Bank of Industry to join league of Eko Atlantic elite ‘residents’

Barring possible changes and bureaucratic delays, the Bank of Industry (BoI) will be joining the league of high-profile institutional residents as the Federal Executive Council (FEC) has approved the design and construction of a new headquarters for the Bank at Eko Atlantic City, Lagos.

Eko Atlantic City is a massive new coastal city being built on reclaimed land from the Atlantic Ocean next to Victoria Island, Lagos. It is designed as a business, residential, and leisure hub, featuring modern infrastructure, a smart grid, and a powerful sea wall to combat coastal erosion.

It’s a planned urban development offering prime real estate and a gateway to African emerging markets, with plans for 10 districts, skyscrapers, commercial centres, and a sustainable energy system.

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The city has become Nigeria’s most sought-after destination for its high-end infrastructure, and well-planned city layout as reflected in an eight-lane boulevard, about 13 internal bridges, underground cables and green footprints defined by over 30,000 trees.

Today, having a building in the city has become a fad among the ‘big boys,’ as was the case with Old Ikoyi, Victoria Garden City (VGC), Osborne Foreshore, and now Banana Island.

Major institutions building or planning headquarters in Eko Atlantic include First Bank (constructing Nigeria’s tallest building), MTN Nigeria, and the U.S. Embassy (new consulate), with Dangote Group also establishing a significant presence, positioning the city as a major financial and corporate hub.

The plan for BoI to have its headquarters in the city will mark a major step in the Federal Government’s drive to reposition Nigeria’s industrial and financial infrastructure.

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The FEC approval for citing the headquarters at Eko Atlantic was announced by the Minister of State for Industry, Trade and Investment, John Enoh, while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu in Abuja.

Enoh disclosed that the council approved five key memoranda relating to the ministry, with three focused on industrial development and two on trade and investment, adding that the council also approved the award of a contract for the design and build of the Bank’s headquarters.

“The new headquarters is expected to serve as a central hub for the BoI’s expanded role in financing industrial growth, small and medium-scale enterprises, and export-oriented manufacturing,” he explained.