Eko Atlantic is a private project fully initiated and funded by the Chagoury family through their companies.
The project was neither initiated nor built by Bola Tinubu.
While Tinubu was Governor of Lagos State from 1999 to 2007, Eko Atlantic project was commenced in 2009 by South Energyx Nigeria Limited, a member of the Chagoury Group of Companies.
The Lagos State Government, whether during or after Tinubu did NOT and is NOT funding the project. Not even by a kobo. Rather the Chagoury Group paid various amounts to the LASG and FG for approvals to construct the project.
The main motivation was to protect their investment, Eko Hotel and Towers from the receding shoreline which was then threatening to consume the multi-billion naira hotel and other investments of the Group along that shoreline.
Lagos State Government wasn’t forthcoming with any solutions, so Chagoury undertook it as a private project and literally own all the land they created there.
The story is similar for the Lekki Port and Free Trade Zone which is a private project of the Vaswani family.
These are projects for which Tinubu and Lagos State Government have tried to claim much credit as legacy projects.
Lagos will always attract projects as a former Colony, capital (for several decades), the consequent large population and its peculiar shoreline location along the Atlantic.
Every fact put out above is verifiable.
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