Professor Timothy Nubi has described Alhaji Lateef Jakande as a humanitarian and an icon whose selfless leadership has inspired many in the built industry. Jakande whom he described as ‘Baba’ he said, understood the indices of affordable housing that include income, cost of construction, and term of payment.
“Baba understood the fact that housing affordability is a function of the interaction of some variables. These variables are income, cost of construction and term of payment, he said.
“He knew that the income of the people was low and could hardly afford them a living. Efforts to increase national minimum income had failed. He was not looking at the direction of increase in income, he focused on cost reduction.
“The major cost components are land, building materials and labour. He used the exact law to the advantage of the citizens, bulk purchasing company at Isolo for cement, plumbing electricals, etc. Later as Minister, he broke the sellers’ market of the cement dealers. Baba Jakande was able to sell a two-bedroom flat for #2.5 million and 3 bedroom flat for #3.5 million.
“Despite the low cost, the civil servants could not afford them. LBIC came on board and staff were to pay for their for ten years. After his term as a Governor, baba had built 16 estates with 40-60 thousand houses. He later built the biggest estate in Abuja called Gwarimpa*.
Nubi, a Professor of Estate Management further called on the country to do more in its housing sector as he said it is *still in a quagmire”