Lagos State approves construction of 40-story First Bank HQ building in Eko Atlantic City

Lagos State Governor Babajide Sanwo-Olu presented a certificate of approval to the chairman of First Holdco, Femi Otedola, at the groundbreaking ceremony held on Wednesday. 

The approval allows First Bank to begin construction immediately. The bank has announced plans to construct a 40-story edifice, set to be the tallest building in Nigeria.  

The project is described as an engineering and environmental marvel, featuring technologically advanced, eco-friendly, and sophisticated construction that will set a new standard for the financial services sector in Africa. 

Speaking at the event, Sanwo-Olu emphasized that the certificate of approval ensures First Bank has no excuse not to commence work.  

“It’s indeed an honour to be your 15th Governor, and I want to call on my officers because we’re going to hand over to First Bank a certificate of approval for them to commence construction here at the Eko Atlantic City. We’re fully aware, and we’re fully in support.  

“And we’re giving them all the approval that is required for them to not give an excuse because, indeed, we want the city tower on a month-on-month rising out of the sand of the Eko Atlantic City. Thank you very much, and it’s an honour to be here with you today. And I’ll invite the Managing Director of First Bank to come forward and come and receive the certificate so that they know that we’re doing it properly for them to, from tomorrow, start the construction of this.” 

Sanwo-Olu highlighted the transformative impact of the investment at Eko Atlantic City, stating, “I have seen several investments come into the Eko Atlantic City, but this is the investment that will change the future of this city.” He also spoke about President Bola Tinubu’s support for the development of Lagos State, noting,  

“To talk about the Eko Atlantic City is to talk about a man (Tinubu) that had a vision. He was the Governor of this state in 2004, and by sheer coincidence and sheer hard work, he is the current President of the Federal Republic of Nigeria.” 

Sanwo-Olu recalled his involvement in the project from its inception, saying, “I was in his cabinet in 2004 when the idea about the arrest of the surge of the bar beach was birthed. We thought that it would be an impossible achievement, but our Governor then, our Mr. President, said that we have a group of investors, people that believe in our country, people that believe that indeed we can do great things if we put our minds to it. And together, with their sheer doggedness, we see the rising of the Eko Atlantic City from sheer Atlantic Ocean.”  

What you should know 

The Chairman of FirstHoldCo, Femi Otedola, highlighted the importance of collaboration in bringing the ambitious vision to life, appreciating customers and stakeholders for their support.