Asiwaju Bola Ahmed Tinubu the APC Presidential flagbearer is a game changer in the Lagos real estate sector. He is the visionary who saw the future of the sector from the outset. What do we mean?
When Tinubu was Governor of Lagos State in 1999, he was virtually behind most of the housing estates all over the Island and other locations in Lagos. He was the brain behind the opening up of many locations and communities which are now the hub of many housing developments on the Island, along the Ibeju-Lekki/Ajah axis. The surge in the real estate business in Lagos today is a result of his insight and his input while he was Governor. His administration facilitated access to quality accommodation and succeeded in making the Lekki corridor the fastest-growing real estate investment haven.
He restructured the Ministry Of Works and Housing by upgrading the Housing department or Directorate into a full-fledged ministry. The ministry was mandated to provide 500 housing units yearly and coordinate the activities of the Lagos State Development and Property Corporation (LSDPC) and the Lagos Building Investment Company for more effective management. More importantly, the sector was repositioned to attract private sector participation majority of people in the sector are now enjoying it.
When he was governor of Lagos State, Tinubu built and opened up many locations on the Island which today have become a laudable project in the Lagos Housing sector. Below are 10 big real estate projects of Tinubu that have changed Lagos.
Abraham Adesanya Housing estate in Ajah is a remarkable project a lot of people benefit from. Abraham Adesanya Estate is located after Ajah, off the Lekki-Epe expressway. It is an estimated 30 minutes drive to Victoria Island without traffic.
It was developed during Tinubu’s reign as governor as a low-cost housing scheme by the Lagos State Government in the early 2000s through the Ministry of Housing and sold off to individuals for between ¦ 1 million – N1.5 million, targeting middle-income earners in particular. Entry into the estate is unrestricted as anyone can go in and out (as with most other government-developed residential settlements).
The estate has central management authority, with a facility manager appointed by the government. It handles security, waste management and general maintenance. Residents pay N2,500 monthly as a service charge fee.
This housing estate has become a reference in the housing sector.
Another one which has changed Lagos is Eko Atlantic City. Did you know that the former governor of Lagos State, Asiwaju Ahmed Tinubu was the brain behind the transformation of Eko Atlantic, formerly Bar Beach in Victoria Island, Lagos? Yes, he was the master planner and singlehandedly facilitated how the menace could become an asset, despite criticism. This amazing story and transformation of Bar Beach to what people now know as Eko Atlantic City will shock the first-time reader!
The ocean surge of bar beach over a decade ago in Victoria Island, Lagos caused a lot of havoc to many residents and visitors. Many properties were destroyed, and lives were also lost during this period. Bar Beach is a beach on the Atlantic Ocean along the shoreline of Lagos, situated on Victoria Island. For a time, it was the most popular beach in Nigeria especially when Lagos was the capital of the country.
Over many years, Bar Beach developed a reputation for overflowing its banks and claiming lives and property. Many times, the Ahmadu Bello Way, the road closest to its banks, was closed for safety reasons. Studies showed that between eight and fourteen metres of beachfront were eroded annually along Bar Beach.
Ibeju-Lekki, Lagos is another hub of real estate that has become a destination for investors. This is so as a result of Tinubu’s foresight. He envisioned the Lekki Free Trade Zone, the $3.5billion Lekki Deep Seaport as a sprawling industrial corridor to revitalise the economy of the state. The Free Trade Zone is home to the $17 billion Dangote Refinery and Petrochemical Complex and other multinational companies. It was hard work and not sheer luck that made Lagos’ GDP balloon to over $150 billion within 20 years. If Lagos were to be a sovereign country, it will be the 6th largest economy in Africa. What could possibly be a better testament to Tinubu’s leadership ingenuity than this feat?
Today, this location has become the hot spot where the big real estate players play.
Other key housing estates include 160 Units of 2-bedroom bungalows at Ibeshe low-income housing scheme. ( allocated and commissioned, May 2005).
114 Duplexes, high-income units at Oba Adeyinka Oyekan 11 Estate Lekki. ( completed and commissioned, 12th Sep. 2003).
163 Units of 2-bedroom low-income housing at Ayanghuru Phase 11, Ikorodu. (commissioned, 28th of June, 2001).
20 Units of Town Houses and 32 Units of 8 in, 3bedroom flats at Gbagada Medium Housing Scheme 1.
56 Units of 8 in 1,3 bedroom flats at Awolowo–Odofin Medium Housing schemes.
cool 1101 Units of 8 in 1, 3 bedroom flats at Abraham Adesanya Phase 11. (commissioned, 2007).
60 Units of 8 in 1, 3 bedroom flats at Ikeja.
640 Units comprising 1,2 and 3 bedroom low-income flats at Ojokoro Millennium Housing Scheme.
204 Units of 12 in 1 two bedroom low-income flats at Shasha
96 Units of 12 in 1 two-bedroom low-income flats at Alagba.
88 Units, comprising detached / semi-detached and terrace houses at Lekki 11 (High income).
300 Units of 2 in 1 two-bedroom bungalow at Oke Eletu (Low income). (commissioned, 2007)
138 Units of 2 in 1 two-bedroom flat at Oko Oba.
200 Units of 2 bedroom bungalows at Ewu Elepe (Low income) PPP.
24 Units of 4 bedroom maisonette at Ilupeju PP (High income). A total of N22,4936b was committed btw 1999 to 2007.
Asiwaju via Private Sector Participation (PSP) developed the following sites:
201 units of two-bedroom flats, Ewu Elepe. 18 units of detached houses at Ewu Elepe.36 units of four-bedroom Terrace Houses at Ikeja Phase 11, Ikeja GRA.
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