Within the real estate sector in Lagos, LSDPC plays a key role. This well-run property company that belongs to the Lagos State government is making waves in that sector.
It has to play big. It is a 50-year-old organisation that is involved in the provision of modern housing schemes and the transformation of slums and ghettos in Lagos, dating back to 1928 when Lagos Executive Development Board (L.E.D.B.) was inaugurated. Amongst other things, L.E.D.B. was charged primarily with the task of getting rid of filth and unhealthy living conditions which existed then in Lagos. The Board was also to transform slum areas and ghettos into planned and habitable communities.
Although the Board was the sole executive authority for planning and development both in Central Lagos and its environs, the maintenance of its roads, drains and open space was the responsibility of the Lagos City Council. The vetting of building plans was also shared with the City Council, an awkward arrangement that often resulted in the delay of approval of building plans.
The attendant frustration of private developers oftentimes led to the contravention of planning regulations by developers.
However, expansion of the city necessitated the involvement of the Ikeja Area Planning Authority (I.A.P.A) in the control of the development and provision of public housing outside the city. The (I.A.P.A) on one hand had full powers to vet building plans and control private development in its area of jurisdiction but such plans had to be forwarded to relevant local council for health approval.
With the creation of Lagos State in 1967, the need to stem the lack of proper coordination between the existing planning authorities involved and the unnecessary dissipation of energy without meaningful results necessitated the formation of a central agency to be charged with the duties of the different bodies. Consequently, in 1972, the Lagos Executive Development Board (LE.D.B.), Ikeja Area Planning Authority (I.A.P.A.), and Epe Town Planning Authority (E.T.P.A.), metamorphosed into what is now known as Lagos State Development and Property Corporation (L.S.D.P.C). The L.S.D.P.C. Edict No.1 of 1972 bestowed legality on this metamorphosis.
Upon its creation in 1972, L.S.D.P.C. which inherited the liabilities and assets of its 3 predecessors was completely divested of all their development control powers. These were transferred to the Lagos State Ministry of Works and Planning (L.S.MW.P.), which became responsible for planning and development control throughout the state. But after much persuasion, the power to control development on its estates was transferred back to L.S.D.P.C. in 1978.
Between 1972 and 1979, the Corporation acted as a consultant on various projects such as Ikotodu/ltokin Road, Iganmu Interexchange, Nurses Estate at Awolowo Road, Apapa/Oshodi Expressway, etc.
Between 1979 and 1983, the civilian administration under Alhaji Lateef Jakande transformed the state by adopting a dynamic
housing policy with the LSDPC as the implementation agency. Mass housing programme embarked upon was unprecedented in the country. Till date it remains the reference point for housing development in Nigeria, as the number of low and medium-income earners who become home-owners remains a record yet unbeaten by any other administration in the country.
Prior to 1987, the state government was granting subvention, especially for the provision of low and medium housing. However, since then the funding of the various schemes has reverted to the Corporation. In financing its schemes and overheads, the Corporation relies on rents from properties, proceeds from sales, bank loans and joint venture arrangements.
In 2003, the Corporation attained a fully commercialized status with a Managing Director/Chief Executive Officer at the helm of affairs. The enabling edict of the Corporation on the commercialization sets out its functions as that of providing housing for both residential as well as business/commercial purposes and also ensuring the maintenance of same. There is provision for a board with specifications as to those who qualifies to be members.
This era gave birth to the status of Managing Director/Chief Executive Officer as against the position of General Manager at the helm of affairs.
The current legal instrument governing the operations of the Corporation is the laws of Lagos State 2003 Cap L22 as amended by the Lagos State Development and Property Corporation (Amendment) Law 2015. Mr. Biodun Oki became the first Managing Director/Chief Executive Officer of the Corporation between 2003-2015.
Given this new orientation, the Corporation in 2017 under the management of Mr. Babajide Olusola Sanwo-Olu embarked upon an Enterprise Transformation programme tagged Project Eagle. This is aimed at positioning the Corporation to function effectively as a commercial entity. This, in turn, will enable the Corporation to compete favourably with its peers in the real estate sector and ultimately retain its position as the leading market player.
Under this present arrangement, the Corporation now has a Managing Director/Chief Executive Officer and two (2) Executive Directors in charge of Business Development and Enterprise Services along with other Management Staff who are heads of various departments.
What does LSDPC do? What is its scope of operation?
We can reveal that LSDPC is a state government-owned corporate organisation that deals specifically in real estate. It acquires, builds, leases, and sells properties with a view to providing affordable housing and business accommodation.
It also lets and maintains medium luxury and low-density residential properties and commercial complexes.
Let’s reveal the corporation’s strategy.
It mobilises internal resources to conceive of projects and execute them via reputable contractors under the supervision of our crop of experienced professionals.
It engages in joint ventures, where partners’ finance and LSDPC provide the land, supervision, marketing as well as corporate goodwill.
What is LSDPC’s capacity?
In addition to its solid asset base, its staff strength is incredibly full of qualified and experienced professionals who are directly engaged in the delivery of its business services.
What is the corporation’s strength?
LSDPC’s expertise at understanding customer needs and mapping them against its wide range of superior products gives the corporation a competitive edge in the market.
It has a crop of experienced professionals that ensure safety and reliability over the years
With its strong asset base, it can proudly say it has the means to attract the biggest of developments.
It also enjoys enormous Goodwill built over the years through integrity and tenacity.
No wonder why all eyes are on LSDPC right now, with its numerous housing projects, scattered all over Lagos.
