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Lagos Rakes in N27bn from Land Transactions

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The Lagos State Government on Wednesday said it raked in the sum of N27,054,031,674 from land transactions in 2014.

Hakeem Muri-Okunola, Permanent Secretary, Lands Bureau, gave the figure at the 2015 Ministerial Press briefing in Ikeja.

He said that the figure was higher than the N18.65billion recorded in 2013.

“The revenue performance, which is considerably more than the total revenue of 2013, was due to one-off transactions on the sale of land for industrial development.”

“It must, however, be emphasised that aside from the one-off transactions, the revenue from the new scheme being expected during the period under review, as well as the property re-certification project, could not be realised and thereby making it difficult for government to generate revenue from these sources,” he said.

Muri-Okunola said the revenue of the bureau would continue to improve the moment new schemes are brought on board.

The permanent secretary said the sum of N2,864,500,377 was paid out as compensation for the acquistion of land for development purposes in 2014.

He said the sum of N541,470 ,062 was paid to Epe Local Government for land acquired for Lekki Free Trade Zone while another community, Toga, got N13,642,862 for land acquired for small scale industrial estate.

According to the permanent secretary, N18,000,000 was paid for land acquired to construct Jubilee Estate in Odoragunshi, Epe.

Muri-Okunola said that N30,300,667 was paid for the land used for the building of a forensic laboratory in Badagry, while N370,448,077 was paid for the construction of Dangote Refinery, Magbon.

He also said that owners of an agroland in Igbonla were paid N40,000,000 as compensation.

The permanent secretary also listed families who were paid a total of N334,480,000 in Okokomaiko as compensation.

Reeling out other figures, Muri-Okunola said no fewer than 1,767 Certificates of Occupancy were processed in the last one year out of the 2,802 applications received.

The permanent secretary said that six title revocations on land were carried out in the last one year, to pave way for development projects.

He gave some of the land affected as the land behind General Hospital at Ajeromi Ifelodun General Hospital and land at Isalegangan, Lagos Island.

Muri-Okunola said the government was committed to improved land administration services and the bureau had been strengthened to achieve the goal.

Photo Credit: Lasrab.gov.ng

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

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