15/10/2025
Why Are Residents Questioning the ₦50,000 Form Fee and ₦15 Million Shop Price at the Kolawole Market Project?
Last week, I sought the opinions of residents concerning the Kolawole Ultra-Modern Shops project in Saki, following reports that the form fee is ₦50,000, while the price of a single shop is ₦15 million for a 35-year lease.
As of tonight, the post has attracted 121 comments, with residents expressing diverse opinions.
Some commenters described the project as a positive development that would beautify Saki and attract investment, saying that the high cost may be justified by the long lease period and modern facilities.
However, many residents disagreed, arguing that the ₦15 million shop price is too high for local traders. They appealed to the government and contractors to review both the price and lease duration, emphasizing the need to make the shops affordable for everyone, including small business owners.
A major concern raised by residents is the ₦50,000 form fee. Many questioned why it is so expensive, noting that with an estimated 208 shops, the total form revenue could reach ₦10.4 million. They urged the authorities to explain the purpose of the fee or consider reducing it to around ₦10,000, so that more people can participate fairly.
Others also asked whether there would be discounts or compensation for those who occupied the old shops before redevelopment began.
Residents are now calling on the contractor and government officials to clarify these issues and ensure transparency and inclusiveness, so that the project truly benefits the people of Saki.
