Ibeju Lekki, once a remote local government area in Lagos came to the limelight after it was chosen to be the site for the planned Lekki Free Trade zones by the Lagos government.
This came as good news to foreign and domestic investors as they can bypass alot of the bottlenecks in a free zone where there is minimal intervention from the government and tons of tax and operation incentives.
This has attracted local and international investments in Ibeju Lekki worth billions of dollars with the most popular one - The Dangote refinery.
This has anointed Ibeju Lekki as the new Lagos.
Alot of people are still oblivious to the massive investment opportunity that is Ibeju whilst individuals, Real Estate developers, foreign and local investors are acquiring massive amounts of real estate here.
In 2013 Dangote announced that he would be building the world’s largest single-train refinery in Ibeju Lekki spanning 2,635ha.
Almost nearing completion in 2022, what started as a proposed $9b dollar investment in 2013 to be delivered in a few years has turned into an almost 10 year project with over $14bn-$15bn invested so far.
This may be due to supply chain issues, the global pandemic, overestimation of the technicality involved, poor project management, or other unforeseen circumstances.
But nobody said that completing the world’s largest single train refinery with a capacity of 650,000 barrels per day was going to be a mean feat.
The company has once again come to announce that they would be officially starting this year - December 2022.
One reason why I’m mostly poised to believe this new date is that; the current political administration seems to see Dangote Refinery as one of it’s major achievements with political heavy hittters frequenting the massive 2000ha investment regularly for inspection.
Emefiele, the governor of CBN has also anounced that when it is fully running; it would reduce the country’s dependence on forex by 40%, a net positive to the economy.
This administration would be eager to deliver and kick things off the ground before leaving office in 2023.
The Dangote refinery is a massive development in Ibeju Lekki and is already driving massive investment in and around the area - moreso when the refinery is completed and fully operational!
Also important to note is the fact that the Dangote refinery complex also has a fertilizer factory worth about $2.5billion, a petrochemical factory that will produce polyethylene and polypropylene, and gas pipline that would transport 3billion standard cubic metres of gas daily worth about $2.5billion.
Massive investments in this area that has already created an upward of 60,000 jobs and this number is projected to reach 180,000+.
The commercial and residential possiblities in this area is limitless! and it has not even started operating.
The Lekki free trade zone, divided into four total zones will comprise residential, commercial and industrial divisions. Sprawling over 16,500 hectares, the very rapid development around Ibeju Lekki is as a result of the multi-billion dollar investments combined in these different free zones.
People often refer soley to the Dangote refinery when talking about Ibeju Lekki as it is the largest investment there, but the Dangote Refinery - located at the South-East quadrant is one just of the four free zones in Ibeju Lekki.
The Lekki Free zone (LFZ) managed by the Lekki Free Zone Development Company (LFZDC) is located at the South-West quadrant and already has companies like the kellogs factory, Power Oil factory, Longrich Biomedical factory, dano milk factory, vehicle assembling plant amoung others. This Free zone is flanked by the $2billion Lekki deep sea port.
Lekki Free Zone Development Company (LFZDC) is a Joint Venture that comprises a consortium of Chinese Companies by the name China-Africa Lekki Investment Ltd as the majority shareholder (CALI), the Lagos State Government (LASG) and Lekki Worldwide Investments Limited (LWIL).
16.5 metres deep with a capacity of 18,000 TEU (Twenty-foot Equivalent units) - it is going to be the largest Deep Sea Port in West Africa opening up access for export to West Africa and beyond; easing the enormous strain at Tin Can and Apapa ports.
Because it is located in a free zone, there will be minimal intervention from port authorities, no import duities, no strikes, quick processing times - this sea port will see massive volumes of imports and exports that will ease the strain on the Apapa port complex and make more sense for investors and businesses from an operation and economic standpoint.
A major reason why The Lekki free zones are fast attracting local and foreign investors is because of this deep sea port. The first phase would be ready by 1st quarter of 2023.
Alarocity is another free zone in the North-west quadrant managed by Rendeavour, one of Africa’s largest developers.Rendeavour and Lagos State Government, through their subsidiary, North West Quadrant Development Company (NWQDC), conceived Alaro City as a 2,000-hectare, market-led project.
All the free zones are managed by various operators and what sets Alaro city apart from the other free zone managed by Lekki Free Zone Development Company (LFZDC) is that it is the only freezone along the Lekki-Epe corridor.
Also, per the master plan Alarocity seems more organized and the investors and partners involved are are not majorly Chinese but from a diverse background of Norwegian, American, British investors and partners.
Alaro city, the major residential section of the Lekki Free trade zone contains areas of mixed and commercial use and is home to exciting industrial, residential and infrastructural developments.
This free trade zone has tons of incentives that is attracting investments from all over the world with 50+ businesses already present and more coming by the day.
These are some of the specific incentives for companies and residents in Alaro City;
These and more are reasons to invest in alarocity.
The city is conveniently situated along the Lekki-Epe Expressway for ease of transportation through Lagos-Epe-Ogun to the rest of the country.
The largest Deep-Sea Port in West Africa is currently under construction and located to the south of the city and a bridge links Alarocity to other Free zones namely Dangote Refinery, The Freezone by LFZDC.
An international airport over 2000 hectares is at planning stage and will be located adjacent to the Alaro city along the Lekki Epe expressway.
150 hectares of the city would be dedicated to parks, greenery and open spaces
|Plot Type||Size (SQM)||Price ($)||Payment Plan|
|Low Density||500||60,500||12 months|
|Low Density||750||90,750||12 months|
|Low Density||1000||121,000||12 months|
|Medium Density||500||67,500||12 months|
|High Density||1000+||150,000||12 months|
Universal One city in Alaro City
Can you believe that the only international airport in Lagos is all the way in Ikeja on the Lagos mainland? Do you know the import of this?
The massive population of expats, celebrities, politicians that mostly reside in Lekki island would need to drive through several kilometres and suffer through traffic to commute to and from the Muritala International airport.
Do you know the economic efffects in man hours, missed flights, failed engagements, logistical nightmares and the like?
Lekki-Epe International Airport is a proposed airport in Ibeju Lekki/Epe axis, designed for a capacity of 5 million passengers annually. It is going to be the first airport in Lekki, Lagos island, to be sited adjacent to Alaro city.
It will be designed to cater for the Airbus A380, making it a Code F compliant airport.
To cost well over $400million, the development of phase 1 of the airport, includes an airport terminal building, air traffic control facilities, airfield ground lighting, and navigation air and aircraft ground services.
It had a 4 year completion timeline since plans were introduced 2011, but initial sponsors pulled out. The Lagos state government is still shopping for investors and have invited bid tenders which 33 firms in total, Nigerian and international have responded to.
We have every reason to believe that when the Dangote refinery, Alarocity and the multiple billion dollar industries in the other free trade zones are completed - coupled with the commercialization as a result of the road expansion from Ibeju Lekki to Epe; the Lekki Epe International Airport would not only be an attractive investment but an absolute necessity!
You have alot to gain from investing along the Lekki-Epe-Lagoon axis, close to the Alaro city and proposed site of the international airport.
You can get a C of O land starting from N10m - N15m here. Imagine what it would be in a few years?
The Governor of Lagos state, Babajide Sanwo Oolu flagged off the first phase of the expansion on the Lekki-Epe Expressway last November 2021, kick-starting the rehabilitation of the 40-year-old infrastructure.
The first phase of the road expansion is a 18.7 kilometre 6 lane rigid pavement carriageway that begins from eleko juntion in Ibeju Lekki to Epe T junction, Epe.
It consists of three lanes in each direction of the road, with a dedicated lane for heavy moving trucks.
At the time of the Governor’s inspection in January 2022, the contractor had completed a stretch of 3km lane from Eleko Junction inwards Epe, while the right-of-way for the entire project has been fully cleared.
Some features on the already completed stretch, include drainage channels, kerb and segregated lane for heavy-duty vehicles.
The second phase of the project, which will start later this year, stretches 26.7Km from Eleko Junction to Abraham Adesanya Junction in Eti-Osa axis. This construction is a precursor to the popular 4th mainland bridge.
The Lagos State Governor, Babajide Sanwo-Olu, has said that the construction of the 6-lane Ibeju-Lekki-Epe expressway will be completed and commissioned by the first quarter of 2022.
This is a wonderful time for road infrastructure in Ibeju Lekki. Soon, owning a property along the Lekki-Epe expressway Ibeju Lekki axis would be like owning valuable real estate in Shoprite jakande mall Lekki phase1.
That is the potential of this place! Do not sleep. There are several property for sale along the road.
If you want to invest in this axis just along the lekki expressway - from Eleko juntion all the way to Epe contact us today for some juicy deals! Click to Call us, or Send a Whatsapp message, or Email us.
Here are some of the amazing deals in this axis
Gracias Morganite; 15m for 500sqm
Lagoon front estate 10m to 15m for 500sqm
Dynamic city Ilamija facing the expressway Ibeju Lekki 600sqm 7m-9m.
Itunu Residential going for between N11m-16m
The Lekki coastal road which is an 8 lane road that will pass through Dangote refinery and free zone axis is another major driver of investment in the Ibeju Lekki area.
The Coastal Road will, in the first phase, begin from Koko in Delta State passing through Okiti - Pupa in Ondo to Ijebu Waterside in Ogun State before terminating at Epe / Lekki corridor in Lagos state.
Levant Construction have constructed up to Ureju town (about 15.4 km). The project is now at a point where a bridge will be constructed to cross the Ologbo river as the project moves west.
The Lagos Environmental and Special Offences (Enforcement) Unit carried out a demolition exercise of over 2,500 illegal structures built in Marwa Waterside area in Lekki in preparation for the commencement of the construction of the coastal road.
A feasibility study on the workability and viability of the Green Line is ongoing right now.
To show how serious the government is about the Green Line, they’ve already opened an expression of interest for the Green Line.
This is for companies that may have interest in constructing the green line and financiers alike who would like to fund the massive project.
The Lagos Rail Mass Transit Green Line will be a mega railway project that will span more than 60km.
It will start from Lagos Island, traverse the Lekki Peninsula and terminate at the location of the proposed Lekki International Airport.
Also there will be a spur that will link the Lekki Free Trade Zone.
There are currently 5 unicorns in Nigeria out of the 10 in Africa. Andela, Flutterwave and Opay in the last 10 years have joined Jumia and Interswitch as companies valued at $1billion dollars and above. Recently Fluterwave was valued at over a whopping $3billion+!
There is one thing similar about two of the most recent unicorns in the past 5 years - they are backed by the same Venture Capital fund and the same co-founder; Future Africa and Iyin Aboyeji respectively.
After helping build two unicorns and starting a VC fund, Iyin Aboyeji, co-founder of Andela and Flutterwave and Future Africa founding partner, wants to create charter cities in Africa.
Iyin, the co-founder and brain behind two of Nigerian’s tech unicorns Andela (valued at over $1billion) and Flutterwave ( value at over $3billion) announced that his VC fund - Future Africa has just invested $13million in 72,000sqm of land in Alarocity, Freetrade zone Lagos. Could Talent city be the next Unicorn in Nigeria?
This talent city would be a one-stop residential estate for tech and IT talents in Lagos Nigeria and surrounding states.
Let me tell you how massive this is; Iyin, the brain behind this project - has driven over $4bn dollars in valuation from his previous investments in just Andela and Flutterwave alone.
He has a whole pool of Tech Venture Capitalists, founders and angel investors willing to back him and fund the realization of this project to the T.
This city in a city would attract both local and international tech talents and expats from around the world.
Since this city is in a free trade zone that has other petrochemical and chemical industries nearby; Talent city would also attract other oil and gas professionals, expats, foreigners and other high networth individuals.
Because fx controls and policies won’t apply here, these residents would be spending, transacting, and trading in dollars.
It is the goal of talent city to create an ecosystem that enables innovative startups to thrive. Infrastructure and amenities for a fully remote future would be all present at Talent city.
Because this is in a free zone , ease of remote company registration would see exisitng Startups and new ones springing up; have their residents located and living here because of freindly business policies.
Designed to power the future of remote work, it would be a technology hub equipped with fast internet and reliable infrastructure including convenient transit, ample coworking space, parks, outdoor phone booths, complete with private smart homes and 24/7 uninterrupted power.
This place would sincerely exceed expectations, in the words of comedian Sabinus, it will be ”something hooge!”
This $13million dollar investment is another masive investment in the Free Trade zone Lekki-Epe axis that makes Ibeju Lekki all the more a valuable investment destination.
Future Africa and Iyin Aboyeji, certainly do have the glowing track record to turn Talent City charter cities to the next Nigerian unicorn dont you think?
While The Talent city is a fully funded private project, just opposite Talent city is Universal One homes - a residential complex you can purchase apartment units in Alaro City.
Talent city would be ready by 2023 and has already contributed to the increase in the prices of land in Alaro city!
Universal one is the first family-friendly, master-planned community in the heart of Alaro City just opposite Talent City. It consists of 576 two bedroom (expandable to 3 and 4 bedrooms) contemporary apartments offering a tranquil, yet modern living experience powered by world class amenities and Alaro City’s commitment to greenery and nature.
Universal One City in Alarocity
Below is a list of all the features that each unit will come with and a list of the amenities that will be within the estate.
● Open plan living room extended with balconies
● Modern imported kitchen with mosaic backsplash and breakfast bar
● Polished Italian style granite worktops
● European 85kg security door
● Wooden teak textured ceramic tiles
● Utility area with a provision for a washing machine
● 100L Solar water heating with booster
● Smoke detectors
● AC in all bedrooms and living space
● White UV high quality wardrobes as standard in all bedrooms
● Italian style stainless kitchen and bathroom fittings
● Frameless glass shower screens & rain shower in the bathroom
● 3 acres park
● Luxury swimming pool
● Fitness gym
● Basketball court
● Badminton/ volleyball court
● Kids adventure playground
● Jogging trail
● BBQ corner
● Underground water storage
● 24-hour security through CCTV and key card access into the estate.
● Lush landscaping along the boulevard and avenues.
● Well-lit common areas though solar powered streetlights.
● Secured parking for residents and visitors
● 24-7 Electricity
The first phase of Universal homes is almost sold out with only 16 units left out of 576units and the next phase would be rolling out shortly as this phase is set to sell out soon!
The price of homes in Universal one ranges between NGN32million to NGN37million with an up to 12 month payment plan available and staged homes are already available for viewing. Construction for this units are going at a very fast pace.
Because Ibeju Lekki lies along the coastline, flanked by the atlantic ocean and the lagoon - it is a natural site for beach resorts in Lagos and so many investors are already exploring this investment opportunity. La campagne tropicana, Jara beach resort, chaka beach, just to name a few are beach resorts sited in Ibeju Lekki along the Eleko beach.
Jara beach resort
La campagne Tropicana Ibeju lekki
These resorts are most times fully booked month on month for people who want a vacation, getaway, honey moon, staycation, work retreat, nice time, or just take time or a weekend off at a top destination spot.
Typical calendar of Jara Beach before the month begins
This rapid commercialization and ‘gentrification’ of once mostly rural ibeju lekki is happening right before our eyes!.
Epe, located along the Lekki-Epe corridor shares a boundary with the Lekki free trade zone - Alarocity which covers 2000 hectares of land.
Because of Alarocity, properties in Epe are already fast appreciating and Epe an already largely residential city has areas where rent of two bedroom apartments go for as much as N400,000 per year.
Epe also boasts of good road networks - one of the best in Lagos. Epe road network is known to connect to Ikorodu, Itokin and also to Ijebu Ode Ogun state.
The road construction and design projects in Epe were handled by Craneburg and lasted for 16 months.
Hundreds of estates have come into Epe in the last 12 months, the most ambitious being the Isimi Lagos that would have outdoor parks, eco friendly transport, golf courses, jetty, helipad, tech hub among others.
Also another ambitious estate is also Lagoon front estate in Epe.
This estate is just opposite Alarocity.
You can see that on both ends of the Lekki Epe axis - massive development is ongoing that would make Ibeju Lekki all the more valuable investment destination.
All being said - just as in any society moreso in Nigeria, you need to perform your due diligence before investing in any property.
In our special case here in Lagos Nigeria - the locals (omo ni’ le), Real Estate Developers have special interest in Ibeju Lekki, even the Lagos state government have designated this area as an urban area. The result is that stakeholders are taking advantage of unsuspecting investors and land owners to sell untitled land, sell the same land to multiple people, sell commited land and numerous other scams. So you should not be caught napping if you want to invest here.
Some families, developers collude to sell and resell land they individually do not have the power of attorney over (even though technically they might have owned it at some point).
The only title to insist for in Ibeju Lekki is a government approved excision, gazette or certificate of occupancy.
Whatever you do, please you need to do your due diligence! Don’t just accept documents, make payments and sign contracts before doing some due dilligence namely; survey and title search.
Ancestral land owners (also called omo ni ‘ile) with bulk amount of land usually don’t have money to develop so every now and then when they want to raise money for themselves, they partner with developers and sponsors to help them survey, develop and sell their land.You can take advantage of this and get alot of land in Ibeju Lekki as compensation.
This is actually how Lagos developers become billionaires in a few years. Through sponsorship and JV deals like this.
So this is basically how it works, when a family is interested in developing their land, they would invite developers and investors for talks. The talks would include an entry fee, clearing of the land in consideration, constructing the road for the land in consideration.
Depending on the size of the land (usually in acres) the family would compensate you with a plot or two for each acre of their land under consideration for helping them develop it.
Also some other sponsorships deals may include helping with reclamation and documentation. The result of this is - for a fraction of the cost you would have used to buy this land directly - you get tens and hundreds of plot in compensation from the family.
This is what most of the big developers and real estate companies that started from Ibeju Lekki; Landwey, Landmark, Veritasi homes, Pwan did. They never bring out cash in hand or take loans to finance their massive projects in Ibeju Lekki worth hundreds of plots are in acres.
Then they sell it to you at a 300-1000% markup of their original costs as a well packaged estate. Case in point; Itunu Lagos, Isimi Lagos etc.
Ibeju Lekki is truly the future and also a little clarification that people do not know; Ibeju Lekki starts from Abijo and ends at the Free Trade zone/ Epe-Lagoon boundary. So if you want to invest from Abijo to this area contact us; Click to Call us, or Send a Whatsapp message, or Email us to get started today.