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Experts urge Lagos, Ogun governments partnership on affordable housing

By Bertram Nwannekanma
08 August 2022   |   2:36 am
Experts in the real estate sector have called for partnership with state governments to provide housing units for low-income earners and teachers.

Governor Sanwo-Olu. Photo/facebook/jidesanwooluofficial

As LSDPC, a private firm complete 38-flat scheme in VI

Experts in the real estate sector have called for partnerships with state governments to provide housing units for low-income earners and teachers.

Specifically, they called on Lagos and Ogun state governments to lead on such partnerships.

Leading the call during the Own Your Home Conference held at Mokola, Egbeda, Lagos, the Chief Executive Officer of Tobykemsworth Investment Limited, a real estate firm, Dr Adekunle Raphael-Monehin, said collaboration is necessary because of the high cost of building inputs and land.

According to him, the low-income earners are most vulnerable, hence the need for support.

Raphael-Monehin said the conference aimed at teaching the people how they can own their homes despite earning little or being on the lower ladder of the economy.

He said: “This is a platform where we brought the Ministry of Housing in Lagos and Ogun states, Federal Mortgage Bank of Nigeria (FMBN) and other players to teach the citizens the easy ways to own a home. We will be partnering with both state governments on this project.

“We are expecting the state governments to provide affordable land where we can bring the mortgage banks on board so people can own a home easily.

“The FMBN is also crucial at this point because of their rent-to-own project. ”Our focus is to partner with them so they can provide mortgage facility to our subscribers. Also, with the help of the National Housing Fund (NHF), people can have opportunity to run on mortgages. We are also willing to partner with others.

Deputy Director, Estate Department of the Lagos State Ministry of Housing, Kemi Fosudo, expressed the state’s willingness to partner with the private sector to provide houses to low-income earners.

She said: “What we normally do is to invite prospective investors to present what they have and we pick, who can meet our standard. The Lagos State government is doing a lot to bridge the housing gap and one of the ways we do that is through outright sale or giving a buyer a period of 90 days to pay for an apartment.”

Also, Manager, FMBN Mobilisation and Compiler Unit, Apapa, Lagos, Chimere Amaraizu, said: “We offer a single digit loan, which is six per cent to make it affordable. An interesting person can get up to N15 million and a person who is 25 or 30 years of age can pay back within 30 years. And unlike a tax, whatever amount contributed under NHF is refundable, once a person is 60 or had worked for 35 years can get his money with interest.
MEANWHILE, Lagos State Governor Babajide Sanwo-Olu has opened a mini-housing scheme in a residential neighbourhood of Victoria Island, further raising the housing stock.

Known as Channel Point Apartments, the housing project was jointly developed by the Lagos State Development and Property Corporation (LSDPC) and Brook Assets and Resources Limited, a private real estate developer.

The scheme, located in Sinari Daranijo Street, consists of twin blocks of 38-unit two-and three-bedroom flats on a land size of 2,832 square metres.

The project makes it the 16th housing project completed and commissioned in the last three years by the Sanwo-Olu administration.