Lagos State Approves 50 Year Lease Renewal for Ikoyi-Obalende Properties

The approval was announced by the Governor’s Special Adviser on e-GIS and Urban Development, Dr Olajide Babatunde, during a stakeholders’ meeting in Ikoyi held on 4 April 2026. In his remarks, Dr Babatunde noted that the decision follows years of engagement between the Lagos State Government and Obalende residents and is anchored on a prior consent judgment providing for urban regeneration and lease renewal to successors and assigns.

These discussions culminated in a key stakeholder engagement on 26 October 2021, when representatives of Obalende met with Governor Sanwo-Olu, who subsequently approved the lease renewals as part of the state’s broader urban redevelopment objectives.

As part of the regeneration process, the government is restructuring land parcels to align with the Lagos State Building Code and modern urban planning standards. This includes a land pooling strategy, under which smaller plots (previously averaging 250 sqm) are being merged into larger parcels of approximately 750 sqm, to enhance setbacks, accessibility, emergency response, and overall development quality. Under the new layout, 213 plots have been reconfigured into 100 plots.

The approval significantly clarifies the tenure status of affected properties by removing long-standing uncertainty around expired or expiring leases. The express recognition of renewals in favour of successors and assigns strengthens the marketability of title, enhances lenders’ confidence, and supports the lawful transfer, development, and financing of the properties. However, the renewal remains subject to compliance with the State’s prescribed terms, including planning and documentation requirements, which property owners must carefully observe to preserve their rights.

Should you have any questions regarding the information in this legal alert, please do not hesitate to contact  Adeola Kembi or AORealEstate@aluko-oyebode.com