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Acquiring a Home in Lagos for Less Than N4 Million

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Many are unaware that owning a home in Lagos State for less than N4 million is achievable through a highly convenient payment method. This housing option, tailored for first-time buyers, is affordably priced at N3.5 million.

First-time homebuyers often fall within the low to mid-income bracket and are individuals who do not yet own a property within the state but aspire to do so. The Lagos State government has established a dedicated housing program tailored for this demographic.

Under the leadership of Babajide Sanwo-Olu, the administration has successfully launched 19 housing developments across various regions in the state. According to Moruf Akinderu Fatai, the state’s commissioner for housing, these initiatives have contributed approximately 5,000 housing units to Lagos State’s housing inventory.

These projects achieved the state’s Ministry of Housing, Lagos State Property and Development Corporation (LSDPC), and Joint Ventures with private investors, have brought about livable communities that are adding values to the lives of many people. In addition to the ones delivered, there are also other schemes that are virtually ready and waiting in the wings to be released to the people.

It is from the available stock that first time home buyers of low income level can own homes at discounted price of N3.5million. “This category of residents can either access home through direct purchase or via our convenient home ownership plan tagged Rent –to- Own scheme,” the commissioner explained.

“This scheme is based on a 10-year monthly payment plan with single digit interest rate. With the initial payment of 5 percent of total cost, a resident having met the minimal conditions will gain access to the homes,” he added.

The high points of this scheme are the easiness and convenience of its acquisition process and the relative cheapness of its value. Where private sector operators demand about 30 percent initial deposit for an installment payment arrangement, the Lagos scheme demands 5 percent.

Additionally, for the private sector’s 18-22 percent interest rate, Lagos is demanding single digit rate that is as low as 6 percent and also allows repayment tenor that is as long as 10 years as against private sector’s three to five years.

Rent-to-own is a scheme that allows a home seeker to rent a home, pay the rent over a period of time, in this case, for 10 years, and owns the house after fulfilling other necessary conditions such as the initial deposit of 5 percent of the value of the house among others.

Housing delivery in Lagos, according to the commissioner, is central to the developmental plans of the state, adding that, being the economic hub of the nation as well as one of the fastest growing megacities in the region, the state considers it a strategic policy move to pay particular and deliberate attention to provision of housing.For various reasons, housing is very expensive in Lagos. According to the UN-Habitat, Lagos is the smallest state in Nigeria with a limited land size of 358,862 hectares, which stretches along a coastline of about 180 kilometers. This represents approximately 0.4 percent of Nigeria’s territorial land area of 923,773 square kilometers.

The state has the highest urban population, which is 27.4 percent of the national estimate. The Lagos population is growing 10 times faster than that of New York and Los Angeles; its population density ranks among the highest in Africa, with a growing population of about 25 million inhabitants.

Of this population, the metropolitan part of Lagos accounts for over 85 percent on an area that is only 37 percent of the land area of the state, reflecting the magnetic pull of the city for millions seeking economic opportunities.

Due to these factors and more, there is a significant demand for housing in the region. Given the elevated land values within the state, commercial real estate developers often market their properties at premium rates, making them unaffordable for a considerable portion of the urban poor who then opt for renting.

Consequently, Lagos State’s rental market is notably dynamic and concurrently one of the most exploitative across Africa. According to the commissioner, over 80 percent of the city’s population resides in leased accommodations.

However, while this poses a challenge for the state government, it serves as a substantial investment prospect for housing developers, particularly those focusing on constructing rental apartment complexes.

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Lagos schedules meeting with owners of distressed buildings.

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The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.

This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.

Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.

He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.

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FG threatens contractors over Enugu-Onitsha road delay

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The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.

This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.

According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.

“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”

He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”

He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.

“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.

The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.

He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.

“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”

He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.

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Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti

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The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.

In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.

Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.

Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.

The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.

Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.

Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.

Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.

Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.

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