Ibom Towers In Lagos: Searching For Alternative To Crude Oil

There was a carnival-like celebration Wednesday as members of the political class, business leaders and ordinary folks from Akwa Ibom State turned out in large numbers in Victoria Island, Lagos, for the groundbreaking ceremony of Ibom Towers – a 19-storey residential complex developed by the Akwa Ibom State government. The complex comprises 32 residential apartments of various sizes and business offices. Amenities include swimming pool; gym; games room; car park and six elevators. It’s designed to offer a luxury lifestyle for the upper middle class, but for the government, it is an investment opportunity that should diversify its sources of income and expand its portfolio. Akwa Ibom currently earns a yearly IGR of about N43 billion with the expectation to drive it up significantly from the proceeds of this investment when the project is completed in 2026. It is the single largest investment undertaken by another state government in Lagos since its creation in 1967. On completion, Ibom Towers will be one of the most modern apartment buildings in the commercial city. Said Gov. Umo Eno: “Just as the purpose-driven visionaries who built the Nigeria House in New York City, we are gathered here to break the grounds for the construction of what promises to be an iconic building that signposts our determination to play in the bullish real estate market of one of the most vibrant cities in Africa.’’

The property is located on Bishop Abayode Cole Street and sits on over 2,000 sq. meters of land acquired by Akwa Ibom State government in the early 1990s. The apartments would be sold using pre-sale flexible payment plan, and the realized income “would be channeled into other development projects’’, according to Enobong Uwah, Secretary to the State Government. Ibom Towers lies in close proximity to other landmark buildings like the KPMG Head Office building; the Civic Center; Mobil House; Dream Plaza and a short drive from Radisson Blu Hotel. “The government is pursuing a programme of redemption, remediation and repositioning of landed property for better economic use and spread of prosperity. We are currently working on recovery and development of other landed properties of the state in choice locations in Uyo, Abuja and Lagos,’’ said Mr. Imoabasi Jacob, chief executive of Akwa Ibom Investment Corporation (AKICORP), the government agency that drives its investments.

READ ALSO: Umo Eno’s 18-storey Lagos Building

Other Akwa Ibom leaders like Obong Victor Attah (governor between 1999 and 2007); Secretary to the State Government, Enobong Uwah; Speaker of Akwa Ibom State House of Assembly, Udeme Otong and the Chairman of the state’s Traditional Rulers Council, Dr. Solomon Daniel Etuk who spoke at the event stressed the importance of the project. Mr. Tony Ndah, a well-known quantity surveyor from Akwa Ibom State, who runs a big practice in Ikoyi, said an investment in Lagos property market is a sure guarantee for stable income over a long period of time. The Chief Executive of Akwa Ibom Investment Corporation, Mr. Imoabasi Jacob said the investment is part of a long-term strategy to prepare the state for a life without crude oil. Gov. Babajide Sanwo-Olu of Lagos State who was the special guest of honour commended Gov. Umo Eno for the investment and confirmed that Lagos offers very high rate of return for property investments. He spoke of his admiration for Akwa Ibom people for their industry, honesty and integrity and assured that his administration will do all it can to ensure the success of the project.

Back in Akwa Ibom, there has been a lively debate among the people on the desirability of the investment, with some arguing that the government should have built another hotel in the state, preferably in Eket, to position Akwa Ibom as a key tourism destination. But the Umo Eno administration seems too focused on real estate development to be persuaded by such an argument. The government is currently developing six different housing estates in the state, in addition to plans to convert a dilapidated government facility in Abuja to a hotel.

Among the dignitaries at the event were Mr. Udom Emmanuel, former governor of Akwa Ibom; Chief Don Etiebet, former Petroleum Minister; Obong Umana Umana, former Niger Delta Affairs Minister; Mrs Akon Eyakenyi, deputy governor; Senator Aloysius Etok; Senator Ita Enang; Aniekan Umanah, former House of Representative member; Senator Emmanuel Ibok Essien and Senator Efiong Bob. The two serving senators, Ekong Sampson and Aniekan Bassey were also present. From the construction industry came Engr. Bassey Ekanem, Chief Executive of Base Engineering and Mr. Tony Ndah, chief executive of Cost Link Associates.

Etim Etim

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ETIM ETIM is a journalist, banker and author. He has been a member of the Editorial Board of The Guardian, a Regional Manager in Access Bank and is currently a Columnist in Prime Business Africa, The Cable and Businessday newspapers.

He is also the Chief Executive of Stein Meyer Communications, a major media consultancy and the author of the best-selling book, "Akwa Ibom Heroes: Inside Story of the Fight for Abrogation of Onshore-Offshore Oil Dichotomy" and co-author of another book, "Osinbajo Strides: Defining Moments of an Innovative Leader".

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