Union Bank And Olumegbon Chieftaincy Plan Billion Naira Development Scheme At Lekki Peninsula.

(From The News (Nigeria) - AAGM)

Byline: Olutayo Olubi

Deal For Land Owners In Lagos State, especially in the choice area of Lekki in Eti-Osa Local Government, land-owning families are investing more in billion naira estates that maximise the use of the resource. The practice was initiated by the Oniru Chieftaincy Family and is being widely embraced by other land-owning families, most of who rule Lagos.

Last week, a delegation visited the Oba of Lagos, Rilwan Babatunde Akiolu 1, to intimate him of the latest project in the real property development that is redefining the Lekki landscape. The delegation comprised representatives of the Olumegbon family, the Union Bank Group and Royal Serve Limited. The Olumegbon family was represented by Chief Muniru Adeyemi and Chief Fatai Olumegbon; the managing director of the Union Bank Group, Dr. Godwin Oboh led the bank's management team which included Mr. O. Chinuomah, the managing director of Union Homes Savings and Loans Limited; while the management team of Royal Serve Limited was led by its executive chairman, Chief 'Tunde Fanimokun.

The three parties are collaborating in the development of a 165 hectare along the Lekki\Epe expressway. The land belongs to the Olumegbon chieftaincy family. The delegation presented to Oba Akiolu the architectural, survey and engineering drawings of the project which is slated to take off early next year.

The agreement between the partners was brokered by Fanimokun, who was the brain behind the transformation of the Oniru Chieftaincy family Estate at Victoria Island, Lagos. Fanimokun informed that the new project would be both commercial and residential. The stretch of the 165 hectares which hugs the Lagos\Epe expressway would be transformed into a commercial corridor that would parade a mixture of multi-storey office blocks, a trade centre, functional buildings to accommodate banks and retails outlets. The inner ...