Sanwo-Olu Performs Groundbreaking Of 18-Floor Ibom Towers In Lagos

Sanwo-Olu Performs Groundbreaking Of 18-Floor Ibom Towers In Lagos - Politics

October 31, 2024

•Says Akwa Ibom State's investment will strengthen relationship, grow revenues

•We invested in real estate to grow our State economy, says Eno

The Lagos State Governor, Mr Babajide Sanwo-Olu, performed a groundbreaking ceremony of an 18 storey multipurpose building called Ibom Towers in Lagos by Akwa Ibom State on Wednesday, saying the landmark project represents not only physical growth but a symbol of inter-state collaboration and shared prosperity.

Governor Sanwo-Olu, who praised the bold move made by Governor Umo Eno for identifying Lagos as a good place to invest, said Akwa Ibom State's investment in Lagos will strengthen the relationship between the two states and grow their revenues.

Governor Sanwo-Olu spoke while performing the groundbreaking ceremony of the Ibom Towers owned by the Akwa Ibom State at Plot 868A, Bishop Aboyade Cole, Victoria Island in Lagos State.

Ibom Towers, located in the commercial heart of Victoria Island, Lagos, when completed, is expected to be a good revenue source for Akwa Ibom State. The project is expected to be delivered in the next 24 months.

Governor Sanwo-Olu, during his address, said, “The decision by Akwa Ibom State to embark on this ambitious venture here in Lagos is a testament to the dynamism of our great city as a commercial hub and to the visionary leadership of Governor Umo Eno. This groundbreaking affirms our commitment to welcoming and fostering projects that strengthen economic ties and create new opportunities across our regions.

“As Ibom Towers rises, it will serve as a beacon of the fruitful alliance between Lagos and Akwa Ibom, creating a unique space that encourages business, investment, and vibrant community life. Projects like this one are the embodiment of our collective vision for Nigeria's growth, driven by creativity, collaboration, and a commitment to excellence."

Speaking earlier, Akwa Ibom State Governor, Pastor Umo Eno, said his state decided to invest in real estate, particularly in Lagos, to grow Akwa Ibom state economy and increase its revenue base.

"In our determined effort to grow more means of income and deepen our investment portfolio, we are here to perform a groundbreaking ceremony of this 18 storey Ibom Towers," he said.

Governor Eno, who said he had been a follower of President Bola Tinubu's leadership when he was Governor of Lagos State, noted that the right reform he took in Lagos State grew the state economy, and it became the best-performing state in Africa.

In his remarks, the first Governor of Akwa Ibom State in the current Fourth Republic, Obong Victor Attah, said he had wanted to embark on the project when he was the Governor of the State but couldn’t execute it because he did not get the support of the relevant stakeholders.

Attah urged Governor Eno not to give attention to those who may accuse him that instead of developing his state, he is developing another person's state, noting that the value of land and building in Lagos is not the same as Akwa Ibom.

"Don't pay attention to those who may blame you for not developing your state by building such property in your state. The value of land here in Lagos is far above that of Akwa Ibom State. You have a vision. The future belongs to those who have the audacity to see the future before it becomes a reality,” he said.

Speaking on the importance of the Ibom Towers, the Managing Director of the Akwa Ibom State Investment Corporation, Pastor Imoabasi Jacob, said the tower is an investment meant to increase the Internal Generated Revenue (IGR) of Akwa Ibom State and create more value for the future.