BARIGA LCDA SIGNED MoU FOR REGENERATION, TO COST TWO TRILLION NAIRA IN TEN YEARS



On Thursday July 5th, 2018, Bariga LCDA and Octragon Multi Projects Limited , in the Bawala secretariat signed a Memorandum of Understanding in the presence of community stakeholders.  

Modeled in line with the Lagos State Government’s Public-Private Partnerships policy, a Special Purpose Company to be known as Bariga Heritage Investment Company (BHIC) is being set up by Bariga LCDA and Octragon to build these residential and commercial apartments of high rise buildings across the LCDA to accommodate over 500,000 new residents and more than 500,000 visitors and workers per day.

Catering for the lower, middle and upper income existing and new Bariga residents, the new digital city will be a creation from the existing one whereby all facilities that will match what is obtainable anywhere in the world will be provided. 

Following the execution of this MoU to flag off this massive transformational agenda of the  Chairman of Bariga LCDA, Hon. Kolade David Alabi, Octragon is ready to hit the ground running by: Ensuring that   international best practice is fulfilled in the project implementation;   Structuring the best investment package for every landowner in the community;   Identifying the best alliance partners and consultants of various fields relevant to the actualization of the regeneration plans;   Coordinating the activities of all stakeholders relevant to the success of the project;   and Signing a Social Responsibility Pact with the Community to handle facilities management operations post development. Key stakeholders in the community have already indicated their interest to support the project.

This novel property development initiative is modeled to When completed in 8 phases over 10years, Bariga Community will have experienced complete regeneration fulfilling the dreams of Hon. Kolade Alabi.   All roads will be standardized, linking the 3rd Mainland Bridge; incorporating LASURA’s “Private Streets” concept and boulevards. The closeness of Bariga to everywhere in Lagos will be optimized by creating a helipad within this new community that takes travel time to the Island or the International Airport to 5 minutes. There will be uninterrupted power supply in the community.
A dedicated pipeline will be run into the community to ensure gas supply to every kitchen. To ensure environmental sustainability in line with the Sustainable Development Goals, All wastes will undergo the most efficient recycling process in line with the Green Bond Principles The most reasonable decibel level will be maintained.

As a new digital city, the community will be: Have seamless and cheapest internet access through dedicated broadband and Wi-Fi connectivity. An ICT center will be created to attract the Silicon Valley investors.   100% secure with full CCTV coverage. Operated through organized parking with adequate shuttle service. Will well linked road network, a quick response emergency, police and fire services will be on stand-by 24/7.

All recreational facility will be efficiently run to maintain a youthful posture for the residents: A privately run sports complex will offer various games such as football, badminton, volley ball, Billiards, etc. An amusement park for the kids and adults. An arts and craft center overlooking the lagoon, All shopping arena where all market activities will be coordinated will be provided to accommodate existing operators. A central business building will be built for offices and other commercial activities.

Existing schools, churches, mosques and community centers will be retained and expanded to cater for the additional residents in the community.   When completed, this project will revolutionize the Real Estate Sector in Nigeria, employ over 100,000 workers, and generally transform the social, economic and physical landscape of Lagos, consistent with LASURA’s efforts to upgrade Bariga, and redevelop Lagos in general. 

Close to everywhere in Lagos, Bariga is also an entry point into the heart of Lagos overlooking the Lagos Lagoon, giving it unique features that will launch the city onto the world radar.   Fulfilling Government’s mandate of property development and affordable housing delivery; this mass housing development will improve the economic lives of ALL RESIDENTS   The council boss expressed satisfaction that the agreement was coming at a time the administration was entering into many similar arrangements to develop the local council.  

The CEO, Octragon Multi Projects Ltd, Engr. Gbolahan Awonusi,  signed the Regeneration Project  that's worth Two (2) Trillion Naira in Ten years on behalf of the company and was witnessed by the Vice Chairman,  Hon Adeola Zainot Kuponiyi,  SLG,  Hon Bukola Adedeji,  supervisors and SAs,  religious leaders, traditional leaders, Artisans,  the HOA,  Mrs Toyin Senaike, CT,  Hon Samuel Apata and other senior council officials.