Elumelu’s Afriland Inks Lagos State Government To Develop Falomo Towers

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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.


Afriland Properties Plc, a subsidiary of Heir Holdings, owned by entrepreneur and banker, Tony Elumelu has inked the Lagos State Government to kick off the construction of Falomo Towers in Ikoyi.

The former Falomo Shopping Complex will be turned into premium sky-high real estate that would enhance the socio-economic outlook of the neighbourhood.

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The project is being developed on 11,950 square metres of land, with a blend of green amenities to promote quality living.

Sanwo-Olu, on Friday, 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.

Tony Elumelu's Heirs Team Up With Lagos Govt To Redevelop Falomo Shopping  Complex - Global Financial Digest

He described the project as another milestone achievement of his administration to renew urban amenities, stressing 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.

“This is a phenomenal project that will bring back the lost ambiance 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.

“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 the 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 the construction of Falomo Towers,” he said.

Elumelu said the partnership was another testimony to the government’s belief in the private sector as a key development driver in the state.

He said: “I commend Governor Sanwo-Olu and the state’s political leaders for believing in the private sector. What we are witnessing today attests to their beliefs in the private sector as the driver of development.

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“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.”

LSDPC’s Chief Executive Officer, Ayodeji Joseph noted that the project site evoked memories of a glorious past for Island residents in the 1970s, noting that the Corporation took an informed decision to turn around the site by building residential apartments to provide additional accommodation to the growing middle class, business professionals and the swelling rank of young citizens.

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