Dayspring Property Development Company, a real estate development company owned by Nigerian billionaire oil tycoon Folorunsho Alakija, has completed the construction of Famfa Tower, a 22-story office complex situated in the upscale Ikoyi neighborhood in Lagos.
The building, according to media reports, cost more than N60 billion ($145 million) and was reportedly financed without any bank loans.
The complex will serve as the new corporate headquarters of Famfa Oil, the oil exploration company that Alakija co-founded. The five highest floors of the property will be reserved for Famfa and Alakija’s personal use, while the remaining floors will be rented to interested tenants.
The building, which was constructed by Julius Berger, includes a gym, helipad (with a dedicated waiting room) and 266 car park spots.
The building’s exterior consists of high-performance unitized curtain walling with integrated facade lighting, ballistic performance considerations in certain places, and aluminum cladding.
Alakija has been increasing her holdings in the high-yielding luxury property market in Nigeria, London and New York. Dayspring Property Development Company, her real estate firm, has a diverse portfolio that includes the Rose of Sharon Tower in Victoria Island and Project Delta in Ikoyi. Famfa Tower, however, is her most recent building.
Alakija initially started off in business by founding a fashion label called Supreme Stitches, which catered to influential Nigerians. In 1993, she serendipitously received an oil prospecting license, which was then converted to an oil mining lease, resulting in the formation of Famfa Oil, a Nigerian oil exploration firm with an interest in the highly prolific offshore asset, Agbami Oilfield.
