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Property Law: Lagos moves to protect mortgagee, proposes foreclosure |

Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy. Lagos, June 30, 2021 (NAN) The Lagos State Government has commenced processes to incorporate the ‘foreclosure clause’ into the Lagos State Mortgage and Property Law to safeguard development of its real estate sector. The Special Adviser to Gov. Babajide Sanwo-Olu on Housing, Mrs Toke Benson-Awoyinka said this on Wednesday, at a roundtable on the proposed amendment to the law in Lagos. The News Agency of Nigeria (NAN) reports that foreclosure is the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.

Sovereign Investment Fund bridging Nigeria s infrastructure gap

By Folasade Akpan Over the years, the challenge of providing adequate infrastructure for Nigerians has been a herculean task for government at all levels and the Federal Government has at several occasions called on organisations to help in bridging the gap. The Vice President, Prof. Yemi Osinbajo, at an event in 2020 said that in spite of government interventions over the years, Nigeria still faces a huge infrastructural deficit, which is constraining rapid economic growth. He had said that according to the Nigerian Integrated Infrastructure Masterplan (NIIMP) and the Economic Recovery and Growth Plan (ERGP), Nigeria needs up to three trillion dollars over the next 30 years to bridge its infrastructure gap.

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