INDICATIONS have emerged that the proposed development of Ikorodu Regional Market may soon take off, as the Lagos State Government has commenced a search for an investment advisor for the project.

The current search is coming almost six years the idea to develop the new market was mooted. Under the plan, the Mile 12, Food Stuff Market will be relocated to Ikorodu area of the state.

The relocation plan that formed the urban redevelopment programme of Lagos was predicated upon the imperatives of the megacity status of the city.

The state’s Commissioner for Physical Planning and Urban Development, Mr. Toyin Ayinde told The Guardian that the project is long overdue. He said government is seeking for a reliable consultant – investment advisor, that would ensure a hitch-free execution and sustainability of the project.

As defined by the Investment Advisors Act of 1940, any person or group that makes investment recommendations or conducts securities analysis in return for a fee, whether through direct management of client assets or via written publications.

The concern for such expert, according to officials, has to do with the ongoing reconstruction of Ikorodu-Ketu expressway, with specific design that is to incorporate special route for the Bus Rapid Transit (BRT).

“It has become imperative that the design of the Ikorodu Regional Market has to put into consideration with the new development along the axis, especially, the expansion of the existing road linking Ikorodu to Ketu. Besides, development along the Ishagamu-Agbowa-Epe road must also be put into consideration in view of the various developmental projects going on there”, said a top government official, who anonymously spoke on the issue.

Among the projects along the axis include the Imota Asphalt plant, Agbowa Housing Estate, various estates in Imota and Ikorodu, among others.

With the magnitude of the regional market plan, vis-a-vis other projects, it reasoned that conscious efforts must be put in place to ensure that infrastructure and amenities required must be provided so that the same problems being encountered at the current Mile 12, especially, traffic situation would be avoided.

The Mile 12 market that stretches to Ajelogo, Owode-Onirin in Agboyi-Ketu Local Government Area has being identified as the most congested market in the metropolis.

The market unarguably, boasts of the concentration of foodstuffs of various types, coming from every part of the country.  This has occasioned heavy vehicular movements around that axis, hence the need for relocation inevitable.

The initial plan for the take-off of the proposed market proposed a 500-lock-up shops sitting on almost 90 hectares of land, apart from provision for open spaces and K-klamps.

The market, which architectural design is expected to begin within the first quarter of next year, will come with a large parking lot, a trailer park, a ram market and conveniences.

It would be recalled that part of the setback the plan suffered last year and which officials said has been resolved was the encroachment on the site by land speculators.

The development on the new site taunted as a possible and suitable location for the sprawling market has been taken over by estate developers and individual land owners, which may prompt a change in the proposed site.

The Guardian’s investigation then revealed that some of developers are in possession of legal documents for their respective landed property.

Specifically, between Itamaga Saw Mill and Maya, the two communities that sandwiched Parafa, especially, Alagemo Parafa, that constitutes the heart of the project, are myriads of physical development, owned by individuals and developers, thus, raising doubt over the possibility of acquiring sufficient space for the market relocation exercise. Last year, senior government officials have admitted ‘encroachment’ and disclosed that discussion was ongoing with the developers.

A resident told The Guardian that they possess documents backing their claims to the land.  One of them said, “before I started this project, I made the necessary enquiry from the Land Bureau and Office of Surveyor-General, where it was proved that the land is not under acquisition. However, if the land would be taken over for any project under the so-called overall public interest, government knows what to do and it should be ready for compensation.”

Sources at the state’s Land Bureau, said that some of the developers or house owners in the axis are properly acquired their landed properties, but that one cannot rule out the possibility of illegal occupants, adding that “it is only the ministry of physical planning and urban development that can determine which area is designed for the proposed Ikorodu Regional Market.”

However, Ayinde was optimistic that with the state of things, the project is on course and that Lagos residents would soon witness the take off immediately ideal advisors are unfolded.