Firm, Cooperative Investment Partner To Expand Housing Access

The Shell Staff Cooperative Investment and Thrift Society Limited (COOPLAG) has entered into an investment partnership with Metrospeed Group to support the company’s multibillion-naira Metro Smart City project in Lagos, a development expected to deliver more than 2,000 smart housing units.

The organisations said the partnership reflects growing interest by cooperatives and institutional investors in planned residential communities as demand rises for modern housing with integrated infrastructure, security and digital connectivity.

Speaking at a signing ceremony in Lagos recently, the Chief Executive Officer of Metrospeed Group, Col. Dele Oyefuga (rtd.), described the agreement as a vote of confidence in the Metro Smart City project.

“This smart city is our flagship project, and we are determined to deliver on time and with precision. Whatever we have promised you, we will deliver,” Oyefuga said.

He disclosed that the project, which is being developed with multinational partners, has secured the required statutory approvals from the Lagos State Government.

“The Lagos State Government has been very supportive. Our EIA has been granted, our planning permit has been granted, and our governor’s consent has been granted,” he said.

Oyefuga said the investment further demonstrates growing confidence among organisations in the oil and gas sector in the project.

“It means that the IOCs are seeing what we are doing. We started with Chevron, went to ExxonMobil, Seplat and NLNG, and now we have Shell.

“The confidence they have in us is actually what is driving the project. We are very grateful to our development partners,” he added.

Commenting, President of COOPLAG, Aremo Francis Adeoye, said the cooperative only proceeded with the investment after carrying out extensive due diligence on the development.

“COOPLAG is a brand, not just a cooperative society. Over time, we have built a brand on trust and delivery. Before we do anything, we have to conduct our due diligence. We have seen Metrospeed, we have seen what they are doing, and we trust them,” Adeoye said.

According to him, a recent inspection of the project showed construction progress had exceeded expectations.

“They’ve achieved over 150 per cent of the interim target, so we trust them completely to get the job done,” he stated.

Also speaking, COOPLAG Vice President, Levious Ngerebara, said the partnership aligns with the cooperative’s objective of providing members with access to quality housing while creating long-term investment opportunities.

“At COOPLAG, it is always a joy when one of our visions materialises. In this case, we are having this good partnership that looks really promising with Metro Smart City.

“We needed to place our members in strategic urban developments that are secure and feature contemporary infrastructure, while also providing an investment for the future and the next generation. We have investigated, we have checked, we have seen what Metro Smart City is doing, and we know that it is a partner we want to be with,” Ngerebara said.

Metrospeed’s Head of Marketing and Sales, Emike Ntiokiet, said the company would continue to work with credible institutions to broaden access to professionally developed housing.

“We see COOPLAG not merely as a client, but as a strategic partner in delivering lasting value to its members. Collaborations with reputable organisations like COOPLAG allow us to scale responsibly, reach a wider audience and accelerate the development of transformational projects such as Metro Smart City,” she said.