Gov Eno Allays Fears Over Multi-billion Naira Investment In Lagos

As controversy rages over the multi-billion naira 18-storey Ibom Towers project in Lagos, with criticisms by some individuals and Civil Society Organisations (CSOs) that the facility has the potential for capital flight away from Akwa Ibom State,  Governor Umo Eno has allayed the fears.

While flagging off the project in the heart of Victoria Island, the governor explained that the measures were aimed at economic diversification to augment the monthly allocations from the centre. He added that action would be expedited to complete work on the project within two years.

The Lagos State Governor, Babajide Sanwo—Olu, performed the groundbreaking ceremony in the presence of former Akwa Ibom Governors Udom Emmanuel and Obong Victor Attah, among other eminent Nigerians.

“The project is expected to drive substantial revenue and the Gross Domestic Product (GDP) growth for both states, providing the much-needed economic diversification amid Nigeria’s current financial challenges,” the governor stressed, adding that “The project was meant to generate income and create job opportunities for the state.”

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

“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 further expressed gratitude for the partnership and the ties with 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 noted.

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

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

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

“I look forward to seeing this relationship deepen, and who knows, maybe I’ll also invest in an oil well in Akwa Ibom,” he stated.

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