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Govt, Developer Set For N288bn Adeniji Adele Project

Efforts to upgrade 42 identified slum communities in Lagos metropolis are in top gear as the state government and a private developer are already fine-tuning the redevelopment of Adeniji Adele Housing Estate on the island. The General Manager, Lagos State Urban Renewal Agency (LASURA), Mr. Lateef Sholebo said everything has been set for the commencement of the project. He added that the agency “is currently awaiting the approval” of the state Governor, Mr. Akinwumi Ambode.

Sholebo disclosed that Adeniji Adele Housing Estate’s redevelopment, which is going to be executed through Public-Private Participation (PPP) approach, would gulp an estimated $800 million (N288 billion). He stated that the initiative was one of the desires of the Lagos State government to reduce slum development in the state by five percent, noting that there were 42 identified slum communities in the state that have been adopted by the authority. Some of the identified slum communities are Iwaya, Ilaje, Bariga, Ifelodun, Iju, Ijora, Badia, Agege, Isale Gangan, and Ajegunle, among others.

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On finance’s arrangement, Sholebo said that the private developer would provide the fund ($800 million), while the state government would provide land and also support in the area of infrastructure development. He, however, declined to mention the name of the developer/investor, saying that the agency “is still waiting for official signage of necessary documents to commence the project.” But he assured that it was a done-deal immediately the Lagos State Governor, Mr. Akinwumi Ambode, gives his approval.

Sholebo said the project, when completed, would further meet the housing needs of residents in fulfillment of government’s promise to provide shelter across all divisions of the state. The developer is expected to demolish the existing derelict 720 housing units in the exclave and redevelop them into high-rise of 2,500 units with all infrastructural facilities, including alternative power supply and recreational amenities.

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The project consists of commercial and community development as well as provisions for elevated parking spaces to make it one of the iconic estates in the state. According to Sholebo, owners/landlords of the 720 housing units would be reallocated their flats immediately the project is completed.

“The methodology we are using for the redevelopment is a PPP approach. We expect the private investor to come up with the money. Government is participating by bringing the land and also involved in the construction of infrastructure,” the general manager of LASURA said.

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On process adopted to select a developer for the project, Sholebo stated that the state government advertised bid for the project and that 11 private developers/investors responded, out of which only six submitted proposals and one was picked. He said: “When we advertised, we had about 11 responses out of which only six submitted proposals. From that six, we pruned the process to one.” On what went wrong with Adeniji Adele Housing Estate, Sholebo said the estate degenerated due to lack of maintenance, adding that drainage and other amenities in the locality were neglected, while the area was always prone to flood.

 

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Source: New Telegraph

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