A Guide to Investing in Eko Atlantic City Land

I have spent more than a decade working at the heart of Eko Atlantic City — first as Managing Director and CEO of Eko Development Company Limited, where I led the development of Azuri Towers, and now as an independent advisor through Makaya Consult. In that time, I have seen every category of investor approach this market: sophisticated family offices who understand what they are acquiring, and first-time buyers who underestimate what they do not know. This guide is written to close that gap.

Eko Atlantic is not a conventional real estate market. It is a purpose-built city constructed on land reclaimed from the Atlantic Ocean, governed by its own regulatory framework, and subject to development controls that differ meaningfully from the rules that apply on Victoria Island or Ikoyi. An investor who treats it as an extension of the Lagos mainland market will make expensive mistakes. An investor who understands its specific dynamics will find opportunities that do not exist anywhere else on the continent.

Understanding the District Map

The city is divided into ten districts, each with distinct zoning designations, plot size ranges, permitted uses, and pricing tiers. This is the first thing any serious investor must understand. A plot in the Downtown Business District commands a different premium — and carries different development obligations — than a parcel in the Low-Rise Residential Area or the Avenues.

Each district has height limits, setback requirements, and FAR (floor area ratio) rules that directly determine the commercial viability of any development. I have reviewed many projects where investors acquired land without understanding these constraints — and discovered after purchase that their planned development was not permissible. Title due diligence must include the development control schedule, not just the certificate of title.

Pricing: What to Expect and Why It Varies

Land prices in Eko Atlantic are denominated in US dollars per square metre. As of 2025, prices range from approximately $1,050/m² in Phase 3 outer zones to $3,000/m² and above for premium parcels in the Marina District and Oceanfront District. The spread is not arbitrary — it reflects proximity to the seafront, the maturity of surrounding infrastructure, and the density of completed developments nearby.

There is also a distinction between primary sales (directly from South Energyx Nigeria Limited, the city developer) and secondary market transactions between private owners. Secondary market pricing can sometimes represent better value — or can carry complications around title transfer and outstanding development obligations. Understanding which category of transaction you are entering is fundamental.

Brokerage fees of 5% are standard. In joint venture transactions, additional structuring fees apply. Any transaction advertised to a cash-ready buyer only, with urgency, warrants particular scrutiny: in my experience, legitimate opportunities in this market do not require speed to be attractive.

Title and Legal Framework

Eko Atlantic operates under its own title regime: the Eko Atlantic Title, which is a registered deed of assignment rather than a conventional Certificate of Occupancy (C of O) under Nigerian land law. This is a critical distinction. The title derives its authority from the underlying framework established between South Energyx Nigeria Limited and the Lagos State Government.

Before any purchase, an investor should confirm: the chain of title from the original allocation, that no prior development agreement encumbers the land, that no outstanding levies or service charges are attached, and that the proposed development complies with the district zoning schedule. This is not box-ticking — these checks have prevented significant losses for clients I have advised.

Joint Venture Structuring: The Most Common Path

Many landowners in Eko Atlantic lack the development capital to build, while many developers lack land in preferred locations. Joint ventures between the two are common — and can be structured in a variety of ways: profit share on completed units, floor allocation, or hybrid models where the developer takes units and the landowner takes cash and units in combination.

• Agree the independent valuation methodology before any term sheet is signed
• Define the development programme, phasing milestones, and remedies for delay
• Specify the quality standard — particularly for finishes, which directly affect the sales value of allocated units
• Appoint a project monitor acceptable to both parties
• Address the treatment of cost overruns explicitly — ambiguity here is the most common source of JV disputes
• Ensure that the landowner's title is protected throughout the construction period

The biggest single error I see in JV negotiations is a rush to close a headline deal without resolving the operational detail. The headline is easy — the detail is where value is preserved or destroyed.

What the Next Decade Looks Like

The city remains in active construction across multiple phases. Infrastructure delivery — roads, utilities, drainage — continues to improve. The completed skyline, anchored by towers like Azuri Peninsula, Eko Pearl, and others at various stages of delivery, is increasingly visible from Victoria Island and from the water. That visibility matters: it signals permanence, and permanence drives the next wave of demand.

The Lagos-Calabar Coastal Highway, if delivered as planned, will redefine the southern Lagos corridor and bring Eko Atlantic even further into the mainstream of Lagos commerce. The 700-kilometre highway represents one of the most significant infrastructure commitments in the country's history — and parcels within or adjacent to that corridor will capture value disproportionate to their current price.

I believe that investors who acquire well-located parcels in the right districts today, with proper title, and who develop or partner with credible developers, will look back on this period as the optimal entry window. That view is grounded in two decades of direct experience in this market — not projection from a distance.

Olawale Opayinka — Founder, Makaya Consult

An actuary by training and a real estate pioneer by practice. Former Managing Director and CEO of Eko Development Company Limited, where he led the development of Azuri Towers — Nigeria's tallest residential tower — in Eko Atlantic City. He now advises landowners and investors independently through Makaya Consult.