Fresh concerns over wasting N40bn Federal Secretariat complex

A fresh wave of concerns are mounting over the wasting Federal Secretariat complex which holds promise for residential apartments on its prime location in Ikoyi, Lagos. The concerns are rising on the back of widening housing demand-supply gap, not only in Lagos but also in Nigeria as a whole.

The secretariat, valued at N40 billion, provided office space for federal civil servants when Lagos was the  federal capital. It was part of the Federal Government properties in Lagos offloaded into the property market between 2003 and 2006 by the Olusegun Obasanjo administration in the country.

Wale Babalakin’s Resort International Limited which acquired the property had the intention of redeveloping it into residential properties but the redevelopment effort which would have provided homes for a good number of families was stalled by the Lagos State government.

Among other things, the state government demanded that Resort International must obtain a fresh Certificate of Occupancy (C of O) from the state government, irrespective of documents issued by the Federal Government on the property. The company was also required to apply for the consent of the Lagos governor on the property; apply for a change of use as well as a development permit from the state government.

The secretariat is just one of the numerous wasting national assets in the country but it stands out as a clear manifestation of how pecuniary interests rub off on national economic growth and development.