Guild Laments Continuous Deterioration Of Federal Govt’s Assets In Lagos

The Building Collapse Prevention Guild (BCPG), Ikoyi-Obalende Cell, has lamented the continuous deterioration and abandonment of the old Federal Government Secretariat and the adjoining Ikoyi Towers in Ikoyi, Lagos, despite their strategic location and immense national value.

The Guild, in an open letter to President Bola Tinubu and signed by its coordinator, Bola Arilesere, an architect and secretary, and Adebola Adeyera, a quantity surveyor, urged the president to give urgent attention to the rehabilitation and adaptive reuse of the structures.

They said, “On 25th May, 2024, marking the first anniversary of your tenure as President of Nigeria, we issued a press release highlighting the deteriorating state of the Federal Government Secretariat and adjoining buildings in Ikoyi.

“We are deeply concerned by the deteriorating state of the Federal Secretariat buildings and the neighbouring Ikoyi Towers, which for decades have remained unused despite their strategic location and immense national value.

“The old Federal Secretariat at Ikoyi, a 12-storey edifice constructed in 1976 and largely abandoned in 1991 following the relocation of the Federal Capital to Abuja, was once a beehive of government activities. In 1993, the complex was redesigned to accommodate about 480 families as a residential development, but this proposal was never implemented. Similarly, the three 12-storey Ikoyi Towers, constructed in 1978 on an adjoining but separate site, have remained abandoned since 2005, according to public records.

“The two properties are situated on distinct parcels of land. The Old Federal Secretariat occupies approximately 120,000 square metres of land. In contrast, the three Ikoyi Towers are located on a separate parcel measuring about 12,140.569 square metres (approximately three acres) of prime land in Ikoyi.

“Over the years, successive administrations have made efforts, yet these landmark assets have regrettably remained underutilised, continually dashing the hopes of Lagosians who regard them as legacy public infrastructure.

“Based on comparative market valuations as at 2025, the assets are conservatively estimated to be valued at about N12.608 trillion (approximately $9.3 billion). Their continued non-utilisation represents a substantial opportunity cost to the Federal Government, with estimated foregone revenue of about N93.5 billion, net of operating expenses, based on conservative rental yield assumptions for comparable.”

The Guild affirmed that beyond financial considerations, prolonged abandonment has contributed to progressive structural deterioration, escalating rehabilitation costs, and avoidable safety risks to security personnel, informal users, neighbouring residents, and workers within the surrounding urban corridor.

“In addition, steel scrap thieves and vandals have increasingly targeted abandoned structures nationwide, stripping valuable components and accelerating the decay of these national assets. Given the strategic importance of this location, timely intervention has become increasingly critical.’’

In acknowledging positive developments, BCPG members in Lekki also expressed excitement about the transformative impact of the Lagos-Calabar Coastal Road Corridor on housing and urban renewal across the Peninsula.