Meritabode Marks 14th Anniversary with First Allocation of Premium Estate on Lekki–Epe Corridor

Bennett Oghifo

Real estate development firm, Meritabode Nigeria Limited, has commenced the first physical allocation of plots to subscribers in its newly launched premium estate, marking the milestone as part of activities celebrating the company’s 14th anniversary.

Speaking during the allocation ceremony, the General Manager of the company, Ofure Oseni, explained that the anniversary celebration was designed as “14 Days of Meritabode,” symbolising the company’s 14 years of operations in Nigeria’s real estate sector.

According to Oseni, the allocation exercise represents a major step in delivering on promises made to investors who subscribed to the estate shortly after its launch last year.

“We actually started the anniversary activities about 14 days before March 1st. We call it the 14 Days of Meritabode, and it represents the 14 years of our existence. One of the major highlights is what we are doing today — the first major allocation in this estate,” Oseni said.

She noted that over 30 subscribers were allocated plots during the exercise, explaining that the estate was designed as a mixed-use development consisting of residential, investment, and commercial zones.

The residential segment, she said, is structured as a free-build zone, allowing subscribers flexibility in building their homes according to personal preferences.

“This estate is divided into two major segments — the free-build residential area and the investment zone. The investment zone is designed for developers who want to build terraced apartments, semi-detached homes, and other residential units for rental or commercial purposes,” Oseni said.

She added that a commercial section within the estate had also been designated for businesses such as shopping malls, hotels, banks, and schools.

According to her, the estate offers various plot sizes to suit different investor needs, including 450 square metres and 600 square metres for residential and investment purposes, while commercial plots begin from 1,200 square metres.

Oseni acknowledged that affordability remains a relative concept in Nigeria’s current economic environment but stressed that Meritabode had introduced flexible payment structures to make property ownership accessible to the middle class.
“For this estate, we are not positioning it strictly as a high-end development. It is designed for the middle class. We have plots starting from about ₦38 million, and we allow flexible payment plans spread over as much as 12 months,” she said.
She also disclosed that the company had explored mortgage partnerships with financial institutions, including FCMB Mortgage Bank, to expand financing options for prospective homeowners.

However, she noted that mortgage financing in Nigeria remains underutilised, largely due to limited public awareness and structural challenges within the sector.

“In developed countries, many people rely on mortgages to own homes. You don’t necessarily have to have the full money before acquiring property. In Nigeria, the government still needs to do more to educate citizens about mortgage opportunities and processes,” she added.

Oseni further stressed that housing demand in Nigeria would continue to rise due to rapid population growth.
“With the increasing population, the demand for housing will never diminish. The number of births keeps increasing every minute. This means housing development must continue to expand to accommodate the growing population,” she said.
She also commended recent regulatory reforms introduced by government authorities in the real estate sector, noting that stricter regulations had helped reduce the prevalence of unstructured estate developments.

“In the past, people could buy an acre of land and immediately claim to have an estate. Today, there are several formalities and regulatory processes that must be followed before an estate can be properly established. While the procedures may involve some bureaucracy, they are necessary for protecting investors,” Oseni said.
The company’s new estate, she added, is designed as a fully serviced community, equipped with modern infrastructure such as a central sewage system, water facilities, smart security, road networks, recreational spaces, and commercial hubs.

She also revealed that the development would incorporate independent power solutions aimed at ensuring 24-hour electricity supply within the estate.

“Apart from having a house, stable electricity is critical. Without constant power supply, economic productivity suffers. That is why we are projecting a system that can provide 24-hour electricity within the estate,” Oseni said.

The General Manager disclosed that significant investment had already been made in preparing the land for development.
“Even the front section alone required over ₦100 million in sand filling before construction could begin. The area was previously undeveloped, but we are gradually pushing infrastructure deeper into the estate,” he explained.

Also speaking at the event, the company’s Sales Director, Victor Igbenoba, said the anniversary provided an opportunity to reflect on the company’s achievements while focusing on future growth opportunities.

“As we celebrate 14 remarkable years of growth, delivery, and shared success, it is equally important that we turn our attention to the opportunities ahead,” Igbenoba said.

According to him, Meritabode’s long-term strategy remains centred on identifying emerging development corridors early and positioning investors ahead of future growth.

“Real estate rewards those who can see tomorrow before it arrives. Our responsibility is to consistently identify new growth corridors and ensure our clients benefit from the value appreciation that follows,” he stated.
Igbenoba noted that the estate’s location along the rapidly expanding Lekki–Epe corridor placed it within one of Lagos’ fastest-growing development zones.

He said the area’s proximity to major infrastructure projects, including the Dangote Refinery and the proposed Lekki International Airport, had significantly increased investor interest in the corridor.

“This area is gradually evolving into a new urban hub. When you consider the refinery, the proposed airport, and other ongoing infrastructure projects, you will understand why development here is accelerating,” he said.

Igbenoba further emphasised that the estate was developed on government-allocated land with approved layouts, a factor he said provided additional security and confidence for investors.

“For us, integrity is extremely important in real estate. People should not just buy receipts; they should have access to the actual land they paid for. That is why our watchword has always been immediate allocation,” he said.

He explained that Meritabode deliberately chose to celebrate its anniversary at the project site rather than at a luxury venue to demonstrate tangible progress to clients.

“We could have held a big celebration in a hotel, but we decided to bring our clients here so they can see that development is ongoing. Today is not just groundbreaking — it is physical allocation,” he said.

Igbenoba added that the company had already developed several estates with fully occupied residential communities across its portfolio.

“In fact, this is about the 14th estate we are developing where people already have assets. Some of our estates already have over 100 residents living there with infrastructure such as security, roads, and electricity,” he said.

He encouraged prospective investors to conduct proper due diligence before committing funds to any real estate project, emphasising the importance of working with developers who have established track records.

“People should always verify the history and delivery record of developers. Track record matters in this industry,” he said.
“As we move forward, our focus is not just on selling land but on building thriving communities and creating investment opportunities that will stand the test of time.”