The Lagos State Government (LASG) has lauded Cribvase for its innovative approach to bridging the housing deficit in Lagos.

At the virtual inauguration of Cribvase, the Chief Registrar of Cooperatives, Lagos State Government, Mrs. Funmilayo Solaru, made the commendation.

Solaru said that the idea of giving people the opportunity to own land by investing as low as N20,000 was laudable.

Cribvase is a real estate investment digital platform that allows individuals to invest in fractions of verified land properties located in Lekki, Lagos State.

Solaru noted that Cribvase’s idea aligns with the state government’s policy of addressing the housing deficit and should be executed in accordance with the laid-down principles of the cooperative society.

According to her, the cooperative will provide advice, supervision, regulation, and monitoring of their activities.

Also speaking, Danika Jegede, who is from the Lagos State Ministry of Trade and Commerce lauded the initiative.

Jegede said that the cooperative society is a means of solving sociocultural needs, and Cribvase’s formation as a legal entity for government recognition is commendable.

He advised the group to carefully review any agreements contracted and ensure compliance with real estate regulations.

Jegede noted that the drivers of cooperatives are subject to democratic control of members, economic participation, autonomy, and independence, among others.

In his address, the Secretary of Cribvase, Temisa Mamuyovwi, said that Cribvase is licensed as a cooperative under the Lagos State Ministry of Trade and Commerce and operates in accordance with the regulatory policy governing real estate.

Mamuyovwi stated that the platform’s activities would be monitored and regulated by the policy governing cooperative societies. He added that with as low as N20,000, one can buy shares in a plot of land, which can yield high returns within 12 months due to the strategic choice of land.

He assured that the lands purchased by Cribvase have been verified and properly documented.