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IHL Properties boosts Lagos housing stock with 416-units Iyana-Oba Estate

By Jude Njoku

Messrs IHL Properties Limited has flagged off the construction of a new moderately priced housing estate at Iyana-oba, one of the fastest developing neighbourhoods in Lagos State.

Disclosing this to Property writers, the managing director of the company, Mr. Adeyinka Onigbanjo said the Iyana-Oba Estate would have 416 flats of two and three bedrooms in eight blocks of four floors. A unit in the estate, he said, would be sold for about N15 million.

“For everything that we do, we want to put a stamp of quality. We want to change people’s psyche about accommodation. Right now the psyche about accommodation is a roof over my head but at IHL Properties, we are saying that it is not only a roof but a roof that you will always be happy to come back to. We have done a lot of investigations.

We have gone to FESTAC and have seen how the place became rundown; we have gone to Iyana-Oba and have seen how it has evolved; we have gone to other areas like Satellite Town and we have resolved to create a kind of estate that its residents would be proud of,” Mr Onigbanjo said

The IHL Properties boss described the environment of the estate as decent, adding that about 40 percent of the area has been devoted to greenery. It is an estate where residents would have enough common space.

Continuing, Mr Onigbanjo said: “Some of us that have even lived in government quarters knew how we used to ride bicycles round the estate without fear of being run over by motorists. Our parents knew that as long as we are within the estate we are safe. We knew all the streets and that is the kind of estate that we are creating now,” he said.

Iyana-Oba Estate would have designated points for shops unlike in some estates where kiosks are built as attachment to flats.

“All of those things will be regulated and restricted to commercial areas. We want to create a situation where people can take short walks of 10 to 15 minutes to the next convenience shop to buy whatever they want.

We have become so captive in this country that people drive their cars to the point of their destinations otherwise they are nobody.

We want to encourage people to take walks. We don’t have to register in gyms to make us healthy. There will be ample recreation facilities for children and adults.”

There would be a mini-football pitch and basket ball court, but no swimming pool. The theme is bonding of families and this is incorporated in the design and even in the colour code. We want to make a big statement on decent and affordable housing,” he said

IHL Properties is a subsidiary of Ibile Holdings Limited, the investment agency of the Lagos state government.


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