The Lagos Rent-to-Own and Rental Housing Scheme are Well Priced


The Lagos Rent-to-Own and Rental housing scheme have faced a lot of mixed reactions from critics and Lagosians. The Commissioner for Housing in Lagos State, Prince Gbolahan Lawal has said the houses under the Rent-to-Own and the Rental Housing scheme are well priced, especially if the prevailing economic downturn is considered.


Lawal spoke at the kick-off of the rent to own scheme last weekend in Lagos. He said the houses, once allocated, could not be transferred.

At the event, Lawal, who was represented by the Deputy General Manager, Lagos State Mortgage Board, Mr. Bayowa Foresythe, noted that it was difficult for Lagosians to get a decent and affordable accommodation,  particularly in the Lagos metropolis.

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He said it was for this reason that the scheme was launched to ensure that all Lagosians, irrespective of their status, have access to decent shelter to improve the quality of life.

He assured Lagosians of a transparent allocation, adding that they need not know anyone in the government to apply.

Similarly, Governor, Akinwunmi Ambode, represented by his Special Adviser on Commerce, Industry and Cooperatives, Mr. Benjamen Olabinjo, noted that the launch was a milestone in public housing. He said it was the outcome of innovation, hard work and the desire of the government to improve lives.

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“The Rent-To-Own and the Rental Housing policies being launched today are my administration’s initiatives aimed at ensuring that all Lagosians irrespective of status, income, and affiliations have access to decent shelter to improve the quality of life,” he said.

Ambode explained that under the arrangement, individuals were required to pay only five per cent of the value of the unit as a commitment fee and the balance is spread over 10 years. ‘’This programme allows the tenant to live on the property while paying towards ownership at a fixed rent within 10 years.


‘’The Rental Housing policy also allows the tenants to occupy government housing units paying monthly rent after an initial one month deposit. This policy is targeted at persons with the regular source of income who may not want to participate in Rent-To-Own programme.

To this end, the government has dedicated a total of 12 housing estates spread over the three Senatorial Districts of Lagos for the implementation of the Rent-To-Own and Rental Housing policies. The estates are as follows: Sir Michael Otedola Estate, Odoragunshin, Epe, 336 units; CHOIS City, Agbowa, 400 units; Alhaja Adetoun Mustapha Estate, Ojokoro, 32 units; Hon. Olaitan Mustapha Estate, Ojokoro, 48 units; Oba Adeboruwa Estate, Igbogbo, Ikorodu 256 units; Egan-Igando Housing Estate, Alimosho, 684 units; Igando Gardens, Igando, Alimosho 492 units; Igbogbo IIB Housing Estate, Igbogbo, Ikorodu, 360 units; Odo-Onosa, Agbowa, 661 units;  Iponri  Estate,  Iponri, Surulere, 132 units; Sangotedo Estate, Sangotedo, Eti-Osa 594 units and Ajara Estate, Badagry, 360 units. This brings to total 4, 355 housing units available.’’

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Ambode, however, explained that the programme would commence in five of the Estates. They are Sir Michael Otedola Housing Estate, Odoragunshin, Epe; CHOIS City, Agbowa; Oba Adeboruwa Estate, Igbogbo, Ikorodu; Alhaja Adetoun Mustapha Estate, Ojokoro, and Hon. Olaitan Mustapha Estate, Ojokoro.

Eighty percent of the units in the five Estates have been earmarked for Rent-to-Own, while the others are dedicated to the rental housing scheme.

Source: The Nation




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