By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Tribune OnlineTribune OnlineTribune Online
  • Home
  • News
  • Columns
  • Editorial
  • VIDEOS
  • Entertainment
  • Politics
  • Health
  • Opinions
  • SPORTING TRIBUNE
Reading: ‘FG has lost N88bn revenue to abandoned old Federal Secretariat Ikoyi in 27 years’
Share
Notification Show More
Font ResizerAa
Tribune OnlineTribune Online
Font ResizerAa
  • Home
  • News
  • Columns
  • Editorial
  • VIDEOS
  • Entertainment
  • Politics
  • Health
  • Opinions
  • SPORTING TRIBUNE
  • About Us
  • Contact us
  • Disclaimer
  • Privacy
  • Advertise
Have an existing account? Sign In
Follow US
© 2025 African Newspapers of Nigeria Plc.. All Rights Reserved.
Latest NewsTop News

‘FG has lost N88bn revenue to abandoned old Federal Secretariat Ikoyi in 27 years’

Paul Omorogbe
June 14, 2022
Share
Federal Secretariat Ikoyi
SHARE

REVENUE loss to Nigeria due to abandonment of old Federal Secretariat Complex, Ikoyi, Lagos State has hit N87.8 billion in 27 years, Nigerian Tribune’s estimate has shown. 

The cumulative amount takes its roots from the N72 billion estimate arrived at in 2018 by the Professor of Building at the University of Lagos, Professor Olumide Afolarin Adenuga. The estimate was hinged on the proposal to convert the entire complex to 480 units of residential apartments, and the assumption of year 1995 base rent of N5 million per annum and 10 percent rent increment every four years. 

Based on the evaluation carried out by the university professor on the abandoned Federal Secretariat complex, it showed that N72 billion would have been generated as revenue from rents between 1995 and 2018 (23 years after). 

Taking it further, calculations by Nigerian Tribune based on the 10 percent rent increment in every four years, showed that the cumulative revenue loss to the abandonment of the edifice between 1995 and 2022 is now in the tune of N87.840 billion. 

This is an addition of N3.960 billion annually to N72 billion estimate arrived at by Professor Adenuga in 2018. 

This shows a cumulative revenue loss of N75.960 billion in 2019; N79.920 billion in 2020; N83.880 billion in 2021; and N87.840 billion in 2022. 

Speaking with Nigerian Tribune on Sunday, Professor Adenuga said the economic loss of the building to the Federal Government has continued to rise since nothing was done to convert the complex to luxury residential apartments as proposed by the Wale Babalakin-led Resort International Limited (RIL). 

He recalled that the proposal was to convert the complex to 480 units of luxury residential apartments following the concession of the complex to the firm in 2006. 

Explaining how he arrived at the estimate in the University of Lagos’ Inaugural Lecture series 2018 with the theme ‘Building Maintenance: An a Posteriori Culture in Nigeria – The Quest for Economic Sustainability’, Professor Adenuga assumed that if the building had been converted to 480 units of apartments as proposed prior to its abandonment, using 1995 as a base year, “the estimated revenue that could have been generated till 2018 will be N72 billion.” 

Adenuga lamented that apart from the N72 billion that could have been generated from the operation and maintenance of the complex, the utilisation of such building would have contributed to reducing the shortfall in the nation’s housing stock. 

ALSO READ FROM NIGERIAN TRIBUNE

  • We Can Overcome Insecurity In Two Years If… — Obasanjo
  • How Work, Sleep, Phone Usage Cause Spondylosis, Pain In Legs, Arms, Back —Dr Oladiran, Consultant Orthopaedic And Trauma (Hip) Surgeon
  • Getting To Know My Father Wanted Me Aborted Was A Driving Force For Me ―Miracle Olawale Olatunde, LAUTECH Overall Best Graduating Student From Six Combined Sets

Built by the Yakubu Gowon-led administration to serve as office accommodation for the then country’s administrators, the abandoned Federal Secretariat complex, Ikoyi, Lagos is today an eyesore, having been neglected for almost 31 years. 

The 15-storey Federal Secretariat Complex was abandoned since 1991 following the relocation of the country’s capital from Lagos to Abuja. 

Since its planned conversion/redevelopment into two, three bedrooms and condominiums suffered setback in 2006, the complex now serves as home for rodents, reptiles and hoodlums. 

The most pathetic issue is that 16 years after its planned redevelopment by Resort International Limited (RIL) was stopped by the Lagos State government in 2006, parties involved are yet to reach an agreement on how to turn around the abandoned edifice from its present state of dilapidation as a result of exposure to weather elements. 

Recall that the bid process for the sales of the old secretariat complex spanned almost two years with the Federal Government setting up about three committees to verify the bids. 

At the end of it all, RIL emerged the preferred bidder and paid N7 billion for the property in 2005.


WATCH TOP VIDEOS FROM NIGERIAN TRIBUNE TV

  • Back to School, Back to Business A Fresh Start

  • Relationship Hangout: Public vs Private Proposals – Which Truly Wins in Love?

  • “No” Is a Complete Sentence: Why You Should Stop Feeling Guilty

  • Relationship Hangout: Friendship Talk 2025 – How to Be a Good Friend & Big Questions on Friendship

  • Police Overpower Armed Robbers in Ibadan After Fierce Struggle


    Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more.
    Join our WhatsApp Channel now


Share This Article
Facebook Email Print
Previous Article Increasing food prices: Nigerians groan under burden of inflation
Next Article Traders, fishermen frown on deplorable state of Calabar popular beach market

Frontpage Today

Subscribe to e-Paper

E-Vending, e paper, pdf, e-paper, Tribune
WOMEN

Xquisite
Xquisite Food
Xquisite Style
Wondrous World of Women

MORE

Business Coach
Education
Event Digest
Crime & Court
Do It Yourself
Ecoscope
Property & Environment
Energy
Maritime
Aviation
Brands & Marketing
Agriculture
Info Tech
Labour
Leadership & Management
Achievers
Arewa Live
Arts & Culture
Arts & Reviews
Campus Beat
Politics
Health News
MORE

Mum & Child
Natural Health
Sexuality & Health
Special Report
Sports
Tourism
Travelpulse & MICE
Tribune Business
Weekend Lagos
Youth Speak
Book Review
Thursday Tales
EDITORIAL

Editorial
Opinion
Letters
News Extra

BUSINESS

Capital Market
Money Market
Economy

ENTERTAINMENT

Friday Treat
Entertainment
Razzmattaz

REGIONS

South West
Niger Delta
Arewa

RELIGION

Tribune Church
Church News
Muslim Sermon
Eye of Islam
Islamic News

COLUMNS

Anike's Diary
Aplomb
Ask The Doctor
Autoclinic With The Mechanic
Awo's Thought
Borderless
Crucial Moment
Empowered For Life
Festus Adebayo's Flickers
Financewise
Gibbers
Intimacy
Language & Style
Leaders' Forum
Leadership & Management
Lynx Eye
Monday Lines
Mum & Child
Natural Health
Notes from Atlanta with Farooq Kperogi
On The Lord's Day
PENtagon
Political Panorama
Veritatem With Obadiah Mailafia
Voice of Courage
Whatsapp Conversation
You and Eye
Your Life Counts

© 2025 African Newspapers of Nigeria Plc. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?