Babajide Sanwo-Olu on March 26 performed the groundbreaking ceremony for Oyster Towers, a 22-storey luxury residential development in Eko Atlantic City, reinforcing investor appetite for high-end real estate in Nigeria’s commercial capital.
The project, developed by Veritasi Homes and Properties Plc in partnership with Cooperative Investment and Thrift Society Limited, marks the latest phase in a multi-million-dollar collaboration between both entities, according to statements issued at the event in Lagos.
Located on a 2,091 square metre plot in Eko Atlantic City, the development will comprise 82 apartments and penthouses targeted at upper-income buyers and diaspora investors. The project is designed with amenities including a swimming pool, spa, gym, squash court, restaurant, landscaped grounds and secure parking, positioning it within the premium segment of Lagos’ residential market.
The March 26 event, attended by senior executives and investors, underscores the continued expansion of luxury developments along the Atlantic corridor, where land scarcity and infrastructure upgrades have driven property values higher over the past decade.
Sanwo-Olu said the project reflects sustained investor confidence in Lagos and aligns with the state’s broader urban development strategy. “This development speaks to the steady growth we are seeing in Lagos, particularly in areas like Eko Atlantic that continue to attract strong investment,” he said at the ceremony.
He added that projects of this scale support long-term urban planning and economic expansion, citing proximity to major infrastructure such as the Lagos-Calabar Coastal Highway as a key advantage. The governor also highlighted the role of private developers in bridging Nigeria’s housing gap and delivering modern residential ecosystems.
For Veritasi Homes, the project represents a continuation of its expansion across Nigeria’s high-end property segment. Chief Executive Officer Nola Adetola said in a March 26 address that Oyster Towers reflects the company’s evolution from a startup into a major real estate player with a focus on value creation and investor returns.
“Today is a milestone in a journey that began with a conviction that real estate in Nigeria could be done better,” Adetola said. He noted that the company has built assets valued at over 500 billion naira, delivered more than 1,000 housing units and generated over 200 billion naira in capital gains for investors.
Adetola said the company’s strategy extends beyond construction to developing integrated communities that combine residential, commercial and lifestyle features. He cited projects including Itunu City, Camberwall developments, Tinuola Towers in Banana Island, Allied Towers in Ikoyi, Malibu Hills in Asokoro and Arámidẹ́ in Ibeju-Lekki as part of this broader portfolio.
He added that Veritasi has expanded its distribution network to more than 6,000 realtors and served over 2,500 clients globally, while maintaining access to capital markets through commercial paper and bond issuances. The company has raised and redeemed more than 30 billion naira in commercial paper and maintains investment-grade ratings from DataPro and Global Credit Ratings.
Industry analysts say the company’s financing model reflects a broader shift in Nigeria’s property sector, where developers increasingly rely on structured funding and investor participation rather than traditional bank loans.
Partner at Veritasi Homes, Tobi Yusuff, described the project as a transition from concept to execution. Speaking at the March 26 ceremony, he said the development demonstrates the firm’s delivery capacity and commitment to meeting investor expectations.
“We will deliver this project, and investors will see the value of their commitment,” Yusuff said, noting that early subscribers are positioned to benefit from long-term capital appreciation.
Cooperative Investment and Thrift Society Limited, known as COOPLAG, said the partnership reflects a strategy to diversify member investments into high-value real estate assets. President Francis Adeoye said the project is designed to generate sustainable returns while contributing to urban development.
“Oyster Towers represents what collaboration and disciplined investment can achieve,” Adeoye said. He added that the project is structured to meet international standards while maintaining local relevance.
The partnership builds on earlier collaborations between both firms. In September 2025, Veritasi and COOPLAG launched Allied Towers in Ikoyi, an 11-floor development comprising 26 luxury apartments, further consolidating their presence in Lagos’ upscale property market.
Eko Atlantic City, where Oyster Towers is located, has emerged as a focal point for premium real estate investment, attracting both local and international developers. Built on reclaimed land along the Atlantic coastline, the district offers modern infrastructure, flood protection and proximity to Victoria Island, making it one of the most sought-after addresses in Lagos.