PUNCH NEWSPAPER (OCTOBER 16 )

Headline: Land Reforms Will Unlock $300bn Dormant Capital – Minister

The Nigerian government plans to unlock over $300 billion in “dead” capital in the housing sector through land administration reforms and collaborations. The Minister of Housing and Urban Development, Ahmed Dangiwa, outlined efforts to address the housing deficit and boost real estate investment. Reforms include amending the Land Use Act and restructuring key agencies like the Federal Mortgage Bank of Nigeria, the Federal Housing Authority, and encouraging more private housing investment to achieve these goals. The goal is to create a conducive environment for increased private sector investment in housing, with an emphasis on streamlining land administration and breaking institutional barriers. The Real Estate Developers Association of Nigeria expressed support for the government’s initiatives.

BUSINESSDAY NEWSPAPER (OCTOBER 23)

Headline: Lagos Decries Illegal Land Reclamation, Gives Stop Work Order

The Lagos State government has expressed concern over illegal land reclamation activities on the Ikoyi-Lekki shoreline, specifically naming Osborne Foreshore I and II, Park View, Banana Island, Kings Smart City, Lekki Foreshore, and Lekki Phase I as severely impacted areas. The Commissioner for Waterfront Infrastructure Development, Ekundayo Alebiosu, announced a halt to developments violating the government’s setback policy. Alebiosu conducted a site inspection and disclosed a stop work order on illegal land reclamation and dredging on Lagos Island. He highlighted issues on Gracefield and Pocket Islands, citing the disregard for a mandated 200 meter setback for drainage. The government emphasizes zero tolerance for such activities and vows to enforce sanctions to preserve the waterfront’s integrity.

PUNCH NEWSPAPER (OCTOBER 23)

Headline: Effect Renovation On Distressed Buildings or Face Removal, Lagos Warns

The Lagos State Government, through the Ministry of Physical Planning and Urban Development, is urging owners of distressed buildings to renovate or face removal. The Commissioner for Physical Planning and Urban Development, Dr. Oluyinka Olumide, issued the warning during a physical planning enforcement exercise on Lagos Island. Olumide directed the sealing and partial removal of unapproved buildings in various areas, emphasizing the need to prevent building collapse and protect lives and property. The commissioner noted that the enforcement exercise on Lagos Island is the beginning of a continuous effort to eliminate illegal building constructions across the state. In the company of the Commissioner were the Permanent Secretary, Ministry of Physical Planning and Urban Development, Oluwole Sotire, and the General Manager, Lagos State Physical Planning Permit Authority, Kehinde Osinaike

BUSINESSDAY NEWSPAPER (OCTOBER 31 )

Headline: How to Get Building Plan Approval in Lagos and Avoid Demolition

In response to a rising number of building demolitions in Lagos, the state government is tightening regulations for construction approvals. Oluyinka Olumide, the Commissioner for Physical Planning and Urban Development, emphasizes the crucial need for planning licenses to prevent property owners from facing demolitions.

To obtain approval, applicants must submit five original endorsed architectural and structural drawings, five original mechanical and electrical drawings, where applicable, calculation sheets detailing materials to be used, and payment proof. Other essential documentation includes certified title deeds, clearances from various committees like the Land Use Allocation Committee (LUAC) where applicable, fire safety clearance from the Lagos State Fire Service (if applicable), Drainage clearance, Soil test report (if applicable), and Environmental impact assessment (EIA), and other additional requirements for renovations.

OCTOBER REAL ESTATE SUMMARY

OCTOBER REAL ESTATE SUMMARY