General
Lagos to Start Monthly Tenancy in 2022 for Easy Payment
By Aduragbemi Omiyale
Governor of Lagos State, Mr Babajide Sanwo-Olu has said by next year, a new policy of monthly tenancy on property occupancy would kick-off.
Speaking at the Lagos Real Estate Market Place Conference and Exhibitions organised by the Lagos State Real Estate Regulatory Authority (LASRERA) at the Eko Hotel and Suites, Victoria Island, the Governor explained that the concept is not to punish the landlord or reduce the expected revenue of the property owner.
He said monthly tenancy would ease off the pressure of yearly rent on tenants, as the new policy is designed to make people pay their rents according to their monthly earnings.
The policy, Mr Sanwo-Olu said, emanated from an agreement reached by association of tenants, consortium of financiers and the government.
At the two-day event with the theme Lagos: 21st Century Real Estate Investment Hub, the Governor ordered the complete excision on untitled land across the state.
He explained that this is to put an end to the incessant issue of land grabbing in Lagos State, adding that a technical committee will be set up to fine-tune the framework for the excision process on untitled land, with the objective to granting Certificate of Occupancy (C-of-O) to landowners for transparent sales of the asset.
The Governor condemned an effort by state officials to frustrate and sabotage the full take-off of the state’s Enterprise Geographic Information System (e-GIS) project initiated to automate approval of land surveys and allocation titles in one talk shop.
Mr Sanwo-Olu issued a stern warning, saying he would be ruthless in purging out saboteurs in the ranks of government.
“One of the issues we are working on is the ownership of land. There is a large parcel of land across Lagos that doesn’t have the Government title.
“It is to announce to this gathering that I’ve made up my mind that we are going to do excision for untitled land. This process will kick off next year and we will set up a committee whose composition will represent all traditional divisions in Lagos. With equity and fairness, we will yield proper titles on all the land, so that the issue of land grabbing can be reduced to the minimum.
“We will also be carrying out genuine reform in our Survey Department. We need to have our e-GIS platform up and running after 10 years that it was initiated. I’m expressing my disappointment in some government officials sabotaging these efforts. I will look for the culprits and I will be ruthless in meting out punishment. I will ensure these saboteurs have no place in my government,” he said.
Addressing the cause of the high affordability of property in Lagos, the Governor said the state’s partnership with the private sector had raised the housing stock but added that the non-availability of long-tenure mortgage bonds made it impossible for low-income earners to benefit.
The government, he said, is thinking out of the box to design a financing model that would reduce the burden on mortgage applicants, while also charging real estate developers to reduce the cost of developing property by engaging local competence for skills outsourced to foreigners.
He said: “We should not just build property only for consumers, we must also build skills and integrate them in our built environment to showcase great output. Technical and vocational skills are things we must deliberately harness and reflect in our work. At the end of the day, we must be able to design a housing development and ownership model that is fit for our purpose and peculiar to our local needs.”
Special Adviser to the Governor on Housing, Mrs Toke Benson-Awoyinka, said real estate remained the most sought after investment, noting that the market, apart from creating sustainable jobs, also has the highest potential of growing the economy of any nation.
She said the state government realised the need for investors and consumers to know policies put in place and how the knowledge of all the policies could assist stakeholders in making informed decisions in investing in the real estate market.
Mrs Benson-Awoyinka said: “As a government, we have realised this fact and as such, have been making business-friendly policies that can assist would-be investors and consumers to operate in a conducive business environment.
“LASRERA has strengthened its efforts to make this sector more vibrant by ensuring that practitioners operate within the ambit of the law.
“The agency has registered over 100 individuals and organisations that approached the Government to regularise their operations with us. We have seen positive results from this undertaking, as the State, through the LASRERA, has resolved several reported cases of fraudulent practices brought to the attention of the agency in a very professional manner.”
As a regulator, the Special Adviser urged investors and consumers to make LASRERA their first point of contact before investing in real estate in any part of Lagos.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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