Market News

The African Diaspora Development Institute ADDI is partnering International Property Investment and Development IPIAD, a Nigeria based tourism development firm to build a $2.5 billion major 5-star mixed-use business, leisure and historical destination resort in Bonny, Rivers state. 

The aim is to bring back to Nigeria, African descendants who were sold into slavery all over the world. 

The project being championed by IPIAD, ADDI and other foreign partners is aimed at attracting back African-Americans who want to relocate to Nigeria or re-discover their ancestral roots, families, kingdoms and villages in Nigeria. 

A statement issued in Abuja after receiving officials of ADDI, the President of IPIAD, Prince Kalada William-Jumbo, said the first phase of the proposed TUSONDEL City project was estimated to cost $2.5 billion and over a period of 10 years expected to attract investments of around $10 billion. 

Prince William-Jumbo noted that African Diaspora Development Institute ADDI recently concluded a successful ground breaking of a similar project referred to as “Wakanda City of return” in Cape Coast, Ghana which attracted a lot of Africans in the diaspora to come back home to Ghana/Africa. 

On the choice of Rivers state as the location, William-Jumbo who is also a member of the ADDI advisory board said; “Bonny Kingdom is one of the oldest, richest and most famous of all the Kingdoms in the region and like its land, its history is also very rich and old, but not without controversy and pain. 

“Historically, Bonny Kingdom was a major strategic trading and economic hub hundreds of years ago. A centre for learning, commerce and trade, and still is till this day. At the peak of Bonny Kingdom’s reign, between the 19th to early 20th century, the people of Bonny and the extended Niger Delta Kingdoms in general, also participated in the dreadful but at that time, very lucrative business of slave trading.”