Akwa Ibom State Governor, Umo Eno, has refused to reveal the cost of the 18-storey Ibom Tower building being built in Lagos. This project has received at least N41.05 billion in budget since 2024.
In several videos seen by PREMIUM TIMES, Mr Eno did not give a figure when a journalist asked about the cost during a visit to the site over the weekend.
Instead of sharing the cost, the governor said they are still figuring it out due to changes from the project consultant.
“A lot of things have happened here that we didn’t envisage. The consultant has made a lot of input. I think we are still working back end,” Mr Eno said.
“If you say a figure today, people hold you to it. So, I rather get the work done rightly than to begin to look at the price.
“All these are to help us increase the State IGR.”
Governor Eno’s reply has raised concerns about the transparency of a project that has seen the state government allocate multibillion-naira budgets since it started.
A review of Akwa Ibom State’s budget documents by PREMIUM TIMES shows that N16 billion was set aside for the Lagos building in the revised 2024 budget.
The amount was cut to N10 billion in the revised 2025 budget, while N15.05 billion was allocated for the 2026 approved budget.
Together, these budget provisions add up to N41.05 billion.
It is still unclear how much of the approved funds have been released and spent on the project.
This uncertainty is partly due to the state government not publishing detailed budget performance reports since the first quarter of 2025 and capital spending in its financial statements.
The lack of public information about the project’s cost is concerning. Akwa Ibom’s public procurement rules allow access to procurement information.
The state’s public procurement law requires the Bureau of Public Procurement and other agencies to publish procurement details through the state’s e-procurement portal.
However, PREMIUM TIMES could not find any records about the Ibom Tower project when our reporter searched the portal on Tuesday, 11 August.
The newspaper found that the Eno administration rarely shares complete details about major public contracts. This includes contract sums, schedules, and procurement documents. This goes against Section 21(15) of the state’s 2026 Public Procurement Law, which ensures public access to such records.
The law states that procurement records must include contractor identities, contract values, dates of award, procurement processes, technical specifications, and other details that support public accountability.
This information would help residents understand how much the government is spending on a major project and track its progress.
The lack of this information makes it hard to confirm the real value of the Lagos building project, how much has been paid to the contractor, and whether new budget provisions are for additional costs or outstanding payments.
Findings by PREMIUM TIMES show that WL Construction Limited was chosen as the main contractor for the project.
Other companies involved include D.O Design Build, the architect; Pois Consult Limited; and Alliance Engineering Consult, the structural engineers.
WL Construction Limited was registered to operate in Nigeria on 11 July 2023, which was about two months after Mr Eno took office.
The company was registered 15 months before the state government launched the Ibom Tower project in November 2024.
The acronym “WL” stands for Western Legacy.
It is unclear how the contractor was chosen and what the procurement process involved since there are no public records available.
The state government has not made public the bidding documents, the number of companies that took part in the process, evaluation reports, award documents, or the contract amount.
PREMIUM TIMES previously reported that Mr Eno announced a contractor was awarded a job without bidding.
The governor has also asked for powers in the new procurement law to avoid bidding for large contracts.
The lack of information about the Lagos project comes while Akwa Ibom has received significant revenue under Mr Eno.
PREMIUM TIMES reported that Akwa Ibom earned over N2.934 trillion in revenue in the first 38 months of his administration.
This increase in funds has allowed the government to start multibillion-naira projects in various sectors.
PREMIUM TIMES reported that the state budgeted N26.91 billion for renovating a hotel in Uyo.
But this availability of funds has led to calls for more transparency on how the money is spent.
The government has often said that infrastructure development is key to its economic plan, including the Lagos tower project, which it claims will generate income for the state.
Mr Eno, when asked about the project cost, said the investment would help raise the state’s internally generated revenue.
“All these are to help us increase the State IGR,” he said.
But without clear information on the contract value, spending so far, funding details, and expected returns, it is hard for the public to assess the financial impact or the economic sense of the investment.
The decision to spend billions on an 18-storey building in Lagos has raised questions among Akwa Ibom residents.
Many are asking why a government in a state with significant development needs is focusing on a big property investment outside the state.
Akwa Ibom is still one of Nigeria’s states with high levels of poverty, raising concerns about the balance between investments for future income and urgent social needs.
The government argues that the Lagos project is an investment meant to bring income to Akwa Ibom, not just a building project.
But the lack of public procurement and spending information makes it hard to support that claim.
For now, the exact cost of the Ibom Tower remains a mystery, even as budget provisions for it have hit N41.05 billion.
While the governor insists he wants to “get the work done rightly” rather than give a figure that might change, the procurement law requires the state to make financial details of government contracts public, not just future estimates.
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