Sanwo-Olu approves 50-year lease renewal for Ikoyi-Obalende

By Imisioluwa Afunmiso

Lagos Gov. Babajide Sanwo-Olu has approved a 50-year lease renewal for property owners in the Ikoyi-Obalende area, as part of efforts to redevelop and modernise the community.

The announcement was made during a stakeholders' meeting held in Ikoyi, where government officials and residents discussed plans for the Obalende regeneration project.

Speaking on behalf of the governor, Special Adviser on e-GIS and Urban Development Olajide Babatunde said the approval followed years of discussions between the government and Obalende residents.

He explained that the project will not only renew land leases but also improve the layout of the area to meet modern planning standards. He added that smaller plots of land will be merged into larger ones to create better space for roads, drainage, ventilation, and emergency access.

According to him, the government decided to return the land to the original owners instead of reallocating it to new occupants, despite the expiration of the leases.

Also speaking, Yishawu described the approval as a major step forward for Obalende, noting that lease issues in the area had remained unresolved for over a decade, limiting development and investment.

He disclosed that 213 plots have now been restructured into 100 plots in line with the Lagos State Building Code. Under the new plan, residential plots will measure at least 744 square metres, while commercial plots will be no less than 1,160 square metres. He said the changes would reduce congestion, improve environmental conditions, and support modern housing and commercial development.

General Manager of the Lagos State Property Corporation Kolawole Peregrino commended the governor for the intervention, while Chairman of the Landlords Association Mrs. Ebun Ekemode urged residents to comply with the guidelines for the lease renewal.

The Lagos State Government said the Obalende regeneration project forms part of a broader plan to upgrade older parts of the city, with similar efforts ongoing in areas such as Oke-Arin, Idumagbo, Jankara, and Alaba Rago.

Residents and community leaders welcomed the move, saying it would improve living conditions, increase property values, and attract investment to the area.