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Wednesday, December 12, 2018

    6 things you should know about the first occupant of the magnificent Eko Atlantic city


    The first building in the Eko Atlantic city has been acquired by an oil and gas firm and the company has also moved its operational base to the seaside city. Thus, became the first resident of the luxurious city.

    According to local media, the Alpha 1 or Afren Towers was acquired by Salvic Petroleum, a company owned by the Chairman of Seplat Petroleum Development Company Plc, Dr. ABC Orjiako. With this, human and business activities are expected to start within the city.

    These are six things you should know about the building, deal and the company.


      The tower is one of the main flagship real estate development on the $6 billion Eko Atlantic city project in Lagos.

    • Afren Towers was initially planned as the headquarters of Afren Plc, an oil and gas company listed on the London Stock Exchange since 2005. However, alleged financial misappropriation halted the process.

    • The tower was completed in August 2016 and has been unoccupied since then.

    • Salvic Petroleum is well remembered for its attempt to take over theStrategic Alliance Agreement (SAA)for the financing of six oil blocks previously operated by Atlantic Energy Drilling Concept. But the deal fell apart.

    • Salvic is a major sub-contractor in the operation of the Oil Mining Lease (OML) 30.

    • Lastly, this acquisition was reported to be financed by two leading commercial banks in Nigeria.

    This is a positive news for Gilbert and Jack Chagoury Nigeria Limited who was behind the development of Eko Atlantic City. More so, the city is one of the real estate development noted to shape economic activities of Africa by 2020.