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Posts with tag "lagos"

To update our memories and for the interest of those that are not quite conversant with the dictates of the Lagos Tenancy Law 2011, the aforesaid law came into effect in August 2011. It effectively repealed the hitherto Rent Tribunals (Abolition and Transfer of functions) Law 2007. Essentially, this law is aimed at inter-alia, "regulating rights and obligations under tenancy agreements and the relationship between the landlord and the tenant including the procedure for the recovery of premises and for other connected purposes in Lagos state".

To cut through the verbiage, the nitty gritty of the law and the one that is of most interest to most tenants is Section 4 that makes it unlawful for a landlord to demand or receive any rent in excess of one year from a sitting yearly tenant, six (6) months from a sitting monthly tenant and one year from a new or would be tenant. It is also unlawful for new and sitting tenants to offer to pay rents in excess of this proviso been a fine of one hundred thousand naira or three (3) months imprisonment.

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With successful completion of the first phase of land reclamation exercise at the ambitious Eko Atlantic City project, the project promoters have continued to woe investors, the latest visitors are a team of British-based financial and professional service experts led by the Mayor of the City of London, Alderman Michael Bear.

The Mayor accompanied by scores of officials from British High Commission in Lagos, to the Victoria Island’s Office of the Eko Atlantic City project expressed optimism that investors from London and other western countries would be willing to invest on this novel project.

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Controversy last week continued to trail the new Lagos tenancy law after Governor Babatunde Fasola assented to the bill 14 days ago, as the prospects of having an acceptable law and backing of professionals in the estate agency practice loomed large at the weekend.

Apparently stirred by the discrepancy and rejection of its submissions, senior members of the Lagos branch of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) said the action of the state, especially in exempting some areas within the law and adoption of high taxes and charges in housing related documentations does not show good governance.

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Sensing possible community unrest that could lead to disturbance of peace in the state, the Lagos State Government has waded into a land ownership crisis by raising a committee, giving the mandate to bring the warring parties to a roundtable.

The state’s intervention is over a large parcel of built area located within Ejigbo Local Council Development Area (LCDA) of the state.

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With its target to create an efficient, sustainable facility to meet global health and safety standards, construction formally took off recently on the multi-billion naira Standard Chartered Bank Nigeria (SCBN) headquarters complex in Lagos, already being touted by its promoters as one of Nigeria’s green and energy efficient buildings that optimizes space and up-to- date technology.

The design of the building was midwifed through a design competition sent to a few selected firms of architects. The competition was eventually won by FMA Architects Limited after meeting SCBN major goals, which include maximising the site’s development potential and value as well as replacing the existing SCBN building with a minimum 10,000 square metre new facility and creating a design that satisfies the Leadership In Energy & Environmental Design (LEED green building rating system for core and shell development) for the gold rating.

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To increase its investment portfolio as well as giving more empowerment to the nation’s citizenry, an insurance firm, Mutual Benefits Assurance Plc, has commenced construction work on a residential estate development valued at ₦3 billion.

The estate, located within Costain area of Mainland Local Government Area of Lagos State, a suburb lying on the fringes of Surulere/Mainland Local Government borders of Lagos State, will be christened as Mutual Alpha Courts when completed.  Owned by Mutual Benefits Assurance Plc, the project is being handled by its subsidiary, Mutual Homes & Properties Limited.

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Following concerns by subscribers of the Egan-Igando millennium scheme on the delay in the delivery of the project, fresh efforts are underway to resurrect construction activities in the 1,350-unit Housing Estate in Alimosho area, Lagos State.

The new lease of life for the abandoned scheme is courtesy of the state’s new Housing Commissioner, Mr. Bosun Jeje, who announced the take over of the six-year old project from the contractors as part of his blueprint to make housing accessible and affordable to the citizenry.

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Bracing up for its goal of transforming Lagos metropolis into a megacity, the Lagos authorities have begun moves to construct two new shopping complexes under the Public Private Partnership (PPP) scheme.

The complexes known as Ikorodu Regional Plaza and Ikeja Shopping Plaza will soon be kick-started, as the Ministry of Justice has already prepared a Memorandum of Understanding (MOU for the parties to endorse.

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A Lagos based firm, Domart Investments Limited, has launched the phase 2 of its estate project popularly known as Golden Park Estate.

The estate is located on the sprawling arena of Sangotedo, along Lekki-Epe expressway, Lagos.

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Save us from land grabbers, Aiyeteju community urges Fashola!

The people of Aiyeteju village in Ibeju Lekki  Local Government Development Area of Lagos State, have cried out over incessant invasion of the village by some suspected land grabbers in the past four years.

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