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New Lagos Rent-to-Own Housing Scheme for Low-Income Earners

By Daniel Shodamola

After more than one year of uncertainty that beclouded the operations of the Lagos Home Ownership Mortgage Scheme (LagosHOMS), which had created a home ownership window in the state, authorities of the state government have, at last, come up with a Rent-to-Own housing scheme, raising fresh hope for homeownership for low-income residents.
Lagos had, early in 2014, under former Governor Babatunde Fashola, launched the LagosHOMS, the state government’s intervention aimed to enable more residents to own their own (first) homes through a mortgage scheme that offered mortgage package at a single-digit interest rate and for 10 years repayment tenor.


The low point of the scheme, despite its considerable merits, was the 30 percent equity contribution successful applicants were required to make before they were given the mortgage facility. “It is not easy for a winner of a three-bedroom flat, under the state government’s present housing scheme, to make an initial payment of about N5 million, for instance, before spreading the balance through monthly payments”, Governor Akinwunmi Ambode noted while considering the new housing scheme.

How Much Do You Need to Save to Live Comfortably in Nigeria

By Aderinsola Jolaosho

Even amidst the Economic crises in Nigeria, saving is very crucial. There is no limit to the amount one can save. There are various determinants of savings in Nigeria. Income is considered as the most important aspect of savings in the nation. But Nigerians still ask, How much do I really need to live comfortably? Read on as we critically analyse what saving suit your income size and can aid your comfortable living in Nigeria.

The Thin Salary Earner

I must confess, I am really really guilty of this, we tend to claim that our income is too small to save from, but we don’t mind spending on drinks and junks. Statistics shows that people who save ten percent of their income will live comfortably after retirement even without investing. So matter how small your income is, saving 10% monthly can make you a millionaire after retirement.

Scrapped Roundabout: Will The New Traffic System Solve Lekki Traffic Woes?

 The 4th Roundabout at the Lekki Epe Expressway has been scrapped for expanded lanes and dedicated turning lanes. Has this solved the traffic issues? Send your experience tomypropertiesweekly@gmail.com

Residents of estates in Lekki from the Elegushi axis down to Ibeju Lekki are frequently subjected to harrowing traffic, especially during peak travel times in the mornings and evenings. The Lagos State Government has responded with the construction of an overhead bridge in Ajah and this is expected to deal with most of the traffic.

There are however, serious bottlenecks at the various roundabouts along the Lekki Expressway. The Government has responded again with a plan to demolish many of the roundabouts and replace them with expanded lanes ands dedicated turning lanes.

In December 2016, this was effected at the 4th Roundabout (Elegushi) and 5th Roundabout (Jakande).
Has this sorted the bottlenecks? Comments on our Facebook Page show that while some of the users believe it has, others say that the situation has not changed. We will keep monitoring the situation and welcome readers feedback.