Peakworks Scales Operations to Drive Affordable Housing Development in Ogun State

Fadekemi Ajakaiye

As rising rental costs and an increasing cost of living continue to push residents out of Lagos, real estate developers in neighbouring states are adjusting their strategies to meet growing housing demand. Peakworks Nigeria says it is scaling its operations in Ogun State to respond to this shift, with a focus on affordable housing delivery.

Speaking in a recent conversation with ThisDay, the Managing Director and Chief Executive Officer of Peakworks Nigeria, Mr. Olaotan A. Akinduro, said the company’s expansion plans are closely linked to observable migration patterns from Lagos into surrounding cities such as Abeokuta.
“Over the last few years, we have seen a steady movement of people away from Lagos,” Akinduro said. “Rising rents, transportation costs, and general living expenses are forcing many families and young professionals to look for alternatives where they can still work or do business in Lagos, but live more comfortably.”

According to him, Abeokuta has emerged as one of such alternatives, driven by its proximity to Lagos, expanding road networks, and growing rail connectivity. He noted that increased activity on the railway corridor linking Ogun State to Lagos is already influencing residential decisions and is expected to accelerate further.

“The rail line has changed how people think about distance,” he said. “As train operations become more frequent and reliable, daily commuting from Abeokuta to Lagos is becoming more realistic. That has direct implications for housing demand in Ogun State.”

Akinduro explained that Peakworks Nigeria’s decision to scale operations is a response to these trends. The company, which operates from Abeokuta, is focusing on delivering housing projects targeted at middle-income earners, young professionals, and first-time homeowners seeking more affordable options outside Lagos.

He disclosed that the company is working towards delivering up to 100 housing units by 2030, a goal he described as deliberate and measured rather than aggressive.

“Our approach is not about building as many units as possible in a short time,” he said. “It is about delivering homes people can afford, in locations that make sense, and doing so in a way that builds trust over time.”

One of the company’s ongoing projects is Fairview Bungalows, a bungalow development located in Kobape. The area, Akinduro noted, sits within a growing residential corridor supported by existing infrastructure and government-backed housing developments.

“We pay attention to where government investment is already happening,” he said. “When you see large-scale residential projects and infrastructure in an area, it signals long-term viability. That guides our site selection decisions.”

On affordability, Akinduro said Peakworks Nigeria structures its offerings to reflect the financial realities of its target market. This includes flexible payment arrangements and a milestone-based payment system tied to construction progress.

“Affordability is not just about pricing,” he said. “It is also about how people pay. Linking payments to construction milestones helps manage expectations and gives buyers visibility into what is happening on site.”

He added that transparency remains central to the company’s operating philosophy, particularly in a market where trust is often a concern for homebuyers.

“In real estate, credibility is everything,” Akinduro said. “If people cannot trust timelines, costs, or delivery, they will not commit. We try to be clear from the start and consistent in execution.”

Beyond development, Peakworks Nigeria also provides property management and real estate consultancy services, which the company says helps ensure long-term asset value and professional oversight for completed projects.

As housing demand continues to shift beyond Lagos, Akinduro said developers operating in neighbouring states will play an increasingly important role in shaping residential growth patterns.

“The pressure Lagos is under will not ease overnight,” he said. “What we are seeing is a gradual redistribution of demand, and developers in Ogun State have a responsibility to respond in a structured and sustainable way.”