Akwa Ibom launches into Lagos real estate, flags off 18-storey Ibom Towers

In a move to diversify Akwa Ibom’s economy, the Akwa Ibom State Government, on Wednesday, flagged off an 18-storey Ibom Towers in Lagos, with a promise that the project will be completed in 24 months.

The Lagos State Governor, Babajide Sanwo-Olu, performed the ground-breaking ceremony.

Two former governors of Akwa Ibom, Udom Emmanuel and Victor Attah, were among eminent Nigerians who attended the event.

Revenue expectation for Akwa Ibom, Lagos

The project is expected to drive revenue and GDP growth for Lagos and Akwa Ibom.

Governor Umo Eno of Akwa Ibom State explained that the project was meant to generate income and create job opportunities for his state.

“Anytime leaders invest in forward-looking projects like this, there are challenges, but a leader must look into the future,” Mr Eno said.

“With Ibom Towers, both Akwa Ibom and Lagos are demonstrating how unity and vision can drive prosperity, marking a new era of economic innovation amid national economic downturn,” he added.

Mr Eno expressed gratitude for the partnership and his ties to Lagos, underscoring that the project represents the power of bipartisanship.

“This is the essence of bipartisanship; it should not be coloured by political affiliations,” he said.

Governor Eno expressed gratitude to President Bola Tinubu, who was once the governor of Lagos, for his significant contributions to the development of Lagos, emphasising the importance of patience during this period of reforms in Nigeria.

“These changes may be painstaking, but they will bear fruit,” he assured.

The project is located in the heart of Victoria Island.

Governor Sanwo-Olu welcomed the development, highlighting Lagos’ longstanding role as Nigeria’s centre for commerce.

He said, “I look forward to seeing this relationship deepen, and who knows, maybe I’ll also invest in an oil well in Akwa Ibom,” adding a light-hearted touch that underscored the states’ shared economic aspirations.

A brief about Ibom Towers

The Managing Director of the Akwa Ibom Investment Corporation, Imo-Abasi Jacob, provided a detailed overview of Ibom Towers, describing it as a premium project designed to attract urban professionals.

“Featuring upscale apartments, gyms, pools, and smart building technology, the tower will serve as both a luxury residence and a revenue generator, with income from property leases and tourism expected to enhance GDP growth for both states,” Mr Jacob said.

In their separate goodwill messages, leaders from both states celebrated Ibom Towers’ expected impact on revenue and employment.

The Oba of Oniru, Abdulwasiu Lawal, expressed satisfaction with the project, assuring his support and seeing it as a legacy of Lagos-Akwa Ibom cooperation.

Solomon Etuk, the president-general of the Akwa Ibom State Traditional Rulers Council, said the project would lift Akwa Ibom’s profile internationally and encourage the involvement of young engineers from the state to gain hands-on experience.

The Speaker of the Akwa Ibom House of Assembly, Udeme Otong, pledged legislative support, asserting that “landmark” projects like Ibom Towers elevate Akwa Ibom’s standing nationally.

Former Akwa Ibom governor Mr Attah said the project was the realisation of a vision to make Akwa Ibom a key player in real estate and economic growth.

“This project represents the fulfilment of long-held aspirations for our state’s prosperity,” he said.

In his remarks, the Secretary to the Akwa Ibom State Government, Enobong Uwah, said Akwa Ibom has been blessed with good leaders, adding that Governor Eno is “expanding on the legacies of his predecessors”.