General
MAN Condemns Sealing of Coca-Cola, Guinness, FrieslandCampina Factories in Lagos
By Adedapo Adesanya
The Manufacturers Association of Nigeria (MAN) has condemned the sealing of a few manufacturing companies by the Lagos State government.
In a statement signed by its Director General, Mr Segun Ajayi-Kadir, the group said it was appalled by the action, adding that it was already in talks with relevant agencies in the state over the issue.
Earlier this week, the Lagos State Water Regulatory Commission (LASWARCO) sealed the factories of the Nigerian Bottling Company (producers of Coca-Cola), FrieslandCampina (makers of Peak Milk), and Guinness Nigeria Plc. for violating water abstraction regulations in their operation.
The commission’s Director of Technical Services, Mr Olowu Babatunde, said on Tuesday that the companies were extracting large quantities of groundwater without proper authorisation.
In his statement released on Friday, MAN’s DG said the government’s decision was ill-timed and in bad faith as talks were ongoing about the issue among the affected parties, noting that efforts to reach the authorities after the shutdown were futile.
“The Manufacturers Association of Nigeria (MAN) is constrained to convey this open message to the Governor of Lagos State, as all attempts at approaching the relevant heads of agencies and ministry have failed. MAN is appalled by the inauspicious act of the Lagos State Water Regulatory Commission (LASWARCO) in sealing factories over their purported refusal to pay the astronomical and unjustifiable water abstraction fees imposed by the Commission,” he stated.
Mr Ajayi-Kadir added, “This action is ill-timed and quite unfortunate, as the Commission and MAN had engaged in meaningful dialogue and reached some agreements over the lingering issue about three months ago.
“This was expected to culminate in an MoU to commence in January 2025.
“Only three weeks ago, another round of discussions took place between LASWARCO and representatives of MAN, including affected member companies, which led to ongoing discussions in the companies as to the most viable option for addressing the alleged outstanding payments from earlier contested fees.
“It is while these discussions were going on and during the Yuletide that the Commission decided to cause this major and unwise shutdown of the companies.”
MAN accused the Lagos state government of being tyrannical in its regulation and imposing exorbitant fees on manufacturers at a time when the industry is facing a downturn, saying the industry spends a lot on water for production as the government fails to supply water.
“It is important to properly situate this inappropriate action within the context of the prevailing inclement operating environment in general and the downturn in the manufacturing sector in particular.
“A situation where industries are burdened with payments in excess of N100 million for generating water for production purposes, in the face of the government’s failure to supply the same, is unfair.
“The exorbitant fees and the untoward means of extracting payment exemplifies the negative impact of the tyranny of regulation on private business,” the statement read further.
Mr Ajayi-Kadir lamented that manufacturers are enduring a harsh economic climate as the volume of unsold inventories keeps rising. He expressed concerns over the possibility of other states taking similar enforcement action as the Lagos state government.
“To date, manufacturers across the country are saddled with more than N1.2 billion of unsold inventory, borrowing at more than 30 per cent and struggling under a debilitating 250 per cent increase in the cost of power.
“Numerous taxes, fees, and levies by the three tiers of government and non-state actors in some cases, numbering between 60 to 120 confront each manufacturer, not to mention the disruption of production activities due to insecurity and high cost of logistics. There are more! So, to add this oppressive water abstraction fee in Lagos state that may potentially be adopted by other States presents an ominous and rancorous future for manufacturers in particular and private businesses in general,” he added.
He pleaded with the Governor of Lagos, Mr Babajide Sanwo-Olu, to direct LASWARCO to reopen the sealed facilities while MAN and the agency resume discussions.
“This will pave the way for a logical and passable conclusion of the ongoing conversations on how to permanently resolve the matter of outstanding fees, as well as conclude the impending MoU between the Water Commission and the Organised Private Sector,” he said.
By Aduragbemi Omiyale
One Mr Taofeek Daniel Oriola has been convicted and sentenced to nine years’ imprisonment for money laundering.
He was sentenced by Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Monday, May 11, 2026.
His journey to the correctional centre started when he used part of the proceeds of his unlawful activity derived from fraudulent cryptocurrency transactions to acquire some properties, which have now been forfeited to the federal government.
The said properties include a 2014 Range Rover (Supercharged) with VIN Number SALGS3TF7EA180971, a five-bedroom apartment with boys’ quarters in the Ibeju-Lekki area of Lagos State, a parcel of land measuring 653.479 square metres situated at Ibeju-Agbe in Ibeju-Lekki, and one iPhone 16.
The convict, in April 2026, committed the offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
Mr Oriola was brought before the court by the Economic and Financial Crimes Commission (EFCC) on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a 2014 Range Rover (Supercharged) with VIN No. SALGS3TF7EA180971, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a five-bedroom apartment with boys’ quarters situated at Ibeju-Agbe, in the Ibeju-Lekki area of Lagos State, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act,” two of the three charges read.
After pleading “guilty” to the charges when read to him, Justice Osiagor sentenced him to three years’ imprisonment on each count, to run concurrently, with an option of a N200,000 fine on each count. The judge also ordered him to undertake seven days of community service.
Nigeria’s real estate industry has experienced significant growth over the years, with developers now moving beyond basic land sales to building smart cities, luxury apartments, lifestyle estates, and integrated residential communities.
At the same time, concerns around fraud and failed projects have made trust, transparency, and delivery capacity more important than ever, especially for diaspora investors looking to own property back home.
From Lagos to Abuja and other emerging cities, several companies have distinguished themselves through innovation, infrastructure, quality developments, and customer confidence. Here are some of the top real estate companies in Nigeria in 2026.
- LandWey Investment Limited
LandWey remains one of the most influential names in Nigeria’s modern real estate sector. Headquartered in Lagos, the company has built a strong reputation around smart infrastructure, lifestyle communities, and futuristic urban development.
Their flagship project, Isimi Lagos, is one of the most talked-about developments in the country. The project combines residential living with wellness infrastructure, recreation, technology hubs, and eco-friendly concepts.
LandWey’s developments are largely concentrated along the Lekki-Epe corridor, where they continue to shape conversations around premium residential investment.
- Palton Morgan Holdings
Palton Morgan Holdings has established itself as one of Nigeria’s leading luxury real estate developers, particularly within the high-end Lagos and Abuja property markets.
The company is known for premium residential developments that combine smart living, luxury architecture, and modern urban design. Their projects are recognised for sophistication, premium finishing, and strong lifestyle appeal.
Some of their major developments include Paramount Twin Towers, L5 Banana, Rockhampton, The Meadows, and Kadars Gate.
Mshel Homes Limited is a fast-growing real estate development company that is increasingly recognised as one of the top real estate companies in Nigeria, particularly in Abuja’s expanding property market. Known for its structured developments and strategic site selection, the company has earned a reputation as a trusted real estate company delivering modern residential and mixed-use projects.
Its portfolio spans over 60 estates in key locations across Abuja, Lagos, Kano and Yola. Mshel Homes outlets in Kaduna, Port Harcourt, and Maiduguri.
Mshel Homes is a driver of sustainability and is known for eco-friendly, innovative projects with flexible payment options, which continue to attract both homebuyers and investors seeking long-term value in Nigeria’s evolving real estate sector.
Mshel Homes Limited has rapidly grown into one of the most respected and trusted real estate companies in Nigeria. Established in 2018 and headquartered in Abuja, the company is widely recognised for its integrity, transparency, honesty, and commitment to delivering value.
In an industry where credibility matters greatly, Mshel Homes has built a reputation around verified property documentation, quality construction, sustainable living, and affordable luxury.
One of its landmark projects is Hutu Exclusive, a luxury golf resort estate on Airport Road in Abuja. Widely regarded as Nigeria’s first golf resort estate, the development combines luxury living with wellness, recreation, and lifestyle infrastructure.
The estate gained national recognition after winning the “Best Branded Lifestyle Project of the Year, 2025” award at the Africa Housing Show.
Mshel Homes has a reputation for delivering amazing projects, as evident in Asokoro, Guzape, Gaduwa, Katampe Extension, and Airport Road in Abuja, among others.
- Cosgrove Investment Limited
Cosgrove has earned a strong reputation as one of Nigeria’s leading smart real estate developers. Headquartered in Abuja, the company focuses heavily on technology-driven communities and energy-efficient residential developments.
Cosgrove is recognised for integrating automation, smart security systems, and modern infrastructure into its projects, making its estates particularly attractive to professionals and investors seeking contemporary urban lifestyles.
Their emphasis on innovation gives them a unique advantage in Nigeria’s evolving property market.
- Veritasi Homes and Properties
Veritasi Homes has grown significantly through aggressive expansion and investment-focused developments. The company has become highly visible within the Lagos real estate market and is particularly known for flexible payment plans and land banking opportunities.
Their projects appeal strongly to both local and diaspora investors looking for long-term property appreciation and strategic investment locations.
Veritasi continues to strengthen its position as one of Nigeria’s fast-rising real estate brands.
- Dantata & Sawoe Construction Company Nigeria Limited
Dantata & Sawoe remains one of the oldest and most established construction and infrastructure companies connected to Nigeria’s real estate sector.
Unlike many modern developers focused mainly on residential estates, the company’s strength lies in engineering expertise, large-scale infrastructure projects, and urban development execution.
- Efab Properties Limited
Efab Properties has maintained relevance for years within Abuja’s real estate market. The company became known for delivering residential estates and housing projects targeted at middle and upper-middle-income buyers.
Its long-standing presence in the Federal Capital Territory continues to contribute to its recognition in Nigeria’s property industry.
- Nest & Nails Limited
Nest & Nails has emerged as a fast-growing real estate company focused on modern residential developments and lifestyle-oriented communities.
The company has gained attention for blending luxury aesthetics with practical housing solutions while maintaining strong market visibility and branding.
Their developments continue to attract younger homeowners and upwardly mobile investors.
- Brains & Hammers
Brains & Hammers is widely regarded as one of the most structurally ambitious real estate companies in Nigeria.
The company became prominent through large-scale residential developments, urban housing projects, and premium estates across Abuja and other cities.
Their strength lies in delivering infrastructure-heavy developments that combine affordability with modern living standards.
- Bilaad Realty
Bilaad Realty continues to build recognition within Nigeria’s competitive property market through residential estate projects and investment-focused developments.
Although still growing compared to some industry giants, the company is steadily expanding its footprint and increasing brand awareness within key investment locations.
Final Thoughts
Nigeria’s real estate industry is becoming increasingly sophisticated, with developers now competing beyond land sales alone.
Today, the leading companies are those building smart cities, lifestyle communities, luxury developments, and infrastructure-backed estates while maintaining transparency, trust, and long-term value for investors and homeowners.
By Adedapo Adesanya
The Lagos State government has approved 14 licences to private operators for off-grid generation, embedded power, independent distribution, metering, and mini-grid services as part of efforts to reshape the electricity landscape in the commercial capital.
The approvals were issued by the Lagos State Electricity Regulatory Commission (LASERC) at its maiden stakeholder engagement in Lagos, signalling the formal activation of the state’s decentralised electricity market.
At the centre of the new framework is a clear shift away from dependence on the national grid towards a structured, state-driven electricity system built on private investment and localised power supply.
Late last month, Business Post reported that the state signed Power Purchase Agreements (PPA) with three firms- Fenchurch Power, Mainland Power, and Viathan for about 60MW of generation, to increase capacity to serve major public facilities in the state.
Under the new licences, Axxela Limited will develop a 5.8MW off-grid power project at Cadbury Nigeria’s facility in Agidingbi. Daybreak Power Solutions Limited secured multiple off-grid generation approvals across major industrial sites, including Seven-Up, Nigerian Breweries, NBC, Crown Flour Mill, Nigerdock, and Promasidor.
Isolo Power Gen Limited also received approval for a 9MW embedded generation project along the Apapa–Oshodi corridor, one of Lagos’ busiest industrial zones.
In addition, Isolo Power Supply Limited was licensed as an Independent Electricity Distribution Network operator. New Hampshire Capital, GossLink Engineering, and Enaro Energy Mini-Grid Limited were approved for metering services and mini-grid operations.
LASERC said the licences are designed to deepen private sector participation and improve electricity reliability across industrial clusters, estates and peri-urban communities where supply remains unstable.
According to the commission, Lagos is building a decentralised electricity model that allows generation and distribution to operate closer to end users rather than relying solely on the national grid.
It noted that the move is to improve access, reduce losses and attract long-term investment into power infrastructure.
The state has set an ambitious target of achieving 97.5 per cent electricity availability by 2030, alongside reducing market losses to below 10 per cent through a performance-driven structure.
As part of the rollout plan, LASERC will introduce two to three 24-hour electricity franchise zones by October 2026. These zones are expected to serve as pilot districts for uninterrupted power supply under private management.
The commission is also preparing a full metering push, targeting 100 per cent coverage by July 2026. Consumer complaint centres will begin operations in phases from August 2026, starting with Amuwo Odofin, followed by Ikorodu and Epe.
One of the most notable reforms is the introduction of the “Electric Eye of Lagos” (EEL) programme, an AI-enabled metering and monitoring system designed to track consumption, reduce estimated billing and improve revenue collection. The pilot phase is expected to begin in October 2026.
LASERC also confirmed that draft market rules will be released in October 2026, finalised by December 2026, and supported with regulatory sandbox guidelines to encourage innovation in the electricity sector.
The reforms are built on the Lagos Electricity Law signed in 2024, which formally created the state’s independent electricity market and empowered LASERC to regulate generation, distribution and tariffs within the state.
That law replaced the earlier 2018 power sector reform framework and marked a structural shift in how electricity is governed in Nigeria’s commercial capital.
In March 2026, the Lagos State Government inaugurated the LASERC board, giving full operational backing to the regulatory framework.
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