•LBIC adds 442 new homes to bridge housing shortfall
A parcel of land in Obele-Oniwala community in Lawanson area of Surulere, which was previously used as a dumpsite, has now fully transformed to luxurious residential complex.
Governor Babajide Sanwo-Olu turned around what appeared to be an eyesore in the community, overhauling the site to deliver a new set of decent homes for residents.
The Governor, on Monday, unveiled two housing projects delivered through Joint Venture Agreement (JVA) by Lagos Building Investment Company (LBIC) Plc. He commissioned 21 blocks of 378 apartment units in Obele-Oniwala — a development built on 3.7 hectares, comprising sets of one-bedroom, two-bedroom and three bedroom flats.
Sanwo-Olu also inaugurated the 64-unit development of four-bedroom maisonette built on 7,000sq metres in Olaleye New Town Estate in Iponri axis of Costain, bringing the number of housing projects delivered by his administration to 22 schemes.
Both projects, christened “Greater Lagos Apartments”, were built by LBIC in partnership with two private developers — Megamound Investment Limited and Crown Exquisite Homes and Property Limited.
Unveiling the projects, Sanwo-Olu said the housing project did not only transform the landscape of their host communities, but also highlighted the fulfillment of the residents’ expectations towards regeneration of their communities.
The Governor said both projects reflected his administration’s steadfast dedication to improving people’s living standards by offering modern, affordable and sustainable housing solutions for the State’s growing population.
He said: “Today, we are witnessing the realisation of part of that housing vision with the delivery of 378-unit and 64-unit apartments in Obele-Oniwala, Surulere and Olaleye New Town Estate, Iponri, which resulted from a strategic partnership between LBIC and private developers.
“These projects have done more than just provide homes; they have generated hundreds of jobs, empowered local businesses, and contributed to the lively economy of Surulere and Iponri. We have incorporated green spaces and sustainable practices to ensure the developments are not only environmentally friendly but also future-ready.”
Sanwo-Olu said the two projects modeled the “Greater Lagos” housing template envisioned in his administration’s development agenda, noting that the construction details focused on affordability and inclusiveness.
The Governor disclosed that more of similar projects were at various stages of construction across the State, promising that no community would be overlooked.
He said: “Our administration is committed to nurturing innovative partnerships and investing in infrastructure that empowers our people and strengthens our communities. I also invite more collaboration from the private sector in providing more housing solutions for the people of Lagos.
“With the opening of these new homes, we are unlocking new opportunities, fresh starts, and a brighter future for everyone. Let us continue to collaboratively create not just houses, but homes and communities where every Lagosian can thrive.”
Commissioner for Housing, Hon. Maruf Akindeju-Fatai, said the development further demonstrated the commitment of the Sanwo-Olu administration towards ensuring residents lived in decent environments, noting that the housing units were designed and finished with eco-friendly and sustainable materials.
The Commissioner said the Governor’s efforts in bridging housing deficits in Lagos would not go unnoticed, commending Sanwo-Olu for sustaining investment in State’s housing sector.
LBIC Managing Director, Mr. Olusola Faleye, noted that the housing delivery marked a new era of hope, stability and opportunity for the benefitting families.
He said: “These partnerships underscore a critical truth: when the public and private sectors collaborate with mutual respect and shared vision, great things happen. I commend the Management of Megamound Investment Limited and Crown Exquisite Homes and Property Limited for their professionalism and dedication. Both projects meet the high standards and expectations of the State Government and residents.”
SIGNED
GBOYEGA AKOSILE
SPECIAL ADVISER – MEDIA AND PUBLICITY
19 MAY, 2025
