Property Law: Lagos moves to protect mortgagee, proposes foreclosure

The Lagos State Commissioner for Energy, Engr. Olalere Odusote has called for a review of Nigeria’s power generation and distribution law under the purview of the Federal Government.

This call was made by the commissioner considering the huge amount spent on diesel daily by industries, especially in Lagos state.

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Speaking on Sustainable Energy Solutions in Real Estate at the closing ceremony of the Third Real Estate Market Place Conference and Exhibitions in Lagos, the commissioner said the energy generated by individuals and corporate organizations comes with a huge financial burden and adds to environmental pollution.

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The commissioner stated that the Real Estate sector needs investments in power to make the sector attractive to investors.

Odusote also stated that the power sector had barely improved over the years as private individuals and businesses prefer to generate their power rather than electricity from the national grid.

In his words: “Nothing haschanged in the national grid sector nine years after. However, Lagos State within a space of nine years had grown from having about 8,000 megawatts of installed diesel capacity to about 23,000 megawatts”.

“The diesel market of the off-grid market has grown by about 300 percent but the National grid market has not grown at all or just about one to two percent”, he said.

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