Lagos State Governor, Akinwunmi Ambode, declared the readiness of his administration to dialogue on the implementation of the Land Use Charge Law .
Governor Ambdoe, however, vowed there is no going back on implementation of the new law.
He said his administration will revisit the law, which although has not become operational, but already created fear among property owners in the state.
The governor said review of the law was not a deliberate attempt by his administration to over-burden property owners but a decision taken in the interest of the future of Lagos.
Ambode, who spoke during a parley with the organised private sector, tagged: ‘Lagos Means Business’, said: “The law was made in 2001. It provides that every five years, we should review it and also find a way to increase.
“Fifteen years after, the law has never been reviewed. Now, the question is this; those who have commercial property, the rental income they were getting in 2002 as against the rental income they are getting in 2017, is it the same? The level of infrastructure that existed in 2002 as against what has happened in the last 15 years, are they the same? Did it not come at a cost? So, why is the market value of the property that you built with N1 million, 15 years after, you are selling at N20 million. Why do you think somebody who is a buyer will pay N20 million for it? Is it not because of the facilities around the property? So, we have to sacrifice; that is how it works everywhere.
“Somebody comes and say we have increased by 400 percent. The question is the 400 percent of what? You were paying N10,000 before, now we say you should pay N50,000 and you are calculating and turning statistics upside down by saying it is 400 percent. Who is the one that will take care of the ones that are free? If you are owner-occupier, you don’t need to pay. It is the commercial part that people are complaining about…”
President of Dangote Group, Alhaji Aliko Dangote commended the governor for organising the forum to meet the business community in the state.