Azuri Towers in Eko Atlantic: The Developer, the Board and the Delivery Record

Azuri Towers is the residential and office cluster in the Marina District of Eko Atlantic City, and the clearest published measure of its progress is this: in May 2025, The Guardian reported the development as roughly 30 per cent occupied with about 64 per cent of its apartments sold. The residential towers had been expected to complete in 2022. That gap between an announced date and a recorded state of occupancy is the single most useful thing a prospective buyer can know about the project, and it is documented at both ends.

The company behind the towers

The developer of Azuri Towers is Eko Development Company. A Nigerian entity registered as Eko Development Company Limited carries RC-908323 with an incorporation date of 23 August 2010 and a registered address at 1684 Sanusi Fafunwa Street, Victoria Island, Lagos, according to B2BHint, a directory that republishes Corporate Affairs Commission records under the Companies and Allied Matters Act 2020. Share capital is given as about 1.61 billion naira.

There is a naming question worth putting to the company. Its own board page describes Erejuwa Gbadebo as "the MD/CEO of Eko Development Company FZE", using the free zone entity suffix, while the registry extract is for a company limited by shares. Eko Atlantic operates as a free zone, so both forms could exist. No public source we found reconciles them.

The same aggregator record shows the status of RC-908323 as inactive. That field has not been confirmed against the commission directly, the extract is a republished snapshot rather than a live search, and the company was publicly marketing the project as recently as May 2025. It is a flag for a buyer to resolve at CAC, not a finding about whether the business is trading.

Who runs it

Eko Development Company names three board members on its own website. Jide Ogundare is listed as chairman, described there as "the founder and managing director of MBO Capital Management Limited". Erejuwa Gbadebo is listed as MD and CEO, with the site citing over 37 years in the property and construction sectors. Uche Wigwe is listed as a director, admitted to the Nigerian Bar in 2005.

Gbadebo is quoted in her own name in the press. In The Guardian's May 2025 report she said of the wider scheme, "Eko Atlantic City is a reclamation of land and a protection of the shorelines. We are proud of the city and the Azuri." Adedapo Macaulay, the company's head of business development, is quoted in the same report saying the towers "offer store of value, capital growth, and rental yield while the location makes it a choice real estate asset."

An earlier generation of management appears in the record too. BusinessDay's February 2020 piece names Olawale Opayinka as MD and CEO at that time.

The registry aggregator additionally lists Ronald Chagoury and Gabi Massoud among the directors of RC-908323, the latter from 2019. Eko Atlantic itself is developed by South Energyx Nigeria Limited, described as a subsidiary of the Chagoury Group, under a public private partnership with Lagos State as strategic partner. We found no source that states the Chagoury Group is the parent of Eko Development Company, and the directorship listing alone does not establish that. Readers should treat the connection as a directorship on an aggregator record and nothing more until a primary filing says otherwise.

What has been announced and what has been built

BusinessDay reported in February 2020 that the scheme comprised three towers, one office and two residential, with 40 three-bedroom units, 40 four-bedroom units and four six-bedroom penthouses, housing roughly 130 families. Starting prices were reported at 280 million naira with a projected 7 per cent rental yield. Azuri One was described as 33 floors and 146 metres.

The office component is the part with a firm, dated completion. Estate Intel reported the commissioning of the West Marina District and the Azuri office tower in October 2021, a 28 floor building of about 27,000 square metres, with beneficial occupancy from 12 December 2021. The same report gave 2022 as the expected completion for the two residential towers.

By May 2025 The Guardian described three towers of 33, 29 and 32 floors and put occupancy at around 30 per cent with about 64 per cent of flats sold. The developer's own site now lists Azuri One as sold out. We could not find any source stating a final handover date for either residential tower. A buyer comparing the 2022 expectation against the 2025 occupancy figure is looking at the whole of what the public record supports, and should ask the company directly for practical completion certificates rather than inferring anything from the silence.

One further naming caution. The main contractor, ITB Nigeria Limited, publishes a project page headed "Azuri Peninsula, Eko Atlantic City", describing 32 floor triple towers on a five floor podium across a 13,000 square metre site. Estate Intel used the Azuri Peninsula name around 2016 with towers called Oban, Zuna and Orun. No source we found states explicitly that Azuri Peninsula and Azuri Towers are the same project under different names, so we are not asserting it.

The build team

ITB Nigeria Limited is named as the main contractor on Azuri Towers by both Estate Intel and The Guardian, and BusinessDay in 2020 described it as one of Nigeria's leading building and civil engineering companies. ITB's own project page names the international practice Gensler as architect.

On financing, the record is empty. We found no bank, fund or lender named in connection with the towers. Access Bank's then chief executive Herbert Wigwe attended the October 2021 commissioning alongside Governor Babajide Sanwo-Olu and others, but attendance at an opening is not a financing relationship and should not be read as one. We also found no regulatory action, court case or regulator finding involving Eko Development Company or the project.

What a buyer should check

Three items are unresolved on the public record and all three are answerable by the company: whether the FZE and the limited company are one legal person or two, what the CAC register currently says about RC-908323, and when each residential tower reached practical completion. A fourth, the identity of any project financier, is simply absent. Bektu tracks delivery history for developers across these markets, and the page for this one sits at bektu.com/companies/azuri-towers.