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Lagos, firm sign deal to deliver 20,000 homes by 2018


Company Secretary, Nigeria Mortgage Refinance Company (NMRC), Musa Bello (left); Chairman of the board, Dr. Charles Okealaham and Managing Director, Prof. Charles Inyangete during the third annual general meeting in Lagos.

• Dead lawmaker, Kazeem, replaced by Adams

The Lagos State Government has begun moves to build thousands of new and affordable homes by 2018.Mortgage underwriter, Nigeria Mortgage Refinance Company (NMRC), and five private developers are backing the ambitious plan for 20,000 housing units, under the Lagos Affordable Public Housing (LAPH) initiative, designed to bridge housing gap in the megacity.

Under the deal, the state will facilitate through its investment company, Ibile Holdings Limited, the delivery of good title and possession of project sites identified and allocated to the developers.

NMRC will support the primary mortgage banks that appraise and prequalify off-takers of the housing units in conformity with the uniform underwriting standards, by providing refinancing commitments for such mortgages.


Developers partnering with the state government and NMRC are Brains and Hammers Limited, EchoStone Development Nigeria Limited, Industrialised Mass Housing Development Company Limited, Multi-Purpose Infrastructural Development Construction Limited (MIDC) and Tact-Urban Infrastructure Developers Limited.

Lagos Commissioner for Housing, Prince Gbolahan Lawal, said that the partnership with NMRC would provide affordable housing to citizens, and unlock its multiplier effects on the state’s economy, including jobs and wealth creation.

Meanwhile, Hon. Noheem Babatunde Adams has been sworn-in to replace Hon. Ademola Alimi Kazeem from Eti-Osa Constituency 1, who died on July 18, 2017 after a brief illness.

Adams was picked after a bye-election conducted by the Independent National Electoral Commission on Saturday, September 30, 2017 to fill the position.

Speaking after the swearing-in, which took place yesterday, Speaker of the Assembly, Hon. Mudashiru Obasa, prayed that the tenure of the lawmaker would bring development to the state and the country.

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