Following the introduction of the monetisation policy by the then Olusegun Obasanjo administration, the management of the Power Holding Company of Nigeria (PHCN) sought and got the approval of the President to sell the company’s non-core quarters to staff occupying them, if they wanted to buy.
Among the properties approved for sale was the one located at 5A, George Street, Ikoyi, Lagos. The property belonged to Electricity Corporation of Nigeria (ECN), a precursor of the National Electricity Power Authority (NEPA), which transformed into PHCN from the early 1960s when it served as the staff quarters to its expatriate staff. Niger Dams Authority, which emerged after ECN retained the possession of the property as staff quarters for its bona fide staff.
Occupants of the property namely, Michael A. Dada, Charles N. Amadi, Lawan. S. Muhammed, Mrs. Comfort N. Odili-Iwuafor and Anthony. A. Abikoye, all members of staff of PHCN, like others occupying the company’s properties in other parts of Lagos and the federation, applied to buy the property comprising six blocks of flats.
They borrowed money from family, friends, cooperative societies and banks to finance payment for the property. On September 29, 2009, occupants of the property and management of PHCN signed a Deed of Assignment and ownership was transferred to the occupants.
The occupants took possession of the property and started exercising ownership rights. They even started paying ground rents to the Lagos State government.
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