NationalMirror Ocean surge threatens massive Lekki real estate investments by DAYO AYEYEMI on Aug 20, 2013 | Posted under: Business & Finance The ocean surge threat in the high-brow Lekki corridor of Lagos State is causing ripples in the real estate sector as many experts are fearful that the natural phenomenon might cause downturn in property values in the area. DAYO AYEYEMI, reports. The Lekki-Epe axis of Lagos State is largely considered as the fastest growing axis in Nigeria, on account of the plethora of real estate developments, new and old corporate organisations and industries that have sprung up in the area since it was opened up by the government Besides, this corridor plays host to the proposed Lekki Free Trade Zone, FTZ, Chevron Corporate Headquarters, Lekki Conservation Foundation, NCF, and proposed Lagos International Airport among other residential estates and hotels and resorts. But the news lately is that this corridor is being threatening by that ravaging ocean surge, a situation that has sent panic to real estate investors, property developers and various communities along the axis. Their fear is that if urgent steps are not taken to address the situation, their multi-billion naira investments might go down the drain. They also expressed concerns that they might be dislocated and forfeit their properties and investments to the ocean waves. The panic came in Lekki Peninsula area of Lagos State last week as the ocean surged once again triggering an alter from the authtorities. The recurrence of the surge, after last year’s tidal waves that ravaged Kuramo Beach, has been a source of concerns for property owners and real estate developers. The areas affected by last week occurrence included Lekki Beach, Alpha Beach and Elegushi Beach Residents and early morning callers to the Lekki Beach had noticed the rising level of the ocean waves and raised an alarm. Also affected were the premises of nearby Silverbird Television, a private television station as water flowed into the organisation’s compound and adjoining properties. According to an eye-witness, a lady narrowly escaped being swept away when the waves suddenly took over her, but she held on tightly to a coconut tree to the surprise of many who thought she was done for. Speaking about the ocean surge, Publicity Secretary of Goshen Beach Estate, a gated estate almost wiped off by last year surge, Mr. Sanya Okunsanya, said the current waves, though did not affect his estate as residents have spent millions of naira to do some embankments, which was later strengthened by state government’s efforts. Besides, he said the Lagos State Government has embarked on the construction of gryones on the axis, saying the surge only affected inland properties and beaches. According to him, many homeowners are becoming apprehensive and are relocating out of Lekki to a safe area. He foresees a downturn in the property values of estates along the shoreline, saying not many people we want to buy houses in the axis which is now seen as risky. Another expert, an estate surveyor and valuer, Mr. Etuk Udok, said the prevalent ocean surge in Lagos was common to West African coast, saying it has exposed the whole corridor to danger. He said the incident may not affect property values directly, but maintained that based on human instincts, people would want to relocate to safe locations. On the devastating effects of the ocean, one of the estate developers in Lekki corridor, Mr. Adetola Emmanuel King, said it has affected some locations that were more prone to attack while other areas were not affected. Emmanuel King, who is the Group Managing Director/Chief Executive Officer of Adron Homes & Properties Limited, the promoter of Rehoboth Park & Gardens, Ibeju Lekki, maintained that the ocean surge did not affect his estate, adding that there are some locations on hilly ground along the axis that are not prone to ocean surge. He said locations such as Victoria Island are more prone to the deluge. Although, the report from the Financial Derivative Company Limited in August saw increased foreign interest in Lekki- Ajah area, adding that major attractions are the Lekki free trade zone, airport and seaport, stakeholders said serious embankments must be put in place to curtail spread of ocean surge in the area. But many residents have expressed fears over the adverse effect of the development, prompting state officials to assess the site, asking those within the beach to vacate the area, warning that the surge would likely get worse. Experts have attributed the surge to rising sea level occasioned by melting polar ice due to global warming. Speaking with National Mirror, lecturer in the Department of Estate Management, University of Lagos, Professor Timothy Nubi, said the surge would affect real estate ventures along Lekki corridor, and advised property owners to insure their investments against disaster. According to him, all over the world, climate is changing and that naturally, areas below the sea level are more threatening. The don called for an urgent re-planning of entire Lekki region, saying there is a need to re-plan locations that are built up to accommodate water. “People living in the area are endangered species. Development should move off. I mean less development should be concentrated in the area to give room for water,” he said. Nubi commended the efforts of the Lagos State Government for the sand filling and restoration of Bar Beach, pointing out that if not for that, the entire Victoria Island and Ikoyi would have been wiped off for now but for the bulwark. He maintained that as much as the polar ice keeps melting at a faster rate because of global warming, low lying areas worldwide would continue to be endangered. Lagos based estate surveyor and valuer, Chief Kola Akomolede, said the reoccurrence ocean surge in Lekki area would lead to depreciation in the values of properties, while many homeowners would want to sell their and relocate to safer region ultimately. But, he maintained that the surge only affected the villages within the beaches and not fortified areas. He advised that whosoever wants to build houses in the region must be prepared and be ready for fortified foundation and wall because of the overflowing ocean water. Former Chairman of Lagos branch of the Nigerian Society of Engineers, Mr. Olatunde Jayesimi, said the current global weather was responsible for what is happening on the Lagos shoreline. “We are only lucky here. The effect will not be too far from the backlash of what is happening globally, but there is need for us to take precautions, “he said. He explained that the effect would be temporary on real estate values along Lekki axis. In 2005, a devastating ocean surge submerged Lagos’ Bar Beach and covered the entire Ahmadu Bello Way, making the road a no-go area for motorists. It was the intervention of the Lagos State Government through the former Governor Bola Tinubu who engaged the services of High-Tech Engineering to restore the area. Before the intervention, all adjoining properties to the beach were badly affected by the surge as they were abandoned by owners for the fear of the overflowing ocean water. Lagos State Governor, Mr. Babatunde Fashola, later commissioned the second phase of the restoration of the Lagos Bar beach to keep ocean water at bay. The second phase included extending the beach shoreline by 500 metres. The first phase of the protection work, which was commissioned in April 2007, was 1,000 metres. The work extended along the beach front, commencing just beyond the IMB building in a western direction and terminating at the Akwa Ibom state liaison office complex. Other areas that were not protected during the first phase of the project were eroded when a violent storm hit Victoria Island, two years after. Furthermore, the turning of the sod of the Eko Atlantic City project was done in April 2008. Commissioner for Waterfront Infrastructure Development, Prince Adesegun Oniru, who was also at the event, said the extension of the beach by 500 metres would lead to the commencement of work on the Eko Atlantic City. He maintained that the project would be the first phase of the series of innovations that would permanently arrest the ocean surge. “It would also bring back the glory of the Lagos Bar Beach as a tourist haven. Ultimately, the shoreline would be pushed back to a distance of about 1.5km away from the present location and at the end of the day, culminate in the Eko Atlantic City, a city almost one and a half times the size of the present Victoria Island,” he said. The proposed Eko Atlantic City project has commenced. As at the last count, the developers, Messrs Southern Enegyx has celebrated the feat of reclaiming of five million square metres of land from water. In August 2012, the Atlantic Ocean surged and overflowed its banks, levelling the popular relaxation spot, Kuramo Beach, Victoria Island, Lagos. No fewer than 16 persons were feared dead in its wake, as the surge sacked communities within the vicinity. This event put a question mark on the integrity of Eko Atlantic City project, which state authority said would put an end to ocean surge along Lagos shoreline, as many people blamed the new project for the occurrence. The project, which is billed to cover some nine million square metres of reclaimed land, would be home to about 250,000 people. An environmental activist who has been harping on the need to sanitise the waterways, Mr. Desmond Majekodunmi, had blamed the recent incident on the abandoned shipwrecks in the ocean. Citing Alpha Beach and other beaches within the ocean area that had experienced similar crises, Majekodunmi reiterated his demand on the Federal Government to assist the state in removing the wrecks in other to checkmate any future occurrence. Oniru, however revealed recently that the state government had spent over N38 billion on the restoration of its shoreline damaged by coastal erosion occasioned by frequent ocean surge. He said the restoration work, which started from the back of Eko Atlantic City project to Alpha Beach, covered seven kilometres stretch of the shoreline. Despite the fact that the shoreline being ravaged by coastal erosion is the boundary of Nigeria, the commissioner said that the Federal Government had been passive in finding solution to the problem. Oniru said: “The Federal Government has not contributed anything to help the state government to solve the problem. “President Goodluck Jonathan was at the scene of coastal erosion of Alpha Beach two years ago and promised to help the state government to solve the problem. Up till now, we are still expecting the promise to be fulfilled.” He explained that without the Eko Atlantic City project, the whole of Victoria Island and Ikoyi would have been swept away by the ocean surge. The commissioner recalled how wild storm from the Atlantic Ocean, as a result of rise in sea level, ravaged the Bar Beach in 2006 and how the state government came to rescue. He said, “We all saw what happened at Kuramo Beach last year; strong waves from the ocean swept away people and their makeshifts. We don’t want a repeat of this and that is why the state government is passionate about finding permanent solution to ocean surge of the entire area.” Oniru suggested ways to combat problems of erosion of the shoreline, including the use of sand saver, sand reclamation, sea wall, X-blocks, sand bags, floodgate and groynes (barrier) protection. He said the method adopted by the state government to solve the Bar Beach erosion was the use of groynes. Warning that danger looms in the beaches and its environs, General Manager/ CEO, Lagos State Emergency Management Agency (LASEMA), Olufemi Oke- Osanyintolu, had attributed accidents and emergencies that occur to the nonchalant attitude and carelessness of the people. He warned Lagosians to be safety conscious and stay away from the affected areas especially Lekki Beach, Alpha Beach and Elegushi Beach. He recalled that the latest tidal waves began at midnight and lasted till 6am, and said a repeat of the wave might cause damages to the beach’s environ.
Posted on: Tue, 20 Aug 2013 08:05:11 +0000
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