“I’m Frustrated”

• Entrepreneur Laura Ikeji Kanu has contacted Lagos State Governor Babajide Sanwo-Olu for assistance.
• She highlights the impact of rising commercial rents on her business operations.
• Laura spends over ₦50 million annually to run two stores.

Prominent entrepreneur Laura Ikeji Kanu has reached out to Lagos State Governor Babajide Sanwo-Olu, seeking support as soaring commercial rents continue to strain businesses like hers.

In a video that circulated online, Laura Ikeji, the younger sister of billionaire blogger Linda Ikeji, disclosed that she now spends more than ₦50 million annually to operate two of her stores, both of which have faced significant rent increases over the years.

Representing the Business Women Association of Lagos State, she urged the government to establish a dedicated department that could provide affordable funding for businesses, aiming to prevent shop closures and safeguard jobs.

The founder of Laura Beauty Africa detailed how her rents have escalated dramatically. One store, initially rented at ₦4 million, rose to ₦8 million, then ₦13 million, and currently stands at ₦16 million. The second store, which began at ₦3 million, jumped to ₦8 million, then ₦16 million, and has recently reached ₦30 million.

Laura Ikeji expressed her concern, noting that a significant portion of her income now comes from influencing rather than her physical outlets. She admitted that meeting the ₦30 million rent next year could be impossible, leaving her with limited options: either construct her own space if finances permit or move her business to her residence.

Her appeal has struck a chord with many small and medium-sized business owners in Lagos, highlighting the pressing challenges caused by rising commercial rents. She warned that without intervention, numerous businesses could be forced to leave the city due to escalating rental costs.

See post below:

Read some comments below:

@wofaifada, “They’ve just increased my rent from 7m to 18m in Lagos. I’m currently confused.”

@lilianesoroo, “This topic right here. We really need to get serious, come together and take it up with and to the right authorities. Incase they are unaware of the impact it is causing on us all. 😩. We can’t continue like this gosh.”

@naydiz_couture, “must you own a shop on the island?Get a wharehouse and a website..or you can even get a shop on the mainland.”

@trendywearbygoldlight, “I saw one today for 57.5M naira and I was honestly shocked. Tell me this is not indirectly targeting money launderers, because what exactly is the person selling? If you talk you will hear “ you’re not our target audience.”

@ritaberry_desserts, “Its high time shop rent and house rent gets regulated by the government cause it’s draining us mentally and financially.”

@mutas_signature, “Rent needs to be regulated by the government, the rate at which rents are increased can also be regulated for eg. There should be % a landlord is allowed to increase their rent every year. That way people Landlords dont take advantage of people renting. This is how it is dont in organized countries 😢.”