The Governor of Lagos State, Babajide Sanwo-Olu, has approved a 50-year lease renewal for property owners in the Ikoyi-Obalende axis as part of a comprehensive urban regeneration initiative.
The decision was announced during a stakeholders’ meeting in Ikoyi, where government officials engaged residents on the proposed Obalende redevelopment project.
Government Targets Urban Renewal and Better Planning
Speaking on behalf of the governor, the Special Adviser on e-GIS and Urban Development, Olajide Babatunde, said the approval followed years of consultations with residents and stakeholders.
He explained that the initiative goes beyond lease renewal, focusing on restructuring the area to align with modern urban planning standards.
According to him, smaller land parcels will be merged into larger plots to improve:
• Road networks
• Drainage systems
• Ventilation
• Emergency access
Plots Restructured to Meet Building Code Standards
Further details of the project show that 213 plots have been restructured into 100 plots in line with the Lagos State Building Code.
Under the new layout:
• Residential plots will have a minimum size of 744 square metres
• Commercial plots will be no less than 1,160 square metres
The restructuring is expected to reduce congestion and enhance environmental quality while supporting modern housing and commercial development.
Original Owners Retain Land Rights
In a significant policy shift, the Lagos State Government opted to return the land to original leaseholders rather than reallocate it to new occupants, despite the expiration of previous leases.
Officials say this approach will preserve ownership rights while encouraging redevelopment and investment in the area.
Stakeholders Welcome Development
The lawmaker representing the area described the approval as a long-overdue solution to lease-related challenges that had stalled development for over a decade.
Also speaking, the General Manager of the Lagos State Property Development Corporation, Kolawole Peregrino, commended the governor’s intervention.
Chairman of the Landlords Association, Mrs. Ebun Ekemode, urged residents to comply with the new guidelines to ensure smooth implementation.
Part of Wider Lagos Regeneration Strategy
The Obalende project is part of a broader Lagos State urban renewal plan targeting older districts across the city.
Similar regeneration efforts are currently ongoing in areas such as:
• Oke-Arin
• Idumagbo
• Jankara
• Alaba Rago
Residents and community leaders have welcomed the initiative, expressing optimism that it will improve living conditions, boost property values, and attract new investments.
The project signals Lagos State’s continued push toward structured urban development and sustainable city planning.
