The Group Chairman, Heirs Holding, Mr Tony Elumelu, has reiterated that the development of Nigeria and the African continent rests squarely on the private sector with the public sector creating an enabling environment.
Elumelu said this at the sod-turning ceremony of Falomo Towers by Afriland Properties in partnership with the Lagos State Development and Property Corporation (LSDPC), with the theme, ‘The revival of a landmark’ which took place on Friday, June 17.
In his keynote address at the ceremony, Elumelu noted that the Africapitalism ideology which he proposes is that which believes that the continent has the capacity to drive development and create social wealth through private sector investment.
“What we are witnessing today attests to three things. First, a belief and support for the private sector to succeed in Lagos State under the leadership of His Excellency, our governor. We believe that the development of our continent and our country lies to a large extent in the hands of the private sector but for the private sector to do well, our political leadership must create the right environment,” he said.
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Elumelu also emphasised the power of dialogue and giving room for peace in all human endeavours. “At the time when we had the initial challenges, a lot of people put pressure I should expect in our environment that we should fight and our position is how do you fight with your own community? The important thing is to know what created the disagreement and let’s go about resolving those issues.
“When we are in difficult moments and the first option is to fight, take one step back and reflect on it again and ask yourself, is there any other way that can provide solution? If there is, even if it means eating the humble pie, eat it and make progress. What we are witnessing today is a celebration of dialogue, sense of reasoning and humility,” he said.
In his remarks, the Lagos State governor, Babajide Sanwo-Olu, alluded to the need for dialogue while noting that the project was aimed at restoring the glory of Falomo and Ikoyi while giving it a touch of modernity in line with present realities.
“Falomo has a lot of history behind it; the name, the location, where it sits in Lagos, where it sits in Ikoyi has decades of history behind it and so for us to be bringing back the old name, the old glory, the whole ambience that we all grew up to know, it is very phenomenal and it is a history that we should not forget.
“We have all gone through arbitration, we have all fought ourselves but each time we know that we shouldn’t throw a wrong punch because we all agree that this is something that we should be doing and like the Chairman rightly said, you don’t start a fight and believe that you cannot have a handshake. I think people need to understand and live with that experience, there is nothing in life that cannot be resolved if you put your mind and heart to it, you can bring back it and you can resolve it.
“This is a clear example of what the PPP model that we have been talking about. Falomo has a long history of LSDPC being the biggest property in Lagos State, being the biggest land owners in Lagos State. They realised that this is where we are 40-50 years ago but in today’s reality, we cannot compete with other players, we need to be able to hand over our skills but look for the right partners and in the right partners we have found Afriland. I want to say that this is an organisation that we have tested, trusted and is reliable,” Sanwo-Olu said.
The Managing Director/Chief Executive Officer, Afriland Properties, Mrs Uzo Oshogwe, said, “With this project, we hope to give Ikoyi back its landmark but this time, bigger and better. This development speaks to sustainability, creativity and innovation. This development will bring to the fore our promise to beautify and enhance the Lagos skyline, one iconic building at a time.
“Africapitalism, an ideology conceived by Mr Tony Elumelu, founder, Tony Elumelu Foundation, we are so committed to this ideology, which states that through our long-term investment in real estate, we will create employment, economic prosperity and social wealth that would transform Ikoyi, Lagos Lagos, transform Nigeria and transform the African continent.”
In his welcome address, the Managing Director/Chief Executive Officer, Lagos State Development and Property Corporation (LSDPC), Hon Ayodeji Joseph, maintained that the project took into consideration the needs of modern-day living and promised to deliver on its mandate.
“For many of us who grew up in Lagos, especially on the islands, the site evokes memories of a glorious past. Here used to stand the then ultramodern Falomo Shopping Complex, developed and managed by LSDPC. The complex was a haven for the middle and upper-class shoppers who visited to purchase their daily needs. In addition, it also housed banks and offices for mostly professional practices and some SMEs.
“Over 40 years down the line, the Corporation, in its decision to renew some of its facilities had deemed if fit to re-develop the complex taking into consideration the realities of today’s needs as well as environmental impact. This in turn has informed the decision to build residential apartments to provide additional accommodation to the growing middle class, business professionals and the swelling rank of the upwardly mobile citizens of the state,” Joseph said.
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