The Managing Director/CEO, Lagos State Development & Property Corporation (LSDPC), Ayodeji Joseph has donated N400,000 to Mr Akinlolu Ajayi, who retired from the corporation on May 12, 2022, to aid him settle into retirement.
Ajayi, who was rescued from committing suicide last September, claimed that the fear of life after retirement made him attempt to take his life.
General Manager Administration and Human Resources, LSDPC, Mr O.S. Lateef, urged Mr Ajayi to use the money prudently and assured him that steps would be taken to ensure that he received his retirement benefits as soon as possible.
The President-General, Ladipo Automobile Spare parts Market Association, Mushin, Mr Jude Nwankwo, has appealed to the Lagos State Waste Management Agency (LAWMA) to assist them with the regular and prompt disposal of refuse in the multimillion naira market.
He made the appeal during its monthly environmental sanitation at the weekend. He said for some time, officials of the agency had not been helping them with prompt refuse collection, adding that this should not be so.
He said the monthly sanitation is an exercise held to support the one declared by their umbrella body, Lagos State Market Association, for marketplaces every Thursday to boost their cleanliness in the state.
Nwankwo urged traders in Ladipo market to imbibe the virtue of cleanliness in their shops. He said: “Cleanliness is next to godliness. Where you are doing business, you are expected to keep it clean. So, my advice to the traders is that they should keep their shops clean.”
He added that to make the exercise effective and efficient, a committee had been put in place. “They go from shop to shop, sensitising the people on the need to keep their stores clean and dispose their refuse properly,” he said.
Some companies stand out with novel and competitive approaches to real estate business. They had kind words for the administrators of the state for creating an enabling environment for the subsector to thrive.
BOMAX Properties, 16 years on, still consistent in luxury, comfort
Its Managing Director, Chief Ugochukwu Orji, who has been in the real estate business in Lagos for 16 years, sees himself as a Lagosian and commended the infrastructural provision in the state that has encouraged the real estate business.
However, he urged the Federal Government to moderate the prices of building materials.
Lamenting the astronomical price of cement and other building materials, he advised the government to monitor the sector to ensure that the public is not unnecessarily ripped off by building materials manufacturers, especially those who take raw materials from here to their countries to add little value and bring it back at exorbitant cost for Nigerians to buy.
He also lamented that if care was not taken, unprocessed wood taken from Nigeria would be returned as processed for Nigerians to buy.
He said: “My worry is the invasion of our forests and ecosystem by foreigners without inhibition and they turn back to sell what they took from our forests and other places to us at a premium. To my mind, this is dangerous and a negation to the economic development of the nation.”
He explained that he had been into the development of luxury houses in the upscale area of Lagos in the last 16 years and has good clients from Abuja, Port Harcourt and other major cities.
He told The Nation that he decided to operate in the upper segment to build premium quality and luxurious homes for his clients.
Orji said his firm is one with a strong team with specialisation in new construction, sales, property management and valuation. He said: “We understand the dynamics that inspire people to invest in quality homes and how personal each decision is. Therefore, our focus as a company is on creating real estate solutions that work best for our clients and add tangible value across property sectors. In recognition of our drive for exemplary work, we have delivered premium quality homes to thousands of clients in need of class, comfort and exclusivity”.
Through our deep understanding of the market, latest technology, and the changing trends, we guide clients to achieve the best results in this fast- transitioning industry. Whether you are a buyer or seller, you will appreciate our integrity, competence and proven ability to provide personalized, clear and well-researched advice on real estate.
The ROMAX chief said they develop new projects based on our understanding of the market, which is in tune with trends and the latest in technology to bring to fruition the most exclusive and luxury complexes in Lagos.
On where the estates are located, he said they are at Atlantic Ville besides VGC, Lekki, Royal Pine Estate, ROMAX Homes 12 and Romax Homes 10.
On the prices, he said they range from N35million to N80 million. The estates are also located in Lekki and Chevron areas and mostly three, four and five-bedroom terraces.
On payment plan, he said they accept initial deposit with the balance paid within six and 18 months.
Revolution Plus: Lagos best place to do business in Nigeria
ONALAJA
Managing Director/Chief Executive Officer, RevolutionPlus, Bamidele Onolaja also agreed that Lagos is the right place to do real estate business because of its Return on Investment (Rol) and infrastructure provision by the state government.
Speaking on Lagos at 55, he said it is a landmark for the state and that his Group of Companies is proud to be part of it. He said as Lagosians he and his wife, Mrs Tolulope Onolaja, who is the Executive Director of the conglomerate, were willing to be part of the success story of the state.
According to him, what the state has achieved in the last 55 years is massive. He said: “I congratulate Governor Babajide Sanwo-Olu and his cabinet members and those before him. As a company, we are just smarting from our eighth year of operation and we are grateful to our clients and the government that provided an enabling environment for us to thrive.
“We are an innovative real estate company and trail blazers in our business segment. We do affordable housing with good title. We have created more than 10,000 realtors estate practitioners with over 500 members of staff. Our contractors are everywhere because we are in almost all the states of thee federation. Our belief is that the government alone cannot provide all the jobs for the teeming population. We are working everyday to create more products. We have gone into hospitality and other sectors to create jobs. We thank God for giving us this rare opportunity to create jobs for thousands of the youth population.”
“I can confidently tell any investor that Lagos is the best place to do business with over 25million population though it has its challenges but they are surmountable. We have branches all over the country, but the most profitable is Lagos though with all its challenges with high traffic and a population bursting the seams it still the best place to gain good return on investment.
“On the segment of housing, he responded that they do affordable housing. Asked further on what affordability to him represents, he said: “It means our products are targeted mostly between the low and medium income bracket. You will not see us selling or advertising property in Ikoyi. Our vision is to make as many people as possible land and home owners. In the last 8 years we have been able to allocate land to over 9,500 people and majority of them fall under the low and middle income strata that we play. We go further to provide mortgages and other flexible payment plan. Sometimes, l ask myself if we are really in this business to make profit.”
On the Corporate Social Responsibility (CSR) of the company under Chris Bamidele Onalaja Foundation (CBOF), he said they started in 2019 with the empowerment of 10 widows with N100, 000, each as startup capital after their skill acquisition and training.
Since then, over 750 widows have enjoyed the benefits of the foundation and have been trained in various skills.
“The Foundation also built and launched three schools in various locations in Lagos, including Ikorodu, Wasimi and Makoko. The primary school in Ikorodu and named Tol Del is tuition-free with children in the community enjoy free education from nursery till primary level.
“Other CSR activities include sponsorship of Lagos City Marathon race since 2019, medical outreaches, drilling or boreholes in underprivileged communities.”
Eko Atlantic City: Delivering comfort and luxury on the sea
Eko Atlantic City is a city has never before in Nigeria and in most countries per se, but the feat was achieved in Lagos, adding to the status of Lagos as a city to be. The city on water is a place to live and work a real hub for financial transactions.
Chief Executive Officer, Eko Development Company Limited, Olawale Opayinka has carved a niche for himself through financial engineering with emphasis on real estate and large infrastructural projects in Nigeria.
Olawale said he has a delivery model, financial model and successful concepts that has guided him in delivering novel real estate development and creating solutions for medium to large scale projects.
Noting the mission statement of the company, “To be the foremost, most profitable solution leader and provider of lifestyle real estate solutions which include work, leisure, retail and recreation”, Olawale said: “Azuri Tower, Eko Atlantic City top notch world-class development, is part of the company’s schedule a to create outstanding homes with luxury living.”
He added: “Eko Atlantic idyllic position on the Marina district combines the tranquility of the three water bodies. Alongside a sophisticated pedestrian-friendly urban centre to ensure that her inhabitants enjoy a lifestyle befitting for royals.We have also provided a wealth of amenities in a secure environment, it will be a privileged place to invest, work, play and live.
“It is worthy of note to state that Azuri 1 is the tallest residential tower in West Africa. Azuri Towers consist of three towers, two residential and one for offices. It is a place of luxury and comfort with modern facilities such as parking bays, sauna, Olympic size pool, staff quarters, shopping outlets, Banks, restaurants, valet parking. Other facilities are Integrated Air conditioner System, Squash Court, Marina access, Gym, and Children Play area.”
Olawale said they have a pragmatic, incisive and committed team that is poised to deliver the desired comfort and luxury to investors in Eko Atlantic City.
Eko Atlantic City
The city adjoins Victoria Island district of Lagos city, and phase 1 area of Lekki to the north, while the entire western, eastern and southern borders is a coastline.
Eko Atlantic city is expected to rise as the next generation of property on the African continent, having a total of ten (10) districts, spread across a land area of approximately ten square kilometres (3.9 sqm). Indeed, the city will satisfy need for financial, commercial, residential and tourists accommodations.
Eko Atlantic development is carried out as a Public – Private Partnership (PPP), with private companies and investors providing the funding, whilst the Lagos State Government is a strategic partner, with the support of the Federal Government.
The city will be equipped with infrastructural facilities in line with the modern and environmental standards. These will offer city’s residents, water, waste management, security and transportation systems. The city will also have an independent source of energy generated for savy investors.
Eko Atlantic City represents far more than just surging Lagos land values.
As Lagos continues its unstoppable trajectory to becoming the financial capital of Africa, investing in Eko Atlantic opens unprecedented opportunities for tapping into the wider potential of the continent.
It must be stated that Eko Atlantic city is a marvel of modern engineering and technology, and a testament to the rise of Nigeria on the world stage. Infact, the city has evolved rapidly from visionary design concept to a technological reality, infrastructural master pieces and underground surface drainage pipes are laid along major routes across the new city.
Bridges in Phases one and two of the project have been completed and the great wall of Lagos sea revetment, being built more than two kilometres offshore at eight and a half metres above the sea level, has surpassed six kilometres in the length and is protecting over six million square metres of Eko Atlantic and Victoria Island. The new city worth investing.
Whenever Lagos is mentioned, various mental pictures come into play such as business, pleasure urbane life and high street style. The alluring city is characterised by its vigour and an intensely-motivating atmosphere. According to statistics, 123,000 people migrate to Lagos daily with no intention of going back because of the allure of the city. It is Nigeria’s Centre of Excellence with competitive infrastructure. But if the nation were human, Lagos would be its circulatory system. Okwy Iroegbu-Chikezie reports that at 55, Lagos is the place to make it big as the enabling laws and environment to thrive are second to none in the nation
If Nigeria were to be a cup of coffee or tea, Lagos would be the cream or milk. This beautiful abode has a way of seducing even the most-ardent pessimist into believing that anything is possible.
Almost everyone who lives in Lagos claims to be a Lagosian, a city that allows those on the fast lane to make it legally and change their history.
In Lagos, people seem to be in a hurry. Sometimes, if you listen closely during a typical Monday morning rush, you will hear the pounding hearts of men and women who have to somehow get to their destination on time. The combination of these heartbeats makes Lagos the blood supply of the nation. From Friday to Saturday, there is one social event or the other; it’s enjoyment all the way for party makers and goers.
The country’s largest financial hub is home to people in various class. You see the rich and the poor and everybody seems to be satisfied and trying to be better.
Some Lagos residents are businessmen and women. Most young people have caught the real estate bug with over 20,000 real estate canvassers and building materials merchants. Others are food sellers, clerics, tea sellers, shoe repairers, tailors, local barbers and countless other folks who help define and give colour to Lagos. There are a lot of people from other parts of Nigeria whose first home is Lagos, as they were born here. All in all, Lagos is a place to be, to some it is their own Dubai, United States or United Kingdom.
The 36 states and the Federal Capital Territory recorded a combined Internally-Generated Revenue (IGR) of N849 billion in the first half of last year, according to the National Bureau of Statistics (NBS).
The NBS IGR Report at the state level for half-year 2021 showed that Lagos State topped the chart as it recorded N267.23 billion, while Yobe had the least of N4.03 billion.
The NBS report read in part: “The 36 states and Federal Capital Territory’s Internally Generated Revenue amounted to N849.12 billion in H1 2021.
“In the first quarter of 2021, the Internally Generated Revenue was N398.26 billion while in the second quarter it amounted to N450.86 billion.This indicates a positive growth of 13.21 per cent. Lagos State has the highest Internally Generated Revenue with N267.23 billion in H1 2021, followed by the Federal Capital Territory with N69.07 billion and Rivers State with N57.32 billion, while Yobe State with N4.03 billion recorded the least.”
The IGR report was put under five categories: Pay as You Earn, Direct Assessment, Road Taxes, Other Taxes and Revenue from Ministries, Departments and Agencies.
The report showed that the Southwest geopolitical zone recorded the highest revenue, which amounted to N385.41 billion, followed by the Southsouth zone with N156.17 billion, while the Northeast zone recorded the least IGR revenue with N42.92 billion.
Lagos’ economic success makes it a benchmark for other states. Its IGR, which is mainly through taxes, stood at $1.3 billion in 2015 – three times more than the state with the second most IGR and 39 per cent of the total IGR by other states and the FCT.
Earlier, in 2014, Lagos’ Gross Domestic Product (GDP) was pegged at $90 billion.This made its economy stand out as the seventh largest in Africa. Remarkably, Lagos’ immense commercial potential belies its size. The smallest of the 36 states, Lagos’ size is dwarfed by its economy.
It is Nigeria’s hub of employment opportunities. Whatever you do well, you have a market for it in Lagos. Youths drift from other parts of the country to get a job in the nation’s commercial capital. With so many branches and head offices of multinational companies, Lagos has retained its position as the nation’s abode of employment and real estate seems to be the highest employer.
Getting an apartment for rent or for sale is easy. You can also get what suits you or what suits your pocket. Accommodation in Lagos is a bit expensive, though; but, there are cheap apartments on the Mainland. From flats to studio apartments and serviced apartments, you can get a property for rent or for sale in minutes. As good as the real estate sector is, there are still shanties and slums and those who cannot afford the expensive accommodation in the city centres are daily moving to neighbouring Ogun State to get not only something cheaper but also decent, depending on how deep one’s purse is.
Real estate business is very profitable in Nigeria aside oil and gas and remains one of the longest-standing and competitive industry with many new and established players. Most of the richest people in Nigeria and in the world have one form of real estate investment or the other in their portfolio. The city is a dream destination for real estate investments because of the high rate of returns on investments. The Market Analysis for Lagos State shows one of the highest property values in Nigeria.
Lagos, which means lakes, though with the smallest landmass of 1,171.28 square metres, is the most-populous city in the country with a population estimate of 22 million.
Popularly known as Eko, Lagos remains the commercial capital of Nigeria after the administrative capital was moved to Abuja in 1991.
Some people ask why they should invest in Lagos’ real estate.
Population, no doubt, is a major growth driver for the real estate sector. Lagos has population as an advantage. It has grown from just 1.4 million inhabitants in 1970 to approximately 22 million. It has a population density of about 5000 persons/sq.km, making it one of the most-densely populated cities in Africa. It has been estimated that about 86 persons migrate to Lagos every hour and close to a million persons yearly.
The housing deficit in Lagos in 2016 stood at about 2.5 million houses, according to a former Commissioner for Housing, Mr. Gbolahan Lawal, now the Oniru of Iru Kingdom. He said it was about 14.7 per cent of the country’s total housing deficit, quoting the NBS.
Lagos is the richest state in Nigeria with a GDP of about US$33.67 billion, accounting for 25 per cent of Nigeria’s total GDP. It is the fifth largest economy in Africa and home to over 2000 manufacturing companies, 200 financial institutions and has the largest clusters of small and medium-scale enterprises in Africa. Lagos consumes more than 50 per cent of the country’s energy, accounts for over 90 per cent of its foreign trade flow and 80 per cent of its imports are handled by Lagos ports.
Market research shows that Lagos has the highest property values and the most-vibrant real estate market.
How far has the real estate grown?
Lagos’ vibrant economy has led to a growing middle class population with money to spend on luxury and decent accommodation. The middle segment of the housing market remained robust despite the economic headwinds experienced by every other sector of the economy and this has been attributed to strong demand from the middle class.
Prices on the Lekki axis, which is largely middle class neighbourhood, grew an average of 2.8 per cent when other segments of the real estate sector declined countrywide. Lagos has the largest share of working population in Africa; over 15.2 million of the estimated 22 million residents are within the 15 to 64 age bracket.
With a 16 per cent urbanisation rate, Lagos is one of the fastest-growing megacities in the world. It has attained the megacity status that means that the ‘bush’ you are buying today will become ‘city’ faster than you imagine.
Lagos Real Estate
At the moment, Ibeju-Lekki in Lagos is the hottest investment destinations in Africa with investments topping US$200 billion. The Lekki Free Trade Zone (LFTZ) has attracted massive investments within the zone such as Deep Seaport, Dangote Refinery, Lekki International Airport, Golf Courses and Resorts, the Fourth Mainland Bridge, and the Smart City Project. It has been projected that development in Ibeju-Lekki will provide up to 400,000 jobs on completion. Smart investors should position to take advantage of the expected demand for residential and commercial properties in the area.
Fast-appreciating property prices
Lagos is a dream destination for real estate investments because of the high rate of returns on investments. Its property market, especially the mid-market segments, remained buoyant when property prices across the country, took a bashing from the recent economic recession.
A piece of land that was purchased around 2006 in Lekki for N5 million was sold for N40 million nine years later, that is a seven-fold (700 per cent) increase.
Its Governor is Babajide Sanwo-Olu.
Among the high-end realtors making waves in the state are Romax Properties, whose Chief Executive is Chief Ugochukwu Orji; RevolutionPlus headed by Bamidele Onolaja; and Olawale Opayinka’s Eko Atlantic City.
The Architects Registration Council of Nigeria (ARCON) has directed architects to attend this year’s colloquium.
It said apart from rejigging the programme to meet realities, the yearly event attracts 40 per cent grade points of the Continuous Professional Development Courses.
ARCON President, Sir Dipo Ajayi, who noted that yearly the council works towards improving the content of the programme, added that the committee has expanded the scope of the event to cater for all categories of people in the profession.
He said online and offline participants have a lot to gain from it.
ARCON Registrar, Umar Murnai, said the event with the theme “Architecture and national development Agenda XIV”, which would hold between May 23 and May 26 in Abuja, is unique in its focus on two prevailing issues in construction in which architects are key players.
He, therefore, urged those who have not been committed to the programme to turn in new leaf, as such defaulters might have difficulties in renewing their licence. Among others, Murnai said the event is, in part, ARCON’s commitment to advancing architectural practice, education and research for the public good and well-being, which would lead to the development of basic construction trade skills.
Chairman, Planning Committee, Musa Sada, said participants would be exposed to technology in the AEC and job creation within the industry and the built environment.
Sada, a former Minister of Mines and Steel, said the programme promised to make far-reaching impacts on architecture in the country.
The chairman added that a lot of work had been done and more would still be done between now and May 23.
The Coordinator Abuja Metropolitan Management Council (AMMC), Shuaib Umar, has warned developers who do not adhere to standards to desist or face the law.
He spoke during a stakeholders’ meeting with the management and residents associations of Trademore Estate at at the Federal Capital Territory Authority (FCTA).
Umar said the solution to this was the removal of such houses.
“Even a single house could cause problems for so many people. If that house is not constructed where it is supposed to be constructed,” he stated.
Also, the Director of Development Control, Muktar Galadima, who led a demolition squad to one of the contravening estates, in Lugbe District, said it was appalling that developers were jeopardising lives.
Galadima noted that the Valley Hub Estate in Lugbe was brought down, for violating development rules, by illegally expanding and building on green areas.
He also said over 20 houses built along waterways at Trademore Estate and others would be demolished, after the ultimatum given to them.
Galadima said: “Now is the moment. Those houses marked for removal are going. Anything that would come after can be resolved. The first thing is to save lives and properties.
“This demolition will not only be limited to Trademore Estate, even the downstream, we are going to remove the houses that are on the flood plain.”
Meanwhile, a representative of Trademore Estate, Ifeanyi Uzoigwe, said there was the need for FCTA to evaluate a dam owned by FCTA at Alieta, which has collapsed and is contributing to the flooding.
The Chairman, Nigerian Institution of Estate Surveyors and Valuers (NIESV), Lagos State Branch, Mrs. Olabisi Demola-Alade, has advised estate surveyors and valuers to aspire to become associate members of the institution.
She stated this at a media parley where she reeled out activities to celebrate the Institution’s Week.
According to her, since the NIESV leadership came on board last May, she had been working to realise her 10-point agenda to bring to the front burner, the critical role of estate surveyors and valuers in the built environment.
She noted that her advocacy drive had taken her to some private organisations, including some tertiary institutions like the Yaba College of Technology (YABATAECH) to sensitise his colleagues on the advantage of becoming associate members.
The NIESV chairman who scored herself high on the 10-point agenda she set for herself and members of the EXCO, noted with delight, that as she clocks one year in office this month, more associate members especially in ‘The very Branch’ as the Lagos branch is called, have been enrolled.
According to her, the 2021/2022 Estate Surveyors and Valuers week is an avenue for members to ‘unwind’ and further ‘network’ with a view to expanding their scope of work and knowledge of the profession.
Stakeholders in the real estate industry have fashioned strategies for growth of operators in the sector.
They made the suggestions at the 10th anniversary of LifePage, a firm of developers.
They said investment in real estate or marketing needed training. They noted that one could also work with operators, or go outside the traditional ways of funding to associations and groups that target real estate investors, to provide funds, grants and single digit loans that are best for the sector as a result of its long gestation.
Speaking on the theme “Attracting Foreign Direct Investment and project financing options”, the Fundraising Consultant, Growvest Financial Advisory, Senami Amusu, said prospective real estate operators could tap into their alumni, family, friends and a cooperative society to raise funds.
She advised realtors to explore innovative technologies, create services where they live such as data centres and logistic hub.
Amusu also advised those who intend to go into real estate to look beyond rental income by working with investors such as Angel Investors, Family Homes Limited and Shelter Afrique who have over N48 billion for real estate businesses who are ready to build houses in large numbers.
Also, Prof. Lere Baale, chief executive, Business School Netherlands International, said real estate is not for quick bucks but that it assures of income over ti. He stated that the road to success is in identifying where to operate and not to lump everything for ease of management. He urged realtors to learn how to buy land and hold it until it appreciates for them to make gains.
On growth drivers, he listed them as affordability, growth, law and regulation. He advised the participants to develop what he called viral loops.
Noting the real estate investment is profitable in Nigeria, Baale said statistics has shown that the top five per cent wealthy Nigerians are wealthier that the 10 per cent wealthy Americans, adding that two million Nigerians are millionaires not just in Naira but in Pounds and dollars that they could approach for business.
The don added: “There are a number of factors that impact real estate prices, availability, and investment potential. Demographics provide information on the age, income, and regional preferences of actual or potential buyers, what percentage of buyers are retirees, and what percentage might buy a vacation or second home. Interest rates impact the price and demand of real estate—lower rates bring in more buyers, reflecting the lower cost of getting a mortgage, but also expand the demand for real estate, which can then drive up prices.”
Earlier, Chief Executive Officer, LifePage, Mr. Oladipupo Clement, said: “There are several opportunities for making it big as a realtor in Nigeria, however, the referral method which requires little or no funding to get started with, remains the cheapest. This method is one everyone does without even knowing or being rewarded for and this is where we have played successfully as a business. We have put structures in place to ensure that everyone benefits from their effort.”
Other speakers were Mr. Leke Alder, principal, Alder Consulting; Dr. Olumide Emmanuel, author of The School of Money, and Damilola Hassan, managing director, Meristem Trustees Limited.
No fewer than 65 persons have been arrested at various locations around the state by the Lagos Waste Management Authority (LAWMA) for environmental abuses.
Its Managing Director/Chief Executive Officer, Mr. Ibrahim Odumboni, made this known in his office at Ijora.
He said tough time awaited offenders for abusing the environment.
He noted that, for too long, LAWMA had advised the public not to deface the city.
He said: “LAWMA is not a toothless bull dog. For too long, we have pleaded, now is time to act. The new offensive is on auto pilot and would spare no violator. People must be made to pay for deliberately sabotaging their habitat. Many people have been picked up at different locations caught in the act, and will be prosecuted as a deterrent to other adamant persons.
“Indiscriminate waste disposal has serious consequences on the environment, such as blockage of drainage channels, canals, defacing of environment, and spreading of infectious diseases.’’
The LAWMA chief reiterated the authority’s commitment to cleaning every part of the state, urging residents to imbibe the culture of proper waste disposal.
Odumboni said his agency was working with the Neighbourhood Watch and the Motor Vehicle Administration Agency (MVAA) for effective human and camera surveillance, to track and apprehend persons and motorists engaging in waste migration around the city.
He renewed his appeal for standard and civilised environmental habits, for the common good of all.
There is the need for a common regional infrastructure development policy for the Southwest, the Managing Director/Chief Executive Officer, Lagos State Development and Property Corporation (LSPDC), Ayodeji Joseph, has said.
In an interview with The Nation in his office, he said the policy would bring about an effective economic trade and political integration.
He said if well-implemented, the policy would help decongest the city and residents of blighted areas within the state could be relocated to new planned areas in the region to pave way for re-planning of the blighted areas.
Ayodeji said the measure would also address the issues of regional imbalance, boundary disputes and enhance even distribution of resources across the region.
Speaking on how the agency has helped in providing housing for over 20 million Lagosians, he said the enabling edict of LSDPC set out its functions as that of providing housing for both residential as well as business/commercial purpose and also ensuring maintenance of same.
He said: “With this mandate, the corporation has developed several housing estates in the state since its inception. Some of these estates includes Courtland Villas Igbokusu-Lekki, Lekki Apartments, Lekki, Phoenix Apartments Olutunda-Ilupeju, Sunnyville Apartments, Ogba, Bayview Estate, and Elegushi-Lekki.”
Asked in which segment of the market they operate, he said they operated between the lower and middle income strata of the society. Besides the corporation specialises in residential, commercial and industrial real estate.
On how sustainable urbanisation could be ensured in a city as densely populated as Lagos, the LSDPC chief said they contribute to making Lagos a sustainable city through the preparation and implementation of physical planning laws in the estates.
He said: “A strict residential area should not accommodate industrial sites but could be backed up with commercial activities to sustain the estate. A good example is the M.K.O. Abiola Gardens. We also sustain urbanisation through the provision of adequate shelter and housing for all at affordable rate.
“Another example in the hinterland is one of our recent developments at B. O. Benson Estate, Ibeshe, Ikorodu, where we collaborated with the Ministry of Housing to provide mass housing; and we are looking to provide more of such in areas such as Badagry.
“Others are in Lekki, Victoria Island, Ikoyi, Ogba, Ilupeju and Surulere.”
Speaking on how well environmental issues are managed in the estates, he said there were various ways they intervened on environmental issues. “We have intervened such as building eco-friendly initiatives and managing refuse disposal by ensuring that refuse is sorted out according to their material contents for recycling purposes,’’ he added.
He explained that before a project begins, an Environmental Impact Analysis (EIA) is conducted with the result imputed into the design of the project.
Also he stated that they have a relationship with LAWMA/PSP (Private Sector Participants) to assist with waste management in all their estates.
On how digitalization can solve problems of land ownership and land access in Lagos, he said it will help provide more accurate and dependable data.” It will also reduce and gradually phase out the need for manual procedures involved in transferring titles from the Corporation to its customers as well as further assignment of such titles to third parties. You gain a quicker turnaround time in land transaction and boost private investors’ confidence in the Corporation’s capacity to provide home ownership which addresses the housing need of Lagosians”.
Asked why some LSDPC buildings seem derelict as a result of poor maintenance culture, he retorted that the estates are not abandoned and that they are managed for a period of two years after completion and commencement of occupancy after which they are handed over w to the estates residents association to take care of.
On the challenges of the construction sector in the medium term, the LSDPC chief said: “
The construction industry in Nigeria is going through some peculiar challenges particularly in the execution and regulation aspects of projects. Some of these challenges include: lack of finance, inherited planning inadequacies, lack of skilled workforce, inadequate skill management, strangulating bureaucratic processing for construction approvals, amongst others”.
