MULTIPLE TOLLS ON LEKKI-EPE EXPRESSWAY DROP PROPERTY VALUE BY 30 PERCENT

The three toll gates planned for Lekki-Epe Expressway is already impacting negatively on the value of property in that axis with about 30 percent differential in the prices of property before and after the toll gates, THE INFO EXTRA  investigations have revealed.

The drop in property value started a couple of years ago when tolling started on the expressway. The drop in property prices had been gradual, beginning with 10 percent and recently, a bit drastic, rising as high as 20 percent.

The findings further reveal that there is a major disparity in property values beyond the Chevron Toll Gate, which is the second after the Admiralty Circle. The disparity is such that parcels of land before and after the Nigerian Conservation Foundation (NCF) office, whose values were at par when the second toll gate was not there, now have as much as 50 percent value difference between them.

Tolling on the expressway has been a subject of unending controversy and litigation, and the contention of those opposing the tolling is not only that the rates are outrageous and inconsiderate, but also that three toll gates on a 49-kilometre expressway are too many and therefore exploitative.

Worried about having to pay tolls at different points on the same road before getting to their houses or offices, prospective home buyers and tenants have decided to avoid the Lekki axis, especially those beyond the second and third gates.

Gbenga Olaniyan, a resident and developer in the area, disclosed to newsmen that places like Victoria Garden City (VGC) had felt the brunt of this development heavily, explaining that about five years ago, VGC was more costly than Lekki.

"A property that was rented for N3.5 million per annum in VGC was at par with Nicon Town, a relatively upscale neighbourhood in Lekki, before the toll gate. But now, while VGC has dropped a little, Nicon Town has gone up 100 percent in four years.

"In VGC, a property of N4 million per annum four years ago has dropped to N3.5 million, while a N3.5 million property in Nicon Town four years ago has gone up to N7 million, just because of the toll gate," he said.

Samuel Ukpong, CEO, 1004 Estates Limited, had told BusinessDay in an interview that part of the reasons for the rising demand for their apartments was the tolling on Lekki-Epe Expressway, which has compelled some Lekki residents to move over to their apartments.

He explained that many of the Lekki residents spend between N500,000 and N600,000 a year on tolls, depending on the number of cars they put on the road, and the number of toll gates they have to pass before getting to their offices or homes.

CORP MEMBERS EMBRACE REALITY OF ENTREPRENEURSHIP .....

For Lilian Onwuatudo, a graduate of Pure and Industrial Chemistry from the Nnamdi Azikwe University, Anambra State, the mandatory one-year National Youth Service Corps scheme is not just for serving the country and seeking fun. It is also a period to acquire knowledge and skills.


Little wonder, the corps member, who currently teaches at Lagos State Model School, Lekki, has gone the extra mile to learn how to make beads, wirework, Ankara accessories and bags, courtesy of the Skills Acquisition and Entrepreneurship Development, an NYSC initiative.

"I learnt this at the NYSC camp through SAED. Within two weeks, I learnt how to make bags and accessories. I owe the organisation a lot. It has made me to have a brand and sharpened my entrepreneurial skills. So far, I have hired three persons to work with me and I look forward to expanding the business the moment I am through with the service year," she notes, while recounting her experience to our correspondent.

Onwuatudo, who says she cut her teeth in the business during her industrial training, adds that the experience came the hard way.

She says, "It started in 2011 after I was attacked by robbers. Then, I was undergoing industrial training with a pharmaceutical company in Lagos. I lost everything and I had to borrow N5,000. Then I had an aunty, who made bangles."

Similarly, another corps member, Wuraola Sulaiman, a graduate of Accounting from the Bowen University, Iwo in Osun State, seems to be trying her hand at fashion designing.

"Before now, I used to go to where they sew clothes just to satisfy my curiosity. Although I have always had a flair for fashion, the SAED initiative has made it more fulfilling. Now I am into clothing designs. I make blazers, shirts, trousers, traditional wears and I do make-up."

The feat, nonetheless, did not come without some teething challenges.

She recounts, "I have a strict dad, who wants his children to excel in their education. So, I had to face my studies first. While waiting to be called up for the NYSC scheme after my university education, I secretly enrolled in a three-month programme at a fashion school. But under that condition, I could not fully express myself.

"The first jacket that I made for a client gave me the needed confidence. Her colleagues admired the jacket and started placing orders for their own. Then I was only sewing English-style dresses, but people kept pestering me for traditional attire. Unknown to them, I didn't know how to make it."

Although Sulaiman got a break from the first day she started the business, something was still missing and she found out at the NYSC camp.

"My joy knew no bounds when I heard about the SAED programme during the NYSC orientation programme. Within two months of attending the programme, including the post camp training, I became a master. Today, NYSC has made me a star," she says.