Bank of Industry.webp
The Digest:

The Federal Government’s approval to relocate the Bank of Industry (BOI) headquarters to the upscale Eko Atlantic City in Lagos is facing growing scrutiny, with analysts questioning the necessity and cost of the move amid existing office infrastructure and pressing national economic needs.

Key Points:
  • The BOI already has major offices in Marina (Lagos), a 12-storey tower in Abuja, and branches in 33 states.
  • The new headquarters, approved by the FEC, is intended to serve as a central hub for industrial financing.
  • Eko Atlantic City is a privately developed, luxury coastal city where land costs $1,500–$3,000 per square meter.
  • Critics label the project a “white elephant” and “vanity structure” that diverts funds from SME financing.
  • Analysts argue BOI’s profits should support manufacturers and industrial infrastructure, not new edifices.
  • The development is owned by the Chagoury Group, a firm with close ties to President Tinubu.
  • BOI has not publicly responded to the criticism or explained the relocation’s funding source.
The controversy underscores a recurring dilemma: whether investing in landmark infrastructure serves national progress or merely deepens the storm of perceived elite capture and misplaced priorities.

Sources: Daily Trust