Tony Elumelu plots real estate revolution with Falomo Towers

BY EMEKA EJERE

History was made in Lagos on Friday when Afriland Properties signed a joint redevelopment partnership with the Lagos State Development and Property Corporation (LSDPC) to turn the former Falomo Shopping Complex to a premium sky-high real estate.

This is coming about 10 years after both the state government and the real estate firm were in arbitration over the termination of the contract in 2015 during the administration of Governor Akinwunmi Ambode

According to the developers, the project is expected to enhance the socio-economic outlook of the neighbourhood, as it is a major urban renewal project that will restore the aesthetic landscape of Falomo, the commercial suburb of Ikoyi in the state.

A video of the sod turning ceremony made available to Business Hallmark by Afriland Properties, a subsidiary of Heir Holdings, showed that the project is being developed on 11,950 square metres of land, with a blend of green amenities to promote quality living. Heir Holdings is owned by the billionaire entrepreneur and banker, Mr. Tony Elumelu,

Findings show that Elumelu had in March 2021, unveiled plans to further transform the Central Business District of Lagos with the construction of “Falomo Mall”.

He had taken to twitter to share design images of the proposed edifice, which is also intended to house the Transcorp Hotel, Lagos, with 600 rooms. He, however, did not disclose when construction works would begin, but urged Nigerians to be expectant.

Elumelu had also on his twitter handle stated that it was a thing of joy to watch his company drive the transformation of the Central Business District.

Speaking at the ceremony on Friday, Elumelu, who is also the Chairman of United Bank for Africa Plc (UBA), said the partnership was another testimony to the Lagos State Government’s belief in the private sector as a key development driver in the state.

He said, “I commend Gov. Babajide Sanwo-Olu and the political leaders of the State for believing in the private sector. What we are witnessing today attests to their beliefs in the private sector as a driver of development in the State

“For the private sector to do well, the political leadership must create the right environment. Lagos has set the pace in this direction. This partnership is a celebration of dialogue and this makes Lagos remain the most hospitable environment for investors.”

Lagos State governor, Mr. Babajide Sanwo-Olu, said the sod-turning 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.

The governor, who described the project as another milestone achievement of his administration to renew urban amenities, stressed that the strategic implementation of the Lagos Masterplan had been dependent on the government’s ability to forge a workable partnership between the public and private sectors.

The governor restated the commitment of his administration to ensuring the investors get full value for their investments, 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.

He said: “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.

He continued,“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.”

Also speaking, the Chief Executive Officer of LSDPC Ayodeji Joseph noted that the Corporation took an informed decision to turn around the site by building residential apartments to provide additional accommodation for the growing middle class, business professionals and the swelling rank of young citizens.

The Chief Executive Officer of Afriland Properties, Mrs. Uzo Oshogwe, noted that the redevelopment project was a revival of a landmark, saying: “With the project, we tend to give Ikoyi back its aesthetic landmark