Cocoon Homes and Cocoon Atlantic: Ownership, FMBN Financing and the Delivery Record

Cocoon Homes has one project on its books, Cocoon Atlantic in Sangotedo on the Lekki-Epe axis of Lagos, and the public record shows it was under construction in August 2021. What the record does not show is a dated handover of any of the 383 homes the company says the estate will contain. The ownership, on the other hand, is unusually well documented for a Lagos developer of this size: the company describes itself as a joint venture between a UK private equity fund manager and a Nigerian investment group, and both sides say so on their own websites. This piece sets out what can be confirmed, where the figures do not line up, and what a buyer should ask for before paying.

Who owns Cocoon Homes

Cocoon's management page states that the company "is a joint venture partnership between Private Equity Fund managers Silk Invest (UK Ltd). and the development arm of Monument (Nig.) Ltd." Monument Group's own website confirms the arrangement from the other side: "Cocoon Homes was incorporated in 2013, as a Joint Venture with PE firm, Silk Invest Ltd." Monument describes Cocoon as "the groups affordable housing development company." Cocoon's homepage gives the same start date, saying the company "was established in April 2013."

We did not locate a Corporate Affairs Commission (CAC) extract giving Cocoon's registered name, RC number or registered office, and the company's website does not print one. The only address it publishes is the project site: Cocoon Atlantic, Ajayi Apata Estate, Sangotedo, Lekki-Epe Expressway. A buyer should ask for the CAC certificate and the latest status report, which will show the registered directors and shareholders. It is the simplest way to confirm that the joint venture described on both websites is the entity named on the sale contract.

Who runs it

Cocoon names Farouk Imam as "the founding Managing Director of Cocoon Homes." ThisDay also identified him as managing director in its August 2021 report on the estate. Monument's team page lists him as "an Executive Director of Monument since 2004," responsible for the group's real estate ventures, so Cocoon's chief executive is also a senior executive of one of its two shareholders.

Cocoon's board page lists four people: Farouk Imam; Faisal Imam, whose entry refers to Monument's founding; Zin Bekkali, described as "CEO and founder of Silk Invest"; and Femi Sunmonu, described as a partner at the law firm Aliant who joined the board in December 2016. The management page names Jubril Adebola Aromasodu as project manager, Habeeb Adamu as accounts manager and Aaron Ohwesi as facilities manager.

Financing and partners

The strongest outside evidence about the project concerns its mortgage route. On 24 August 2021 ThisDay reported that members of the Senate Committee on Housing had inspected Cocoon Atlantic, and that "Cocoon Homes, in partnership with COMACO Cooperative, is assisting off takers in accessing the National Housing Fund" from the Federal Mortgage Bank of Nigeria (FMBN). The same report quoted Simeon Agada, identified as FMBN's acting zonal coordinator, saying "The FMBN is pleased with the level and quality of work done so far by Cocoon Homes." BusinessDay carried a report on the same visit. Cocoon's own press release from 13 August 2021 is headlined "Senate inspects Federal Mortgage Bank projects executed by Cocoon Homes."

For a buyer, this matters in a practical way. National Housing Fund lending runs through FMBN and primary mortgage banks, so a buyer using that route should expect the lender to carry out its own title and valuation checks, which adds a layer of third-party scrutiny that cash buyers do not get.

The project page names the architects as "FMA & AAAG." It does not name a main contractor, saying only that the company works "with reputable construction firms and consultants."

The delivery record

Here the record thins out.

- August 2021: ThisDay described Cocoon as "developing 383 contemporary homes consisting of 2 and 3 bedroom apartments and terrace homes." The Senate committee chairman, Sam Egwu, was quoted as saying "we are happy with what we have seen so far."

- January 2023: the most recent item on Cocoon's news page is a "Cocoon Atlantic Newsletter", published as a set of images with no readable text on the page.

- Now: Monument's website still describes Cocoon Atlantic as "a residential development planned over 5-hectares of land."

We found no press report of a handover, a completion certificate or residents moving in. That does not mean none has happened. It means a buyer cannot confirm it from public sources and should ask the company directly how many units are finished, how many are occupied, and for the handover dates of the earliest phase.

The figures also need reconciling. The project page headlines "383 homes on 5 hectares," but its own unit breakdown lists 130 two-bedroom apartments of 95 sqm, 56 three-bedroom apartments of 120 sqm and 107 three-bedroom townhouses of 150 to 160 sqm. Those add up to 293 units. The gap of 90 may be a later phase or units not yet designed, but it is a question worth putting in writing before signing.

Cocoon's homepage also lists a second project, "Cocoon Savannah", as "Coming Soon," with no location or date.

Title

The homepage claims a "Government-approved layout, Unencumbered C of O, Approved building plan." No Certificate of Occupancy number is published. A buyer should get the C of O number and have it searched at the Lagos State Lands Registry, ask for the Lagos State Physical Planning Permit Authority approval covering the building they are buying, and confirm that the sale document is a deed of assignment or sublease out of that title.

Questions to ask before paying

1. Which legal entity will sign the contract, and what is its RC number?

2. How many of the 383 advertised homes are complete, and which phase is the unit you are buying in?

3. What is the C of O number, and has consent been obtained for the joint venture's interest?

4. If you are using the National Housing Fund, which primary mortgage bank is handling the loan, and has it completed its own title search?

5. What is the handover date written into the contract, and what happens if it is missed?

Our Cocoon Homes company profile will be updated as documents come in. Bektu tracks developer delivery history so that claims like these can be checked against what has actually been built. For comparison with other Lekki-axis developers, see our reviews of Periwinkle Residences' delivery timeline and Regent Real Estate's Park Towers and Walden projects, and our check of Brick Homes' Town Square projects.