The firms include Transglobal Energy Funds Pte Limited (Singapore), Royal Orchid Holdings Limited, Elite Max Asia Limited and World Energetic Holdings Limited, which is registered in Nigeria as Energy Infrastructure Fund Limited (EIFL).

The consortium, a member of Supra Energy and Power City Pte Limited, will from next year begin the construction of the 670 hectares Lagos Energy City at Badagry at a cost of $1.5 billion (about N180 billion).

The Chief Executive Officer of Transglobal Energy Funds, Mr. Trivedi Kiran, said in Lagos that the private power plant was to ensure that the city enjoy uninterrupted power supply when operational by 2010.

He said part of the sources of power supply to the city, would be from recycled waste.

Kiran said: "The Lagos Energy City is a project targeted at oil and gas industry and tourism to provide a one-stop-city for their operations. The city would have with all amenities, access road, recreation, hotel, hospital and schools of international standards and uninterrupted power supply.

"Lagos Energy City will be divided into two zones with zone 1 serving as convention and tourism zone and zone 2, the energy city zone. Zone 2 is being conceived as Africa’s first fully-independent business centre for the oil and gas industry. It will serve the needs of all players in the industry value-chain, providing world class office facilities, executive residences, schools, sports club, medical facilities and retail centres, among others.

"Lagos Energy City project is an eco-friendly development designed under the Green Integrated Utility System (GIUS) model with guidance of Siam Design Consortium. It has attracted the attention of leading multi-nationals in both the energy and tourism sectors."

"A 155 hectare site will be developed to maximize its tourism appeal and cater to the needs of Lagos’ tourists and visitors. It will house a convention centre and other convention facilities, hotels, serviced apartments, luxury resorts, Spa’s and other tourist facilities. Initial investment for the infrastructure development in this zone, will be about $252 million.

The Energy City project, he said, would be formally launched in mid January next year. The construction of phase one aspect of the project comprising of infrastructure: roads and other amenities, he said, would start in March next year and expected to be completed in November after which the second phase would commence.

The energy city, he said would be the biggest in Africa adding that such a city has been successfully built in Hong Kong and was embraced by major oil companies in the world operating in the area.

Kiran said the design and planning contract was awarded to Siam Design Consortium and an agreement signing ceremony was held in Bangkok, Thailand last month in the presence of Lagos State Commissioners for Tourism, Senator Tokunbo Afikuyomi, Commerce and Industry, Honourable Adeniyi Oyemade and senior officials of Thailand Board of Investments, Department of Export Promotions.

Also at the press briefing were members of Board of Directors of the company, Alhaji Lai Mohammed, Mr. Ademola Adeyemi-Bero the managing director of British Gas Exploration and Production and Mr. Ebenezer Onyeagwu, a General Manager in Zenith Bank Plc. Zenith Bank was said to be the official Bank to the project. Onyeagwu said that city would not be a class based one but solution-driven project to bridge inefficiencies and man-hour losses.

Others at the briefing include the Chairman and Chief Executive of Adata C-Track Limited, Mr. Jeye Okorodudu.

It was also learnt that the Fola Adeola of the former PenCom and Transcorp is on board the company.

EIFL director, Ms. Jantana Sangjam said: ‘The establishment of this company is a major step towards the completion of goal in making Nigeria a global destination in terms of oil and gas business. This project is an indication of the global confidence of investors towards the project and the country, as proven by the amount of funding the project generated.

She noted that the master plan for the zone 1 and 2 of the project are well underway and is expected to be completed by middle of January, 2008, along with the completion of major milestones as discussed with the Governor of Lagos State, Mr. Babatunde Fashola during his visit to Singapore in October this year.

"The patronage of Lagos State and its people is the biggest ingredient for the continued success of this project," she added.