Nigerian Insurance Industry Reform Act, (NIIRA) 2025, reinforcing its financial strength, enhancing its underwriting capacity and reaffirming its unwavering commitment to policyholders and stakeholders.

The announcement follows NAICOM’s publication of insurance companies confirmed to have complied with the new capital requirement.

A statement released today by the company, said the achievement reflects the disciplined financial management, strong corporate governance, and strategic vision that have positioned Rex Insurance Limited as a resilient organization committed to delivering greater value to customers while supporting national economic growth.

“It also marks the beginning of a new phase in the Company’s journey, one focused on sustaining capital strength, accelerating profitable growth, enhancing operational excellence, and delivering superior customer value.

Commenting on the milestone, the Managing Director/Chief Executive Officer of Rex Insurance Limited, Mrs. Ebelechukwu Nwachukwu, said: “Meeting the new Minimum Capital Requirement is a significant milestone in our journey and demonstrates the resilience of our business as well as the confidence of our shareholders in our long-term vision. It also reinforces our ability to honour our commitments to policyholders while positioning us for sustainable growth in an evolving insurance landscape.”

She further emphasized “Our recapitalization marks the beginning of an exciting new chapter for Rex Insurance. It is not an end, but a strategic foundation for sustainable growth and long-term value creation. With a stronger capitalbase, we are well equipped to increase our underwriting capacity, elevate customer experience, and deepen our investment in technology, innovation, and operational excellence.

“This enhanced financial strength enables us to provide smarter insurance solutions that respond to the evolving needs of our customers, deliver greater value to our stakeholders, support the advancement of Nigeria’s insurance industry, and maintain our unwavering commitment to prompt claims settlement to our policyholders”

Rex Insurance commended NAICOM for its leadership in strengthening the insurance sector through the recapitalization exercise and remains committed to supporting initiatives that promote a more resilient, competitive, and inclusive insurance market.

The insurer expressed its appreciation to its shareholders, Board of Directors, employees, customers, brokers, and business partners for their unwavering support and confidence, which have contributed to this important achievement .

“As the industry enters a new phase of growth, Rex Insurance’s focus now shifts from achieving capital adequacy to sustaining capital strength through disciplined execution, profitable growth, continuous innovation, and exceptional customer experience.”

The Company remains committed to delivering reliable insurance solutions, honouring its promises to policyholders, and creating sustainable value for all stakeholders while strengthening its position as a trusted insurance partner

About Rex Insurance Limited 
Rex Insurance Limited (Rex) is licensed by the National Insurance Commission (NAICOM) to offer the full range of general and special risks insurance products to the insuring public. With decades of experience in the Nigerian market, Rex Insurance has an enviable reputation for technical competence and financial strength.
With a vision of being the “Preferred Nigerian Insurance Company”, our strategic direction within the next 5 years is to focus on growth and profitability with the aim of growing the company’s gross premium written and be amongst the Top-Top-Tier general insurance companies in the market.

Operating from twelve (12) business locations nationwide to ensure maximum outreach and
accessibility, we have an unwavering dedication to our core values of Resilience, Efficiency,
eXellence, Integrity & Teamwork (REXIT).

The post Rex Insurance Meets NAICOM Minimum Capital Requirement Under NIIRA 2025 appeared first on Business Today NG.

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FULL LIST: NIIRA 2025: NAICOM Eyes Liquidation for Non-Compliant Operators

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BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission,((NAICOM),  on Monday said only eight insurance companies are yet to be verified by the commission.

The commission disclosed this today while releasing the 43 insurance firms that met the new minimum capital requirements set up by NIIRA

According to NAICOM “The eight insurance companies submitted evidence of compliance shortly before the statutory deadline are currently undergoing final verification and regulatory review.

This, the commission said would be concluded within fourteen days.

Insurance companies not listed among the 43 verified firms include those currently undergoing final regulatory review, as well as unverified operators at risk of liquidation—such as NICON Insurance Plc; Goldlink Insurance Plc Nigerian Reinsurance; Nigerian Agricultural Insurance Corporation ; Royal Exchange Prudential Life Plc;  Tangerine Life Insurance Limited; Sovereign Trust Insurance Plc; African Alliance Insurance Plc; Guinea Insurance Plc; Regency Alliance Insurance Plc; Staco Insurance Plc; Alliance & General Insurance; Universal Insurance Plc; emPle General Insurance Company Nigeria Limited and emPle Life Assurance Limited.

NAICOM had announced the successful completion of the twelve-month insurance sector recapitalization exercise undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law on 31 July 2025 by His Excellency, President Bola Ahmed Tinubu, as part of his administration’s financial sector transformation agenda towards the attainment of a US$1 trillion economy by 2030.

The successful conclusion of the exercise marks a defining milestone in the transformation of Nigeria’s insurance industry and signals the beginning of a new era for insurance in the country.

Following the enactment of NIIRA 2025, the Commission commenced a structured implementation process to provide strategic oversight, ensure transparency, support operators throughout the transition, and facilitate the effective implementation of the new minimum capital requirements within the statutory compliance period.

To ensure an orderly, transparent, credible, and verifiable process, the Commission issued the Guidelines on the Implementation of Minimum Capital Requirements (MCR) for Insurance and Reinsurance Companies in Nigeria.

The Guidelines provided detailed guidance on the statutory minimum capital requirements under NIIRA 2025, eligible and ineligible capital instruments, admissible and non-admissible assets, verification and validation procedures, regulatory timelines, reporting obligations, and supervisory expectations throughout the implementation period.

The post FULL LIST: NIIRA 2025: NAICOM Eyes Liquidation for Non-Compliant Operators appeared first on Business Today NG.

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