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LAGOS — Metrospeed Group has signed another partnership agreement for investment in its multibillion-naira smart real estate development in Lagos, Metro Smart City, and this time it is with the Shell Staff Cooperative Investment and Thrift Society Limited (COOPLAG).
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.
Speaking at the signing ceremony, Chief Executive Officer of Metrospeed Group, Col. Dele Oyefuga (rtd.), 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.
“Lagos State Government has been very supportive. Our EIA has been granted, our planning permit granted and our governor’s consent granted,” he said.
Oyefuga added 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 attract institutional partners.
“The confidence they have in us is actually what is driving the project. We are very grateful to our development partners,” he added.
For COOPLAG, the decision followed extensive due diligence and ongoing monitoring of the project’s progress.
“COOPLAG is a brand, not just a cooperative society. Over time, we have built a brand on trust and delivery,” said President of COOPLAG, Aremo Francis Adeoye.
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.
He added that a recent inspection of the site exceeded expectations.
“What they have done is actually over 150 per cent of what was expected as a target at that time, so we trust them and believe they are going to perform.”
Also speaking, COOPLAG Vice President, Levious Ngerebara, 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 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.
According to Metrospeed’s Head of Marketing and Sales, Emike Ntiokiet, 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.
She added that the agreement forms part of Metrospeed’s broader strategy to collaborate with reputable cooperatives and institutions in delivering transformational urban developments across Nigeria.
“Collaborations with reputable organisations like COOPLAG allow us to scale responsibly, reach a wider audience and accelerate the development of transformational projects such as Metro Smart City,” Ntiokiet said.
