Inside The Ibom Tower Puzzle: Billions Budgeted, Contract Cost Still Undisclosed
By BASSEY BENSON
Akwa Ibom’s Lagos Tower & the Transparency Question
AKWA Ibom State’s decision to invest in an 18-storey commercial building in Lagos has opened a new debate about public spending, procurement transparency and the right of citizens to know how government funds are being committed.
The project, known as the Ibom Tower, has attracted at least ₦41.05 billion in budgetary provisions between 2024 and 2026.
Yet the exact contract sum for the project has not been publicly disclosed.
That gap between the amount repeatedly provided in government budgets and the absence of a publicly known contract value now lies at the centre of questions surrounding one of Akwa Ibom State’s most ambitious investments outside its borders.
A Question Without a Figure
Governor Umo Eno recently visited the Lagos project to assess the progress of work.
During the inspection, a journalist asked him a direct question: How much would the project cost?
The governor did not provide a figure.
Instead, he explained that the financial details were still being worked out because developments at the construction site and additional input from consultants had affected the original expectations.
According to him, announcing a figure too early could create another problem if the final cost later changed.
His position was that getting the project properly completed mattered more than publicly committing to a figure that might require adjustment.
The governor also defended the broader investment, saying the project would eventually contribute to the state’s internally generated revenue.
That explanation, however, has not settled the transparency questions.
For many observers, the issue is not simply whether the final cost could change. Major construction projects can experience variations because of inflation, design changes, additional works or changing market conditions.
The central question is whether the public has sufficient information to understand the government’s financial commitment at every stage.
₦41.05 Billion Across Three Budgets
Available budget documents show that the Lagos project has received substantial allocations over three consecutive fiscal periods.
Akwa Ibom provided ₦16 billion for the project in its revised 2024 budget.
The revised 2025 budget contained another ₦10 billion provision.
A further ₦15.05 billion appeared in the approved 2026 budget for the construction of the 18-storey Ibom Tower.
Together, those provisions amount to ₦41.05 billion.
Budgetary allocation, however, does not automatically mean that the entire amount has been released or spent.
That distinction is important.
A government can appropriate funds without releasing them fully. It can also spread payments across several years or make additional provisions because of variations in a project.
Without detailed expenditure and procurement records, however, it becomes difficult to determine how much money has actually reached the contractor.
The public also cannot easily establish whether the yearly allocations represent payments under one original contract, additional works, revised project costs or outstanding obligations.
That uncertainty has created a wider accountability challenge.
The Missing Procurement Trail
Public procurement systems are designed to answer many of these questions.
They provide a framework through which governments can document how contractors emerge, how bids are evaluated, what projects cost and how public funds are committed.
According to the report, Akwa Ibom’s procurement framework provides for public access to procurement information.
Such records would ordinarily contain details including the identity of the contractor, the value of the contract, procurement proceedings, technical specifications and other information relevant to public accountability.
However, a search of the state’s electronic procurement platform reportedly did not produce publicly available records relating to the Ibom Tower project.
The absence of easily accessible documentation makes independent scrutiny more difficult.
Citizens cannot readily determine how many companies participated in the procurement process.
They also cannot easily examine the bid evaluation process or establish the original contract value.
The available information does not clearly show whether the project went through an open competitive process or another legally permitted procurement procedure.
That does not, by itself, establish wrongdoing.
But transparency laws exist precisely because public institutions are expected to provide enough information for citizens, journalists, civil society groups and other stakeholders to independently assess government decisions.
Where information is unavailable, suspicion often grows even when officials may have legitimate explanations.
A Contractor With a Limited Public History
The investigation identified WL Construction Limited as the main contractor handling the project.
Corporate registration records reportedly show that the company was incorporated in July 2023.
The government later flagged off the Ibom Tower project in November 2024.
The company was therefore relatively new when compared with many long-established construction firms operating in Nigeria.
A company’s age alone does not determine its competence.
New firms can employ experienced professionals, secure financing, build technical partnerships and successfully execute major projects.
The more important question concerns the procurement process.
How did the government assess the company’s technical and financial capacity?
Who else participated in the selection process?
What criteria guided the award?
Were there competitive bids?
Were technical evaluations conducted?
These are questions that accessible procurement records could help answer.
The report also identified D.O Design Build as the architect, alongside other consultants involved in the structural and technical aspects of the project.
Yet the broader financial framework remains unclear to the public.
A State With Growing Revenue
The questions surrounding the Lagos project have emerged at a period of substantial financial inflows into Akwa Ibom.
The state reportedly received more than ₦2.934 trillion in revenue during the first 38 months of Governor Eno’s administration.
That financial capacity has enabled the government to pursue major infrastructure and investment projects.
The Lagos tower is one of those projects.
Another significant provision involves the renovation of a hotel in Uyo, for which the state budgeted ₦26.91 billion.
Large public investments can create assets and generate future income.
They can also stimulate economic activity if properly planned and efficiently managed.
But the scale of public spending increases the need for clear disclosure.
The larger the investment, the stronger the public interest in understanding its cost, funding structure and expected returns.
Why Invest Billions in Lagos?
The Ibom Tower has also triggered debate over the location of the investment.
The project sits in Lagos rather than Akwa Ibom.
Supporters of such an investment could argue that Lagos offers access to Nigeria’s largest commercial market and could provide the state with a valuable income-producing asset.
A strategically located commercial property could potentially generate rental income and diversify the state’s revenue base.
Governor Eno has framed the project in that context.
He said the investment would help increase Akwa Ibom’s internally generated revenue.
The argument is therefore based on long-term returns.
Critics, however, have raised another set of questions.
Akwa Ibom still faces infrastructure, social and economic development needs within the state.
The challenge for government is to demonstrate why committing billions of naira to a commercial property hundreds of kilometres away represents the best use of public resources.
That debate cannot be settled through political arguments alone.
It requires data.
How much will the building cost?
How much revenue is it expected to generate?
How long will it take to recover the investment?
What are the projected maintenance costs?
What assumptions underpin the business case?
Has the government conducted a detailed financial feasibility assessment?
Public disclosure of such information would allow the investment to be evaluated on its economic merits.
Accountability Beyond Budget Announcements
Budget figures provide an important starting point, but they do not tell the entire story.
A ₦41.05 billion cumulative provision does not automatically establish that ₦41.05 billion has been spent.
At the same time, the absence of detailed expenditure reports makes it difficult to establish the actual amount released.
This is where budget implementation reports and audited financial statements become critical.
They can help citizens move beyond approved figures and examine actual spending.
They can show whether allocations were released, how much was paid and whether projects progressed in line with expectations.
Without regular and detailed disclosures, the public is left with estimates, budget provisions and official assurances.
That creates a gap between government spending and public understanding.
The Need for Clear Answers
The Ibom Tower may eventually become a profitable investment for Akwa Ibom.
It may also emerge as an important commercial asset capable of generating income for the state.
But the success of the project will not be measured only by the height of the building or the prestige associated with owning a major property in Lagos.
Its value will also depend on transparency.
The government can reduce the current uncertainty by publishing the original contract value, procurement documents, project implementation schedule, payments made and details of any approved variations.
It can also disclose the financial model behind the investment and explain how much revenue the state expects the building to generate.
Those disclosures would not weaken the project.
They would strengthen public confidence in it.
For now, ₦41.05 billion has appeared in successive budget documents for the Lagos tower.
Yet the exact contract value remains undisclosed.
Until more detailed information enters the public domain, the Ibom Tower will remain more than a construction project.
It will continue to stand as a test of how far transparency and accountability travel with public money.
