Chevron Cooperative backs Lagos smart city with strategic investment

BY MOTOLANI OSENI

The Chevron Employees Multipurpose Cooperative Society (CEMCS) has embarked on a strategic partnership with Metrospeed Property Development Limited to fast-track the development of Metro Smart City, a pioneering tech-integrated urban project in Lagos.

Metro Smart City is a bold urban development initiative by Metrospeed, with land reclamation and infrastructure works handled by global construction giant China Civil Engineering Construction Corporation Ltd (CCECC). The partnership marks a defining moment for Nigeria’s real estate and smart city ecosystem.

Under the agreement, CEMCS will provide strategic funding and institutional support to help accelerate the execution of the project, which is poised to transform Lagos into a technology hub, a waterfront community, a residential area, a business zone, and a leisure and entertainment district.

CEMCS president, Princewill Hope, at the formal signing ceremony in Lagos, said the partnership aligns with the cooperative’s broader vision of long-term wealth creation and sustainable investment for its members.

To him, “Looking at the pedigree of Metrospeed and infrastructure partners like CCECC, we are confident this investment is both secure and profitable. It aligns with our vision of long-term wealth creation for our members. We are confident that this is going to return good income, and that is why we had no reservations when we were going into this partnership.”

CEO of Metrospeed Group, Dele Oyefuga, said: “This is not just a real estate investment, it is a vote of confidence in Nigeria’s digital future. Chevron’s involvement unlocks key funding that will allow us to accelerate timelines. By the end of this year, we aim to complete land reclamation and begin construction of roads, drainage, and key digital infrastructure.”

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Head of sales & marketing at Metrospeed, Emike Ntiokiet, described the partnership as a game-changer, adding that, ‘Chevron’s investment is more than capital; it’s credibility. It boosts investor confidence and ensures our alignment with global smart city standards.’

Ntiokiet also reiterated the company’s commitment to accessibility: “While Metro Smart City is premium, we’re creating flexible payment plans so everyday Nigerians can own a piece of the future. It’s not just about exclusivity—it’s about inclusive urban growth,” Ntiokiet added.

The project envisions a thriving ecosystem featuring five distinct districts: a technology hub, a waterfront community, a residential area, a business zone, and a leisure and entertainment district.