ADC Chieftain demands transparency on LWIL ownership
A fresh push for transparency has emerged over the operations and ownership structure of Lekki Worldwide Investment Limited (LWIL), following a formal follow-up request submitted to the Corporate Affairs Commission (CAC).
In an open letter dated April 17, 2026, ADC chieftain, Funso Doherty, called on the CAC to provide detailed information regarding LWIL, a company established by the Lagos State Government to oversee the development and management of the Lekki Free Zone (LFZ).
The letter, which follows earlier correspondence, raises concerns over the transparency of LWIL’s ownership structure, asset transfers, and concession processes linked to vast land holdings within the zone.
According to the correspondence, the LFZ project initiated during the administration of former Lagos State Governor and current President, Bola Ahmed Tinubu involved the compulsory acquisition of about 16,500 hectares of land, representing roughly 5% of the state’s landmass.
Although LWIL was vested with the authority to manage and develop the zone, including entering into joint ventures and granting concessions, the letter questions how these powers have been exercised over time citing CAC records indicating that approximately 41% of LWIL’s shares are held by the Lagos State Government, with another 41% attributed to IBILE Holdings.
However, the ownership of the remaining 18% is reportedly not disclosed in public records, raising accountability concerns.
Highlighting additional issues including the absence of publicly accessible financial statements or audited accounts for LWIL and some affiliated entities, despite their role in managing public assets the letter queries the processes through which concessions and joint venture agreements within the LFZ are awarded, noting that such transactions are not sufficiently disclosed, despite their significant public interest implications.
It further points to the transfer of valuable assets including land allocations and infrastructure to private entities without clear, publicly available documentation outlining the terms and beneficiaries of such arrangements.
The letter warns that the lack of transparency could obscure whether the state and its citizens are deriving optimal value from assets tied to the Lekki Free Zone urging the CAC to address the identified gaps by ensuring full disclosure of LWIL’s ownership structure and corporate filings, in line with its statutory responsibilities.
However this recent release is expected to heighten public scrutiny over the management of strategic economic assets in Lagos, particularly those involving large scale land acquisitions and public private partnerships.