Winners Emerge In First Draw Of Lagos H.O.M.S

Channels Television  
Updated March 4, 2014

Fashola - Beyond OilLagos State Governor, Mr. Babatunde Fashola (SAN), Tuesday flagged off the first draw of the Lagos Home Ownership Mortgage Scheme (Lagos H.O.M.S.) with an appeal to emerging the home owners under the Scheme to endeavour to meet all obligations that come with the ownership.

In his remarks just before the draws began, Governor Fashola emphasized the need for prospective home owners under the scheme to pay their monthly mortgage regularly pointing out that it would ensure that money would always be available to build more houses and give other tax paying Lagosians the opportunity to also benefit from the scheme.

“By so doing, you will bring back a pool of money into the system that allows us and enables us to build for other people who have also paid taxes and who are waiting on the queue”, the Governor said adding that if all mortgage owners who benefit from the scheme pay up their mortgages promptly, in seven years time the scheme would become self-sustaining.

According to the Governor, “In that case the Lagos State Government will no longer need to put any more money into this scheme because of the money that will be coming out. So that is the biggest responsibility that home owners have”.

On the second phase of the Lagos HOMS initiative, Fashola said the Committee was already working out the modalities that would allow Private Sector builders to participate in the scheme explaining that Government would be the guarantee purchaser of the homes built by them for sale to the public under the scheme.

“By so doing, we will be in the position to either double or triple the number of homes from 200 to 600 or 800 per month if we allow private sector to build. We will buy from them and put into the mortgage pool and distribute out”, the Governor said.

On whether or not the Lagos HOMS initiative will continue after he has left governance of the State, Fashola explained, “The institution is emerging, people have taken control. I have walked here this morning to come and see what is happening and I am pleased with what I see and I am proud of what our team is doing”.

“Of course, most importantly, transparency has been demonstrated so far and would be demonstrated throughout these proceedings; because, as I said when I inaugurated this scheme, a lot of people said we have sold the houses to ourselves, but the real home owners will emerge in a transparent process before you today”, he said.

The draw, which was supervised by the officials of the Lagos Mortgage Board, including the Executive Secretary, Mr. Akinola Kodjo Sagoe, produced a total of 31 winners in the three categories of One, Two and Three bedroom homes spread across the five estates that were up for sale including Sir, Michael Otedola Estate, Odogunyan in Ikorodu, CHOIS Estate, Abijo, Lekki, Shitta Scheme 1 and 2, Surulere, Alhaja Adetoun Mustapha and Hon. Olaitan Mustapha Estates, Ojokoro and Oba Lateef Adams Estate Iloro, Agege.

In his remarks earlier, the Executive Secretary of the Lagos Mortgage Board, Mr. Akinola Kodjo Sagoe, explained that a total of 200 houses were available for the draw pointing out, however, that out of the 322 applicants in the different categories, only 98 met the requirements and cut-off date for submission of forms for the first draw.

According to him the remaining 169 houses from the first draw would be rolled over to the next draw for next month where both those who could not win this month and those who did not meet the requirement for the first draw will have another opportunity without having to apply again.