Lagos, Nigeria
Under Nigeria's Land Use Act 1978 every acre of Lagos State outside federal holdings is vested in the Governor, so private owners hold rights of occupancy rather than freehold, the Lagos Land Registry is searched one file at a time for a fee, and the owners that can be named are the State, federal authorities and the companies that announce their own assets.
13 buildings · 10 with an owner established · 28 sources · 11 tier A · 2 tier B · prepared 2026-10-20
Since the Land Use Act 1978, all land in Lagos State is vested in the Governor of the State, to be 'held in trust and administered for the use and common benefit of all Nigerians'; land already held by the Federal Government or its agencies (the airport, the ports, federal universities) stays vested in them (s1). Private holders own a statutory right of occupancy evidenced by a Certificate of Occupancy, and any assignment, mortgage or sublease needs the Governor's consent. Title is recorded at the Lagos State Land Registry in the Ministry of Lands at the Alausa Secretariat; a search is a paid, per-file application (N3,750 on the Lands Bureau's own service schedule), there is no free online owner lookup and no bulk ownership file.
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The marquee buildings
The towers that set the tone of the core, and who holds them. A price is the price a document states, on the date it states — not an estimate of what the building is worth now.
| Building | Use | Owner | Owner type | Last price paid |
|---|---|---|---|---|
| Murtala Muhammed International Airport (LOS) Ikeja, Lagos State |
Institutional | Federal Airports Authority of Nigeria (FAAN) Wikipedia's infobox gives 'Owner/Operator: Federal Airports Authority of Nigeria (FAAN)', airport type 'Public'. The domestic terminal MMA2 was 'privately funded' and commissioned on 7 April 2007 (same page); the operator of MMA2 and its concession terms were not established from a primary source. Federal land is outside the Governor's vesting: s49 of the Land Use Act says land held by the Federal Government or its agencies 'shall continue to vest in the Federal Government or the agency concerned' (s1). The airport served 6,273,545 passengers in 2010 (Wikipedia). |
Government | —A |
| Apapa Port Complex (Lagos Port Complex) Apapa, Lagos wharf land 'about 100 hectares' after the 1960s extensions; container terminal 55 ha |
Industrial | Nigerian Ports Authority (NPA) Wikipedia: NPA 'owned and administered operations in Lagos Port Complex from 1956 until it was concessioned in 2005', when the complex was divided into terminals 'contracted out to private operators with NPA acting as the landlord and regulator'. Terminal concessionaires listed: Apapa Bulk Terminal Ltd (Flour Mills) berths 1-5; ENL Consortium Ltd berths 6-13; Green View Development Nigeria Ltd (Dangote) berths 19-20; APM Terminals berths 15-18A (container terminal, 55 ha, 1,005 m quay, over 1,000,000 TEU a year). Concession fees and terms were not established from NPA's own pages. |
Government | —A |
| Lekki Deep Sea Port Lagos Free Zone, Itoke Village, Ibeju-Lekki up to 90 hectares (Wikipedia) |
Industrial | Lekki Port LFTZ Enterprise Limited (joint venture: Lekki Port Investment Holdings Inc — China Harbour Engineering Company and Tolaram — with Lagos State Government and Nigerian Ports Authority) The port's own About page: Lekki Port LFTZ Enterprise Limited (LPLEL) 'is the Special Purpose Vehicle (SPV) which was awarded the Concession Agreement for development and operations of the Lekki Deep Sea Port by the Nigerian Ports Authority' and 'is a joint venture enterprise owned by a group of investors led by the Lekki Port Investment Holdings Inc (comprising China Harbour Engineering Company Ltd. and Tolaram Group), the Lagos State Government and the Federal Government of Nigeria through the Nigerian Ports Authority'. Percentage stakes are not stated there. Wikipedia: financed with $1.5 billion as of March 2021; full commercial operations from April 2023. |
Private company | —A |
| Eko Atlantic City Reclaimed land south of Victoria Island (Bar Beach), Lagos 10 million m² of reclaimed land; 8.5 km sea wall |
Land | South Energyx Nigeria Limited (Chagoury Group) Eko Atlantic's own About page: 'On 10 million square meters of reclaimed ocean land, shielded by an 8.5 km sea wall'; 'The project is privately funded by South Energyx Nigeria Limited – the developers and city planners, a subsidiary of the Nigeria based Chagoury Group of companies – working in strategic partnership with the Lagos State Government and supported by the Federal Government of Nigeria.' Wikipedia (s26) describes it as a PPP; plots in Phases 1-2 start at about 2,200 m² and from $1,150/m², Phase 3 from $1,050/m² (Wikipedia, unsourced list price, not a transaction). The underlying title instrument between SENL and the State was not published on any page opened. |
Developer | —B |
| Eko Hotels & Suites Plot 1415 Adetokunbo Ademola Street, Victoria Island |
Hotel | Chagoury Group Wikipedia: 'Eko Hotels and Suites is owned by the Chagoury Group'; opened 1977 as Èkó Holiday Inn; 825 rooms and suites in four buildings; convention centre for 6,000; described as the largest hotel in Nigeria. No filing naming the title-holding company or a price was opened. |
Private company | —A |
| Federal Palace Hotel and Casino Ahmadu Bello Way, Victoria Island |
Hotel | The Tourist Company of Nigeria Plc (TCN) Estate Intel (c. 2019): Sun International held 'a 49% stake in the Tourist Company of Nigeria, which wholly owns the hotel and casino', acquired 'from Ikeja Hotel PLC in 2009 and 2010'. Wikipedia: built 1960, acquired by the Nigerian government in 1964 and sold by the government in 1992 for $50M via Ikeja Hotel Plc; in 2024 Sun sold most of its TCN stake. South African business press (not opened) reports $1.875m for a 43.3% TCN stake plus $12.675m for a shareholder loan, April 2024, with a 6% residual — listed under unverified. |
Public company | $50M 1992 Government sale of the hotel, per Wikipedia (Federal Palace Hotel); buyer route Ikeja Hotel Plc B |
| National Stadium, Surulere Surulere, Lagos |
Civic | Federal Government of Nigeria Wikipedia's infobox: 'Owner: Nigerian government'. Opened 4 December 1972 for the 1973 All-Africa Games; capacity 55,000 (1972) cut to 45,000 (1999); last national-team match 2004; left dilapidated from the early 2000s until the Federal Government began renovation in 2022, renovated 2024. No sale, concession or price was found on any page opened. |
Government | —A |
| University of Lagos (UNILAG), Akoka main campus Akoka, Yaba, Lagos 802 acres (main campus) |
Institutional | University of Lagos (Federal Government of Nigeria) Wikipedia: 'a federal government-owned university' founded 1962; 'Its main campus is largely surrounded by the Lagos Lagoon and has 802 acres of land'; 52,106 students in 2024/25. Campuses at Akoka, the former school of radiography in Yaba, and the College of Medicine at Idi-Araba. As a federal holding at 1978 it falls under Land Use Act s49, not the Governor's vesting. |
Government | —A |
| The Palms Shopping Mall Lekki, Lagos 21,000 m² lettable on a 45,000 m² plot |
Retail | Persianas Properties Limited (Persianas Group) Wikipedia: 'The mall is owned by Persianas Properties Limited (Part of the Persianas Group)'; opened 16 December 2005 on reclaimed swampland; 69 stores, anchors Game, ShopRite and a six-screen cinema; parking for about 1,000 cars. No price or financing was found on a primary page. |
Developer | —A |
| NECOM House (formerly NITEL Tower) Marina, Lagos Island |
Office | Not established a paid title search would answer it Wikipedia: 160 m, 32 storeys, completed 1979, the tallest building in West Africa since 1979; it 'houses the headquarters of NITEL'; fires in 1983 and 2015. The page names no owner, and no privatisation document or registry record transferring the tower after NITEL's sale was opened. A Lagos Land Registry search (N3,750) would be needed. |
Not established | —A |
| Dangote Petroleum Refinery Lekki Free Zone, Ibeju-Lekki, Lagos State |
Industrial | Dangote Group Wikipedia: 'Dangote Refinery is owned by the Dangote Group and located in Lekki'; commissioned 22 May 2023, operating from January 2024; 650,000 b/d design, described as the largest single-train refinery in the world 'with initial investments in excess of $19 billion'; full capacity reached February 2026; an expansion to 1.4 million b/d is estimated at $14.3 billion for 2029. The site is in the Lekki Free Trade Zone, outside metropolitan Lagos; site area and the land instrument were not established. |
Private company | —A |
| Ikeja City Mall Obafemi Awolowo Way, Alausa, Ikeja 28,500 m² (Actis) |
Retail | Not established a paid title search would answer it Actis's portfolio page: investment date 2008, 'Actis managed the development process of the mall from concept to completion: investing the initial equity, raising development finance, managing the construction', opened December 2011 'fully let', up to 800,000 shoppers a month; 'Actis exited Ikeja City Mall in November 2015.' The buyer is not named there. Wikipedia names Broll Property Services as 'Owner', but Broll is the mall's property manager, and management is not ownership — so the current owner is left blank. |
Not established | —A |
| Heritage Place Lagos |
Office | Not established the jurisdiction does not disclose owners Actis's portfolio page: office development, investment date 2011, completed January 2016, 'Actis exited Heritage Place in 2026 following the spin-out of Grene Capital, an Africa focused fund manager.' The page does not say which vehicle now holds the building or at what price, so the owner is not named; Grene Capital managing the asset is plausible but not stated. |
Not established | —A |
The core land
The most valuable ground in the city, and what the public record says about it.
Lagos's most valuable ground is the island core — Ikoyi, Victoria Island, Lekki Phase 1 — and the reclaimed Eko Atlantic beside it. No public register publishes assessed values per parcel. The State's own benchmark is its Fair Market Value schedule (the 'Blue Book'), revised with effect from 1 May 2026 and used to charge consent, registration and capital-development levies, but the per-zone rates were not published on any page opened; the figures below are market and list prices that sources state, with their dates.
Who owns the town
At this scale the significant owner is rarely a trust or a fund: it is one or two local holding companies, a family in its second or third generation, and often the land around the town rather than the buildings in it.
Under the Land Use Act every parcel in Lagos State that was not federal in 1978 is vested in the Governor; what private parties hold are rights of occupancy granted by the State, so the State is, in law, the landowner behind nearly every title. Federal agencies keep what they held in 1978 (s49): the airport (FAAN), the ports (NPA), federal universities and the National Stadium. The State's big new land is made, not bought: the Lekki Free Zone and the reclaimed Eko Atlantic, both held through joint ventures or concessions with private developers. Holdings figures are as each source states them; no registry total exists publicly.
| Name | Type | Holdings |
|---|---|---|
| Lagos State Government (land vested in the Governor) Land Use Act s1: 'all land comprised in the territory of each State in the Federation is hereby vested in the Governor of that State, and such land shall be held in trust and administered for the use and common benefit of all Nigerians'. s2(1)(a): 'all land in urban areas shall be under the control and management of the Governor'. s22 bars alienating a statutory right of occupancy 'without the consent of the Governor'. The Lands Bureau charges for consent, registration and capital-development levies as percentages of a Fair Market Value schedule (s2: e.g. deed of assignment 3% of value; capital development levy 25% of FMV). |
Government | All land in Lagos State except Federal holdings (Land Use Act s1, s49)A |
| Lekki Free Zone Development Company (China-Africa Lekki Investment Ltd and Lagos State Government, through Lekki Worldwide Investments Limited) Voice of Nigeria (11 Nov 2025): the Lekki Free Zone is 'a 16,000-hectare economic hub along eastern corridor of Lagos State', established 2006; LFZDC is 'a joint venture between China-Africa Lekki Investment Ltd and the Lagos State Government'; 'The Lagos State Government, through Lekki Worldwide Investments Limited, remains the majority shareholder', with NEPZA federal oversight. Wikipedia gives the free-zone masterplan as about 155 km², first phase 30 km². Stakes are not stated in a filing; other reports put the Chinese side at 60%, which conflicts with 'majority' — listed under unverified. Dangote Refinery and Lekki Port sit in the zone. |
Government | 16,000 hectares (Lekki Free Zone)A |
| South Energyx Nigeria Limited (Eko Atlantic) Eko Atlantic: 'On 10 million square meters of reclaimed ocean land, shielded by an 8.5 km sea wall'; privately funded by South Energyx Nigeria Limited, 'a subsidiary of the Nigeria based Chagoury Group of companies – working in strategic partnership with the Lagos State Government'. SENL sells plots to investors (Wikipedia: Phases 1-2 from about 2,200 m² and from $1,150/m²). The instrument by which SENL holds the reclaimed land from the State was not published on any page opened. |
Developer | 10 million m² of reclaimed landA |
| Federal Airports Authority of Nigeria (FAAN) Owner/operator of Lagos's airport per Wikipedia; as a federal agency its 1978 land stays vested in it under Land Use Act s49. No FAAN land-area figure was opened. |
Government | Murtala Muhammed International Airport, Ikeja (area not stated)A |
| Nigerian Ports Authority (NPA) Wikipedia: NPA owned and ran the Lagos Port Complex from 1956 until the 2005 concession, since acting 'as the landlord and regulator'; after the 1960s extensions 'the land area of the wharf was about 100 hectares'. Lekki Port's own page lists the Federal Government 'through the Nigerian Ports Authority' among the port company's owners. |
Government | Apapa wharf land 'about 100 hectares'; landlord of the Apapa and Tin Can terminals; shareholder in Lekki PortA |
| University of Lagos (Federal Government) Wikipedia: federal government-owned; main campus 'largely surrounded by the Lagos Lagoon and has 802 acres of land'; further campuses in Yaba and Idi-Araba. |
Government | 802 acres (Akoka main campus)A |
| Lagos State Development and Property Corporation (LSDPC) State-owned housing corporation (Wikipedia: successor in 1972 to the Lagos Executive Development Board, Ikeja and Epe planning authorities; builder of Dolphin Estate, the Falomo Shopping Complex and estates in Iba, Isolo, Abesan, Amuwo Odofin). The Commissioner for Housing's May 2026 briefing (Radio Nigeria Lagos): LSDPC 'completed 12 housing projects and delivered 1,190 housing units in the last seven years, while 29 ongoing projects would produce another 3,149 units'. |
Government | 1,190 units delivered in seven years to 2026; 3,149 more in 29 projectsB |
Who builds the houses
New-home building in this market: the volume, and the firms behind it. Ownership of a builder matters as much as its volume — a private-equity platform and a family firm behave differently.
New housing in Lagos is built on State land: the government builds directly from its budget and through joint ventures in which it contributes land and private developers build, and private master-planned estates along the Lekki–Epe corridor (Lagos New Town, Eko Atlantic) sell plots and homes on rights of occupancy. There is no official league table of builders; the figures below are each body's own published count. The State itself is the largest identifiable builder: 10,623 units in seven years to May 2026, against a housing deficit the Ministry puts at over 3.3 million units.
| Name | Type | Units |
|---|---|---|
| Lagos State Government (Ministry of Housing) — direct budget Commissioner for Housing, 2026 ministerial briefing: 'the administration delivered 4,414 housing units through direct budgetary allocations and another 6,209 units through public-private partnership arrangements' — 10,623 in seven years; 23 estates completed since 2019, including 420 units at Akinsanya Sunny Ajose Estate (Oct 2025) and 233 at Abraham Adesanya Estate (Nov 2025); five schemes (Sangotedo, Egan-Igando, Ibeshe, Epe, Ipaja) to add 1,584 units by end-2026. |
Government | 4,414 units (2019–2026)A |
| Lagos State Government — public-private partnership schemes Same briefing: 6,209 units through PPP arrangements, and joint-venture projects 'expected to add another 3,791 housing units'; the stated end-point is 14,022 units under the current administration. The private JV partners are not itemised in the report. |
Government | 6,209 units (2019–2026); 3,791 more in joint venturesA |
| Lagos State Development and Property Corporation (LSDPC) Same briefing: LSDPC 'completed 12 housing projects and delivered 1,190 housing units in the last seven years, while 29 ongoing projects would produce another 3,149 units'. Historically (Wikipedia, citation needed) more than 17,000 units by 1992 in Ojokoro, Isolo, Amuwo Odofin, Ijaye and Iba. |
Government | 1,190 units in seven years; 3,149 in 29 ongoing projectsA |
| Mixta Africa (subsidiary of ARM) Mixta's own release (7 Sep 2022): N8bn development financing from Shelter Afrique for 'the 1000-unit Marula Park Project' in the Lagos New Town district off the Lekki-Epe expressway; Beechwood Park 'consists of over 600 units of bungalows and terrace houses'; completed Lagos New Town projects include Lakowe Golf and Country Estates and Adiva Plainfields; planned district population 'at least 200,000 residents'; 'Mixta Africa is a subsidiary of ARM'. |
Private company | Marula Park 1,000 units (under way 2022); Beechwood Park 600+ units (2018)A |
| South Energyx Nigeria Limited (Eko Atlantic) SENL develops and sells serviced plots rather than building most homes itself; Wikipedia gives at least 250,000 residents and 150,000 daily commuters at completion. Unit counts delivered were not published on any page opened. |
Developer | 10 million m² of plots for sale; 250,000 residents plannedB |
Commercial landlords
The commercial side, counted separately from housing: who holds the office, retail and industrial floor area.
Lagos has a thin listed property market — UPDC REIT is the largest REIT on the Nigerian Exchange — so most large commercial buildings are held by private groups and development funds that publish little. Development capital (Actis built The Palms, Ikeja City Mall and Heritage Place) typically exits after a few years without naming the buyer. The landlords below are those a document names; floor area is rarely published.
| Name | Type | Holdings |
|---|---|---|
| UPDC Real Estate Investment Trust UPDC Plc's REIT page: 'The following assets are owned by UPDC REIT: Victoria Mall Plaza 1 and 2 on Bishop Aboyade Cole Street Victoria Island Lagos. Abebe Court along Bourdillion Road Ikoyi Lagos. Kingsway Building on Marina Lagos. UAC Complex in Pearl Hostel within Pan Atlantic University Ibeju Lekki' and UAC Complex Abuja; sponsored June 2013 'by issuing 3,000,000,000 units at N10 each', which made it 'the largest REIT in Nigeria'. UPDC Plc is property and asset manager and held 133,413,475 units (5%) at 31 Dec 2025 (UPDC accounts). Fair values per property were not read: the REIT's filings host (africanfinancials) returned 403. |
REIT | Victoria Mall Plaza 1 & 2, Abebe Court, Kingsway Building, Pearl Hostel (Lagos); UAC Complex (Abuja); 3bn units at N10 at IPO (2013)A |
| UPDC Plc (Custodian Investment Plc 51.11%, UAC of Nigeria Plc 41.47%) UPDC's 2025 audited accounts with five-year summary: PPE & investment properties N8,524,775 thousand; shareholders above 5% are Custodian Investment Plc (9,486,390,663 shares, 51.11%) and UAC of Nigeria Plc (7,697,451,236, 41.47%); 'The ultimate parent and controlling party of the Company is Custodian Investment Plc'. 'Leasehold investment properties represent properties acquired under government consent for 99 years.' It holds a 45% joint venture in First Festival Mall Ltd (Festival Mall). IFC (s25, 2007) financed its 1.72 ha Victoria Island Mall Plaza, total project cost an estimated $117 million. |
Public company | PPE & investment properties N8,524,775,000 (NGN, group, 31 Dec 2025)B |
| Chagoury Group Owner of Eko Hotels & Suites per Wikipedia, and parent of South Energyx Nigeria Limited, the Eko Atlantic developer, per Eko Atlantic's own page. No group-wide floor-area figure is published. |
Private company | Eko Hotels & Suites (825 rooms); Eko Atlantic via South Energyx (10 million m² of land)B |
| Persianas Properties Limited (Persianas Group) Wikipedia names Persianas Properties Limited as owner of The Palms; Actis's Ikeja City Mall page calls The Palms an earlier Actis investment, so Actis co-invested at development. Persianas's other malls (Enugu, Kwara) are outside Lagos. |
Developer | The Palms, Lekki: 21,000 m² lettable on a 45,000 m² plotB |
| The Tourist Company of Nigeria Plc Estate Intel (c. 2019): TCN 'wholly owns the hotel and casino'; Sun International then held 49% of TCN, bought from Ikeja Hotel PLC in 2009 and 2010. The 2024 reduction of Sun's stake is under unverified. |
Public company | Federal Palace Hotel and Casino, Victoria Island (150 rooms per Wikipedia)B |
Looked for and not found
Claims this page would have made if a source could be opened. They are left out rather than guessed.
- Sun International sold a 43.3% stake in The Tourist Company of Nigeria (owner of the Federal Palace Hotel) to Rutam Finance for $1.875m plus $12.675m for a loan account, announced 18 April 2024, keeping 6% — reported by BusinessLIVE (South Africa); the SENS announcement itself was not opened.
- Lekki Free Zone Development Company stakes: The Business Year and VOA (not opened) put China-Africa Lekki Investment at 60% and the Lagos side (State 20% plus Lekki Worldwide Investments 20%) at 40%, which conflicts with Voice of Nigeria's 'majority shareholder' wording for Lagos.
- Lagos State Secretariat, Alausa (seat of the State Government, Ministry of Lands at Blocks 13 & 14) and the Lagos State House of Assembly: owned by the Lagos State Government by every reasonable reading, but no page opened states the holding, so they are not carried as marquee rows.
- NECOM House (ex-NITEL Tower): the current title holder after NITEL's privatisation could not be established from any page opened; a Land Registry search would be needed.
- Ikeja City Mall: Actis exited in November 2015 without naming the buyer; Wikipedia's 'Owner: Broll Property Services' is the property manager and is not used.
- Heritage Place: Actis exited in 2026 'following the spin-out of Grene Capital'; whether a Grene-managed fund now owns the building is not stated.
- Lagos Fair Market Value 2026 per-zone rates (the Lands Bureau 'Blue Book'): not published on any open page; the Lands Bureau host returned Cloudflare 522.
- UPDC REIT per-property fair values and total investment property for 2025: the REIT's filings were only found on africanfinancials.com, which returns 403 to scripts; doclib.ngxgroup.com URLs for the filings were not found.
Sources
- Land Use Act, Chapter L5, Laws of the Federation of Nigeria (ss. 1, 2, 22, 34, 49) — Policy and Legal Advocacy Centre (PLAC), Laws of Nigeria · openA
- Lands Bureau Service Level Agreement (SLA) — list of services and approved fees — Lagos State Government, Ministry of Lands (hosted by the Lagos State Ministry of Economic Planning and Budget) · openA
- Murtala Muhammed International Airport — Wikipedia · openA
- Apapa Port Complex (Lagos Port Complex) — Wikipedia · openA
- About Lekki Port; Shareholders Information — Lekki Port LFTZ Enterprise Limited · openA
- About Eko Atlantic — South Energyx Nigeria Limited (Eko Atlantic) · openA
- Eko Hotels and Suites — Wikipedia · openA
- Sun International edges closer to sale of Federal Palace Hotel in Lagos — Estate Intel · openA
- National Stadium, Lagos — Wikipedia · openA
- University of Lagos — Wikipedia · openA
- Palms Shopping Mall — Wikipedia · openA
- NECOM House — Wikipedia · openA
- Federal Palace Hotel — Wikipedia · openA
- Dangote Refinery — Wikipedia · openA
- Ikeja City Mall — portfolio — Actis · openA
- Heritage Place — portfolio — Actis · openA
- Ikeja City Mall — Wikipedia · openA
- Lekki Free Zone Boosts Nigeria's Industrial Growth Momentum — Voice of Nigeria (von.gov.ng) · openA
- Lagos Targets 14,000 Homes as Sanwo-Olu Pushes Affordable Housing, Tenancy Reforms — Radio Nigeria Lagos (FRCN) · openA
- Lagos State Development and Property Corporation — Wikipedia · openA
- Lekki (Lekki Free Trade Zone section) — Wikipedia · openA
- UPDC REIT — UPDC Plc · openA
- Mixta Africa secures N8bn funding to expand affordable housing delivery — Mixta Africa · openA
- UPDC Plc audited financial statements, 31 December 2025, with five-year summary — UPDC Plc · openA
- UPDC Company — Summary of Proposed Investment (project 25677) — International Finance Corporation · openA
- Eko Atlantic — Wikipedia · openA
- Lagos State approves revised Fair Market Value 2026 (client publication) — Udo Udoma & Belo-Osagie (UUBO) · openA
- Lagos Island land prices soar, Ikoyi hits N2.5 million per sqm — Nairametrics · openA