Metrospeed Group on Monday formally signed a partnership agreement with the NLNG Cooperative Society to formalize their investment in the company’s smart city project in Lagos.

The contract, signed at Metrospeed’s Lekki office, marks a major boost for the multibillion-naira real estate project, bringing one of Nigeria’s most influential cooperative bodies into the project alongside other oil and gas industry investors.

Speaking at the ceremony, the Chief Executive Officer of Metrospeed Group, Col. Dele Oyefuga (rtd.), said the company had long sought NLNG Cooperative’s participation in Metrospeed’s iconic project.

He described the partnership as a significant milestone not only for the company but also for Lagos’ evolving urban development landscape.

“It’s been a long time since we’ve been looking to get you on board our iconic project, the Metrospeed Smart City,” Oyefuga said in his welcome address.

“This project will redefine luxury living in Lagos. It is designed to complement the efforts of the Lagos State government and the Federal Government in smart living, accommodation for the middle and upper class, and overall development of a modern megacity,” he added.

The CEO said the Smart City is envisioned as a fully integrated urban environment featuring advanced infrastructure, world-class security, and amenities driven by cutting-edge technology.

According to him, the project is already at an advanced stage, with land reclamation scheduled for completion by the end of 2026. Roads and other infrastructural components have commenced, while the first set of homes is expected to be delivered in 2027.

Oyefuga added that the company is collaborating with top international partners, including China Civil Engineering Construction Corporation (CCECC) for infrastructure development and Huawei for technology integration.

He said, “We are building what has never been experienced before. Having NLNG on board is important not only for their resources but for the wealth of experience they bring.”

This is just the beginning of something great — NLNG

Responding, the President of the NLNG Cooperative Society, Engr. Adekunle Taiwo expressed confidence in the project and described the partnership as both strategic and value-driven for cooperative members.

Taiwo said, “We are excited to be in partnership with you. We had a fantastic presentation, and there are no fears. Our goal in the cooperative is to provide value to our members, and getting this on board gives them the kind of value they deserve.”

Taiwo said the cooperative was encouraged by endorsements from other oil and gas industry cooperatives already invested in the project, including Chevron, ExxonMobil and Geoplex.

He noted that the smart city’s design and planning align with the NLNG Cooperative’s tradition of investing in high-quality residential developments.

He emphasized that the expected appreciation in property values made the project especially attractive to members.

“What you have now will be epic in terms of value. By 2027, it will probably have doubled or tripled. With the Coastal Road and other developments coming to that axis, we expect at least three times the valuation of what we subscribed for,” Taiwo said.

Speaking to journalists after the signing of the contract, Metrospeed’s Head of Sales & Marketing, Emike Ntiokiet, said the smart city project will transform Lagos’ real estate skyline and reduce the need for Nigerians to seek premium lifestyle experiences abroad.

“What we’re creating is sustainability,” she said. “The lifestyle Nigerians travel abroad to enjoy can be experienced here. From location to design and full integration of Internet of Things features, Metro Smart City represents the future of urban living.”

Ntiokiet highlighted features such as smart-access homes, digitized services, integrated utilities, and technology-driven community management as key components that set the estate apart.

Also speaking, Metro Smart City Business Consultant, Debo Omotunde, said the smart city’s competitive edge lies in its meticulous planning and the integration of best practices from global partners.

“We are providing a unique solution for housing in Lagos — a world-class experience comparable to anywhere else. Our partners bring best-in-class planning and execution. People travel abroad for certain experiences; our goal is to bring those experiences here,” he said.

Omotunde maintained that Metrospeed’s success in attracting large oil and gas cooperatives stems from the project’s strong value proposition.

He said, “We’ve invested a lot of time in planning and ensuring that our execution aligns with the vision that we have. So, people who understand the values we’re bringing to the table are happy to respond.”

Why we joined the project — NLNG

Corroborating Taiwo’s submissions, Ikwue Wilson, Manager of Real Estate Project and Cooplife at NLNG, said the cooperative was convinced by the value Metrospeed consistently demonstrated through its engagements.

“The most important thing in this entire project is the value it presents,” Wilson said. “We represent excellence at NLNG. When we saw the quality Metrospeed brought to the table, we knew there was a need to tap into such a project.”

Wilson added that the cooperative expects the partnership to deliver long-term financial and lifestyle benefits to its members.

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