Cover Page

IMPORTANT CONFIDENTIALITY NOTICE

NOTICE TO INVESTORS

1. Executive Summary

• What the Company Does

• Why This Investment Matters

• The Opportunity in Today’s Market

• Why Eleko / Ibeju-Lekki Is the Right Location

• Key Terms at a Glance

• Quick Visuals & Snapshot Charts

2. Nigeria Macroeconomic Overview 

• GDP Trends

• Inflation & Interest Rates

• FX Environment

• Demographics & Urbanisation

• Real Estate & Infrastructure Outlook

3. Lagos Real Estate Market Overview

• Demand Drivers

• Infrastructure Catalysts

• Land Price Dynamics

• Residential, Commercial & Mixed-Use Trends

• Market Growth Charts

4. Eleko–Ibeju Lekki Growth Corridor Analysis

• Location Profile

• Price Appreciation History

• Major Growth Catalysts

• Infrastructure Projects

• Land Value Drivers

• Maps & Visuals

5. Fund Structure — Eleko LandBank REIC Ltd

• REIC Overview

• Segregated SPV Structure

• Ring-Fencing of Assets

• Governance Framework

• Structure Diagrams

6. Investment Strategy

• Land Banking Model

• Planning Permission Value Uplift

• Early-Stage Land Improvements

• Exit Strategy (Unit Sales / Full Development Sales)

• Investor Optional Unit Purchase Rights

• ESG & Community Impact

7. Fund Track Record and Market Validation

• Demonstrated Execution Capability

• Historical Corridor Appreciation

• Market Confidence & Investor Appetite

• Independent Validation Through Infrastructure Growth

8. Portfolio Allocation Framework

• Acquisition Criteria

• Geographic Allocation

• Development Readiness

• Pipeline of Proposed Parcels

9. Operational Plan

• Due Diligence Process

• Title Verification

• Planning & Survey Workflow

• SPV Setup & Management

• Monitoring & Reporting

10. Risk Factors

• Market Risk

• Title & Regulatory Risk

• Planning Permission Risk

• Liquidity Risk

• Operational Risk

• Environmental & Site Risks

• Risk Mitigation Strategies

11. Fees & Charges

• Management Fee

• Performance Fee

• Other Costs

• SPV-Related Fees

• Fee Examples & Scenarios

12. Financial Projections & Scenarios

• Base Case Projections

• Upside Scenario

• Downside Scenario

• Sample IRR Ranges

• Graphs & Sensitivity Analysis

13. Governance & Management

• Waqf Partners Overview

• Management Team (Placeholders)

• Roles & Responsibilities

• Custodian Role

• Auditor & Legal Counsel (Placeholders)

14. Legal & Regulatory Disclosures

• Investor Eligibility

• Private Offering Compliance

• Tax Considerations

• Regulatory Notes

• Dispute Resolution

15. Subscription Terms & Process

• Minimum Subscription (₦2,000,000)

• Application Process

• Payment Instructions

• KYC Requirements

• Allocation & Statements

• Lock-In & Exit Rules

16. Appendices

• Detailed Market Data

• Graphs & Charts

• Maps

• Glossary

• References

CONFIDENTIAL INVESTMENT PROSPECTUS

RELATING TO THE OFFERING OF ₦ 2,000,000,000

CONSISTING OF 50,000 SHARES

AT ₦ 40,000 EACH IN:

ELEKO LANDBANK REIC LTD

A Real Estate Investment Company incorporated in the Federal Republic of Nigeria for the purpose of acquiring, holding, enhancing, and divesting parcels of land within Eleko and the broader Ibeju-Lekki growth corridor of Lagos State, Nigeria.

This offering is made through a Master Fund structure, with each underlying land asset held via a dedicated, ring-fenced Special Purpose Vehicle (SPV). Investors may subscribe to the Master Fund or to individual Property SPVs, depending on their preference for diversified exposure or targeted participation in specific land parcels.

INVESTMENT MANAGER

WAQFPartners

CUSTODIAN

THE ALTERNATIVE BANK (TBC)

LEGAL STRUCTURE

A Private Real Estate Investment Company (REIC) operating through a Master–SPV structure. Each land acquisition is executed through a segregated Property SPV, ensuring ring-fenced ownership, planning enhancement, and structured divestment.

OFFERING TYPE

A private placement available exclusively to Qualified Investors with a minimum subscription of ₦2,000,000, in alignment with SEC Nigeria guidelines for private real estate investment offerings.

DOMICILE

Federal Republic of Nigeria.

IMPORTANT CONFIDENTIALITY NOTICE

This Confidential Investment Prospectus (“Prospectus”) has been prepared exclusively for Qualified Investors for the purpose of evaluating a potential investment in Eleko LandBank REIC Ltd (the “Company”). By accessing or reading this Prospectus, you agree to keep all information contained herein strictly confidential.

This document is not a public offering, may not be reproduced or distributed in any form, and must not be shared with any third party without the prior written consent of the Company or its Investment Manager.

Access to this Prospectus is restricted. By proceeding, you confirm that:

• You are a Qualified Investor under applicable Nigerian regulations.
  
  

• You will not copy, forward, share, download, or distribute this document.
  
  

• You will not share your login access or viewing credentials with any other person.
  
  

All information contained in this Prospectus is provided for informational purposes only and does not constitute investment, legal, tax, or financial advice. Investors are strongly encouraged to obtain independent professional advice before making any investment decision.

The Company, its directors, advisers, and the Investment Manager make no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Any estimates, projections, or forward-looking statements are subject to assumptions, risks, and uncertainties and may change without notice.

By continuing to review this Prospectus, you acknowledge and agree to the above confidentiality requirements and limitations.

This Confidential Investment Prospectus is provided solely for the purpose of evaluating a potential investment in Eleko LandBank REIC Ltd (the “Company”). The information contained herein is STRICTLY CONFIDENTIAL and may not be reproduced, distributed, or used for any other purpose.

Investors are advised to read this document carefully and in full before making any investment decision.

Private Offering Only

This offering is a private placement available exclusively to Qualified Investors who meet the minimum subscription requirement of ₦2,000,000. It does not constitute a public offer, advertisement, or solicitation to the general public under Nigerian law.

Subscriptions will only be accepted from investors who have confirmed their eligibility and their understanding of the risks associated with real estate investments.

No Regulatory Approval

Neither the Securities and Exchange Commission (SEC) of Nigeria nor any other regulatory body has reviewed, approved, or endorsed this offering, this document, or the Company.

Any representation to the contrary is unauthorised and unlawful.

Accuracy of Information

The information contained in this Prospectus has been prepared in good faith. However, neither the Company nor its Investment Manager makes any representation or warranty, express or implied, as to the accuracy, completeness, or fitness for purpose of the information provided.

Figures, projections, timelines, and assumptions are subject to change without prior notice.

Investor Responsibility

Prospective investors must rely on their own examination of:

• The Company

• The offering

• The risks

• The legal and tax consequences
  
  

Investors are strongly encouraged to obtain independent professional advice before subscribing.

Forward-Looking Statements

This document may contain forward-looking statements relating to expected performance, market trends, and value appreciation. These statements are not guarantees of future results. Actual performance may differ materially due to market, regulatory, or operational factors.

Risk of Loss

Investment in the Company involves risk, including the potential loss of capital. There is no assurance that the Company will achieve its investment objectives, generate returns, or preserve investor capital.

Restrictions on Transfer

Shares in the Company may be subject to transfer restrictions and may not be freely tradable. Investors should be prepared to hold their investment for the duration of the lock-in period.

Confidentiality

By reading this Prospectus, the recipient agrees to keep all information contained herein strictly confidential and not to share, copy, reproduce, or distribute any part of this material. Access to this Prospectus is provided on a restricted basis. You agree not to share your login or access credentials with any other person.

What the Company Does

Eleko LandBank REIC Ltd invests in high-growth land within the Eleko–Ibeju Lekki corridor of Lagos State. The Company acquires land early, secures documentation, enhances value through planning approvals, and executes structured divestments for strong investor returns.

Our value approach includes:

• Early-entry acquisition advantage

• Verified land titles and boundary confirmation

• Value enhancement through planning approvals

• Ring-fenced SPVs providing asset-level protection

Our model is simple:
Buy Smart → Add Value → Exit Profitably

Why This Investment Matters

Land in Lagos remains one of the strongest-performing, most resilient asset classes in Nigeria. In the Eleko–Ibeju Lekki corridor, growth is driven by real demand: population expansion, infrastructure investment, private sector development, and rising end-user needs.

Investors benefit from:

• Strong capital appreciation potential

• Access to verified, professionally assessed land

• Reduced individual risk through SPV structuring

• Direct participation in a fast-developing “New Lagos” corridor

Value Drivers (Snapshot)

Capital Appreciation:     ████████████████      (High)

Risk Reduction:           ████████████          (Medium-High)

Verified Assets:          █████████████         (High)

SPV Protection:           ███████████████       (Very High)

New Lagos Growth Story:   ██████████████████    (Very High)

The Opportunity in Today’s Market

Nigeria’s economic landscape has strengthened the appeal of long-term, stable assets. Land remains a preferred hedge against inflation, currency volatility, and public market uncertainty.

The Eleko–Ibeju Lekki corridor is driven by transformative infrastructure, including:

• Dangote Refinery

• Lekki Deep Sea Port

• Lekki Free Trade Zone (FTZ)

• New International Airport Zone

• Lekki–Epe Expressway Upgrade

• Lagos–Calabar Coastal Highway (expected to reduce travel time from Eleko Junction to Victoria Island to ~30 minutes)
  
  

Infrastructure Impact Indicators
(bar lengths proportionate)

Dangote Refinery:        ███████████████      (12–20 mins)

Deep Sea Port:           █████████████        (15–18 mins)

Lekki FTZ:               ██████████           (10–15 mins)

Airport Zone:            ██████████████       (12–20 mins)

Coastal Highway:         ██████████████████   (~30 mins to VI)

Epe Growth Zone:         ███████████████      (15–25 mins)

Why Eleko / Ibeju-Lekki Is the Right Location

This corridor is widely regarded as “New Lagos” due to its strong fundamentals:

• High potential for long-term appreciation

• Direct access to major economic hubs

• Rapid residential population expansion

• Strong government and private sector investment

• Attractive land entry prices compared to central Lagos

• Real, not speculative, development momentum
  
  

Land Price Growth (2013–2023)

(Proportional chart in Brown #7A5930)

Eleko:        ██████████████████████      +180%

Epe:          ██████████████              +120%

Sangotedo:    ████████████████            +140%

Trend: Eleko leads the region due to proximity to coastal access, industrial corridors, and infrastructure concentration.

Key Terms at a Glance

• Fund Size: ₦2,000,000,000

• Minimum Subscription: ₦2,000,000

• Lock-In Period: 3 years

• Holding Period: 3 years + 2-year extension if required

• Management Fee: 2%

• Performance Fee: 25% above hurdle
  
  

The structure provides transparency, disciplined capital deployment, and strong upside potential.

Population Growth (Eleko–Ibeju Lekki Corridor, 2013–2023)

2013:   ████████                      ~125,000  

2016:   ███████████                   ~160,000  

2019:   █████████████████             ~215,000  

2021:   █████████████████████         ~260,000  

2023:   ██████████████████████████    ~320,000–350,000

Strong population inflow continues to drive sustained real estate demand.

Housing Demand vs Supply Gap

Demand:  ███████████████████████      22k–25k units  

Supply:  ███████████                  5k–6.5k units  

Gap:     █████████████████            16.5k–20k units

The corridor’s housing shortage underpins long-term land value strength.

GDP Trends

Nigeria remains Africa’s largest economy by nominal GDP, supported by long-term strength in services, trade, telecommunications, technology, agriculture, and real estate. Despite currency fluctuations, the underlying economic scale continues to support structural demand for land, housing, and infrastructure.

Africa’s Largest Economies – GDP Ranking (2023 Estimates)

(Nominal GDP, USD billions — rounded)

Nigeria:        ▉▉▉▉▉▉▉▉▉▉▉▉▉   $477bn

South Africa:   ▉▉▉▉▉▉▉▉▉▉▉    $405bn

Egypt:          ▉▉▉▉▉▉▉▉▉▉    $394bn

Algeria:        ▉▉▉▉▉▉▉       $225bn

Morocco:        ▉▉▉▉▉         $139bn

Kenya:          ▉▉▉▉          $110bn

Ghana:          ▉▉            $72bn

Nigeria GDP Trend (2013–2023)

Conservative and widely accepted estimates

2013:   ▉▉▉▉▉▉▉▉ $400bn

2016:   ▉▉▉▉▉▉▉ $350bn

2019:   ▉▉▉▉▉▉▉▉▉ $448bn

2021:   ▉▉▉▉▉▉▉▉▉▉ $481bn

2023:   ▉▉▉▉▉▉▉▉▉▉ $477bn

Investor Message

Nigeria remains Africa’s largest economy even after FX adjustments.
This scale underpins:

• long-term real estate absorption

• continual urbanisation

• infrastructure expansion
  
  

The Eleko–Ibeju Lekki corridor sits within the most active development zone of West Africa’s largest market.

Inflation & Interest Rates

Inflation has remained elevated over the last decade, pushing capital toward physical assets, especially land.

Nigeria Inflation Rate (Year-End, Approx.)

2013:   ▉▉▉▉ 8%

2016:   ▉▉▉▉▉▉▉▉ 15%

2019:   ▉▉▉▉▉▉▉ 12%

2021:   ▉▉▉▉▉▉▉▉▉ 16%

2023:   ▉▉▉▉▉▉▉▉▉▉▉▉ 24%+

Investor Takeaway

Periods of high inflation consistently push investors toward land, which historically outperforms cash, deposits, and equities in inflationary environments.

Foreign Exchange Environment

The naira has experienced significant depreciation across the past decade, accelerating the shift toward real estate and land banking as a hedge.

FX Trend (₦ per USD, Parallel Market Averages)

2013:   ▉▉▉ ₦165/$

2016:   ▉▉▉▉▉▉▉▉▉▉ ₦490/$

2019:   ▉▉▉▉▉▉▉ ₦360/$

2021:   ▉▉▉▉▉▉▉▉▉▉▉ ₦570/$

2023:   ▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉▉ ₦900–1000/$

Implication

FX volatility has consistently driven investors toward land as a store of value, particularly in fast-growing urban corridors.

Demographics & Urbanisation

Nigeria’s demographic expansion continues to be one of the strongest drivers of real estate demand in Africa. Lagos remains the epicentre of growth, migration, and economic activity.

Lagos Population Growth (Conservative Trendline)

2013:   ▉▉▉▉▉▉ 12.3m

2016:   ▉▉▉▉▉▉▉ 13.6m

2019:   ▉▉▉▉▉▉▉▉ 14.3m

2021:   ▉▉▉▉▉▉▉▉▉▉ 15.3m

2023:   ▉▉▉▉▉▉▉▉▉▉▉ 16.5m

Key Takeaway

≈35% population growth in 10 years continues to push Lagos outward toward the Eleko–Ibeju Lekki axis, making it the strongest residential expansion zone in the state.

Real Estate & Infrastructure Outlook

Major infrastructure projects continue to accelerate land appreciation and development activity:

• Lekki Deep Sea Port

• Dangote Refinery

• Lekki Free Trade Zone

• New International Airport Zone

• Coastal Highway (30 minutes from Eleko to VI)

• Expanded Lekki–Epe Expressway
  
  

Infrastructure Impact Score (Relative Strength)

Refinery:             ▉▉▉▉▉▉▉▉▉▉   High

Deep Sea Port:        ▉▉▉▉▉▉▉▉▉    High

FTZ:                  ▉▉▉▉▉▉▉▉▉▉   High

Airport Zone:         ▉▉▉▉▉▉▉      Medium-High

Coastal Highway:      ▉▉▉▉▉▉▉▉▉   High

Macroeconomic Charts

Preferred Asset Classes During Volatility (2023 Survey)

Land:           ▉▉▉▉▉▉▉ 70%

Real Estate:    ▉▉▉▉▉▉ 55%

Equities:       ▉▉ 20%

Cash:           ▉ 15%

Crypto:         ▉▉▉ 25%

Insight

Land remains the most trusted store of value during economic uncertainty, outperforming equities, cash, and cryptocurrency in investor preference.

Lagos remains one of Africa’s most active and resilient real estate markets, underpinned by rapid urbanisation, strong population inflows, and transformative infrastructure projects. Demand consistently outstrips supply, creating sustained opportunities for developers and investors across residential, commercial, and industrial segments.

Market Strengths & Drivers

• Population growth exceeding 20M continues to pressure housing supply.

• Infrastructure upgrades—coastal road, Deep Sea Port, refinery corridor—are unlocking new investment zones.

• Limited land availability on the Island keeps core markets strong and pushes growth into emerging corridors.

• Active diaspora investment remains a major capital source, especially for off-plan and luxury units.
  
  

Residential Market Snapshot

High demand across all income levels keeps absorption strong. Traditional prime markets like Ikoyi, Victoria Island, and Banana Island remain stable luxury anchors, while fast-growing areas such as Epe, Ibeju-Lekki, Abijo, and Sangotedo are delivering some of the highest land appreciation rates in the region.

• Off-plan continues to dominate investor behaviour due to flexible payment plans.

• Gated estates and smart-home developments are now market differentiators.

• Mid-market housing shows the most reliable demand and fastest sales velocity.
  
  

Commercial & Mixed-Use Trends

 Lagos continues to attract multinational corporations, tech firms, and scaled SMEs. Despite cyclical fluctuations in Grade-A office occupancy, investor activity remains steady as developers shift toward mixed-use concepts that blend residential, retail, hospitality, and office into a single high-yield footprint.

• Co-working and flexible leasing models are increasingly preferred by tech startups.

• Retail remains strong in affluent nodes like Lekki, Ikeja, and Surulere.
  
  

Industrial & Logistics Momentum

The Lekki industrial belt is shaping into Lagos’ next major investment engine. Demand for warehouses, distribution centres, and worker housing continues to accelerate, supported by the new seaport and refinery complex.

• Logistics real estate shows some of the strongest medium- to long-term upside.

• Growing e-commerce penetration is increasing the need for storage and last-mile hubs.
  
  

Key Challenges to Navigate

• High construction costs and currency fluctuations impact project budgeting.

• Land title verification remains a critical due-diligence point.

• Infrastructure gaps—flooding, congestion, power—must be factored into project feasibility.
  
  

Outlook

Lagos is positioned for sustained appreciation driven by industrial expansion, population density, and continuous infrastructure investment. Early entry into emerging corridors—paired with strong governance and quality delivery—offers standout long-term returns.

The Eleko–Ibeju Lekki axis has emerged as one of the most strategically important growth corridors in West Africa. Its transformation is driven by a cluster of multi-billion-dollar industrial projects, improving infrastructure, and rapid inward migration. As Lagos expands eastward, this corridor is becoming the city's next major engine for residential, commercial, and industrial development, offering investors strong early-stage upside.

Strategic Advantages

• Positioned between major economic catalysts: Dangote Refinery, Lekki Deep Sea Port, Lekki Free Trade Zone, and the new International Airport zone.

• Fast-improving transport connectivity via the Lekki–Epe Expressway expansion reduces travel times and boosts real estate absorption.

• Growing status as Lagos’ new industrial and logistics hub, drawing workers, suppliers, and supporting businesses.
  
  

Residential Market Pulse

Population inflows into the corridor are accelerating as workers and families seek proximity to economic centres and more affordable housing. Developers are responding with gated estates, low-density communities, and smart-home projects targeting the rising middle class.

• Strong demand for 2–3 bedroom apartments, townhouses, and serviced plots.

• High land price appreciation in Eleko, Lakowe, Abijo, and environs over the last five years.

• Off-plan projects dominate investor interest due to low entry pricing and rapid capital gains.
  
  

Commercial & Mixed-Use Opportunities

As industrial operations scale, supporting commercial activity is expanding—fuel stations, retail plazas, hospitality projects, and neighbourhood centres are emerging rapidly to serve the growing population.

• Increasing need for lifestyle centres, neighbourhood malls, and grade-B office pods.

• Hotels, serviced apartments, and short-let units demonstrate rising occupancy from business travellers and project workers.
  
  

Industrial & Logistics Demand

This corridor is becoming the backbone of Lagos’ logistics ecosystem. With the seaport and refinery operational, demand for storage, distribution, and light industrial facilities is rising at unprecedented speed.

• Warehousing, truck terminals, and last-mile distribution hubs are top-performing investment categories.

• High demand for worker housing estates and dormitory-style accommodation for industrial staff.
  
  

Investment Highlights

• One of the fastest-appreciating real estate zones in Nigeria.

• Solid mid- to long-term prospects driven by industrial expansion.

• Significant room for early-stage entry into undeveloped or semi-developed pockets.

• Strong rental demand anticipated as population density grows.
  
  

Risks & Considerations

• Infrastructure gaps persist in some inland communities; investors must assess access roads and drainage.

• Title verification remains essential due to ongoing land fragmentation.

• Market pace is tied closely to the performance of large industrial anchors.
  
  

Outlook

With multiple mega-projects maturing simultaneously, Eleko–Ibeju Lekki is positioned to become Lagos’ next major urban and economic cluster. For investors, the corridor offers a rare combination of affordability, scalability, and long-term value appreciation—making it one of the most compelling real estate plays in the region today.

Overview of the REIC Structure

Eleko LandBank REIC Ltd operates as a Private Real Estate Investment Company (REIC) designed to acquire, enhance, and divest strategic land parcels within the Eleko–Ibeju Lekki corridor. The REIC uses a Master–SPV structure, allowing investors to participate through:

• The Master Fund (broad exposure across multiple assets), or

• Individual Property SPVs (deal-by-deal participation)
  
  

This structure combines diversification, risk separation, and investor choice.

Segregated SPV Structure

Each land asset is held in a dedicated Special Purpose Vehicle (SPV).
Every SPV is legally and financially ring-fenced, ensuring:

• No cross-contamination of liabilities

• Asset-level control and transparency

• Clear title ownership and boundary protection

• Protection against operational risk in other SPVs
  
  

Structure concept (simple, text-based, clean solid lines):

ELEKO LANDBANK REIC LTD (Master Fund)

           │

           ├── Property SPV 1 (e.g., Eleko Parcel A)

           │       ├─ Land Acquisition

           │       ├─ Documentation

           │       ├─ Planning Enhancement

           │       └─ Exit / Divestment

           │

           ├── Property SPV 2 (e.g., Eleko Parcel B)

           │

           ├── Property SPV 3

           │

           └── Additional SPVs (as assets are acquired)

Why SPV Segregation Matters

• Investor capital protection
  Each SPV holds only one asset; risks do not transfer across entities.
  
  

• Transparent valuations
  Investors can track the performance of each parcel directly.
  
  

• Planning approvals handled per asset
  Faster processing and cleaner risk management.
  
  

• Flexible investor choice
  Investors may participate in the Master Fund or select SPVs.
  
  

Ring-Fencing of Assets

Ring-fencing ensures that:

• Each SPV maintains its own bank account, documentation, and ledger.

• Liabilities, disputes, or title issues remain isolated within that SPV.

• Investors retain exposure only to the specific assets they choose.

• Returns are distributed SPV by SPV, not pooled unless through the Master Fund.
  
  

Risk Segregation Strength (Proportional Bars):

Legal Separation:      ████████████████████

Financial Isolation:   ████████████████

Operational Clarity:   █████████████████

Investor Protection:   ███████████████████████

Governance Framework

The governance structure ensures professional oversight and compliance:

• REIC Board provides top-level governance and approves all acquisitions.

• Investment Manager (Waqf Partners) manages sourcing, due diligence, planning uplift, and exits.

• Custodian (The Alternative Bank, TBC) safeguards funds and SPV cash flows.

• Independent Professionals (surveyors, valuers, lawyers) validate each acquisition.
  
  

This framework ensures disciplined execution and transparent reporting.

Investor Subscription Options

Investors may subscribe through one of two paths:

1. Master Fund (Diversified Strategy)

• Exposure to the entire portfolio of future SPVs

• Automatic participation in multiple land acquisitions

• Reduced single-asset risk

• Centralised governance
  
  

2. Individual Property SPVs (Deal-by-Deal)

• Investors choose the specific land parcels they want

• Tailored risk appetite and exposure

• Ability to invest in multiple SPVs

• Direct link between asset performance and investor returns
  
  

This dual-option approach ensures flexibility for both conservative and opportunistic investors.

Fund Structure at a Glance

Master Fund:       ████████████████████   Broad exposure, diversified

Property SPVs:     ██████████████         Individual asset exposure

Risk Isolation:    █████████████████████  Very strong

Investor Choice:   █████████████████      High flexibility

Reporting Clarity: ██████████████████     Strong

Land Banking Model

Eleko LandBank REIC Ltd follows a disciplined land banking strategy focused on acquiring early-stage, high-growth parcels within the Eleko–Ibeju Lekki corridor. Each acquisition is executed through a dedicated SPV, ensuring transparency and asset protection.

The strategy emphasises:

• Early entry into growth zones

• Secured documentation and verified boundaries

• Value enhancement through planning approvals

• Exit via unit sales or full parcel sales
  
  

Acquisition Strategy

The acquisition approach prioritises parcels that demonstrate:

• Strong appreciation potential

• Clean, verifiable title history

• Growth catalysts linked to infrastructure

• Proximity to key anchors (Refinery, Port, FTZ, Airport Zone)

• Favourable topography and accessibility
  
  

Each opportunity is evaluated using professional surveys, title verification, market comparables, and development readiness analysis.

Planning Permission Value Uplift

A core part of the value strategy is obtaining planning approvals (layout, excision confirmation, survey alignment, planning permits).
Planning approvals may increase land value significantly due to:

• Defined development potential

• Reduced regulatory uncertainty

• Increased desirability for developers

• Removal of title ambiguity
  
  

Planning Uplift Strength (Indicative Only)

Low Documentation:       ███████

Survey Verified:         ██████████████

Planning Approval:       █████████████████████

Early-Stage Land Improvements

In selected SPVs, the Company may undertake minor improvements that materially enhance value without full development commitment:

• Access road grading

• Demarcation and perimeter marking

• Drainage and minor clearing works

• Plot layout optimisation
  
  

These improvements help unlock higher resale values while maintaining a land-only investment structure.

Exit Strategy

The Company maintains two clear exit pathways:

1. Unit Sales (Retail / Developer Market)

• Land is subdivided into plots

• Individual units are sold to homeowners, investors, and small developers

• Often yields higher absolute returns

• Provides optional purchase rights to SPV investors
  
  

2. Full Development Parcel Sales

• Entire parcel sold to a large developer

• Faster exit timeline

• Ideal for institutional buyers or master developers
  
  

Exit decisions are made per SPV based on market conditions, planning status, and comparative value.

Investor Optional Unit Purchase Rights

Investors in a Property SPV may receive priority rights to purchase subdivided units (plots) at preferential rates when applicable.
This provides:

• First access to appreciating land

• Dual benefit as investor + potential buyer

• Embedded value option within each SPV
  
  

ESG & Community Impact

The strategy aims to deliver positive community and environmental outcomes through:

• Respect for local land use and community structures

• Responsible acquisition practices

• Engagement with professional surveyors and planning consultants

• Support for infrastructure alignment where possible

• Transparent documentation and development compliance
  
  

Impact Strength Estimate (Qualitative)

Transparency:            ████████████████████

Community Alignment:     ████████████████

Environmental Care:      ██████████████

Regulatory Compliance:   █████████████████████

Eleko LandBank REIC Ltd’s strategy is validated by strong market fundamentals, historical price performance across the corridor, and the investment track record of the sponsor group. While the REIC focuses on structured land banking, the underlying team has executed multiple successful acquisitions, consolidations, and exits within the Ibeju–Lekki ecosystem—providing a proven blueprint for the current vehicle.

Demonstrated Execution Capability

The sponsor team has a consistent history of:

• Identifying undervalued parcels early in developing zones

• Securing clean title and governor-level approvals

• Aggregating multiple plots into larger, more liquid holdings

• Delivering exits with significant capital appreciation in 2–6 years

• Working with trusted surveyors, valuers, and community stakeholders to de-risk acquisitions
  
  

This execution model now forms the operational backbone of the REIC.

Historical Corridor Appreciation

Independent data across the Eleko–Ibeju Lekki axis supports the fund’s thesis:

• Land prices in key nodes (Eleko Junction, Lekki FTZ belt) have increased 200–600% over the last 6–10 years.

• Infrastructure-triggered pockets—such as the Deep Sea Port and Refinery zones—have recorded some of the highest ROI in Lagos State.

• Areas like Epe, Abijo, and Orimedu continue to outperform the broader Lagos market, even in challenging macro environments.
  
  

This sustained appreciation validates the corridor as a long-term growth engine.

Market Confidence & Investor Appetite

• Diaspora investors continue to deploy significant capital into Eleko–Ibeju Lekki due to predictable appreciation and lower entry pricing.

• Institutional interest is rising in logistics hubs around the Port and Refinery axis, validating prospects for industrial land.

• Developers are increasingly sourcing larger consolidated parcels—favouring REIC-style aggregation models.
  
  

Independent Validation Through Infrastructure Growth

Government and private-sector projects provide strong third-party validation of the investment thesis:

• Lekki Deep Sea Port (operational)

• Dangote Refinery (operational)

• Lekki Free Trade Zone expansion

• Coastal road construction

• Proposed Lekki International Airport

• Epe expressway dualisation
  
  

These projects continue to elevate land values and attract sustained private-sector investment.

Conclusion

With a proven execution track record, strong corridor appreciation, and continuous external validation from mega-infrastructure projects, the Eleko LandBank REIC Ltd strategy is firmly grounded in real market performance—not speculation. This establishes a robust foundation for scaling the portfolio and delivering sustained investor returns.

Acquisition Criteria

The Company evaluates each land parcel using a strict, data-driven acquisition framework to ensure suitability, safety, and long-term capital appreciation. Priority is placed on assets that demonstrate:

• Strong projected appreciation based on infrastructure proximity

• Clean, verifiable title history and documented boundary integrity

• Direct access or easy link to arterial roads

• Favourable topography and environmental condition

• Proximity to catalytic developments (Refinery, Port, FTZ, Airport Zone, Coastal Highway)

• Measurable development demand (housing, logistics, industrial)
  
  

Only parcels that pass full due diligence—survey review, title verification, planning assessment—progress to SPV acquisition.

Geographic Allocation

The REIC is focused on the Eleko–Ibeju Lekki growth corridor, with allocation guided by infrastructure impact and projected population inflow.

Target allocation ranges:

Core Eleko Axis:           ██████████████████████   40–50%

Ibeju Lekki Central:       ████████████████         25–35%

Epe Border Growth Zone:    █████████████            15–20%

Strategic Adjacent Areas:  ████████                 5–10%

This diversified corridor strategy reduces single-zone exposure while maintaining concentration in the highest-growth region of Lagos.

Development Readiness Levels

Each Property SPV is classified based on its development readiness stage. This helps investors understand risk, potential uplift, and expected holding horizon.

Stage 1 – Raw Land (Early):            ██████

Stage 2 – Survey Verified:             ███████████████

Stage 3 – Documentation Complete:      █████████████████████

Stage 4 – Planning Approval Secured:   ███████████████████████████

Most acquisitions target Stage 2 and Stage 3, where value uplift from planning approval is strongest relative to cost.

Pipeline of Proposed Parcels

The REIC maintains a forward-looking sourcing pipeline across the corridor. Pipeline categories include:

1. Active Review

Parcels undergoing title verification, survey analysis, and environmental checks.

2. Shortlisted

Parcels with strong fundamentals pending valuation, boundary confirmation, and negotiation.

3. Approved for SPV Formation

Board-approved parcels ready for SPV setup, documentation, and acquisition closing.

4. Under Negotiation

Parcels where pricing, access, or planning considerations are being finalised.

Indicative pipeline weighting:

Active Review:              ████████████████

Shortlisted:                ███████████

Approved (SPV Ready):       ████████

Under Negotiation:          ████████████

This ensures continuous sourcing while maintaining diligence discipline.

Diversification Approach

The allocation framework aims to deliver:

• Exposure across multiple growth clusters

• Blended risk from early-stage and planning-ready parcels

• Balance between appreciation potential and development readiness

• SPV-level choice for investors seeking tailored exposure

• A pipeline that supports consistent deployment and exits
  
  

Portfolio Diversification Strength

Geographic Spread:       ████████████████████

Risk Balancing:          ████████████████

Demand Alignment:        █████████████████

Infrastructure Access:   █████████████████████

Due Diligence Process

Each prospective parcel undergoes a structured due diligence process to validate suitability, safety, and long-term investment potential. The process includes:

• Independent survey review

• Boundary and coordinate verification

• Excision and title validation

• Planning feasibility analysis

• Environmental and site condition assessment

• Access and road infrastructure review

• Market valuation benchmarking
  
  

Due Diligence Strength

Survey Verification:        █████████████████████

Title Assessment:           ███████████████████

Planning Feasibility:       █████████████████

Environmental Review:       ██████████████

Only parcels that pass all core checks proceed to negotiation and SPV formation.

Title Verification

Title verification is carried out by legal professionals and surveyors working collaboratively. The process includes:

• Chain-of-title review (family, community, or government transfer history)

• Verification of gazettes, excision maps, deeds, surveys, and site plans

• Cross-checking survey coordinates with excision boundaries

• Checking for encumbrances, litigation, or overlapping claims

• Confirmation with the Land Registry and Surveyor General (where applicable)
  
  

Title Risk Assessment Indicators

Clean Title (No Issues):          █████████████████████

Minor Clarifications Required:    ██████████████

Major Risk Detected:              ████

Only clean or clarifiable titles are considered.

Planning & Survey Workflow

Planning enhancement is a core value driver. Each SPV follows a clear workflow:

1. Survey Confirmation
   
   

   • Review existing survey

   • Commission independent verification

   • Validate excision alignment
     
     

2. Layout & Concept Planning
   
   

   • Determine optimal use: residential, mixed-use, or flexibility zone

   • Prepare development concept (if applicable)
     
     

3. Planning Permit Evaluation
   
   

   • Assess planning requirements

   • Start application workflow where beneficial
     
     

4. Development Readiness Enhancement
   
   

   • Basic clearing

   • Demarcation

   • Access improvement
     
     

Planning Workflow Efficiency

Survey Stage:                  ████████████████████

Layout/Concept Stage:          ███████████████

Permit Evaluation Stage:       ████████████████

Enhancement Stage:             █████████████████

Planning decisions are made per SPV, depending on projected uplift.

SPV Setup & Management

Each property is acquired through a dedicated SPV with its own:

• Corporate registration

• Bank account

• Ledger and financial controls

• Asset management file

• Title document archive

• Survey and planning documentation record
  
  

SPVs are managed to ensure:

• Clear segregation of assets and liabilities

• Independent tracking of investor contributions

• Asset-specific reporting

• Simplified exit execution
  
  

SPV Structural Integrity

Asset Ring-Fencing:            █████████████████████

Operational Isolation:         ███████████████████

Financial Transparency:        █████████████████

Compliance & Governance:       █████████████████████

Monitoring & Reporting

The REIC provides structured reporting for both the Master Fund and each Property SPV. Monitoring activities include:

• Quarterly activity and progress updates

• Documented planning and survey milestones

• Title and regulatory status updates

• Market pricing reviews and comparables

• Satellite/field-check updates when applicable

• Financial statement summaries for each SPV
  
  

Reporting Quality Indicators

Transparency:                █████████████████████

Investor Communication:      █████████████████

Data Accuracy:               ███████████████████

Frequency & Consistency:     ███████████████

Reporting is designed to provide investors with clarity, visibility, and confidence through every stage of the asset lifecycle.

Market Risk

Real estate values may fluctuate due to economic conditions, demand cycles, interest rate changes, or investor sentiment. Although land in the Eleko–Ibeju Lekki corridor has shown strong long-term appreciation, short-term volatility may occur.

Market Risk Level

Volatility Exposure:        ████████████

Long-Term Appreciation:     █████████████████████

Demand Depth:               █████████████████

Investors should expect price variations, particularly during macroeconomic shifts.

Title & Regulatory Risk

Land title irregularities, conflicting claims, excision issues, or delayed documentation can occur in fast-growing regions. While each SPV undergoes rigorous verification, residual risk exists.

Key risks include:

• Historical disputes or boundary overlaps
  
  

• Unverified surveys or inconsistent coordinates
  
  

• Pending or incomplete excision documentation
  
  

• Slow government registry processing
  
  

Title Risk Level

Verification Strength:      █████████████████████

Residual Title Risk:        ██████

Regulatory Delay Risk:      ██████████

Planning Permission Risk

Planning approvals may face delays, additional requirements, or revalidation based on evolving regulations.

Potential risks include:

• Longer approval timelines

• Changes in zoning requirements

• Revisions to layouts or permitted uses
  
  

These factors may affect exit timing and projected uplift.

Planning Risk Level

Approval Complexity:        ███████████

Potential Uplift Value:     █████████████████████

Time Sensitivity:           ████████████

Liquidity Risk

Land is not a liquid asset. SPV exits depend on market absorption, planning readiness, infrastructure progress, and overall demand.

Liquidity constraints include:

• Time required for unit sales

• Availability of qualified buyers

• Market slowdowns

• SPV-level exit timing differences
  
  

Liquidity Risk Level

Liquidity Pressure:         ████████████

Exit Flexibility:           ███████████████

Historical Corridor Demand: █████████████████████

Operational Risk

Operational issues may arise during due diligence, documentation, monitoring, planning enhancement, or SPV administration.

Examples include:

• Survey discrepancies

• Incomplete documentation submitted by sellers

• Third-party professional delays

• Administrative bottlenecks
  
  

Operational Risk Level

Process Complexity:         ███████████

Control Framework:          █████████████████████

Reliance on Third Parties:  ████████████

Environmental & Site Risks

Land may be subject to environmental or physical challenges that require mitigation:

• Flood-prone areas

• Poor soil stability

• Need for drainage or clearing

• Seasonal access challenges
  
  

Environmental reviews are conducted, but early-stage land may still require site improvement.

Environmental Risk Level

Flood/Drainage Exposure:    ███████████

Topography Variations:      █████████████

Mitigation Potential:       ███████████████████

Risk Mitigation Strategies

Eleko LandBank REIC applies strong mitigation practices across every stage:

Survey & Title Mitigation

• Independent survey verification

• Cross-checking coordinates with excision boundaries

• Legal review of all title documents

• Registry confirmation where applicable
  
  

Planning Mitigation

• Early planning assessment

• Professional planning consultant engagement

• Layout optimisation to match zoning

• Documentation readiness before major enhancements
  
  

Operational Mitigation

• SPV-level controls and separate accounts

• External oversight from custodians and auditors

• Consistent reporting and milestone tracking
  
  

Environmental Mitigation

• Preliminary geotechnical checks

• Drainage and access improvement planning

• Avoidance of high-risk locations
  
  

Market & Liquidity Mitigation

• Preference for high-demand growth clusters

• Multiple exit options (unit sales or parcel sale)

• Portfolio diversification across SPVs
  
  

Risk Mitigation Strength

Survey & Title:             █████████████████████

Planning Controls:          █████████████████

Operational Systems:        ███████████████████

Environmental Measures:     ███████████████

Market Positioning:         █████████████████████

Management Fee

A management fee of 2% per annum is charged on committed capital or adjusted NAV (depending on SPV structure). This fee covers:

• Acquisition management

• Due diligence oversight

• Planning and survey coordination

Management Fee Profile

Cost Level:                  ███████████

Service Coverage:            █████████████████████

Industry Competitiveness:    █████████████████

Performance Fee

A performance fee of 25% applies only when returns exceed the agreed hurdle rate.
This aligns incentives with investors and ensures the Investment Manager benefits only when investors achieve meaningful gains.

The performance fee is calculated per SPV, ensuring fair attribution of value creation for each asset.

Performance Fee Profile

Alignment of Interests:      █████████████████████

Payable Only on Outperformance: █████████████████

Investor-Friendly Structure: ████████████████

Other Costs

Certain costs may be incurred at the SPV level. These include:

• Legal fees for title verification and acquisition

• Surveyor and planning consultant fees

• Documentation submission fees

• Regulatory or government charges (where applicable)

• SPV accounting and statutory filings

• Custodian bank charges
  
  

All costs are disclosed at the SPV level and reflected transparently in reporting.

Cost Transparency Level

Disclosure Clarity:          █████████████████████

Cost Predictability:         ██████████████

Operational Efficiency:      █████████████████

SPV-Related Fees

Each SPV operates independently, and therefore may incur its own direct costs, such as:

• Incorporation and CAC registration fees

• SPV banking and custodial fees

• Annual filing and compliance costs

• Independent valuation or audit fees (if required)
  
  

These costs help maintain strict ring-fencing, regulatory compliance, and operational integrity.

SPV Cost Impact

Low Impact (Relative to Asset Value):   ████████

Operational Necessity:                  █████████████████████

Regulatory Importance:                  █████████████████

Fee Examples & Scenarios

The following scenarios illustrate how fees apply under different performance outcomes.
Figures below are simplified to demonstrate structure rather than predict actual returns.

Scenario 1 — Moderate Return (Below Hurdle)

• Gross Return: 10%

• If hurdle rate = 12%

• No performance fee charged

• Only the management fee applies
  
  

Management Fee:            ██████

Performance Fee:           

Investor Net Return:       ███████████

Scenario 2 — Strong Return (Above Hurdle)

• Gross Return: 25%

• Hurdle rate: 12%

• Performance fee applies to excess 13% only
  
  

Gross Return:              █████████████████████

Hurdle Threshold:          ████████████

Performance Fee Slice:     ████████

Investor Net Return:       ███████████████

Scenario 3 — SPV-Level Exceptional Exit

• SPV sells parcel after planning approval uplift

• Gross Return: 40%

• After fees:

  • Management Fee applied as standard

  • Performance Fee on excess above hurdle

  • Investor nets a strong overall return due to uplift value
    
    

Gross Return:              █████████████████████████████

Performance Fee Portion:   ████████

Investor Net Return:       ██████████████████████

Base Case Projections

The base case reflects conservative assumptions for land price growth, planning uplift, and exit timing based on current Eleko–Ibeju Lekki market conditions.

Key Base Case Assumptions

• Annual land value appreciation: 10–14%

• Planning approval uplift: 12–18%

• Exit timeline: 3–5 years

• SPV development readiness: Mid-stage (Survey Verified → Planning Approval)
  
  

Base Case Outcome (Indicative)

Annual Growth:               ████████████

Planning Uplift:             █████████████

Projected IRR:               ███████████████

Probability Weighting:       ████████████████████

Upside Scenario

The upside case assumes accelerated infrastructure delivery (Coastal Highway progress, Airport Zone activation, and continued refinery–port expansion) with stronger market absorption.

Upside Scenario Drivers

• Annual land value appreciation: 16–20%

• Faster planning approval cycles

• High demand for serviced plots

• Large developer interest in full-parcel acquisitions
  
  

Upside Outcome (Indicative)

Annual Growth:               ████████████████████

Planning Uplift:             ███████████████████

Projected IRR:               ████████████████████████

Probability Weighting:       ███████████

Downside Scenario

The downside assumes delays in planning approvals, slower infrastructure execution, or temporary market softening.

Downside Scenario Assumptions

• Annual land value appreciation: 4–7%

• Extended holding period

• Reduced planning uplift

• Slower unit sales absorption
  
  

Downside Outcome (Indicative)

Annual Growth:               ██████

Planning Uplift:             ███████

Projected IRR:               ████████

Probability Weighting:       ██████████████

Sample IRR Ranges

These ranges reflect typical outcomes for land-banking SPVs in high-growth corridors such as Eleko–Ibeju Lekki.

Indicative IRR Range by Scenario

Downside Case:     6–10% IRR      ████████

Base Case:         13–18% IRR     ███████████████

Upside Case:       20–30% IRR     ████████████████████████

IRRs vary per SPV based on entry price, planning timeline, infrastructure impact, and exit strategy (unit sales vs full parcel sale).

Graphs & Sensitivity Analysis

1. IRR Sensitivity to Exit Timing

3-Year Exit:       ████████████████████████

4-Year Exit:       ███████████████████

5-Year Exit:       ████████████

2. IRR Sensitivity to Planning Approval Uplift

+10% Uplift:       ████████████

+15% Uplift:       ██████████████████

+20% Uplift:       ████████████████████████

3. Sensitivity to Entry Price (Discount Achieved)

0–5% Discount:     ███████████

5–10% Discount:    █████████████████

10–15% Discount:   ████████████████████████

Waqf Partners Overview

Waqf Partners serves as the Investment Manager for Eleko LandBank REIC Ltd. The firm specialises in real estate structuring, asset acquisition, planning enhancement, and SPV-based investment platforms.
Waqf Partners provides:

• Professional sourcing and due diligence

• Planning uplift and value optimisation

• Asset-level and SPV-level oversight

• Financial tracking and investor reporting

• Governance, compliance, and process discipline
  
  

Manager Capability Strength

Deal Structuring:            █████████████████████

Planning Oversight:          ████████████████

Risk Management:             █████████████████

Investor Reporting:          ███████████████████

Management Team (Placeholders)

The management team will consist of professionals with expertise across:

• Land acquisition & surveying

• Real estate planning & development advisory

• Asset management & reporting

• Legal structuring & compliance

• Financial modelling & valuation
  
  

Team Roles (Placeholders):

• Chief Executive Officer (Name Placeholder)

• Chief Investment Officer (Name Placeholder)

• Head of Land & Planning (Name Placeholder)

• Head of Compliance & Legal (Name Placeholder)

• Finance & Reporting Lead (Name Placeholder)

• SPV Operations Manager (Name Placeholder)
  
  

These roles will be finalised and disclosed in the updated prospectus.

Roles & Responsibilities

Investment Manager (Waqf Partners)

Responsible for:

• Deal sourcing and screening

• Financial modelling & performance projections

• Survey, title, and planning due diligence

• Execution of acquisitions through SPVs

• Managing SPV operations and governance

• Investor communication and reporting

• Exit planning and execution
  
  

REIC Board

Provides high-level oversight, including:

• Approval of acquisitions and disposals

• Governance and compliance supervision

• Oversight of Investment Manager performance

• Policy setting for risk management
  
  

SPV Directors

Directors appointed per SPV ensure:

• Asset-only focus

• Proper segregation of accounts

• Maintenance of title, survey, and planning documentation

• Execution of decisions aligned with investor interest
  
  

Custodian Role

The custodian (The Alternative Bank, TBC) provides independent oversight and safekeeping of investor funds.

Custodian responsibilities include:

• Receiving and holding subscription funds

• Managing disbursements for SPV acquisitions

• Monitoring SPV-level bank accounts

• Ensuring financial transparency

• Enforcing the investment mandate

• Oversight of asset sale proceeds and distribution
  
  

Custodian Oversight Strength

Fund Safekeeping:            █████████████████████

Transaction Monitoring:      ███████████████████

Risk Control Support:        ████████████████

The custodian acts as a key control layer to reinforce investor protection.

Auditor & Legal Counsel (Placeholders)

Independent Auditor (Placeholder)

An external auditing firm will be appointed for:

• Annual financial audits

• SPV-level account verification

• Review of compliance and reporting process
  
  

Legal Counsel (Placeholder)

A reputable real estate law firm will advise on:

• Title verification

• SPV legal structuring

• Land documentation

• Transaction agreements

• Regulatory compliance
  
  

These partners will be confirmed prior to the first closing round.

Investor Eligibility

This offering is available exclusively to Qualified Investors under Nigerian regulatory definitions.
Eligible participants include:

• High-Net-Worth Individuals (HNWIs)

• Institutional investors

• Professional investors

• Corporations and family offices

• Diaspora investors meeting documentation requirements
  
  

Minimum subscription: ₦2,000,000.
Investors must confirm that they understand the risks associated with private real estate investments and certify their eligibility before participation.

Private Offering Compliance

This Prospectus relates to a private placement and is not a public offer, advertisement, or solicitation under Nigerian law.

• The offering is structured in accordance with SEC Nigeria guidelines for private real estate investment vehicles.

• Distribution of this document is strictly restricted to eligible, pre-approved investors.

• Shares may only be offered through direct communication by the Company or its authorised partners.
  
  

No regulatory authority has reviewed or approved this document.

Tax Considerations

Investors should seek independent tax advice. The Company does not provide tax structuring or personalised tax guidance.

General considerations include:

• Capital gains tax may apply at the point of divestment.

• Dividend or distribution taxation is subject to prevailing Nigerian tax laws.

• SPV-level taxes (where applicable) are settled before investor distribution.

• Non-resident investors are responsible for their home-country tax reporting.
  
  

Tax treatment may change based on evolving legislation.

Regulatory Notes

Key regulatory and compliance considerations:

• The Company operates as a private Real Estate Investment Company (REIC).

• Each land parcel is acquired through a dedicated SPV to ensure ring-fenced ownership and legal clarity.

• All acquisitions undergo legal, survey, and planning verification.

• The Company adheres to AML/KYC requirements applicable to private investment vehicles in Nigeria.

• Compliance obligations may evolve based on SEC circulars, land registry changes, and local planning regulations.
  
  

Where regulations change, the Company will adjust operations accordingly.

Dispute Resolution

In the event of any dispute between investors and the Company:

1. Internal Resolution
   
   

   • Issues should first be presented to the Investment Manager for review.

   • The Company will seek to resolve matters promptly and professionally.
     
     

2. Mediation
   
   

   • If unresolved, disputes may proceed to a recognised mediation or alternative dispute resolution (ADR) body in Nigeria.
     
     

3. Jurisdiction
   
   

   • Failing ADR, disputes shall be resolved under the laws of the Federal Republic of Nigeria, with jurisdiction in appropriate Nigerian courts.
     
     

The Company aims to minimise disputes through transparent reporting, structured governance, and consistent documentation.

Minimum Subscription (₦2,000,000)

The minimum subscription amount for participation in the Eleko LandBank REIC Ltd offering is ₦2,000,000.
Investors may subscribe via the Master Fund or choose participation in specific Property SPVs, subject to availability.

Additional subscriptions may be made in increments defined in the Subscription Form.

Application Process

To participate in the offering, investors must complete the following steps:

1. Review the Prospectus
   Investors must read the full Prospectus to understand the structure, risks, and obligations of the investment.
   
   

2. Complete the Subscription Form
   Investors must complete, sign, and submit the Subscription Form for the Master Fund or chosen Property SPVs.
   
   

3. Provide KYC Documentation
   Required documents must be submitted for verification (see KYC Requirements below).
   
   

4. Await Confirmation
   Upon approval, the Investment Manager will issue an Allocation Notice detailing the amount accepted and the SPV or Fund allocation.
   
   

5. Make Payment
   Payment is made directly into the designated Custodian account only.
   
   

6. Receive Subscription Confirmation
   After funds are confirmed, investors receive an Official Subscription Receipt and SPV/Fund allocation confirmation.
   
   

Payment Instructions

All payments must be made only to the designated Custodian account (The Alternative Bank, TBC).
Payment details will be included in the Allocation Notice.

Important terms:

• Payments must originate from the investor’s own bank account.

• Third-party payments are not accepted.

• Proof of payment must be submitted immediately after transfer.

• Subscriptions are only valid upon confirmed receipt of cleared funds by the Custodian.
  
  

The Company does not accept cash, cryptocurrency, or informal transfers.

KYC Requirements

To comply with regulatory obligations, all investors must submit:

• A government-issued ID (International Passport / Driver’s Licence / National ID)

• Recent utility bill or proof of address (within 3 months)

• Passport photograph

• Tax Identification Number (TIN) where applicable

• Corporate investors must provide:

  • Certificate of incorporation

  • Board resolution authorising the investment

  • Details of directors and shareholders

  • CAC documents (Status Report, Form CAC 1.1 or equivalent)
    
    

KYC approval is mandatory before allocation can be confirmed.

Allocation & Statements

Allocation

• Allocation is made on a first-come, first-verified basis.

• The Company may scale down or decline oversubscribed applications.

• Investors receive an Allocation Letter confirming the amount and SPV/Fund in which they are admitted.
  
  

Statements

Investors will receive:

• Quarterly updates on SPV and Fund performance

• Annual reports summarising project progress, title updates, planning status, financial summaries, and market insights

• SPV-specific exit updates and divestment notices
  
  

Lock-In & Exit Rules

Lock-In Period

Each subscription carries a 3-year lock-in period, during which capital cannot be withdrawn.

This ensures:

• Stability of project execution

• Efficient planning and registration processes

• Predictable portfolio construction across SPVs
  
  

Holding Period

Total holding period is:

• 3 years, plus

• A possible 2-year extension where required for planning, market timing, or exit optimisation
  
  

Extensions will only be used when they materially benefit investors.

Exit Events

Exits may occur through:

• Sale of subdivided units

• Sale of the full parcel to developers

• Partial divestment where applicable
  
  

Investors are notified prior to exit execution, and proceeds are distributed transparently through the Custodian.

Restrictions on Transfer

Investor units or shares may be subject to transfer restrictions, and transfers must be approved by the Company to ensure compliance with private offering regulations.

Detailed Market Data

This appendix contains extended datasets, tables, and comparative analysis supporting the assumptions and projections used throughout the prospectus.

Included datasets may cover:

• Lagos population statistics (10-year series)

• Land price appreciation indexes

• Infrastructure impact indices

• Historical inflation and FX data

• Comparable land sales across Eleko, Ibeju-Lekki, and Epe

• Housing demand and supply gap analysis

• Market absorption timelines
  
  

All data may be updated periodically as new figures become available from government sources, market surveys, or independent valuers.

Graphs & Charts

This section includes expanded visual representations for clarity and investor analysis, including:

• Extended GDP growth charts

• Inflation, FX, and demographic trend visuals

• Land appreciation curves (Eleko, Epe, Sangotedo, Ibeju Town)

• Corridor infrastructure impact distribution

• Population inflow maps and density projections

• IRR sensitivity diagrams

• Scenario comparison charts (base, downside, upside)
  
  

Charts follow the brand’s visual uniformity using solid bars and consistent proportions.

Maps

Maps are provided for additional clarity and due diligence purposes, including:

• Eleko–Ibeju Lekki corridor overview

• Parcel location maps

• Excision boundary overlays

• Access road and infrastructure maps

• Planning and zoning reference maps

• SPV asset boundary maps (where applicable)
  
  

Maps may include survey images, satellite imagery, or approved planning overlays from Lagos authorities.

Glossary

A glossary of commonly used real estate, financial, and regulatory terms appears here to help investors interpret the technical language used throughout the prospectus.

Examples include:

• Excision

• Gazette

• Survey Plan

• Ring-Fencing

• Right of Way (RoW)

• NAV

• SPV

• IRR

• Planning Approval

• Title Perfection
  
  

References

References used in preparing the prospectus may include:

• Lagos State Bureau of Statistics

• Nigerian Bureau of Statistics (NBS)

• Lagos State Lands Bureau

• Lagos State Surveyor-General’s Office

• Ministry of Physical Planning & Urban Development

• International infrastructure reports

• Independent market research and valuation reports

• Survey documents and title records related to the parcels

• Publicly available government gazettes and excision maps
  
  

References are compiled from credible and professional sources, updated periodically as new information becomes available.