Metrospeed Group has signed another partnership agreement for investment in its multi-billion-naira smart real estate development in Lagos called Metro Smart City. This time it is with the Shell Staff Cooperative Investment and Thrift Society Limited (COOPLAG).
By this partnership, more smart homes are expected in the Lagos housing market and, by extension, more Lagos residents will have the opportunity to own homes.
The agreement, signed at the headquarters of Metrospeed Property Development Limited in Lekki, brings one of Nigeria’s most respected cooperative institutions into a project that is increasingly attracting major investors from the oil and gas sector.
Dele Oyefuga, a retired colonel and chief executive officer of Metrospeed Group, described the partnership as a strong endorsement of the company’s vision and execution capability.
“This smart city is our flagship project, and we are determined to deliver on time and to precision. Whatever we have made as a promise to you, we will deliver,” Oyefuga said.
He noted that the project which is being developed in collaboration with global partners, CCECC and Huawei, has also secured key regulatory approvals, revealing that Lagos State government has been very supportive.
“Our EIA has been granted, our planning permit granted and our governor’s consent granted,” Oyefuga said, adding that COOPLAG’s participation reinforces growing confidence in Metro Smart City among leading oil and gas organisations.
“It means that the IOCs are seeing what we are doing. We started with Chevron, went to ExxonMobil, Seplat and NLNG, and now we have Shell,” he said, adding that the pace and quality of work have helped to attract institutional partners.
Oyefuga noted that the confidence these organisations have in the company is actually what is driving the project, saying they are very grateful to their development partners.
For COOPLAG, the decision followed extensive due diligence and ongoing monitoring of the project’s progress.
Aremo Francis Adeoye, President of COOPLAG, noted that COOPLAG is a brand, not just a cooperative society, adding that, over time, they have built a brand on trust and delivery.
Describing Metro Smart City as a landmark development, he noted that it will deliver over 2,000 housing units supported by smart-home technology and modern infrastructure.
“Before we do anything, we have to do our due diligence. We have seen Metrospeed, we have seen what they are doing, and we trust them,” Adeoye said, adding that a recent inspection of the site exceeded expectations.
“What they have done is actually over 150 percent of what was expected as a target at that time, so we trust them and believe they are going to perform,” he stated.
Levious Ngerebara, COOPLAG Vice President, said the investment aligns with the cooperative’s commitment to providing quality housing and long-term value for members.
“At COOPLAG, it is always a source of joy when one of our visions materialises. In this case, we are having this good partnership that looks really promising with Metro Smart City,” he said.
According to him, the cooperative was looking beyond simply providing houses to securing properties in strategic locations with modern infrastructure and long-term investment value.
“We needed to place our members in certain urban developments, put them in strategic places that are secure and have contemporary structures, and also provide a form of investment for the future and the next generation.
We have investigated, we have checked, we have seen what Metro Smart City is doing, and we know that it is a partner we want to be with,” Ngerebara said.
Emike Ntiokiet, Metrospeed’s Head of Marketing and Sales, disclosed that the partnership is built on a shared vision of sustainable value creation as this would provide COOPLAG members with access to a professionally developed real estate investment, flexible acquisition opportunities and potential capital appreciation.
“We see COOPLAG not merely as a client, but as a strategic partner in delivering lasting value to its members,” she said, adding that the agreement forms part of Metrospeed’s broader strategy to collaborate with reputable cooperatives and institutions in delivering transformational urban developments across Nigeria.
“Collaboration with reputable organisations like COOPLAG allows us to scale responsibly, reach a wider audience and accelerate the development of transformational projects such as Metro Smart City,” Ntiokiet said.
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