INVESTING IN MANY HAPPY RETURNS

Umo Eno lays the foundation of 18-storey Ibom Towers in Lagos, writes Bassey George 

Some have made a profession of castigating his achievements. But he enjoys majority support. The man, Nigeria’s president, Bola Tinubu, was again blessed with roses when Akwa Ibom State governor, Umo Eno, eulogised him last Wednesday.

The occasion was the groundbreaking ceremony of the Akwa Ibom’s 18-storey Ibom Towers in Victoria Island, Lagos. Pastor Eno ascribed Lagos’ emergence as the best performing economy in Africa to Tinubu’s leadership which ended about 17 years ago. And while at it, he urged Nigerians to be patient for the president’s reforms to start bearing fruits.

“We remain hopeful that the reforms our president is currently introducing to grow our country, painful as they may appear today , will bear fruits soon, as he repositions Nigeria, just as he did with Lagos State as the largest economy in Africa,” said Eno.

“So I urge people to follow patiently, while we walk this path because I see a great light at the end of this tunnel.”

Eno said the Akwa Ibom government under him decided to invest in real estate to grow the state economy and increase its revenue base, and the need for the groundbreaking ceremony of this 18-storey Ibom Towers. Prior to Tinubu becoming the governor of Lagos, the state was in tatters. Its civil service was inept and a conduit for corruption. It lacked any fantastic infrastructure, was dirty, provided an everyday traffic melee and it was a paradise for armed robbers.

However, with Tinubu on the saddle, he and his cabinet put heads together to develop a plan. Step by step, the imprints of his administration were stamped. The civil service got a boost with grand employment. There was renewed vigour to upgrade schools and hospitals. He liaised with the private sector to form a Lagos State Security Trust Fund (LSSTF) and created a model which increased the state’s Internally Generated Revenue (IGR). The visions of Lateef Jakande, aka Baba Kekere, which included a metro line, were reignited. And knowing that to actualise these visions, he has to be interested in his successors, Tinubu did not make it any secret that together with a Governing Advisory Council, he has had an input in the election of his successors. All these did not make Tinubu popular but Lagos, today, is better for his decisions as governor.

Rome was not built in a day. Yes. However, some people feel the rot in Nigeria can be corrected in a hurry. While anyone can hurriedly put in place policies to revamp the country, a hard fact is that to repair Nigeria would take some time. And it won’t even be four years. Already, the Tinubu administration has taken some bold moves that previous administrations shied away from. For one, the removal of the oil subsidies which were being looted and squandered by a cabal. The administration has also created the Students Loan, CrediCorp and Local Government autonomy is set to begin. Again, there have been cries. But they won’t deter the president.

The 18-storey Ibom Towers by the Akwa Ibom State government would be constructed in two years. However, builders know that a three-bedroom bungalow can be completed in three months. Yet, can a three bedroom bungalow be compared to an 18-storey edifice? No. Also, some critics would ask, why he is not building the edifice in Akwa Ibom. Of course, this is a valid question asked by an ignorant or mischief makers who don’t care to acknowledge the cost of real estate differs in the two states. The good thing is that, like Tinubu, Pastor Eno is not allowing himself to be swayed by popular opinions.

“In our determined effort to grow more means of income and deepen our investment portfolio, we are here to perform a ground breaking ceremony of this 18-storey Ibom Towers,” said Eno, with a tone of a man who is convinced of the destination he is heading.

Obong Victor Attah, a former governor of Akwa Ibom, who was also at the event, advised Pastor Eno against detractors.

“Don’t pay attention to those who may blame you for not developing your state, by building such property in your state,” said Attah.

“The value of land here in Lagos is far above that of Akwa Ibom State. You have a vision.The future belongs to those who have the audacity to see the future before it becomes a reality.”

It is not a new development for countries or even states to have investments in other countries or even states. Norway for instance, through its sovereign wealth fund, has invested in over 8,700 companies in more than 70 countries. And locally, Lagos has farms and agricultural collaborations in Osun, Kwara, Niger and Kebbi. According to the Lagos State governor, Babajide Sanwo-Olu, the groundbreaking would “strengthen economic ties and create new opportunities across our regions” and serve as a bridge between both states.

“As Ibom Towers rises, it will serve as a beacon of the fruitful alliance between Lagos and Akwa Ibom, creating a unique space that encourages business, investment, and vibrant community life,” said Sanwo-Olu.

“Projects like this one are the embodiment of our collective vision for Nigeria’s growth, driven by creativity, collaboration, and a commitment to excellence.”

The Managing Director of the State Investment Corporation, Pastor Imoabasi Jacob, said that Ibom Towers was conceived to increase Akwa Ibom’s Internally Generated Revenue (IGR). He also revealed that the site on which the building would come up was acquired in the 90s and left underdeveloped. It is a good thing the Eno-administration has deemed it fit to further develop the parcel of land. Only a few investments trounce real estate.

Since Eno assumed leadership in Akwa Ibom last year, the government has built 229.411 Km of roads, with 14 bridges and three underground discharge drainage. Rural communities across the state also got 37.7Km of feeder roads. Also, 4,600 persons were employed by the government in different sectors while 4,603 people benefited from entrepreneurship schemes of the state government. The government also encouraged farming by empowering 2,984 persons via agricultural programmes, while 100 public secondary schools and 30 public primary schools got agricultural inputs. The state government also sponsored free healthcare for 16,522 patients while it paid SSCE fees for 48,797 students.

Of course, he can do better but the sad quality of many critics is that they would always have a negative thing or two to say or do to ridicule the man of the moment. However, it is left for the man of the moment to focus, brace up and confront the everyday challenges to make history. As Pastor Eno steers the ship of Akwa Ibom, he must remain focused on his goals despite all the distractions. It’s a leadership trait that can be taught in business school but takes balls to practise in real life.

George writes from Uyo