Japaul Gold and Ventures Plc has announced the signing of a N26 billion sand mining contract with Gravitas Investment Limited to mine 3.5 million cubic meters of sand for the reclamation of Gracefield Island, located at the end of Chevron Drive, Lekki, Lagos State.
The announcement was made public on November 25, 2024, through a disclosure published on the Nigerian Exchange (NGX) and signed by the company’s Secretary, Michael Edeko.
According to the release, Japaul Gold will play a pivotal role in the reclamation of 200 hectares of land, a development that is expected to usher in a slew of luxurious amenities, including a golf course, golf estate, boat club, yacht parking spaces, and shopping malls.
The sand mining project aims to reclaim swamps and lagoons in the area, paving the way for a high-end development that will become a new Banana Island.
Set to be completed in 26 months, the project will transform Lekki into a premier residential and commercial hub.
According to the…