By Maduka Nweke
For millions of Lagosians caught in the grip of a worsening housing shortage, the dream of owning a home may now come down to the luck of the draw.
The Lagos state government, in its efforts to restore trust and transparency, has launched a balloting system to allocate new housing units.
This ensures that access is no longer dictated by connections, but by chance because the system gives more citizens a transparent and fair shot at home ownership.
The Commissioner of Housing, Mr. Moruf Akinderu-Fatai made this disclosure in Lagos recently, where he promised citizens of the state to expect the release of more shelter as over 1,600 homes and many of the ongoing housing schemes will be completed and delivered to the people in due course.
He said that the various schemes under construction and located in five administrative divisions of the State will come alive as a new community within the locations.
Speaking at a ministerial briefing, he announced the establishment of a dedicated unit within the Ministry to drive the exploration and adoption of local building materials and alternative construction technologies.
“We will leverage on strategic relationships with the academia and professional bodies in supporting studies into cheaper and alternative building technology to cope with ever increasing cost of building components,” he said.
The Commissioner stated that the success recorded in some of the joint venture partnerships and the strategic commitment towards increasing housing stocks in the state has doubled the State government appetite for more private sector involvement.
“The state government in December 2024, signed a Memorandum of Understanding with Access Bank Plc. The partnership is expected to inject 720 units of 2 bedroom apartments at Odo-Nla and Igbogbo in Ikorodu division. The project would provide housing solutions for a large number of households at a very low interest rate (single digit) with a mortgage period of 20 years. “This ongoing discussion is particularly targeted at low income Lagosians with a down payment of 10 percent of the cost.
“The multiplier economic effect of this project, as usual, will reflect in massive employment of skilled and unskilled construction workers across the housing value chain. This cheerful development can only be attributed to the clear understanding and value the State and Access Bank stands to achieve with this laudable partnership. We will continue to explore partnership with financing organisations that are keen not only in providing mass homes but also in bringing on innovative ideas that could promote accessibility. Additionally, the Gentlemen of the Press you may recall that the Lagos State Government introduced a rent-to-own scheme that allows tenants to own their homes by paying an initial 5 per cent and then spreading payments over 10 years. “The success of this initiative encouraged the need to promote the implementation of monthly and quarterly rent to provide succor to rent seekers. This will replace the burden of yearly rent payment especially for low income earners,” he explained.
Addressing questions on landlord-tenant relations, the Special Adviser to the Governor on Housing, Mrs. Barakat Odunuga-Bakare, acknowledged that both parties can sometimes be at fault. She cautioned against taking the law into one’s hands and encouraged the public to report disputes to the appropriate local government authorities for proper resolution.
“We shall treat the situation irrespective of who is involved as the state government will not like a situation where the activities of the landlords or tenants will cause rivalry in the society. Agents should not charge more than 10 per cent because it is illegal for agents to charge more than 10 per cent for either purchase or rent of properties in the state. Any of these could be reported to the local government,” she said.
The Special Adviser noted that the factors impeding the take-off of the initiative were being addressed with the engagement of all direct and indirect stakeholders in the real estate business.
She reaffirmed the state government’s commitment to the programme stressing that plans are being perfected to effect the pilot phase of the initiative.
“We want to seize this opportunity to raise awareness on the need for the residents not to fall victims of fake/ dubious estate agents and to patronise the registered real estate individuals/organisations. It is also important to request that we spread the warning across every platform that it is an offence for an individual/ organization to engage in Real Estate business in Lagos State without being registered with LASRERA. Let us act responsibly and follow the path of the Law,” she stated.
Earlier the Commissioner of Housing informed journalists that the State Government Mortgage Board has assisted in creating value and comfort for over 20,000 residents in Lagos State through the implementation of Mortgage and Rent-to – Own policy of the State. “The agency has provided access to comfortable and affordable housing units there-by reducing the housing deficit in the State and in Nigeria as a whole. The first set of allottees of the Rent–to-Own home ownership policies were successfully exited on the 29th of August, 2024. 100 numbers of mortgagors who have completed their expected 10 years’ mortgage repayments were officially exited and finally became full allottees of their respectful home units. The second edition of the exit ceremony of 212 mortgagors was held on the 12th of March 2025. The Governor has also approved a new redemption policy for those who have paid for 6 years under the Rent-to-Own arrangement to take full ownership subject to conditions. The Mortgage Board presently has 2,207 pending applications for home unit allocation within various schemes”, he noted.
Leave a comment