By Godwin Ofulue

The Lagos State Mortgage Board (LMB) has reaffirmed the government’s commitment to expanding affordable housing opportunities for residents through its Home Ownership Mortgage Scheme (LagosHOMS).

Speaking at the Fourth Exit Ceremony for beneficiaries of LagosHOMS, the General Manager and Chief Executive Officer of the board, Mr Bayowa Foresythe, said the programme was designed to bridge the housing gap by providing affordable and sustainable homeownership opportunities, particularly for low-income earners.

Foresythe said more than 30,000 residents had benefited from the mortgage initiative, also known as the Rent-To-Own Scheme, since its inception.

According to him, beneficiaries cut across various age groups, professions, genders and socio-economic backgrounds, including civil servants, artisans, entrepreneurs, market women and workers in both the formal and informal sectors.

“This demonstrates that LagosHOMS is a truly inclusive programme. Allocation of homes is based on eligibility criteria and affordability assessments, ensuring transparency, fairness and equal opportunity for all qualified applicants,” he said.

He explained that the ceremony marked the successful completion of mortgage tenures by beneficiaries, some of whom also took advantage of the scheme’s redemption policy to complete payments ahead of schedule.

Congratulating the beneficiaries, Foresythe praised their discipline, perseverance and commitment despite prevailing economic challenges. “Today, your resilience has paid off. You are no longer mortgagors or tenants; you are now proud homeowners in Lagos State,” he said.

He attributed the success of the scheme to housing reforms initiated during the administration of President Bola Tinubu as Governor of Lagos State and commended Governor Babajide Sanwo-Olu and Deputy Governor Dr Kadri Hamzat for their continued support.

Foresythe also acknowledged the contributions of strategic partners, including the Lagos Building Investment Company (LBIC), LASACO Assurance Plc, and First City Monument Bank (FCMB), in advancing the state’s affordable housing objectives.

Some beneficiaries described the scheme as accessible and affordable, citing its flexible repayment structure and single-digit interest rate as key advantages.