News
LASG Emphasizes Dedication to Establishing Cost-effective Housing Development Trust Fund.
The Lagos State Government has reaffirmed its dedication to providing housing for the underprivileged as part of Mr. Babajide Olusola Sanwo-Olu administration’s transformative agenda, particularly in the housing sector.
Additionally, the state is ramping up its initiatives to offer homes for some state employees, which will be referred to as the Workers’ Village.
Mr. Kamal Olowoshaga, the Permanent Secretary of the State’s Ministry of Housing, revealed this information during a site review of several ongoing state-sponsored housing projects.
In a statement he said: “Having successfully completed and commissioned over 15 housing estates in the last four years and working hard to deliver our various ongoing schemes, we are moving forward to implement strategies that will improve access to decent homes in the State”.
According to him, the State Government had completed various Housing schemes located at Igando, Lekki Phase1, Lekki Phase 2, Igbokushu, Nob Oluwa, Idale Badagry, Iponri, Igbogbo amongst others,adding that work on six others sited at Odo-Onasa/Ayandelu, Resettlement Scheme Agbowa, Sangotedo Phase1, Omole Magodo, Gbagada and Ibeshe which is being built by the Lagos State Property Development Corporation were nearing completion.
The Permanent Secretary pointed out, that hopefully, the six schemes that are at various stages of completion in Odo Onasa-Ayandelu, Agbowa Resettlement Scheme, Sangotedo,Omole/Magodo, Gbagada and Ibeshe would soon be commissioned while others at LASU Ojo, Egan- Igando and Sangotedo Phase2 were also receiving attention towards a speedy completion.
He said that these schemes with others at Itamarun Epe and Ajara in Badagry as well as joint venture schemes would yield over 7000 homes have also reached an advanced stage hopefully to be completed and commissioned in due course.
He said that the positive impact of governmental intervention is hampered by the twin issue of high cost of funding for investors and people seeking home ownership through mortgage
The Housing Commissioner, noted that the State Government was looking into the issue of accessibility of decent homes through a multidimensional approach that would reduce these financial barriers to housing.
He disclosed that the State Government is fine tuning a financial mechanism tagged Lagos Affordable Housing Development Trust Fund. This according to him is a financial product that would bring succour to both property developers and intending home owners.
Olowoshaga said: ‘ the Fund will reduce the challenge of financing housing development as well as empower people particularly the low and medium income earners to access housing without undue financial stress.
He underscored the fact that the housing challenge in Lagos is complex because of the continued and uncontrollable influx of people from all over the nation.
He said while global financing models are attractive; they may not address the unusual problems of Lagos State.
He pointed out that provision of mass and social housing is a key agenda of the State government but the impact can only be felt when there is a structured financing mechanism that is based on predictable population growth.
Apart from the Rent to Own scheme which gives opportunity of repayment over a period of 120 months, the State is also looking at more workable financing options that will help the informal sector.
“We have to formalize the informal sector through cooperative associations and artisans guilds so that majority of our people can take advantage of a financing product that supports instalmental payments”.
He further said that the fund would encourage more vertical construction of homes by government and private investors to optimize the land space available in the state.
He seized the opportunity to point out that the commitment of the State government is unequivocal and that “Lagos State would continue to work relentlessly until more Lagosians are brought on the home ownership ladder. Building more homes is our way of improving standard of living , increasing economic engagement through provision of construction jobs and also opening up our rural areas”
He said the State Government plans to construct two workers villages as part of a global plan to transform the State into a 21st century economy that is distinct and comparable to others in the world.
“In line with our passion for progress in the sector, funding is needed and assistance from our development partners will be highly appreciated.” he said
He said: “the uniqueness of the financing package is the fact that it will be targeted at low income earners and the informal sector and can be accessed by both construction companies and homeseekers and will be made up of contributions made by both public and private sector. The fund will also cater to training and capacity building and upgrading of artisans, development of innovative building technology, sustainable housing developments and renewable of slums.
“The suggested funding from government is expected to be sourced from contributions by local governments, subventions, infrastructure development charge, Housing fund surcharge and Lagos Pension fund. Private sector contributions can be in form of grants and donations from both local and international organizations. “
In disbursing the fund, Akewusola said: “part of the financing would be used as Housing loans with repayment plan of 20years. This will channeled through micro finance banks with cooperative societies serving as intermediaries”. “Construction fund will also be granted to developers having vertical construction with sustainable energy idea, he discloses.
He noted that the idea of a Trust for the financial product is to ensure accountability, credibility and sustainability.
Other plans that are being worked out by the State include an allocation structure that will reach the masses so that homes are not hijacked by the rich, continued maintenance of existing schemess to prevent rapid dilapidation, provision of homes for young professionals, introduction of cost saving techniques to reduce cost of building homes and increasing sustainability of future Housing schemes.
He noted that given the rate at which the population of the State is increasing, there must be proactive measures to ensure that governmental interventions result in substantial positive impacts in the lives of the people.
He also reiterated that the Lagos Affordable Housing Development Trust Fund which is being prepared in collaboration with Arctic Infrastructures is the State’s response to the need for financing products that are domesticated to solve it’s peculiar housing challenges.
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.
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.
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.
-
News2 years agoA TENANT IS NOT ENTITLED TO REFUND OF RENT WHERE HE UNILATERALLY SURRENDERS TENANCY
-
News2 years agoHOW PASTOR ASHIMOLOWO BECAME BIG IN REAL ESTATE
-
General2 years agoSeven Most Popular and Influential Young Real Estate CEOs in Nigeria
-
News1 year agoUnderstanding the importance of a certificate of occupancy in land ownership
-
News1 year agoBig C Properties Boss, Aforjama to be Honored as Anambra Real Estate Person of the Year
-
News2 years agoLAND TITLE VERIFICATION EXERCISE IN OGOMBO
-
News2 years agoRevolutionPlus Property Unveils New Executive Management Team
-
News2 years agoLagos socialite accused of unlawful demolition of N800 million property