Lagos State governor, Babajide Sanwo-Olu, on Thursday performed the groundbreaking ceremony for Oyster Towers, a luxury residential development in Eko Atlantic City, Lagos, developed by Veritasi Homes and Properties Plc & Cooperative Investment and Thrift Society Limited (COOPLAG).
The project is part of a multi-million-dollar collaboration between Veritasi Homes and COOPLAG.
The 22-storey development, located on a 2,091 square metre prime plot, will feature 82 luxury apartments and penthouses designed to redefine urban living in one of Lagos’ most prestigious locations.
According to the developers, the project will offer premium amenities including a swimming pool, spa, sauna, and gym, arcade games, squash court, residents’ restaurant, landscaped grounds, and secure parking facilities.
Speaking at the ceremony, Governor Sanwo-Olu commended the management of Veritasi Homes and COOPLAG for the initiative, praising their track record in the real estate sector.
He highlighted their resilience, commitment, and strong pedigree, adding that he was proud to be associated with both organisations.
He said “This development reflects the steady growth we are seeing in Lagos, particularly in areas like Eko Atlantic that continue to attract strong investment, and it speaks to the confidence in our city and its future.
“Veritasi and COOPLAG are very credible organisations and I am proud to associate with them.
“Projects like Oyster Towers further enhance Lagos development, especially given its strategic location near the Lagos-Calabar Coastal Highway. We are therefore creating our future for the younger generation, and as you know, the visionaries behind Veritasi are young, intelligent people whom I am very proud of, and I must continue to encourage them.
“I have seen and monitored many projects by these companies, and I must give them credit. They can be trusted and relied upon to deliver quality developments, and I encourage them, as usual, to exceed expectations with Oyster Towers.”
In his address, Nola Adetola, Chief Executive Officer of Veritasi Homes and Properties Plc, described the project as another major milestone in the company’s journey.
“Today, we are not just breaking ground. We are marking a milestone in a journey that began with a simple but powerful conviction: that real estate in Nigeria could be done better.
“Nine years ago, we looked at the landscape and made a decision to build not just properties, but trust, value, and a new standard for what real estate should represent.
“Beyond the numbers, what defines us is what we build and how we build it.
“For us, real estate is not about structures. It is about communities.”
The Veritasi Homes boss further highlighted the company’s achievements, including over ₦500 billion in assets created, more than ₦200 billion in capital gains for investors, over 1,000 housing units constructed and more than 2,000 jobs generated.
Adetola added that Veritasi operates across the entire real estate value chain, delivering developments designed as ecosystems for living, working, and thriving. He said projects such as Itunu City, Camberwall series, Tinuola Towers in Banana Island, Allied Towers in Ikoyi, Malibu Hills in Asokoro, and Arámidẹ́ in Ibeju-Lekki reflect this philosophy.
Adetola also noted that the company has built a network of over 6,000 realtors and served more than 2,500 clients globally, while maintaining strong financial credibility through commercial paper programmes and bond issuances.
“Oyster Towers is not the beginning. It is the next level of who we have become. This project represents investor confidence, institutional collaboration, and the future of premium urban living in Lagos.
“We are doing more than starting construction. We are creating value, expanding opportunity, and reinforcing our commitment to building cities, not just structures.
“We have also demonstrated financial credibility and institutional discipline by successfully issuing and redeeming well over ₦30 billion in commercial paper programmes and executing fully subscribed bond issuances; maintaining strong credit ratings, including A- (long-term) by DataPro and BBB- by Global Credit Ratings (GCR); and accessing capital markets with confidence and integrity. This discipline is underpinned by a strong commitment to corporate governance, regulatory compliance, and transparency, guided by a seasoned Board, ably led by our Chairman, Mr. Olumide Onakoya.”
Also speaking, Tobi Yusuff, Partner at Veritasi Homes, described the groundbreaking as a transition from vision to reality.
Yusuff commended COOPLAG for its trust and partnership, noting that the project reflects confidence in Veritasi’s delivery capacity.
According to him, “What we are gathered here to mark is not merely the breaking of ground. It is the beginning of something permanent. The moment a vision moves from paper into earth, from promise into reality.
“We will build this. We will deliver this. And when you walk through your door for the first time, we want you to feel not surprise, but the quiet satisfaction of a promise that was always going to be kept.
“To every subscriber and investor who has committed to Oyster Towers, you are not simply purchasing a home. You are among the first to believe in a landmark before it rose from the ground. That kind of faith is rare, and it is what makes projects like this possible. Today is as much your day as it is ours, and we are glad you are here to witness it.”
In his remarks, Francis Adeoye, President of COOPLAG, described the project as a symbol of strategic investment and collaboration.
“Today marks far more than the commencement of construction works. It marks the beginning of a bold statement about what collaboration, trust, and purposeful investment can achieve.
“Oyster Towers reflects COOPLAG’s mission to create long-term value for its members while
contributing to sustainable urban development.
“Our partnership with Veritasi reflects a shared commitment to excellence, integrity, and innovation. From concept to execution, this project has been guided by professionalism, transparency, and a mutual desire to deliver a development that meets global standards while remaining firmly rooted in local relevance.
“I commend the Veritasi team for their technical expertise, collaborative spirit, and unwavering dedication to quality.
“Oyster Towers is envisioned as more than just a structure of concrete and steel. It is designed to be a symbol of thoughtful development, one that blends functionality, aesthetics, and long-term value. When completed, it will stand as a testament to what can be achieved when institutions dare to think boldly and act responsibly.”
Veritasi Homes and COOPLAG have continued to strengthen their partnership in recent years. In September 2025, the firms launched Allied Towers in Ikoyi, Lagos, an 11-floor development featuring 26 luxury apartments on a prime plot along McGregor Street.
Veritasi Homes has continued to distinguish itself in Africa’s real estate sector through innovation and value-driven development.
Recognised by the Financial Times as one of the continent’s fastest-growing companies, it remains the only Nigerian real estate firm on the prestigious list.
Within a few years, the company has delivered over 1,000 homes, launched 12 major projects across Lagos and Abuja including the Camberwall Advantage series and served more than 2,500 clients, including many in the diaspora. It also holds strong credit ratings from DataPro and Global Credit Ratings (GCR), underscoring its financial strength and commitment to delivering world-class developments.
