Akwa Ibom Governor Declines to Disclose Cost of ₦41bn Lagos Tower Project
Akwa Ibom State Governor, Umo Eno, has declined to disclose the contract value of the state’s 18-storey Ibom Tower project in Lagos, despite budgetary provisions for the development reaching ₦41.05 billion since 2024.
During an inspection of the project, Eno was asked about the cost of the building but declined to provide a figure, explaining that changes and additional input from the project consultant had affected the final cost.
The governor said the government was still working on the figures and preferred to complete the project properly before giving a final cost.
“A lot of things have happened here that we didn’t envisage. The consultant has made a lot of input. I think we are still working back end,” he said.
He added that announcing a figure prematurely could lead to questions if the cost later changed, stressing that the project was intended to help increase the state’s internally generated revenue.
Budget documents show that ₦16 billion was allocated for the project in the 2024 revised budget. The provision was reduced to ₦10 billion in the revised 2025 budget, while another ₦15.05 billion was provided in the approved 2026 budget.
Together, the allocations amount to ₦41.05 billion. However, it remains unclear how much of the approved funds has actually been released or spent on the project.
The lack of detailed expenditure records has also made it difficult to determine the amount already paid to the contractor and whether the subsequent allocations represent additional commitments, variations or outstanding obligations.
Procurement Details Remain Unclear
The project’s contract details have also not been publicly disclosed.
Available information identifies WL Construction Limited as the main contractor, with D.O Design Build serving as architect, while Pois Consult Limited and Alliance Engineering Consult were listed among the consultants.
Records from the Corporate Affairs Commission show that WL Construction Limited was incorporated on July 11, 2023, about 15 months before the state officially flagged off the Ibom Tower project in November 2024.
However, publicly available records do not provide details on the bidding process, participating companies, evaluation reports, award documents or the contract value.
The lack of such information has raised concerns about transparency, particularly because the state’s procurement framework provides for public access to details of government contracts.
Project Intended to Generate Revenue
The Lagos tower is part of the state government’s strategy to develop investments capable of generating additional revenue.
Governor Eno said the project, among other initiatives, was aimed at increasing Akwa Ibom’s internally generated revenue.
The state has received substantial revenue during Eno’s administration, with its increased financial resources supporting several major infrastructure projects.
However, questions remain over the financial viability of the Lagos development, particularly in the absence of publicly available information on its total cost, expenditure so far, funding structure and expected returns.
The decision to invest billions of naira in an 18-storey commercial property outside Akwa Ibom has also attracted criticism, with some questioning whether such resources should instead be directed towards infrastructure and other development needs within the state.
The state government has maintained that the Lagos tower should be viewed as an income-generating investment rather than simply a construction project.
For now, the exact contract value remains undisclosed, even though budgetary provisions for the project have reached ₦41.05 billion.
