Eko Atlantic City Achieves Milestone Two Million Square Meters Of Reclaimed Land

Eko Atlantic City Achieves Milestone Two Million Square Meters Of Reclaimed Land

Lagos, March 16, 2011 – Eko Atlantic, the major new city rising from the Atlantic Ocean off the coast of Lagos, has today achieved more than two million square metres of land reclamation the company revealed in a landmark ceremony at the site today.It was attended by the Governor of Lagos, H.E Babatunde Fashola.

The Eko Atlantic development is a dynamic new city rising from the Atlantic Ocean adjacent to Victoria Island in Lagos, Nigeria.

The city, which will be divided into six districts, will offer multiple investment and development opportunities through its strategic plan to reclaim nine million square metres of land from the ocean.

The new land will provide space for the Business District, which will become a financial gateway for Africa.

‘The vision is to build a self-contained city that provides the quality of infrastructure and services required to make Lagos the financial capital of Africa,’ said David Frame, the managing director of South Energyx Nigeria Limited.

Land for Eko Atlantic is growing at an average rate of 10,000 square metres each day. The Phase One Business District comprises of 2.5 million square metres of new land that will be ready by April 2011.

It is protected by a sea wall known as the Great Wall of Lagos that currently measures in excess of 2 kilometres and is growing at an average rate of 100 metres a month day. Construction is currently on target and is expected to meet the scheduled completion date of 2015.

The land that is currently in place is going through a major transformation.

New roads have been created to allow access for construction vehicles and development of the road network is constantly taking place to provide access to the ever-growing site.

Commenting on the project, David Frame added: ”Eko Atlantic’s Business District will become a home to numerous financial institutions, legal and accounting firms, insurance companies, stockbrokers, oil and gas corporate headquarters, advertising and marketing companies, as well as major retailers. It aims to host a new stock exchange, shopping malls, conference centres and hotels. It will truly be a vibrant addition to the Mega City that is Lagos.’

Note to editors:

About Eko Atlantic:

Eko Atlantic will be recognised as Africa’s 21st century city and will become a new commercial gateway for Africa with towering structures of architectural excellence.

This new self-sustained city will be built on 9 million square metres of reclaimed land. It will be one and a half times the size of Victoria Island and is expected to house about 250,000 people. It will also accommodate about 150,000 commuters daily.

Already 2.4 million square metres of land have been reclaimed, and more than 2 kilometres of a seven kilometre long sea wall has been built which will protect the city from erosion and possible flooding due to climate change and rising sea levels.

Eko Atlantic will combine residential, commercial, financial and tourist developments. It will be an eco-conscious and sustainable city providing its own independent power and water distribution system as well as an advanced telecommunications network and reliable security.

About South Energyx:

South Energyx Nigeria Limited is a subsidiary of The Chagoury Group. It was specifically created to undertake the development of Eko Atlantic.

The Chagoury Group was founded in the 1970s. Its headquarters are based in Lagos.

Press & Media enquiries: Valentina Halim