LASG, Access Bank Partner on 704 Housing Units in Ikorodu

Lagos State Governor, Mr. Babajide Sanwo-Olu, has reiterated his administration’s commitment to addressing housing deficit in the State.

Governor Sanwo-Olu spoke at Lagos House, Ikeja during the presentation of a Memorandum of Understanding (MOU) for the construction of 704 new housing units of two-bedroom apartments in Odo Nla, Ikorodu, facilitated by the Lagos State Government and Access Bank PLC.

The housing project, which is going to be 44 blocks of 16 units per block of two-bedroom flats, is expected to be completed in the next two years with complementing features like a cinema house, gym center, playground, and security network, among others.

Governor Sanwo-Olu described the partnership between the Lagos State Government and Access Bank PLC as part of efforts to provide affordable, decent homes for residents of the State, especially the low-income earners.

The Governor noted that addressing the housing deficit requires bold steps initiatives, and partnerships with the private sector, adding that his administration has streamlined approval processes and introduced several incentives to further demonstrate the government’s commitment to making Lagos an attractive destination for housing investments.

He said: “Guided by our T.H.E.M.E.S.+ Agenda, we have implemented a range of initiatives to tackle this challenge. Over the past five years, we have delivered 21 housing estates across low, medium, and premium categories, providing homes to thousands of Lagosians. While these achievements are commendable, we recognise that much more needs to be done.

“In collaboration with Access Bank PLC, we are embarking on a transformative housing project that will deliver the first batch of 704 units of two-bedroom apartments at Odo-Nla in Ikorodu. This initiative is designed specifically for low-income Lagosians, offering affordable mortgage terms: a down payment of just 10 percent, a single-digit interest rate, and a repayment period of up to 20 years. This is not just about building houses; it is about creating homes, fostering communities, and laying the foundation for better lives.

“The economic multiplier effect of this project cannot be overstated. It will stimulate massive engagement across the housing construction value chain, including artisans, suppliers, and building professionals. By doing so, it not only addresses housing needs but also creates jobs and drives economic growth.

“Our commitment to addressing the housing deficit is unwavering. Beyond the Odo-Nla project, we have other ongoing housing developments at Sangotedo Phase 2, Ita Marun in Epe, Ajara in Badagry, Ibeshe Phase 2 in Ikorodu, and Egan Igando Clusters 2 and 3. These projects collectively represent our determination to provide lasting solutions to the housing needs of Lagosians.

“I wish to express my profound appreciation to the Board and management of Access Bank PLC for believing in the viability of this project and for their innovative financing model that makes it possible. Your partnership exemplifies the kind of collaborative effort needed to address complex challenges like affordable housing.”

Speaking earlier, the Group Managing Director of Access Bank, Mr. Roosevelt Ogbonna, noted that the partnership on the housing project is to ensure that every Lagosian has access to a decent home.

Ogbonna, who commended the Lagos State Government for its developmental strides in different sectors, particularly in the housing sector, said Access Bank is excited about its partnership with the Lagos State Government.

He said leveraging public capital, the private sector needs to come on board to partner with the government on affordable housing because the government alone cannot meet the three billion dollars required for the next 15 years to meet the infrastructural deficit.

Also speaking, Lagos State Commissioner for Housing, Hon. Moruf Akinderu-Fatai, said the agreement with Access Bank PLC was reached after a rigorous deliberation and planning in which Odo-Nla in Ikorodu was picked because of the nature of the soil and existing scheme infrastructure.