Sanwo-Olu and Elumelu Launch New Falomo Towers Project


Onwuamaeze Dike

Lagos State Governor Babajide Sanwo-Olu and entrepreneur and philanthropist Tony Elumelu led other property players over the weekend at the groundbreaking ceremony for the works of the new Falomo towers development in Ikoyi, Lagos.

The project is being developed by joint venture partners, Afriland Properties Plc, a company owned by Heirs Holdings Group, and the Lagos State Development and Property Corporation (LSDPC).

Special guest of honor, Sanwo-Olu, in his address commended the Joint Venture (JV) partners for their commitment to the Nigerian real estate sector and their vision in the redevelopment of the iconic landmark in Lagos.

In a statement, he praised the two companies for what he thought was an exemplary performance of a public-private partnership.

Sanwo-Olu said the new Falomo towers will become a highly sought-after destination for work, life and leisure.

“The joint venture provides an environment that provides contemporary working and living spaces, which will further catalyze the economic renaissance of Lagos. I am delighted that Afriland Properties, one of the leading institutional real estate investors in the country, is able to partner with Lagos State to deliver excellence,” he said.

Elumelu, in his opening address, said the project was a demonstration of the Governor’s commitment to the growth of the private sector in Lagos State and the country.

He underscored the importance of the private sector in transforming the Nigerian economy and the need for meaningful partnerships, which would unlock the country’s potential.

“We believe that the growth of our economy will be driven by the private sector, but for the private sector to succeed, 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 adventure, in particular His Excellency, whose vision we are delivering”.

Afriland Properties Managing Director/CEO Uzo Oshogwe said, “This mixed-use development will foster sustainability, creativity and innovation. This reinforces our promise to beautify and enhance the Lagos skyline. We are implementing our firm commitment to Africapitalism that through our long-term investments in real estate, we will create jobs, economic prosperity and social wealth, which will transform Ikoyi, Lagos, Nigeria and the African continent.

LSDPC Managing Director Ayodeji Joseph said the partnership with Afriland Properties Plc will provide additional residential apartments, which will increase the housing stock in Lagos and provide affordable housing for middle-class citizens and millennials, that form the core of the 21st century. Workforce.

Falomo Towers is a contemporary mixed-use development, with a focus on sustainability and sustainable building practices, designed to provide a greener environment. The project would deploy a design based on state-of-the-art technology, to create an architectural masterpiece.

Afriland Properties Plc is a property management, investment and development company, offering end-to-end services across the property value chain, from management to joint venture investments. With a portfolio of over N10 billion and one of the largest land banks in Nigeria, Afriland is at the forefront of the opportunities presented by an institutional approach to real estate, serving niche markets throughout the world. ‘Africa.

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