Eko Atlantic

What Eko Atlantic does

Eko Atlantic is a privately funded master-planned coastal city being built on approximately 10 million square metres of land reclaimed from the Atlantic Ocean adjacent to Victoria Island in Lagos, Nigeria. The project is developed by South Energyx Nigeria Limited, a subsidiary of the Chagoury Group, under a Public-Private Partnership with the Lagos State Government and the Federal Government of Nigeria, with construction of the 8.5km Great Wall of Lagos sea revetment commencing in 2008 and Phase 1 & 2 infrastructure (covering more than 5 million m² across 8 districts) declared complete by 2021–2023. Core infrastructure comprises an independent 70 MW gas-fired power plant (expandable to 1.5 GW) with SCADA-enabled smart substations, dual-feed distribution across 48 km of underground cable loops, a fiber-optic network to every plot, a European-standard water treatment plant (60,000 m³/day in Phases 1–2, expandable to 100,000 m³/day across Phases 1–6), an independent canal and underground drainage system, and 14 completed bridges.

The company's revenue model is multi-stream: it sells development-ready land plots with full utility infrastructure and freehold titles; it sells or leases residential units (apartments, penthouses, townhouses) in developments such as Azuri Peninsula, Eko Pearl Towers, Pan Atlantis, and Phoenix Towers; it markets Class A commercial office space in the Business District; it operates an Eko Atlantic Free Zone offering 100% foreign ownership, zero dividend withholding tax, and free profit repatriation; it generates lease income from the 107,500 m² Eko Atlantic Mall and broader retail space; and it earns recurring revenue from utility services (power, water, sewage, smart grid distribution). Pricing across all streams is quote-based rather than publicly disclosed.

The customer base spans Nigerian and international property developers (e.g., ITB Nigeria Limited, Arkland Group), high-net-worth individuals seeking luxury waterfront residences, multinational and African corporates seeking Class A office space, free-zone enterprises in finance, technology, healthcare, and retail, retailers and entertainment operators, and government anchors most notably the United States Government building a $537 million Consulate General expected to complete in 2027. Technology partners include Schneider Electric (substation panels), MTU/Rolls-Royce Power Systems (gas engines), AXXELA (gas pipeline supply), Royal HaskoningDHV (marine engineering), and DEME Group (dredging and marine construction). The project targets approximately 300,000 future residents and 150,000 daily commuters upon full buildout of 10 districts and 3,000 planned buildings.

Name

Eko Atlantic

Legal name

South Energyx Nigeria Limited

Website

https://ekoatlantic.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

Eko Atlantic is a privately funded coastal smart city under development in Lagos, Nigeria, built on 10 million m² of reclaimed Atlantic land. It sells residential units, Class A offices, retail, and free-zone business space, while providing independent power, water, drainage, and fiber utilities.

Ownership category

akta.pro rank

Product category

Coastal Real Estate Development

akta.pro primary industry

Port & Harbor Construction (Quays, Wharves, Berths) (IMAFAJAA)

akta.pro secondary industries

Port Rehabilitation, Maintenance & Asset Renewal (Repairs, Strengthening) (IMAFAJAL), Marine Electrical Installation, Commissioning & Field Services (IMAJAJAL)

Keywords

• Coastal real estate development
• Smart city infrastructure
• Luxury residential properties
• Commercial office leasing
• Free zone business services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Land Sales: Eko Atlantic sells development-ready plots of land to private developers, investors, and individuals. Each plot comes with full infrastructure installed — 24/7 independent power, fiber-optic internet, clean water supply, storm drainage, paved road access, and freehold title documentation. Land offerings range from compact plots for single-unit homes to vast expanses for skyscrapers, tech hubs, or shopping complexes.
2. Residential Development: Revenue generated from the sale or lease of residential units including apartments (one-bedroom to full-floor penthouses), townhouses, and waterfront residences at developments such as Azuri Peninsula, Eko Pearl Towers, Pan Atlantis, Phoenix Towers, and Marina District properties. Properties offer amenities including pools, gyms, retail, and concierge services.
3. Commercial Office Space: Class A office spaces marketed to startups, established corporates, and global conglomerates in the Business District (covering 700,000 square meters of prime real estate), positioned as the financial hub of Africa. Office buildings include Alpha 1 (14 floors, EDGE certified), A&A Towers, and others in the Marina District.
4. Free Zone Services: The Eko Atlantic Free Zone generates revenue through business registration, regulatory facilitation, and lease/sale of commercial space within the zone. Benefits offered to businesses include 100% foreign ownership, zero withholding tax on dividends, free profit repatriation, duty-free imports, and one-stop regulatory shop services. Targets tech, finance, healthcare, and retail sectors.
5. Retail — Eko Atlantic Mall: The 107,500 square meter Eko Atlantic Mall — the largest shopping center in West Africa — generates lease income from department stores, retail shops, food courts, kids' entertainment, and cinemas. Additional retail spaces are positioned throughout commercial districts to serve 300,000 future residents and the broader Victoria Island community.
6. Infrastructure Utilities Services: Eko Atlantic Utilities provides independent power generation, water treatment, sewage treatment, and smart grid distribution services to residents and businesses within the city, generating recurring revenue from utility service provision.

Pricing tiers

Distribution channels4 records

Marketing channels8 records

Core offering

Eko Atlantic is a master-planned coastal city being developed on 10 million square metres of reclaimed land adjacent to Victoria Island in Lagos, Nigeria. It sells development-ready land plots, luxury residential units (apartments to penthouses), Class A commercial office space, Free Zone commercial services, and premium retail destinations, each delivered with pre-installed utilities including 24/7 independent power generation, fiber-optic internet, clean water, and storm drainage. The development is protected by an 8.5 km Great Wall of Lagos sea revetment engineered to withstand 1,000-year storms.

Differentiator

Problem solved

Functional benefit

Products and services

• Land Plots Development-ready plots of land with full infrastructure already installed (24/7 independent power, fiber-optic internet, clean water supply, storm drainage, paved road access, and freehold title documentation). Offerings range from compact plots for single-unit homes to large parcels for skyscrapers, tech hubs, or shopping complexes, sold to private developers, investors, and individuals across the city's districts (Marina, Business District, Ocean Front, Downtown, etc.).
• Residential Properties Luxury waterfront residential units for sale or lease, ranging from one-bedroom apartments to full-floor penthouses with panoramic ocean views. Offerings span developments such as Azuri Peninsula, Eko Pearl Towers, Pan Atlantis, Phoenix Towers, and Marina District properties, with amenities including pools, gyms, retail, and concierge services. Targeted at high-net-worth individuals and families.
• Commercial Office Space Class A office space in the Business District (covering 700,000 square metres of prime real estate), marketed to startups, established corporates, and global conglomerates as the financial hub of Africa. Options include small offices, expansive floors, or entire buildings. Alpha 1 holds IFC EDGE certification for resource efficiency.
• Free Zone Services Business registration, regulatory facilitation, and commercial space lease/sale within the Eko Atlantic Free Zone. Benefits include 100% foreign ownership, zero withholding tax on dividends, free profit repatriation, duty-free imports, and one-stop regulatory shop services. Targets tech, finance, healthcare, and retail sectors.
• Retail Spaces High-footfall retail leasing in commercial districts and the Eko Atlantic Mall, including ground and mezzanine units, food-and-beverage-ready spaces, and anchor-tenant-adjacent configurations. Includes department stores, retail shops, food courts, kids' entertainment, and cinemas.
• Infrastructure Utility Services Recurring utility services for residents and businesses within the city, including independent power generation (70 MW gas-fired plant with smart grid SCADA monitoring), water treatment (60,000 m³/day Phase 1-2 capacity), sewage treatment, and advanced metering.

Quantifiable outcome

• The Great Wall of Lagos has reduced ocean surge impacting Victoria Island and Lekki, protecting a combined 16 km of Lagos coastline that was previously subjected to severe flooding and erosion.
• +4 more outcomes

Named customers6 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

13 partnerships are on record, tiered core, minor and flagship.

• Rugby School Nigeria / Rugby School UKcoreStrategic or Co-development Partner · 1 September 2025Rugby School Nigeria, a sister institution to Rugby School UK, opened in Eko Atlantic City in September 2025. ITB Nigeria Limited built the campus. The school is overseen directly by Rugby School Global, offering A-Level courses, extracurricular activities, and boarding facilities with UK-qualified educators. It reinforces Eko Atlantic's positioning as a world-class smart city.
• Fine & Country West AfricacoreGTM or Marketing Partner · 6 October 2017Fine & Country West Africa partnered with Eko Atlantic City to showcase Nigeria as a viable real estate investment destination at the Refined Investors Series 2017 in London. The partnership targeted Nigerians in the diaspora and international investors, aiming to restore confidence in Nigerian real estate investment and grant diaspora investors direct access to Eko Atlantic City.
• South Energyx Nigeria Limited (SENL)coreOthersSouth Energyx Nigeria Limited (SENL) is the developer and city planner of Eko Atlantic City, a subsidiary of the Chagoury Group of companies. SENL is responsible for land reclamation, infrastructure development, sales, and overall project management. Managing Director: David Frame.
• Lagos State GovernmentcoreStrategic or Co-development PartnerLagos State Government is the strategic government partner in the Public-Private Partnership that underpins Eko Atlantic. The project began as a request by Lagos State to address coastal erosion. Governor Babajide Sanwo-Olu has been a vocal supporter, calling the development 'the clearest indication of how cordial the US and Nigerian relationship is.'
• Federal Government of NigeriaminorStrategic or Co-development PartnerThe Federal Government of Nigeria provides supporting partnership to the Eko Atlantic development, working alongside Lagos State Government and South Energyx Nigeria Limited in the Public-Private Partnership structure.
• Royal HaskoningDHVcoreTechnology or IntegrationRoyal HaskoningDHV is the appointed marine engineering consultancy for the Eko Atlantic Project. Managing Director Daniel Kamau noted that coastal erosion rates along the Lagos coast (since 1910) have been in the order of 2 to 10 meters per year, underscoring the project's engineering complexity.
• ITB Nigeria LimitedcoreChannel Partner/ Reseller/ DistributorITB Nigeria Limited is a leading Nigerian construction company and the first indigenous developer to build towers in Eko Atlantic City. It constructed Azuri Peninsula (three 30+ storey towers with luxury apartments and penthouses), Alpha 1 (14-floor EDGE-certified office), and is building Rugby School Nigeria. Managing Director: Ramzi Chidiac.
• Arkland GroupcoreChannel Partner/ Reseller/ DistributorArkland Group is the first indigenous real estate developer in Eko Atlantic City. With over 300 housing units developed and 8 ongoing construction projects, it offers luxury offerings including penthouses, apartments, duplexes, residential towers, and mansions. It serves as a trusted real estate company for investors seeking guidance on Eko Atlantic investments.
• Schneider ElectriccoreTechnology or IntegrationSchneider Electric supplied 34 panels for precise power distribution control at the dedicated Power Centre. The company is a key technology partner for Eko Atlantic's smart grid deployment, including SCADA systems and intelligent electronic devices across all substations.
• MTU (Rolls-Royce Power Systems)coreTechnology or IntegrationMTU (a Rolls-Royce brand) has supplied six gas engines for the 12 MVA power plant, running efficiently on compressed natural gas. Previously, 6 MTU Rolls-Royce engines powered the first 10MVA natural gas power plant commissioned in 2019. A total of 5 MTU engines currently run on pipeline gas from AXXELA.
• AXXELAcoreTechnology or IntegrationAXXELA's gas pipeline has reached Eko Atlantic City, supplying natural gas to the EAC power plant with 5 MTU Rolls-Royce engines running on pipeline gas with high efficiency. AXXELA provides the critical fuel infrastructure enabling the city's independent power generation.
• DEME GroupcoreTechnology or IntegrationDEME Group is a partner for the marine construction and land reclamation aspects of the project. The group specializes in dredging and marine engineering, critical for the coastal reclamation work that created the 10 million m² landmass.
• United States Government (US Consulate General)flagshipChannel Partner/ Reseller/ DistributorThe US Government is constructing a $537 million Consulate General building on 12.2 acres in Eko Atlantic City, expected to be the largest US Consulate in the world. Targeted for LEED Silver Certification, completion expected 2027. The project will employ 2,500 Nigerians and inject $95 million into the local economy. This is the largest US investment in Nigeria.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• King Abdullah Economic City (KAEC): Saudi Arabia's flagship master-planned coastal economic city, developed on a comparable scale of reclaimed/developed land with a mix of residential, commercial, industrial, and free-zone components. Closely comparable in concept — purpose-built new city with full infrastructure, free-zone benefits, and targeted foreign investment.
• Dubai South (Dubai World Central): UAE's large-scale master-planned city centered on Al Maktoum International Airport, encompassing aviation, logistics, residential, and business districts on a planned 145 km² footprint. Comparable in scale of master planning, district structure, and free-zone / foreign-investor orientation.
• Songdo International Business District: South Korea's master-planned smart city built on reclaimed land near Incheon, featuring ubiquitous fiber connectivity, smart-grid utilities, and LEED-certified buildings. Comparable as a flagship Asian smart-city development on reclaimed land, serving multinational tenants with integrated digital infrastructure.
• Masdar City: Abu Dhabi's planned sustainable city developed by Masdar, focused on renewable energy, smart-grid infrastructure, and EDGE/LEED-certified buildings. Directly comparable in its emphasis on independent utilities, sustainability credentials, and smart-city infrastructure at city-scale.
• Lusail City: Qatar's planned coastal smart city developed ahead of the FIFA World Cup, featuring 19 mixed-use districts, integrated utilities, and premium waterfront real estate. Directly comparable as a master-planned coastal new city with independent infrastructure and luxury mixed-use positioning.
• Hambantota Port City (CHEC Port City Colombo / Sri Lanka): Sri Lanka's reclaimed coastal new-city development built by China Harbour Engineering Company, featuring free-zone status, mixed-use districts, and foreign-investor incentives on reclaimed land. Comparable in emerging-market coastal reclamation, free-zone structure, and dependence on foreign capital inflows.
• Forest City (Country Garden Pacificview): Malaysia's large-scale reclaimed-land smart city developed on artificial islands off Johor. Directly comparable as a coastal reclamation project targeting HNW buyers and international tenants with free-zone-style incentives — though its troubled absorption highlights execution risks Eko Atlantic also faces.
• Lavasa: India's master-planned hill city developed by Lavasa Corporation, a planned new-city project targeting HNW buyers with full infrastructure and resort-style amenities. Comparable as an emerging-market master-planned city, though its troubled history (regulatory and demand issues) underscores the execution risks Eko Atlantic must manage.

Broad incumbents

• NEOM: Saudi Arabia's mega-scale smart-city / region project including The Line linear city, Oxagon industrial city, and Sindalah resort. Operates in the same conceptual space (smart, sustainable, master-planned coastal/regional development) but at dramatically larger scale and budget, positioning it as a broad incumbent in the global smart-city category.

Regional players

• Konza Technopolis: Kenya's flagship African smart-city project, a government-led technology city south of Nairobi targeting BPO, IT, and innovation tenants. Regional peer within Africa pursuing a similar smart-city-on-greenfield concept, though at much smaller scale and without Eko Atlantic's coastal reclamation angle.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/ekoatlantic
• Facebookfacebook.com/EkoAtlantic

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eko Atlantic