Eko Atlantic City: Contractor woos London investors

Eko Atlantic City: Contractor woos London investors

Investors from London may take part in the multibillion dollars Eko Atlantic City project located on Victoria Island, Lagos as the handlers, South Energyx Nigeria Limited, has reached out to them.Specially, South Energyx invited the Mayor of the City of London, Mr. Alderman Bear, to the project site last week during which it showcased all the aspect of the project.

The mayor led a high powered delegation of British industrialists and financiers to the development site.

A statement by the company on Friday, which stated this, also expressed the firm’s commitment towards completion of the project to time.

It said South Energyx, a subsidiary of the Chagoury Group, was spearheading the planning and construction of the 21st century city combining space for residential, commercial, financial and tourist development.

The Managing Director of Energyx, Mr. David Frame, said the project was aimed at changing the face of the Lagos shoreline by finding a permanent solution to the incessant ocean surge, which was threatening Victoria Island.

He added that the project was being supported by some Nigerian banks with some international investors. The statement also said about seven kilometers of the ocean had been claimed by the company.

Frame also told the visitors, “The development and construction of Eko Atlantic has taken another significant stride forward as civil engineers and construction teams start to work on the essential road network.”

He also said, “The progress we have made further underlines our commitment to the development of Lagos State and the Nigerian economy on one hand and the growth of Africa on the other.
“We are, indeed, very delighted to be part of the ongoing effort that is helping to open up Africa to more global investors.”

To date, 2.7 million square kilometers of land has been reclaimed from the ocean for the project. It is protected by a sea revetment known as The Great Wall of Lagos that is now two and half kilometers long.

The statement gave completion date for the land reclamation of the project as 2015 with a sea wall that would spread about eight and half kilometers long.

Frame also said the Eko Atlantic, inaugurated in 2008, would complement government’s efforts to create jobs and alleviate poverty.

When completed, the city will provide shelter for 250,000 people and provide office facilities for another 150,000 people.

“It will offer well-designed waterfront areas, tree-lined streets, efficient transport systems and mixed-use plots that combine residential areas with leisure facilities offices and shops.”
Bear, in his response, said. “The City of London believes Africa’s growth potential over the next 30 years could outstrip that of some of today’s emerging economies, such as India and Brazil.”

By: Rasheed Bisiriyu, Punch