…as Sanwo-Olu restates commitment to virile real estate marketplace
The Ooni of Ife, His Imperial Majesty, Oba Enitan Adeyeye Ogunwusi, on Tuesday, opened up about one of his lowest moments as a businessman in the real estate business in Lagos State, which almost led him to commit suicide.
He, however, said that the intervention of Governor Babjide Sanwo-Olu, then a Commissioner in the cabinet of Mr Babatunde Fashola (SAN) saved him from taking such drastic action.
He also explained how the successful handling of the situation paved the way for him to start reclamation works on the iconic Ilubirin scheme in the Obalende area of the state.
The revered Royal Father dropped the hint in a goodwill message at the 5th Lagos Real Estate Marketplace Conference and Exhibition held at the Eko Hotels and Suits, Victoria Island.
Describing himself as a very active young man who came to Lagos with nothing, but received help from the Lagos State government and its officials, Ooni described the incident as the, very lowest period of his life, he said: “I built some estates in Yaba, on a land that is very heterogeneous in nature. Every square meter you meet is a different soil profile.
“I am a young man who came to Lagos with the determination to succeed. For every square meter, there was a different soil texture. On the land, you would find all sorts of scrap. It was a dump site. I just jumped on the transaction with faith. We did all we could, including piling. Then we built ten and eleven floors.”
He added, however, that the estate started showing signs of distress which made him pull down all the buildings.
“We completed the estate and it started giving way. We had to pull everything down. I nearly committed suicide and I mean it,” he stated, adding that “it was God that saved me and Governor Sanwo-Olu who was a Commissioner then.”
He said Sanwo-Olu took him to Governor Babatunde Fashola, “who also consoled and assured me that we could work around it again. At the end of the day, the project became so glorious for me, and I also had the opportunity to start the Ilubirin reclamation project, it was another heterogeneous land.”
Speaking at the event with the theme: Re-Imaging Lagos Landscape: Ensuring Sustainable Real Estate Development Practices”, which was organised by the Lagos State Real Estate Regulatory Authority (LASRERA), Sanwo-Olu promised continued commitment to establishing sustainable regulations and building human capital for a vibrant real estate marketplace in the state.
While appreciating the Ooni for his contribution to the development of the real estate sector in the state, Sanwo-Olu thanked God for not allowing the monarch to do anything bad to himself then, noting that God knew he had better plans ahead for him.
The event which serves as and provides a platform for cross-sectoral dialogue aimed at driving actionable solutions to challenges in the real estate sector, the governor noted has been opportunities for the government to continuously hold impactful conversations with practitioners in the sector, adding that recommendations from the 4th edition of the event were being implemented, culminating in the creation of a database of real estate practitioner’s in the state.
In her welcome speech, the Special Adviser to the Governor of Housing, Barr. Barakat Odunuga-Bakare, said Lagos with its dynamic population growth and rapid urbanization, holds immense potential.
“However, it also faces formidable challenges, including inadequate infrastructure, environmental degradation, a growing housing deficit and gross non-compliance in real estate practices.”
Describing Lagos as futuristic in its planning and execution of housing policies, Chairman of the House of Representatives Committee on Housing and Habitat, Hon. Abdumumin Jubrin, said when it comes to development planning and execution, Lagos is heaven among the states of the federation.
The event attracted many industry players across the country including the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, traditional rulers and many industry players
