Metrospeed Group has signed a partnership agreement with the Shell Staff Cooperative Investment and Thrift Society Limited (COOPLAG) for investment in Metrospeed Smart City, its multibillion-naira real estate project in Lagos.

The agreement was signed on Tuesday at the headquarters of Metrospeed Property Development Limited in Lekki,, with both organisations expressing confidence in the project’s delivery and long-term investment potential.

Speaking at the ceremony, Chief Executive Officer of Metrospeed Group, Col. Dele Oyefuga (rtd), described COOPLAG’s involvement as a major boost for the project and assured the cooperative that the company would meet its commitments.

“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 said development partners, including CCECC and Huawei, were involved in the project, while the necessary regulatory approvals had been secured.

“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 said the partnership with COOPLAG further demonstrated growing confidence in the project among organisations in the oil and gas industry.

“It means that the IOCs are seeing what we are doing. They come to the site and see the progress of the development. We started with Chevron, went to ExxonMobil, Seplat and NLNG, and now we have Shell,” he said.

According to him, 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.

President of COOPLAG, Aremo Francis Adewale Adeoye, said the cooperative entered the partnership after assessing the project and Metrospeed’s capacity to deliver.

“COOPLAG is a brand, not just a cooperative society. Over time, we have built a brand on trust and delivery,” Adeoye said.

He described the initiative as a significant real estate development, saying the project would provide more than 2,000 housing units with modern infrastructure and smart-home features.

“This is a city that is going to house more than 2,000 units of houses. The quality of what is going to be built is a luxury development that will bring in smart homes and features we see in major cities around the world to Lagos,” he said.

Adeoye further stated that COOPLAG conducted due diligence before committing to the development and had continued to monitor construction progress.

“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,” he said.

He added that a recent visit to the project site showed that work had progressed beyond 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,” Adeoye said.

Also speaking at the contract signing ceremony, Vice President of COOPLAG, Levious Ngerebara, described the deal as the culmination of months of negotiations and discussions.

“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.

Ngerebara said the decision to invest in the Nigerian real estate market was driven by the country’s housing deficit and the need to provide secure, modern housing and investment opportunities for members.

He said COOPLAG, comprising staff of Shell and Renaissance, has assets of nearly N50 billion and considers housing a major investment priority.

“In Nigeria alone, we are told there is a housing deficit of over 28 million. In Lagos alone, we have over three million. One of the key things we wanted to do is provide a housing scheme for our members,” 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,” Ngerebara said.

He added that COOPLAG subjected the project to due diligence and risk assessment before entering the partnership.

“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,” he said.

Speaking on the objectives of the deal for both companies, Metrospeed’s Head of Marketing and Sales, Emike Ntiokiet, said the agreement was built around a shared goal of creating long-term value for both organisations.

“This partnership is built on a shared vision of creating long-term value,” she said.

Ntiokiet explained that the partnership 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 fitted into Metrospeed’s wider growth strategy of developing partnerships with cooperatives and corporate institutions.

“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.

She maintained that the company intended to replicate the partnership model with more cooperatives and corporate organisations.

“At Metrospeed, we are not simply selling land — we are building communities and forging partnerships that stand the test of time,” she added.