Property Merchant Kehinde Oloyede ‘’Kendo’’ Reveals The Hidden Details Behind The Sale Of Lagos Council Building

Charles Oyelesi

Kehinde Oloyede the property developer popularly called Kendo has revealed the hidden details behind the talk of the town sale of a council building in Lagos state.

Kendo who is a chairmanship aspirant in Oshodi/Isolo provided insight into the reported sale of the council’s old legislative building by the administration of outgoing chairman Bolaji Muse Ariyoh.

Kendo’s spotlight on the hidden details of the development reads…

As a stakeholder and a bonafide citizen of Oshodi having pressured by concerned citizens of Oshodi on my opinion about the issues on the Sale/lease of the old legislative building at the local government.

Am pleased to respond to some people’s curiosity on my position about the sale/lease of local government property which has been addressed and debunked by the chairman Hon. Bolaji Muse Ariyo through his media handlers that the said property is not for sale rather leased for some years to private individual to build a Shopping Mall.

In my own understanding, the local government chairman is trying his best to increase our internally generated revenue (IGR) in which all accrued revenue will be used to the befenefit of Oshodi people.

It is a known fact that the revenue based of Oshodi Isolo Local govt has reduced drastically unlike when we have part of Onigbongbo, Odiolowo and Isolo where businesses and industries are densely populated. All this areas were conceded to other local government during the creation of More LCDA’s in order to spread and improve governance at the local level. I believe this are some of the factors that lead to the sale or lease of the property. Coupled with expansion of roads and others factors which has reduced the size of some companies, businesses or total relocation.

However in my own candid opinion as a licensed and experienced real estate developer in which have contributed my little quota to the development of Oshodi. I believe the property shouldn’t have been leased rather it should be developed by the local government into a shopping Mall. Not just a shopping mall but one with best standard and enviable architectural design which can compete with international standard or outshine what private developer will eventually build.

Though private partnership is a welcome idea but not on a property less than 30milion on a face value. The areas of the Land we are talking about is less than a full plot. Looking at the total amount accrued from lease divided by the years of lease will amount to a peanut which cannot better the life’s of just a single WARD in Oshodi or embark on a sustainable project across Oshodi.

In 2019, the actual rents collected on All LOCAL GOVERNMENT PROPERTIES JAN – DEC 2019 is just 53,865,000. ( Fifty three million eight hundred and sixty five thousand naira) Frankly speaking if all Local Govt properties can produce less than 55million annual rent, how much rent will a leased 60/120sqm property produce. Local government owns the land and with sincerity of purpose, less than 100million will erect a nice shopping mall on that land which will conformably provide employment for our people and increase the local government IGR.

God has placed the local government in an envious place. Our location and population manpower should be used in redesigning the face of Oshodi. We need to open up our markets. The local government need to invest. We can’t continue to lease our heritage we must have the vision to build. A plot of land in mafoluku is below 30million while in oshodi main market is below 50million in terms of good bargaining skills. The local government can buy properties build firms and employ our people.

Conclusively, putting up our collective heritage for lease is a misplaced prioritiy. Who says the local government can not build the said properties by itself. God on our side, we will change the narratives on how people view politicians. Yes it is possible and we will set standards together by improving on internally generated revenue (IGR) with government developing it’s properties by itself with the sole hope of increasing revenues and providing jobs and at the same time competing with private developers in the private sectors. Who says the local government can not build modern malls in oshodi. What we need are ideas on how best we can collectively make oshodi great. The possibility of a good and functioning society should begin with US.

Thanks and God bless.

OTUNBA KEHINDE OLOYEDE.