Pelican-Valley Nigeria Limited commissioned the second phase of its Ecostay Apartments in Masa, along the Kobape-Abeokuta corridor of Ogun State, on Sunday, October 19, 2026, handing keys to new homeowners from as far afield as South Africa and the United States.
According to Punch Newspapers, which reported the ceremony, the company's chief executive, Ambassador Babatunde Adeyemo, told guests that two-bedroom apartments subscribed at ₦41 million roughly twelve months ago are now valued at ₦61 million, a stated increase of ₦20 million per unit, or about 48.8 per cent in one year.
What the Phase II commissioning involved
The new apartment blocks sit along Aremo Olusegun Osoba Drive within Pelican Brief Estate, Kobape. The road itself was unveiled at the commissioning of Phase I on September 11, 2024, and named in honour of Chief Olusegun Osoba, the former Ogun State governor whose rural electrification project in the area laid the groundwork, three decades later, for the multibillion-naira estate that stands there today.
The ribbon was cut by Mr Adedehinbo Adeyinka, a 60-year-old businessman and the first landlord at Pelican Valley Estate, Laderin. New homeowners, including Professor Oluboyo, based in South Africa, and Mrs Adekola, based in the United States, received their keys and title documents and took immediate possession of their apartments.
The company presented the units as technology-driven, eco-friendly smart homes. Facilities include automated security doors and access-control systems. The estate is connected to the national grid, but the wiring and fittings were designed to accommodate solar and inverter systems, giving owners room to manage electricity costs as they see fit.
Adeyemo: delivery amid a hard economy
Speaking at the event, Adeyemo credited providence and careful planning for the completion of the project. He acknowledged that rising inflation, economic uncertainty and escalating construction costs had made real estate development increasingly demanding, and said the delivery of Phase II showed the company's determination to honour its commitments to investors.
He also thanked his wife, Mrs Titilayo Adeyemo, the project team, and the homeowners who kept faith with the Pelican brand.
At Pelican-Valley, we do not just sell land or bricks; we offer the Pelican Advantage.
By this he meant a model that combines home ownership with capital appreciation and long-term wealth preservation, positioned for investors seeking to build generational assets as inflation erodes the purchasing power of money.
Why the stated appreciation needs caution
The ₦20 million figure is a stated value, not a realised return. Actual gains would depend on achievable resale prices, transaction costs and the other expenses that come with owning and disposing of property. Readers weighing similar offers should bear that distinction in mind.
The wider Nigerian market gives reason for that caution. Tribune Online reported this week on a buyer who paid ₦5.5 million for two plots, only for the estate to vanish within six months, part of what the paper describes as a network of agents, forgers, touts and fake developers selling land across Lagos, Ogun and the outskirts of Abuja that either does not exist or has been sold five times over.
Against that backdrop, Adeyemo stressed land security, regulatory compliance and timely delivery as the pillars of his company's approach. He said Pelican-Valley builds within government-approved layouts to minimise title and zoning risks, and pointed out that Ecostay is an operational estate with an established community, not a speculative land bank where buyers wait on an uncertain future.
He noted that some diaspora homeowners invested without ever meeting him in person, which he read as a mark of the trust the company has built. The completion of Phase II, he said, should reassure Nigerians abroad who depend on a developer's credibility to protect their interests from a distance.
Dignitaries praise the developer's record
Deji Ogundimu, managing partner of Serrial Realty Forte Limited, commended Adeyemo for consistency, resilience and determination, saying the company's record of delivery had helped dispel pessimism about real estate investment in Nigeria.
Pelican-Valley's consistency in this business is commendable, and that is what motivated me to identify with the company and come around to see things for myself. I'm impressed beyond words. This is a dream project.
He described Ecostay as a development with an ambience comparable to international residential standards, one that could draw diaspora investment and contribute to national development.
Goodwill messages also came from the new homeowners and from veteran journalist Moshood Adebayo, who praised Adeyemo's consistency, tenacity, humility and integrity. Others present included Kayode Olaseinde, the television comedian known as Pa James and a Pelican-Valley brand ambassador, and Adeyinka Adegbite, assistant general manager of Fresh 107.9FM, Abeokuta.
Ogun's wider investment climate
The commissioning fits a broader pattern in the state. The Gazelle News reported this month that Ogun State has lined up $17 billion in investment under Governor Dapo Abiodun, whose strategy since May 2019 has rested on infrastructure, private-sector partnerships and an enabling business environment, with the aim of establishing the state as a destination for manufacturing, logistics and industrial production beyond its proximity to Lagos.
For families at home and abroad seeking an orderly, documented route into property, the lesson of Kobape is straightforward. Private initiative, honoured commitments and respect for the elders whose work made the land livable, such as Chief Osoba's electrification scheme, remain the surest foundations of lasting wealth.
Frequently asked questions
When was Ecostay Apartments Phase II commissioned?
The ceremony took place on Sunday, October 19, 2026, at Pelican Brief Estate, Kobape, in Ogun State, Nigeria.
How much did the apartments appreciate?
According to Pelican-Valley, two-bedroom units subscribed at ₦41 million about a year ago are now valued at ₦61 million, a stated increase of ₦20 million per unit, or roughly 48.8 per cent. This is a stated value, not a guaranteed return.
Who is Aremo Olusegun Osoba Drive named after?
The road is named after Chief Olusegun Osoba, a former governor of Ogun State, whose rural electrification project in the area during his tenure laid the groundwork for the estate built some three decades later.