The Oyster Towers Eko Atlantic project has officially taken off as Babajide Sanwo-Olu presided over the groundbreaking ceremony of a 27-storey luxury residential development in Lagos.
Eko Hot News reports that the high-rise project, located in Eko Atlantic City, is a collaboration between Veritasi Homes & Properties PLC and Cooplag, further reinforcing Lagos’ status as a top destination for premium real estate investment.
Speaking at the event, Governor Sanwo-Olu described the development as a strong indicator of sustained investor confidence in Lagos, particularly within the rapidly evolving Eko Atlantic corridor.
“This project reflects the steady growth we are seeing across the state, particularly in Eko Atlantic, which continues to attract strong investment,” the governor stated.
Often described as a “city within a city,” Eko Atlantic was developed on reclaimed land from the Atlantic Ocean to address coastal erosion and flooding affecting Victoria Island and surrounding areas. The district has since emerged as a hub for luxury residential, commercial, and diplomatic projects, including plans for a major U.S. consulate complex.
The Oyster Towers development will feature premium apartments tailored for both residential living and investment purposes, adding to the skyline of high-end structures transforming the area.
The project is being driven by Veritasi Homes, led by CEO Nola Adetola, a company known for delivering over 1,000 housing units and serving thousands of clients. Oyster Towers is one of its most ambitious developments, situated on a 3,444 square metre site.
While official pricing was not disclosed, market data indicates that luxury apartments in Eko Atlantic often exceed ₦750 million, with some properties priced in dollars due to the zone’s free trade status. Reports suggest that studio apartments in the project have already sold out, with one- and two-bedroom units still available.
The development adds to the growing wave of luxury real estate projects reshaping Lagos, contributing significantly to the state’s economy and urban landscape.
However, public reactions have been mixed. While supporters commend the government’s collaboration with private developers and consistent infrastructure drive, critics argue that such high-end projects do little to address Lagos’ housing affordability challenges.
Some stakeholders have called for increased investment in more accessible housing across the state’s 20 local government areas, particularly on the mainland, where demand for affordable housing remains high.
Despite the debate, the Oyster Towers project underscores Lagos State’s broader strategy to position itself as West Africa’s leading investment hub through strategic urban development and public-private partnerships.
