Sanwo-Olu Approves 50-year Lease Renewal For Ikoyi-Obalende Regeneration Scheme

Lagos State governor, Mr Babajide Sanwo-Olu, has approved a 50-year lease renewal for property owners in the Ikoyi-Obalende axis as part of the Obalende South-West Ikoyi Urban Regeneration Scheme.

This was disclosed by the special adviser to the governor on e-GIS and Urban Development, Dr Olajide Babatunde, during the Obalende stakeholders’ meeting on lease renewal held in Ikoyi, Lagos.

He said the approval followed years of engagement between the government and residents of Obalende over the future of the community.

According to him, the Lagos State government had earlier reached an amicable settlement, described as a consent judgment, which provided for the regeneration of Obalende and the renewal of leases to successors and assigns.

He explained, however, that the process had stalled over the years because the people of Obalende did not sustain engagement with successive administrations.

Babatunde said the turning point came on October 26, 2021, when stakeholders from Obalende, led by the member representing Eti-Osa Constituency II in the Lagos State House of Assembly, Hon. Gbolahan Yishawu, met with Governor Sanwo-Olu.

“At that meeting, Mr Governor, as the 15th governor of Lagos State, decided that he would renew the leases to the people of Obalende,” he said.

He added that the government subsequently began the process of restructuring land parcels in line with the new Lagos State Building Code and urban planning requirements.

According to him, the old plot arrangement in Obalende, where many properties measured about 250 square metres, no longer meets modern planning standards.

He said the government therefore adopted a land pooling strategy, merging smaller plots into larger parcels of about 750 square metres to allow for setbacks, airspace, accessibility and emergency response.

Babatunde said the same approach had been applied in other parts of Lagos, including Mandilas and Dosunmu, where fire incidents exposed the dangers of overcrowded and poorly planned developments.

He noted that the urban regeneration initiative was aimed at preventing future disasters, improving living conditions and ensuring that Lagos develops in line with a comprehensive master plan.

Also, Hon Gbolahan Yishawu, who represents Eti-Osa Constituency II, described the governor’s approval as a transformational intervention that has removed a long-standing obstacle to development in Obalende.

He said for over a decade, lease renewal issues in the area had remained unresolved, creating uncertainty for residents, property owners and investors, while constraining infrastructure development and limiting the economic potential of the community.

Yishawu disclosed that under the new arrangement, 213 plots have been reconfigured into 100 plots to align with the Lagos Building Code.

The chairman of the Landlords Association, Mrs Ebun Ekemode, appreciated the Lagos State Government for the approval and the efforts toward renewing the leases and repositioning Obalende for modern urban development.

She encouraged the people to abide by the terms and conditions given by the government.