Eko Atlantic for Foreign Buyers: South Energyx, the Chagoury Group, and How Title Really Works

Eko Atlantic is built and sold by one company: South Energyx Nigeria Limited, the development and city-planning arm of the Chagoury Group. If you are a foreign buyer looking at Eko Atlantic, that single fact shapes everything about how you transact, because you are not buying from a fragmented market of small developers. You are buying reclaimed land inside a master-planned city from one entity that holds the master title and sets the terms.

Eko Atlantic City sits on roughly 10 square kilometres of land reclaimed from the Atlantic off Victoria Island in Lagos, protected by an 8.5-kilometre sea defence known as the Great Wall of Lagos. South Energyx Nigeria Limited was created specifically to undertake the development, working in partnership with the Lagos State Government and with the support of the Federal Government of Nigeria. Pricing reflects the positioning: reporting in 2026 put prime land in the city at around 1,720 US dollars per square metre, which makes it one of the most expensive addresses in West Africa.

Can a foreigner actually own here

This is where buyers need a precise answer rather than reassurance. Nigeria does not give foreigners outright freehold the way Dubai or Portugal does. Under the Land Use Act of 1978, all land in each state is vested in the Governor, who holds it in trust and grants rights of occupancy. What you acquire is not absolute ownership but a right of occupancy, typically evidenced by a Certificate of Occupancy running for 99 years. That applies to Nigerians and foreigners alike.

For foreigners there is an additional layer in Lagos. The Acquisition of Lands by Aliens Law of Lagos State requires that a foreigner acquiring an interest in land obtain the approval of the Governor, except where the interest is for less than one year. Section 22 of the Land Use Act adds that the holder of a statutory right of occupancy cannot transfer, assign, mortgage, or sublease that right without the Governor's consent. So a foreign buyer at Eko Atlantic is realistically acquiring a long sub-lease or a right of occupancy under the city's master title, with Governor's consent attaching to the transaction. The structure is legitimate and common, but it is a leasehold-style interest under a state grant, not a freehold deed.

That is not a reason to walk away. It is the normal shape of high-end real estate ownership across Lagos, and Eko Atlantic's developer has built its sales process around delivering documented, consented title within that framework. The point is to go in understanding that your security comes from the paper trail, the master title, the sub-lease, and the registered Governor's consent, rather than from a Western-style freehold concept that does not exist here.

What to verify before you wire money

The first document to confirm is the developer's own title to the reclaimed land. Eko Atlantic's land was created by reclamation and granted under agreements between South Energyx and the Lagos State Government, so the chain of title is unusual and worth having a Nigerian property lawyer confirm directly against the state registry rather than relying on a brochure.

Second, confirm the specific instrument you will receive. Ask whether you are getting a registered sub-lease, a deed of assignment, and whether Governor's consent will be obtained and registered as part of your purchase. Consent that is promised but never perfected is one of the most common ways Lagos transactions go wrong years later when an owner tries to sell or mortgage.

Third, check the developer and any third-party builder behind your specific tower. Eko Atlantic provides the land and infrastructure, but individual plots are developed by a range of builders, and delivery quality varies. Before committing to an off-plan unit, review the track record of the company actually constructing it: prior completions, handover timelines, and whether earlier buildings matched their specifications. This is exactly the kind of due diligence Bektu (https://bektu.com) is built for, letting you check a developer's delivery history before you put money down. For another Abuja-area example of how plot-level developer checks work, see our Sefcon Court investor guide, and for a broader view of Nigerian developer transparency, our Zylus Homes profile.

The money side

Eko Atlantic was designed to take international capital. The city is planned with an offshore-style financial zone, and major banks including FCMB, First Bank, Access Bank, and Guaranty Trust Bank have financed and partnered on the project, with international support from BNP Paribas Fortis and KBC. Nigeria's foreign exchange rules allow a foreign investor who brings in capital through official channels to obtain a Certificate of Capital Importation, which is the document that later lets you repatriate sale proceeds and rental income in hard currency. Insist on processing your inbound funds correctly through a Nigerian bank so that certificate is issued. Skipping it can trap your eventual exit proceeds in naira.

The bottom line

A foreign buyer can hold real estate at Eko Atlantic, but through a right of occupancy or sub-lease under the Land Use Act with Governor's consent, not freehold. The developer is South Energyx Nigeria Limited under the Chagoury Group, the title chain runs through reclamation agreements with Lagos State, and the protections that matter are documentary: confirmed master title, a registered instrument in your name, perfected Governor's consent, and a Certificate of Capital Importation for your funds. Get those four right and Eko Atlantic is a serious, bankable asset. Get any of them wrong and you own a receipt, not a property.