Lekki Free Zone: A dream gone awry
By FRANK AVAN
Thursday, October 20, 2011





It is so disheartening that the Lekki World Wide Investments Ltd (lwil) set up 8 years ago with so much high hopes and promises has failed woefully to live up to expectations. There is no need to look far for its failure, for simply put, the leadership of the company has fallen short of its promise.

Suffused with grandiose ideas and dreams of mega bucks, this leadership has remained just 'day-dreamers', lacking in reality and short of practical common sense, all too poorly conceptualized to result in any meaningful growth and members of staff, if clearly focused, are just stagnant. Its founding vision was that of a “catalyst for regional economic growth, sustainable development and diversification”.

Its mission “ … to develop a 21st Century model city as a global business have, attracting international investment, promoting exports and creating job opportunities…” so says a promotional brochure by Lekki Worldwide Investments Ltd., on the Lekki Free Zone, proclaiming a vision of Lekki as; “ … the market leader in Africa through our commitment to exceed the expectations of the global business community, offering world-class infrastructure, a conducive business environment and value added services.

Such lofty aspirations! And Such shoddy implementation! The company is so far away from public/private participation, and has not even applied to be listed at the Stock Exchange. Yet in 2006, when the Lekki Wlorldwide Investments Ltd (LWIL) was established, the concept was irresistibly attractive. It was visualized as a veritable special purpose vehicle, as it were, a public enterprise, attracting private placements, privately driven, devoid of strangling bureaucracy, maximally exploiting the special, the very special attributes of the peculiar Lekki-Lagos ambience, to establish a Free Zone of “ … unparalleled opportunities where business thrives and investors believe in their limitless potential to shape tomorrow”.

Sadly, eight years down the road, business is yet to start, not to talk of thriving. With all the opportunities offered by the special nature of Lagos as the heart of Africa, poised to connect the regional markets to the globe: - a first class airport, modern sea ports, a population of 13 million people, a 200 kilometer coastline, bounded by 2 peninsulas home to 60% of all Nigeria's industrial and commercial establishments, and accounting for a very high percentage of gross Nigerian foreign trade, it is such an unforgiveable shame, that the Lekki Worldwide Investments Ltd. has not risen to the challenges of Lekki Free Zone as the 'market leader' in Africa.

It hurts so much, when we consider the available resources, - human and material, geographical and ecological, all yearning to be tapped. 16,500 hectares of land, two peninsulas of infinite opportunities bounded by the Lekki lagoon and the Atlantic Ocean, openings in oil and gas, in industrial manufacturing, finance, real estate, recreation, hospitality business and tourism, Lagos is rightly tagged “ … the fastest growing mega-city in the world…” indeed, there is no place like Lagos. It connects “ … an economic hub with more than 250 financial institutions to the West African Coast and the larger world. See these statistics: -

“ Expanding at 5% per annum, with a population density second only to Mumbai and projected to become the 3rd biggest conurbation on the planet by 2015, The city of Lagos is the leading non-oil sector contributor to the National GNP, Lagos represents the financial, commercial and industrial hub of Nigeria, In 2006, it contributed 30% of the National GNP, consumed more than 60% of its energy, paid 65% of its Value Added Tax (VAT) and accounted for 90% of Nigeria's foreign trade and 70% of all industrial investment, With three lighter terminals and two ports, Lagos generates 50% of Nigeria's Port revenue.” These statistics only tell one half of the story of Lagos, and the Lekki Free Zone was supposed to harness this potential, but ignobly, the story has remained pure supposition; no action, no intent, and no progress.

Instead ,the management of this proposed Free Zone has been hypnotized by day dreams, all talk of fabulous sums of money to be made, all the talk, calculated to siphon huge amounts for pleasure trips abroad, to Cairo, Dubai, China, Hong Kong, USA etc all purportedly in search of private partnership. So far, only the Chinese, that were brought in by the previous administration are on ground, but if care is not taken, all they will have to show is a “China town” of buying and selling, though there are visible signs of miniature developments. No factories yet, no industrial manufacturing on-going. Is this all that Lekki Free Zone promises? When leadership is shallow, there is no deep water for innovations and deep economic thinking, and that is what is happening to the concept of the Lekki Free Zone. Maybe it is time for Governor Fashola to step in with his magic wand, to put in that touch of sanity that he is well known for.

Of the 24 Free Zones all over Nigeria, the Lekki Free Zone stands to reap 50% of the overall national activity, but it will never get there unless there is a change of pilot, an injection of focused blooded people. At present, the orientation is to project for grandiose plans for overnight mega-wealth, so much so that one wonders; would the M/D and the Board of LWIL have been so un-assiduos, were the company their own personal enterprise and not Government owned as it is now? Where are all the foreign participating partners promised by the countless trips abroad, or did it all disappear into private pockets?

The M/D and the Board (LWIL) should tell the taxpayers what mileage they have achieved with the billions squandered so far. What type of Board anyway? What type of Board is in place! A Board with her treasure locked within to multiply or just satisfied with entitlements at government's expense? In this age of a new beginning, we cannot afford to patronize mediocrity. We need pro-active mentality, we demand open and accountable management, the Lekki Free Zone deserves its place as “Primus interpares” in the forefront of commercial activity in Nigeria, West Africa and the sub-Saharan Africa . Why the slumber of all stakeholders and shareholders; they should wake up and lead a concerted effort to galvanize all ideas for optimum productivity of the Lekki Free Zone as set out by the founding fathers.

Instead of all these high - faulting dreams, the Lekki Worldwide Investments Ltd (LWIL) should come down to practical bases. A series of small practicable activity should precede the more ambitious long-term investments. More expert use of the internet will save the money presently expended on air tickets and hotels. The international highway of information is there at the laptop, palmtop, desktop, for that matter. The Lekki Free Zone is so vast, for God's sake, where are the manufacturers.

Six years of go slow and the vehicle is stalled; the driver is expired, and the motor boy is hoarse from shouting in vain; and as for the passengers, they have succumbed to restlessness! In this day as Lagos, the centre of excellence, government must not be seen promoting failure. If the top exhibits only fat dreams, shows no frugality, exhibits no forward movement, then it is time that government shows them the door.

Governor Tinubu brought the Chinese in his time, and now it is Governor Fashola's time to bring in other investors for healthy rivalry and competitive edge for improved economy.

Avan writes from Gelegele, Edo State.

Bola Tinubu's overbearing influence and his greed is what is killing this project. This is yet another one that Fashola, the executive houseboy, has no control over.

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ekt_bear:

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Don't mind these people. Notice that the article came from Sunnewsonline. The same online source from which the likes of WillyWilly gets their anti-Yoruba news from.

And how will Lekki Trade whatever failing be of benefit to Oka town? Nigerians need to learn how to leave others alone and focus on their own.

Aigbofa:

Don't mind these people. Notice that the article came from Sunnewsonline. The same online source from which the likes of WillyWilly gets their anti-Yoruba news from.

Hehe

Sunnewsonline = epic fail

On track.

Game plan:

1. Lekki FTZ
2. Eko Atlantic
3. Lagos Rail
4. Roads/rail linking rest of SW to Lagos, turning rest of SW into the suburbs
5. Privatized power

That is the recipe for building "black excellence, opulence", to borrow a line from Jay

sun newspaper and odili news = anti-yoruba and anti-northerner

smh

lol @ desperate losers,


Eko o ni baje lai lai

SW o ni baje lai lai

Awon at ebi won ni white elephant.

ezeagu:

And how will Lekki Trade whatever failing be of benefit to Oka town? Nigerians need to learn how to leave others alone and focus on their own.

Foolish man who invited you to comment on this thread.

This chy101 fellow. . .lmao

Like a rabid dog who will attack friend or foe

Very hilarious watching him operate

Keep your friends close and keep your enemies closer

alj_harem:

sun newspaper and odili news = anti-yoruba and anti-northerner

smh

Why are you just unnecessarily been Silly or daft? Whats the name of the Chief editor of sun news paper, A full Yoruba man, "Awoyinfa" Go and do your research. Olodo oshi

We have 240 acres of Land @
Elerangbe,this is a Good and Viable
environment with High potential of vast
future appreciation and development
surrounded by several other private
properties & government parastatals like LFTZ(lekki Free Trade Zone) poised to connect the regional markets to the globe: - a first class airport, modern sea ports, a 200 kilometer coastline, bounded by 2 peninsulas home to 60% of all Nigeria's industrial and commercial establishments, and accounting for a very high percentage of gross Nigerian foreign trade.

Tips for speculators: All you need to do is
to buy and fenced it round and process
the universal C of O and register it as a
private estate or otherwise, Dont rush to
develop or sell it wait for some times
between 2-3 years then you can reap over 200% turn over on cash investment
on the property by selling it in plots.

Price: 3million per acre (negotiable) Title: Receipt,Survey,Gov Consent in
Process.
Contact: 08037133612 or email:
george31300@yahoo.co.uk

Please, the group that believes its a wasted project should find time to pay a visit to the facility. The company i work for has a facility there and a future plan. The IOC's all have large expanse of land there about to be developed. The zone is specifically designed along the path of JEBEL ALLI FREE TRADE ZONE , DUBAI. it is meant to serve the deepwater oil and gas sector in West Africa. please pay a visit!

@topic
I dont see anything that has failed in the project rather it was abandoned bi d govt for more pressing need lagos state alrdady has a lot of industries but lack infrastrucure to complement such industries.

The FTZ is neither a white elephant project or a failed project as opined by the writer of the article. There may be some truths in his complains and i strongly believe this article was based on what he saw last year. I was also a vivid critic of the place last year when there was little developments to show that the FTZ was coming up but this year i have gone there twice and toured the whole place and the results are very very encouraging compared to last year or early this year. Maybe the pace of work is still slow compared to all the hype around the place and the definate lack of information to carry people along is definately another flaw there but make no mistake about it, in the next 10 years, the LFTZ AND ELEKO environs is going to be the most expensive place to purchase lands in the whole of Africa if things go according to plan. There is no where you will have a proposed Sea Port, Air port and ftz and not experience a major boom in the economic development of the area. I was very impressed with the pace of work i have seen this year compared to last year and i believe if more efforts on the part of the government is in place the writer will have a change of mind too like me. What i think is required is to drive more awareness for people to own residential plots there more because the village surroundings makes it look as if there is nothing going on there, but on a deeper cusory look i realised most of those lands have been bought by investors at a very cheap rate like N100,000 per plot like some 3 or 4 years ago to resell at a higher premium when full activities commence and i expect them to make the largest profits ever in Lagos when full business resumes there. Its just a bloody Gold mine!!


When am free i will put up some pictures of this place to buttress my arguments! Cheers

That's the problem with our leaders. They use the resources at their disposal to embark on projects simply because they see other countries doing it without a proper analysis to determine if it will actually work here. Hope this doesnt end up like the largest mall in China which happens to be very lonely with little or no activity. Sure they never envisaged that.

inplausible.

Pls get across for the processing of your Building Plan Approvals and Titled Documents( Governor's Consent, C of O, Ratification cases etc), within Lagos, Ogun and Abuja.
I work as a Town Planning Officer and consultant with the Lagos State Govt.
You can send me a mail via select500@yahoo.com and I'll respond accordingly.
Thank you.

the criticisms expressed in this article are  objective enough, it's unfortunate that people are reading other meanings into it. I have been to the Lekki free trade zone myself, and there is very little going on. By now, one will expect some major activities  to be taking place,  all you see are just offices. There is nothing  anti-Yoruba in this article.   the governor is struggling with the reactionary nature of his predecessor. Even though you are in power, sometimes some people are just too big for you to cross

alj_harem:

sun newspaper and odili news = anti-yoruba and anti-northerner

smh

The Sun is also anti-Igbo. Many of the articles on Igbo people annoys the hell out of me.

There's nothing white in LFTZs elephant, work is going on there though @ slow pace. So Mr awka u ve 2 revisit d place

AFFORDABLE PLOTS OF LAND FOR SALES:

2 plots of land @ Ajayi Apata, behind Crown
Title: C of O
Price: #12m (NET)

50 acres of land @ Egan Alapa community, Sangotedo new road behind Crown Estate and Monastery.
Title: Gazzette
Price: #3m/ plot

101 Acres of land @ Museyo town, Eleko along Eleko- Lekki Free Trade Zones road.
Stretching from the coaster road
Very close to Eleko Beach
Within developed neighbourhood
Can be used for Estate and many more benefits
Title: Gazzette
Price: #700k/ plot

plts of land @ Ofinran Ayeteju, Ibeju Lekki L.G.A
Price: #500/ plt

40 acres of land @ Eleran Igbe in Ibeju Lkki L.G.A
Price: #400k/ plot

4 plts of land @ Sangotedo, behind Wdbash Hotel
Price: #3m/ plot (Net)

1 plot of land @ Bogije, Ibeju- Lekki L.G.A
Price: #1.5m (Net)

10 acres of land @ Kaiyetoro community , Eleko junction. It can also be used for prrow- pit.
Price: #500k/ plot

For more details and inspection contact:
ZEROX VENTURES
km 45Lekki-Epe expressway, Sangotedo Ajah Lagos.
call: 08028283595, 08066689251
e-mail: zerox4biz@yahoo.com

haba! which kind bad belle be this? with all the ranting from the writer , he didn't give  [size=14pt] one [/size] good reason why lekki is a failed project. the project has taken 6yrs, big deal.

@lawyer: Look forward to it!

@lagcity: Relax. Chy101 was thoroughly shamed by my link, and will no doubt suffer from more shame in a little bit when others post pictures.

I am even glad he made this thread, so people can see how s1lly he is.

ekt_bear:

@lawyer: Look forward to it!

@lagcity: Relax. Chy101 was thoroughly shamed by my link, and will no doubt suffer from more shame in a little bit when others post pictures.

I am even glad he made this thread, so people can see how s1lly he is.

I really think the message of the article should be addressed instead of attacking messenger/poster, except he is the Avan from gelegele, Edo state in question.

^^

Don't respond to that eketi local. They should focus on the message without bias. Was it not posted on NL by yooroba desperado that Onitsha Port was abandoned when in actual fact the project was being test-run for commissioning. The Lekki free zone investors has long disappeared on seeing that the project is just a white elephant project without economic nor social feasibility to churn out the huge money that is to be invested in it. A big drain pipe for fashola and tinube