In spite of the exciting growth we noted in Lagos’ development pipeline last year, there are still many projects that have stalled without prospect. For a number of reasons not limited to legal disputes, exhaustion of capital or changing market dynamics, Lagos is home to many projects that overrun original construction timelines and many that have been abandoned altogether. In 2019, we profiled 10 projects that had been under construction for over 5 years, right now 6 of those projects still remain under construction.
In this note, we have profiled 3 of Lagos’ largest abandoned projects and 2 that recently made it out of the category.
Luxury Collection Hotel Ikoyi (Formerly Le Meridien Hotels and Apartments, Ikoyi)
Piling works for the Luxury Collection Hotel Ikoyi (formerly Le Méridien (Grand) Ikoyi Towers) commenced in 2007. The plan was a twin tower development with hospitality and branded apartment elements where construction costs were up to $350m. The project, however, has remained on hold for over a decade. In 2016, Diamond Bank approached the Federal High Court, Lagos for an order to sell the incomplete luxury hotel buildings. At the time, it was explained that the suit was filed against Robert Dyson & Diket Limited, SIO Properties Limited, Chief Sonny Odogwu and 3 other parties.
- Use: Residential and Hospitality.
- Location: Ikoyi.
- Developer: Robert Dyson, Diket Ltd & SIO properties.
- Reported Cost: $350m.
- Commencement Date: 2007.
Old Federal Government Secretariat Complex, Ikoyi
Originally built in 1976 when Lagos was the capital of the country, the Old Federal Government Secretariat Complex in Ikoyi has been left to enter derelict status. The property, which was sold to Resort International Limited (RIL) in 2006, has been the subject of further disputes and litigation, as the State has refused to enable RIL proceed with conversion of the property into residential apartments as this ‘contravened the Lagos Master Plan for the area’.
- Use: Institutional/Government.
- Location: Ikoyi.
- Developer: Government. Current Owner is Resort International Limited.
- Commencement Date:1976.
Oluwalogbon Tower
Construction on the Oluwalogbon Tower on Adeola Odeku Road has been suspended for as far as we can remember. Developed by the proprietors of Oluwalogbon Motors, this 12 floor property has not seen any construction activity for over a decade.
- Use: Office.
- Location: Victoria Island.
- Developer: Oluwalogbon Group.
Fortunately, this is not always the end of the road. Two other projects that were on hold for over a decade, have recently been the centre of fresh development activity.
The Pan-African Centre (formerly The Waves)
Originally dubbed ‘The Waves Towers’, this project was developed with the belief that the now-defunct Oceanic Bank (Oceanic), might one day use part of it as a head office. It included a master combination of office, residential, and hospitality elements among others. After wide-scale fraud at the bank was uncovered in 2010, Ecobank received shareholder approval to acquire 100% of Oceanic in 2011, and the incomplete project was absorbed into Ecobank. In Q3:2021, Ecobank completed construction of one of the towers and moved its head office and other branches there.
- Use: Office.
- Location: Victoria Island.
- Developer: Ecobank Group.
- Contractor: ITB Limited.
The Phoenix (formerly Victoria Tower)
Formerly called Victoria Tower, this large office carcass has also been left incomplete for over a decade. Its new sponsors, however, have taken over and are looking to complete this office development over the next year.
- Use: Office.
- Location: Ikeja.
- Developer: Private Developer.
- Contractor: Dori Construction.
What project did we leave out? Send us an email using insights@estateintel.com or let us know on LinkedIn.
