By Bayo Wahab

In its bid to create a smart urban environment in Lagos, Metrospeed Property Development Limited has signed a partnership agreement with the leadership of Chevron Employees Multipurpose Cooperative Society (CEMCS).

The contract signing ceremony took place at CEMCS’ head office in Lekki, Lagos, on Tuesday, June 3, 2025.

Metrospeed’s land reclamation project, contracted to the China Civil Engineering Construction Corporation Ltd (CCECC) for development, is envisioned as a pioneering urban environment where technology, sustainability and community thrive together.

Speaking during the ceremony, CEMCS president Princewill Hope said the society’s members are excited about the development, adding that the partnership will yield positive returns for the cooperative society.

Hope explained that the society decided to enter an agreement with Metrospeed because of the pedigree of the firm and infrastructure development contractor, CCECC.

“In every real estate opportunity, there are two things you want to consider. First, the ability to preserve your capital and secondly as a source of passive income. We see this opportunity and its serving both purposes, looking at the pedigree of the vendor and also the infrastructure development contractor, China Civil Engineering Construction Corporation Ltd (CCECC), we are confident that this is going to return good income and that is why we had no reservation when we were going into this partnership,” Hope said.

Describing the Metro Smart City project as one in town, Dele Oyefuga, the CEO of Metrospeed Group, said he’s excited about the company’s partnership with Chevron employees cooperative society.

According to him, the society has extensive experience in real estate investment, and the partnership would supply Metrospeed with funds to speed up the development of its smart city.

“This partnership arrangement will help us in funding our project,” he said.

“We have already divided the project into two phases. Phase one will be completed with the reclamation of land by the end of this year. Once we complete the reclamation at the end of this year, we’ll begin construction, starting with roads and drainages and then we move onto other infrastructure such as fiber optics, security, all these ones will start at the end of the year,” Oyefuga said.

The smart city will have five distinct neighbourhoods: a technology district, a residential district, a waterfront district, and a business, leisure and entertainment district.

Corroborating Oyefuga’s submission, Metrospeed Group’s Head of Sales & Marketing, Emike Ntiokiet, said Chevron’s investment is a vote of confidence in the real estate firm.

Emike said, “Chevron’s investment is a strong vote of confidence. It goes beyond funding. It brings credibility and speeds up development.

“Their involvement helps us deliver world-class infrastructure, stay aligned with global best practices, and push the boundaries of what’s possible in Nigerian urban development.”

While the Metro Smart City project attracts multinationals, Emike maintained that Nigerians could benefit from it with instalment payment plans.

“We’ve created flexible options so more Nigerians can take part in this vision — from installment payment plans to future homeownership schemes. While Metro Smart City is premium, we believe everyone should have a chance to own a piece of the future. It’s about inclusivity, not just exclusivity,” she said.

Vanguard News