Governor 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.

The development was disclosed during the Obalende stakeholders’ meeting on lease renewal held at the Y-Arena Multipurpose Centre, Ikoyi, Lagos.

Speaking on behalf of the governor, the Special Adviser to the Governor on e-GIS and Urban Development, Dr. Olajide Babatunde, 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.

Dr. 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.

Dr. 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.

He stressed that Governor Sanwo-Olu chose not to reallocate expired Obalende leases to other interests, but instead returned them to the original beneficiaries under agreed terms and conditions.

“What Mr. Governor has done for the people of Obalende is that he has not looked away from them and said their leases have expired and decided to allocate the land to other people. He has allocated it back to them,” he said.

He described the move as another example of the Lagos State Government’s commitment to sustainable development through cooperation with communities.
Dr. Babatunde also urged residents of Obalende to remain united, transparent and honest throughout the verification and documentation process, warning that internal disputes could jeopardise the opportunity.

“People should engage the government so that they can have better living spaces,” he said, adding that regeneration efforts are also ongoing in other parts of Lagos, including Oke-Arin, Idumagbo, Jankara and Alaba Rago.

Also speaking at the event, 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.

He said the scheme would produce residential plots of not less than 744 square metres and commercial plots of not less than 1,160 square metres, replacing the fragmented smaller parcels previously in use.

According to him, the restructuring will encourage modern urban development, reduce congestion, improve setbacks and airspace, and align Obalende with global urban planning standards.

“This is not just a renewal; it is an intentional urban restructuring,” he said.

He noted that the scheme would also boost property values, improve access to financing and investment, increase land use tax compliance, and stimulate economic activities across construction, real estate and allied services.

Yishawu added that the initiative would support improved road networks, drainage, flood management and environmental sanitation, while also restoring confidence among residents and investors.
He said the project aligns with the Lagos State Development Plan 2022 and the administration’s broader agenda on infrastructure, sustainability and economic growth.

The General Manager of the Lagos State Property Corporation (LSPC), Dr. Kolawole Peregrino, praised Governor Sanwo-Olu’s leadership, saying the community would not forget the intervention.

“What you have done for us today in this community, history will never forget the leadership of Governor Babajide Sanwo-Olu,” he said.

Also speaking, Chairman of the Landlords Association, Mrs. Ebun Ekemode, expressed appreciation to 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.