Bi-Courtney Aviation Services Limited (BASL), operator of the Murtala Muhammed Airport Terminal Two (MMA2) in Lagos, has reviewed its office rental rates, with a proposed annual lease charge of ₦10.84 million for a 34.69-square-metre office space in the terminal’s multi-storey car park complex.
In a memo to occupants, the company outlined the proposed lease terms for the one-year period covering April 1, 2027, to March 31, 2028, and asked tenants to review the conditions and formally indicate their acceptance as part of the renewal process.
The financial breakdown, signed by Oluwakayode Efunkoya of BASL’s Space and Premises Management unit, puts the annual rent at ₦8,672,500, based on a rate of ₦250,000 per square metre. A 20 per cent service charge of ₦1,734,500 and legal fees of ₦433,625, representing five per cent of the base rent, bring the total payable to ₦10,840,625.
Reacting to the revised rates, BASL’s Head of Public Communications, Ajoke Yinka-Olawuyi, said rental charges had remained relatively low over the years, making a review necessary to align them with prevailing business conditions.
She explained that the adjustment was intended to sustain the commercial viability of the terminal, meet tax obligations and accommodate rising operating costs and other business demands.
According to her, MMA2 is divided into three commercial zones, with rental rates varying according to factors such as location, visibility, passenger traffic and commercial potential.
BASL expressed its intention to maintain its business relationships with existing occupants and requested prompt responses to the proposed lease terms ahead of the next rental period.
