When Bola Tinubu, President of Nigeria, (represented by Vice President Kashim Shettima) laid the foundation stone on March 5, 2025, the tallest building in West Africa entered the concrete stage.
The ceremony, officially titled the First Bank Headquarters GroundbreakingEko Atlantic City, Lagos, gathered a who’s‑who of Nigeria’s political and business elite on the reclaimed shoreline of Victoria Island.
Why the tower matters to Lagos and beyond
For a country that celebrated 130 years of banking history this month, the move signals more than bricks and glass. First Bank of Nigeria aims to cement its role as a financial catalyst, mirroring the ambition that turned Lagos from a colonial port into a megacity.
At 40 storeys—some sources whisper of a 43‑storey design—the tower will eclipse the Eko Tower’s 25 floors and claim the title of the tallest structure in both Nigeria and the wider West African region. The height is not just a brag‑ging statistic; it’s a visual cue that the country is ready to host multinational headquarters, sovereign wealth funds, and fintech incubators under one roof.
Design, sustainability and tech – the green edge
Architecturally, the tower is being billed as a “green‑certified” marvel. The design incorporates solar façades that can generate up to 1.2 MW of electricity, a smart‑glass system that modulates natural light, and rain‑water harvesting that could cover 70% of the building’s non‑potable needs.
“We are not just building a skyscraper; we are delivering an engineering and environmental benchmark for Africa,” said Olusegun Alebiosu, Chief Executive Officer of FirstBank Group. Acting Group Head of Marketing, Olayinka Ijabiyi, added that the building’s intelligent energy‑management system will cut operational costs by an estimated 30% compared with conventional office towers.
The sleek glass curtain wall will be fitted with a building‑wide IoT network, allowing real‑time monitoring of energy consumption, indoor air quality, and occupancy levels. In other words, the tower will be as “smart” as the fintech platforms it houses.
Political backing and the list of dignitaries
Among the crowd, Lagos State Governor Babajide Sanwo‑Olu presented a certificate of approval, highlighting the project as a model for future private‑public collaborations. He praised former Governor Bola Tinubu for envisioning Eko Atlantic back in 2004, noting that the area now “stands as Africa’s model city.”
Other notable attendees included:
- Chairman of First Bank, Femi Otedola
- Ogun State Governor Dapo Abiodun
- Ondo State Governor Lucky Aiyedatiwa
- Business magnate Aliko Dangote, Chairman of the Dangote Group
- Former Senate President Bukola Saraki
- Chairman of Folawiyo Group, Tunde Falawiyo
- Gilbert and Roland Chagoury, founders of the Chagoury Group
- Dr. Deji Adeleke
The sheer diversity of the roster underscores how the tower is being positioned not merely as a corporate headquarters but as a national landmark.
Economic ripple effects for Lagos and West Africa
Real‑estate analysts estimate that the tower could lift surrounding property values by as much as 15% within five years. The development is expected to create roughly 5,000 construction jobs and, once operational, 2,500 permanent positions ranging from senior bankers to facilities managers.
“The presence of First Bank’s flagship office in Eko Atlantic will act as a magnet for other financial institutions,” said Chidi Nwankwo, senior analyst at Nigerian Economic Summit. He added that neighboring countries are watching the project closely, hoping to replicate Lagos’s emergence as a hub for offshore banking and investment funds.
Beyond the immediate employment boost, the tower’s sustainability credentials align with Nigeria’s Climate‑Smart Development Strategy, which aims to slash carbon emissions by 30% by 2030. If the building meets its green‑certification goals, it could become a case study for future public‑private infrastructure projects across the region.
What’s next: timeline and next phases
Construction is slated to begin in June 2025, with a projected completion date in late 2029. The first phase will involve deep‑foundation piling on reclaimed land—no small feat given the Atlantic’s shifting tides. Once the sub‑structure is set, the glass façade installation is expected to start in early 2027.
Meanwhile, First Bank has announced a series of community outreach programs aimed at skilling local youths in green construction technologies. The bank also pledged to allocate 5% of the tower’s total cost—approximately ₦12 billion—to scholarships for engineering students from Lagos and surrounding states.
Background: First Bank’s journey to a 130‑year legacy
Founded in 1894 as the Bank of British West Africa, First Bank of Nigeria has evolved from a colonial branch into the country’s oldest indigenous bank. Over the decades it survived military coups, hyperinflation, and a shift to digital banking, emerging each time with a refreshed strategy.
Its expansion into London, New York and Dubai over the past ten years reflects a deliberate effort to “fly Nigeria’s flag on the global stage,” as Chairman Otedola put it during the ceremony. The new skyscraper is the physical embodiment of that ambition, turning the bank’s intangible brand equity into a landmark that can be seen from the Lagos skyline.
- Key Facts
- Groundbreaking date: 5 March 2025
- Location: Eko Atlantic City, Victoria Island, Lagos
- Height: 40 storeys (approx. 180 m)
- Projected cost: ₦250 billion (about $650 million)
- Green‑certified target: LEED Platinum
Frequently Asked Questions
How will the new First Bank tower affect Lagos real‑estate prices?
Analysts from the Nigerian Economic Summit project a 12‑15% uplift in property values within a five‑kilometre radius of Eko Atlantic. The tower’s prestige and the influx of high‑earning professionals are expected to drive demand for premium residential and commercial space.
What sustainability features set the building apart from other Lagos skyscrapers?
The building will sport on‑site solar panels capable of generating 1.2 MW, a smart‑glass façade that reduces cooling loads by up to 40%, rain‑water harvesting covering 70% of non‑potable demand, and an IoT‑driven energy‑management system that aims for a LEED Platinum rating—far beyond the typical green‑building standards in the city.
Who are the key political figures backing the project?
President Bola Tinubu (represented by Vice President Kashim Shettima) officiated the ceremony, while Lagos State Governor Babajide Sanwo‑Olu presented the construction approval. Ogun and Ondo state governors also attended, signalling regional support for the development.
When is the tower expected to be completed?
Construction is scheduled to start in mid‑2025 with an estimated finish date in late 2029, making it ready for occupancy just before the decade’s end.
What does this project mean for Nigeria’s position in the global financial sector?
By anchoring its flagship office in a world‑class, green‑certified skyscraper, First Bank signals that Nigeria is ready to host multinational banks, sovereign wealth funds, and fintech innovators. The tower is expected to attract further foreign direct investment, bolstering Lagos’s bid to become Africa’s premier financial hub.
Jeff Abbott
October 3, 2025 AT 08:47Hey folks, love the ambition behind the tower but can we talk about the real cost to everyday Nigerians? It feels like a vanity project wrapped in green‑tech hype, and I’m not buying the glossy PR spin.
Quinton Merrill
October 6, 2025 AT 15:27Wow what a landmark! The solar façade sounds amazing 😊 lol i think it’ll set a new benchmark for Lagos, even if some of the details are still a bit hazy.
Linda Lawton
October 9, 2025 AT 22:07Honestly, this skyscraper is just a distraction. While they brag about LEED Platinum, the elites are funneling money into a monument that hides deeper corruption and a push for a shadow financial empire.
Ashley Bradley
October 13, 2025 AT 04:47The philosophical angle here is intriguing; we see architecture as a metaphor for societal aspirations, yet the mechanics of power remain opaque. In concise terms, the tower symbolizes both progress and the perennial tension between public good and private gain.
Joe Delaney
October 16, 2025 AT 11:27Looks great and could bring jobs. It's a win for Lagos.
Ruben Vilas Boas
October 19, 2025 AT 18:07Totally agree, the job boost is real and the green tech could inspire other projects. Let’s keep that momentum going and support local talent to make it happen.
George Thomas
October 23, 2025 AT 00:47The formal presentation of the project underscores Nigeria’s intent to position itself as a regional financial hub, and the integration of IoT and renewable energy aligns with contemporary urban development standards.