In August 2019, activity on The Waves Towers officially recommenced after being on hold for up to 9 years. Ecobank made the decision to complete one of the 4 towers in this mixed-used development with the objective of using it as their new head office.

The bank’s plan involved consolidating their footprint and relocating staff members from an array of properties within Victoria Island, (especially the EDC Building on Adeola Odeku Street and the existing head office on Ahmadu Bello Way) to put them all in this new property. Since construction started, however, the world and the way we work has evolved, so we can imagine that this strategy may be reviewed.

Key facts about The Waves:

• Average Size of One Tower: 11,000sqm;
• Number of Towers: 4;
• Location: Ozumba Mbadiwe Avenue, Victoria Island, Lagos – Nigeria;
• Sponsor: Ecobank;
• Main Contractor: ITB Nigeria Limited;
• Architect: Majoroh Partnership;
• Project Manager: Comprehensive Project Management Services;
• Structural Engineer: Morgan, Omonitan & Abe Limited;
• MEP Engineer: KOA Consultants;
• Construction recommencement: August 2019;
• Expected Completion: 2021.

The project was originally developed with the belief that the now-defunct Oceanic Bank (Oceanic), might one day use part of it as a head office. It included a master combination of office, residential, and hospitality elements among others. After widescale fraud at the bank was uncovered in 2010, Ecobank received shareholder approval to acquire 100% of Oceanic in 2011, and the incomplete project was absorbed into Ecobank. At this point, 2 of the 4 towers planned were already topped out and had a large part of their glazing installed. The final two towers were only at the parking level. In the years that followed, acquisition pitches were made to prospective investors, however, concrete interest was not received.

The expectation now is that the completion of one 11,000sqm tower and its usage as Ecobank’s head office will clearly illustrate the potential of the other incomplete aspects to prospective investors, and show how quickly it will be to turn this development around, in lieu of starting a greenfield development in this rising cost environment. The old glazing was removed and new glass panels are being installed.

A similar transaction is currently occurring in Ikeja with The Exchange on Mobolaji Bank Anthony Way. In lieu of a greenfield development within Ikeja GRA, the sponsors of The Exchange acquired what was formerly Victoria Tower, another project that had been on hold for up to a decade, and decided to rename and develop it, instead of taking greater development risk.