Ibeju Lekki: The New Lagos

ibeju lekki

Ibeju Lekki is arguably one of the most talked about real estate destinations in Lagos.

With major infrastructural projects such as the Lekki free trade zone, the Dangote refinery , the lekki deep seaport among other projects all set for completion,  Ibeju-Lekki is set to establishing itself as the new destination of industrial and commercial activities in Lagos.

The on-going development in the area is very rapid, and it has been described by many as the new Lagos.

With the real estate trend in Lagos, real estate developers are cashing in on the on-going developments to lure the public to invest in landed property in the Ibeju lekki area. The idea is to invest in the area now at its development stage when landed property is still relatively affordable, against when the area is fully developed and property prices are over the roof.

Background

Ibeju Lekki local government was one of the four local government areas created in Lagos state by the administration of General Ibrahim Babangida in 1990, making Ibeju lekki one of the first two hundred and eighty nine local governments created in the country that same year.

The administrative seat of the Ibeju Lekki local government was originally at Akodo before the creation of Lekki local council development which brought about moving of the administrative seat to its present Igando Oloja location.

Location and Size

According to Ibeju Agbeduwa Kingdom, Ibeju Lekki is located at approximately latitude 4015 degree north,  latitude 4017 degree north and longitude 13015 degree east and 13020 degree east. It is bounded by Ogun state in the north, in the west by Eti-Osa local government, in the east by Epe local government and in the south by the Atlantic ocean.

From the creation of ibeju lekki in 1990, there has been an increasing development in the area which is reflected in the presence of economic and infrastructure development of the area.
Unlike some years back, Ibeju-Lekki can hardly be described as a suburb of Lagos these days, as most of its areas are already fully developed and integrated into the Lekki and Ajah area of Lagos.

Development

Ibeju Lekki, the new hub of investment in Lagos, hosts projects such as the Lekki Free Trade Zone, Lekki Deep Seaport, Dangote refinery and fertilizer Plant, International Cargo Airport Lekki, Pan Atlantic University, Eleganza Industries, coscharis and many others.

Ibeju Lekki is broadly divided into three major locations. The areas are: Free Trade Zone Axis, the Elerangbe Axis and the Lekki-Epe Expressway Axis.

Free Trade Zone Axis

The Lekki Free Zone (LFTZ) is the heart of commercial activities in the ibeju lekki area. Located between Akodo and Lekki village; the lekki free zone axis stretches from Eleko beach road through the Free Trade Zone Road to La Campagne Tropicana Resort and beyond.

Major projects in the area include:

Free Trade Zone

lekki ftz

The free trade zone was initiated with the president’s approval in 2002. The area is designed to serve as a one stop hub for investment, business and commercial activities in Nigeria.

The area offers

  • Complete tax holiday for Investors and businesses.
  • Total tax exemption on imported raw materials destined for re-export.
  • Exemptions on import and export licenses.

Besides the tax exemptions, investors also enjoy preferential privileges like:

  • Repatriation of capital, profit and dividends.
  • Foreign ownership of investments.

Lekki Deep Seaport

lekki port

Slated for completion by 2020, The Lekki Deep Sea Port will have a total of 3 container berths, 1 dry bulk berth and 3 liquid berths upon completion. The 90 hectares facility will create 170,000 jobs from port operations and will have direct and indirect business revenue impact of up to US$150 billon.

Dangote Refinery and Petrochemical Industry,
Dangote Oil Refinery is an integrated refinery and petrochemical complex in the Lekki Free Zone. The refinery is expected to be the world’s biggest single-train facility, upon completion.

The refinery and petrochemical complex is estimated to cost US$9bn, the project is expected to generate 9,500 direct and 25,000 indirect jobs.

Elerangbe

Elerangbe is located off Lekki-Epe Expressway, just after the Pan Atlantic University.A few minutes drive from Abijo Bus Stop. It is made up of places like Okego Village, Tagbati through to Arapagi.

Major projects in the areas include Pan Atlantic University and the proposed Lekki Airport. Elerangbe presently offers the cheapest plots of land in Ibeju-lekki, with plots selling for as low as N600,000 in some areas.

Lekki-Epe Expressway

Ibeju Lekki on the the Lekki-Epe Expressway axis starts from Abijo to Eleko Junction. This stretch of the expressway has a mixture of residential and commercial characteristics.

The area is already home to business ventures such as Eleganza Industries and Coscharis Motors head office. The area also has a number of built up residential estates. Of the three locations, this is where one can buy, build and live conveniently presently.

Why you should invest in ibeju lekki

According to the Lagos state government, Investments into the Lekki Free Trade Zone  axis has risen to over N100billion in the last 10 years and it’s expected to increase as the major projects nears completion.

Here are some of reasons you should invest in Ibeju Lekki right now.

  • Landed property in the area is expected to appreciate to about 300% in the next 10-15yrs according to real estate experts. Thousands of direct and indirect jobs are expected to be created in the ibeju lekki axis and the lekki free trade zone as the large scale developments in the area become fully operational resulting in a huge demand for housing at all levels.
  • You’ll have access to the luxurious resorts like the La Campagne Tropicana Beach Resort, and Eleko beach if you decide buy or build in the area.
  • With the influx of top real estate industry experts into the area, you’re guaranteed to be surrounded by premium housing estates and live amidst wealth.
  • Investing in ibeju lekki now gives you the opportunity to be a part of the new Lagos and the hopefully Nigeria’s very own Dubai: the commercial growth in the area makes it one of the fastest growing regions in Nigeria.

Where to Invest In Ibeju Lekki

There are quite a number of real estate projects all around ibeju Lekki. This can be seen right from its exterior parts down to Epe Bridge. In terms of a projected future value, areas along the Lekki free trade Zone, Eleko road and elerangbe axis are expected to appreciate the most. These areas are expected to appreciate the most due to the closeness to the heart of commercial activities and the possibility of the areas developing into fully blown highbrow area since most of the lands in the areas have been acquired by real estate developers ( Example, Amen estate in Eleko beach road)

Estates in Ibeju Lekki

Roseberry estate Lekki is located a few minutes after Pan Atlantic University which is Opposite Odunnbaku, a few minutes from the proposed International Airport Ibeju-Lekki.

Rehoboth Park and gardens is located after eleko junction few minutes from La Campagne Tropicana beach resort. The estate is a few minutes’ drive from the Lekki Free Trade Zone.

Amen Estate is located at Eleko beach road, Ibeju Lekki.

Royalflex estate Phase 3 is located at Folu ise ibeju Lekki. The estate is a minute drive from La Campagne Tropicana resort along the Lekki Free Trade Zone. Plots of Land costs 600,000 per plot.

Places to avoid when Investing in Ibeju Lekki

According to omo onile lawyer, lands in the following locations in Ibeju Lekki should be avoided at all cost.

Oko-Ebute Village, Alatishe, Ibeju Lekki should be avoided because the Land falls within Proposed central business district of the Lagos state new towns development authority (NTDA)

Oko Agbon Village Ibeju Lekki; the Lagos state government intends to build a fully residential houing scheme like Jakande Estate or a G.R.A within this area, this land falls within the Ibeju Lekki coastal city residential scheme.

Oko Olomi Ibeju Lekki; a search at the Surveyor general’s office revealed that the land within this area is under government acquisition and the land falls within a government allocated zone.

Okun Ise” in Ibeju Lekki is one of the riskiest places to buy land in Lagos. Lands within this area belong to the Lagos state ministry of agriculture and cooperatives development authority. Be very careful of real estate firms selling land in instalment within this area.

The vanguard also reports that, there’s been an unending dispute over the rightful owners of land in the Shapati area of ibeju  lekki

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