Pelican-Valley Nigeria Limited has commissioned Phase II of its Ecostay Apartments in Masa, along the Kobape–Abeokuta corridor of Ogun State, while new homeowners took possession of their units at a ceremony that also highlighted strong capital appreciation on the development.
The Phase II blocks, sited along Aremo Olusegun Osoba Drive within Pelican Brief Estate, Kobape, are designed as technology-driven, eco-friendly smart homes. The ribbon-cutting on Sunday was performed by Mr Adedehinbo Adeyinka, a 60-year-old businessman and the first landlord at Pelican Valley Estate, Laderin. Keys and documents were handed over to new owners, including South Africa-based Prof. Oluboyo and US-based Mrs Adekola, allowing them to take immediate possession.
Phase I of the project was commissioned on 11 September 2024. During that earlier event, Aremo Olusegun Osoba Drive was named in honour of former Ogun State Governor Chief Olusegun Osoba for his rural electrification work in the area, which developers say helped lay the foundation for Pelican-Valley’s later multibillion-naira investments.
The apartments combine contemporary residential comfort with environmentally conscious features. Facilities include automated security doors and access-control systems. Although the estate is connected to the national grid, electrical installations have been designed to accommodate solar power and inverter systems, giving homeowners flexibility to manage electricity costs and improve supply reliability.
Speaking at the event, Ambassador Babatunde Adeyemo, managing director and chief executive of Pelican-Valley Nigeria Limited, described the completion of Phase II as evidence of resilience and strategic planning amid rising inflation, economic uncertainty and escalating construction costs. He thanked his wife, Mrs Titilayo Adeyemo, the project team and homeowners for their support.
A central point of Adeyemo’s remarks was the reported rise in the stated value of the apartments. Two-bedroom units that were available for subscription at about ₦41 million roughly 12 months earlier are now valued at ₦61 million, an increase of ₦20 million per unit, or approximately 48.8 per cent, in one year. He presented the figures as reflecting the company’s focus on positioning buyers to benefit from capital appreciation while acquiring assets for long-term wealth preservation.
“At Pelican-Valley, we do not just sell land or bricks; we offer the Pelican Advantage,” Adeyemo said, adding that the company aims to attract investors seeking to build and preserve generational wealth through real estate at a time when inflation continues to erode purchasing power.
He stressed that the reported appreciation represents an increase in stated value and does not automatically equal a realised return, which would depend on actual resale prices, transaction costs and other ownership expenses. Adeyemo also pointed to land security, regulatory compliance and timely delivery as core elements of the company’s approach, noting that developments are placed within government-approved layouts to reduce title and zoning risks. He described Ecostay as an operational residential community rather than undeveloped land, and said the confidence of diaspora buyers who invested without meeting him in person reflected the trust the company had built.
Deji Ogundimu, managing partner of Serrial Realty Forte Limited and a property consultant, commended Adeyemo’s consistency and resilience. He described Ecostay Apartments as a “dream project” capable of encouraging Nigerians in the diaspora to invest at home, saying the serene environment met international residential standards and could support national development through diaspora capital.
New homeowners Prof. Oluboyo and Babatunde Adekola, together with other attendees including veteran journalist Moshood Adebayo, praised Adeyemo’s consistency, tenacity, humility and integrity. Guests also included Kayode Olaseinde (Pa James), television comedian and Pelican-Valley brand ambassador, and Adeyinka Adegbite, assistant general manager of Fresh 107.9FM, Abeokuta, alongside other real estate professionals, investors and stakeholders.
Adeyemo assured existing and prospective investors, both in Nigeria and abroad, that the company would continue to uphold its standards while seeking further opportunities to deliver quality residential projects.