Lagos State Governor Babajide Sanwo-Olu and philanthropist Tony Elumelu have officially launched the development of the new Falomo Towers in Ikoyi, Lagos.
They were joined at the groundbreaking ceremony over the weekend by other real estate stakeholders.
The project is 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).
Mr Sanwo-Olu, in his address, commended the JV partners for their commitment to the Nigerian real estate sector and their vision in redeveloping the iconic Lagos landmark. He praised both companies for what he believed would be an exemplary delivery of a public-private partnership.
Elumelu, in his keynote address, 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.”
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.”
