New Falomo Towers Is Sanwo-Olu’s Vision, Says Elumelu

Posted on June 21, 2022


Business mogul and philanthropist, Tony Elumelu has described the development of the new Falomo Towers in Ikoyi, Lagos officially launched over the weekend as the vision of Lagos State Governor, Mr. Babajide Sanwo-Olu.

Elumelu stated this at the groundbreaking ceremony of the Tower being developed by joint venture partners —Afriland Properties Plc, investee company of the Heirs Holdings Group, and the Lagos State Development and Property Corporation (LSDPC)— and witnessed by other real estate stakeholders.

Elumelu stated that the project was a demonstration of the governor’s commitment to private sector growth in Lagos state and the country.

He emphasised the importance of the private sector in transforming Nigeria’s economy and the need for meaningful partnerships, which would unleash the potential of the country.

“We believe that the growth of our economy, will be delivered by the private sector, but for the private sector to do well, our public sector leaders must create the right environment,” he said.

“The partnership we are celebrating today is a model, not just for Nigeria, but for Africa. I salute all those who have contributed to this exciting venture, not least His Excellency, whose vision we are delivering.”

Governor Sanwo-Olu, at the sod turning ceremony held at the project site, said the construction flag-off ended a decade-long discussion with the developer to revive the project and build iconic towers that would turn around the fallow land for the benefit of the public.

He commended the JV partners for their commitment to the Nigerian real estate sector and their vision in redeveloping the iconic Lagos landmark noting both companies’ efforts would be an exemplary delivery of a public-private partnership.

“This is a phenomenal project that will bring back the lost ambience of Ikoyi. When this partnership was initiated 10 years ago, I was the Managing Director of LSDPC. It is interesting to note that we’ve all gone through arbitration but we didn’t throw a wrong punch. We agreed this project must not be thrown away. Today we are making a transaction that is bigger and better than what was initially proposed 10 years ago, Sanwo-Olu said.

He added “This testifies to the uniqueness of public and private sectors in ensuring things can be made a lot better when we sit and agree. This is a clear example of what Public Private Partnership (PPP) model is out to achieve when partnerships and collaborations are pursued and implemented with seriousness. When we put our minds of possibilities to ideas, great things happen. This aptly describes the story of today’s flag-off of construction of Falomo Towers.”

The Governor added that the State Government would remain committed to ensuring the investors get full value for their investments while promising to continue to pursue business environment reforms, including automation of land and property records to scale up transparency and efficiency that catalyse sustainable investments.

On her part, managing director/CEO Afriland Properties, Uzo Oshogwe stated: “This mixed-use development will drive sustainability, creativity, and innovation. It reinforces our promise to beautify and enhance the Lagos skyline. We are implementing our firm commitment to Africapitalism, that through our long-term investment in real estate, we will create employment, economic prosperity, and social wealth, that will transform Ikoyi, Lagos, Nigeria, and the African continent.”

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