Business
Afribank Unveils Estate In Lagos
In order to keep with its success story in delivering exquisite housing in serene environment, Afribank Estate Company Limited, has unveiled its latest offering, the Eldorado Villas in Magodo GRA in Lagos, during a ceremony last week.
The Managing Director, Engr Charles Njoku, during the “house cooling,” aimed at showcasing the professionalism and excellence engaged in producing the estate, said the track record of delivering sound and dependable housing in various parts of the country.
According to him, the company is coming from a rich heritage of performance even as it is adjudged one of the most professionally managed companies at a time. Said he, “Afribank Estate Company Limited, West African’s Best professionally managed real estate company of the year (2005), is a major player in the real estate subsector of the Nigerian economy. Incorporated in 1963, the company commenced operation under the name Afribank Estate Company Limited in June 1990 as a subsidiary of Afribank Nigeria Plc”.
The company, he said has a vision to meet the housing needs of a discerning market segment which places so much emphasis on quality. Eldorado villas he stressed is a firm signature of what the company represents in terms of quality.
Eldorado villas, Magodo is residential development of about 300sq metre built up floor area. It is a tastefully designed home that offers a great deal of luxury and is designed to provide absolute comfort. Eldorado comprise of 4 Nos. 5 bedroom detached houses with 2 maids rooms. Each room is en-suite, while each unit is designed to luxurious finishes with top quality materials and excellent work manship.
This “House cooling” event is so essential in order for us to unfold our plans regarding the Eldorado villas and others, to a select critical group of pressmen and principal stakeholders.
He noted that the vision of the company is to continue to alleviate the real estate burden of Nigerians by providing quality properties/ real estate services that are second to none in the country.
That vision he said, “Spurred us to bring to fruition so many projects, namely New Dawn Estate located at Magboro Lagos-Ibadan Expressway by Mountain of Fire and Miracles), Afribank Pearl Estate located at llupeju, Liberty Estate Ajah, Iriebe Garden City, a llz-home master planned residential community strategically located within Port Harcourt, Fair Trade Business Complex, an ultra modern shopping complex located between Kigoma and Harper crescent, Wuse Zone 7, Abuja among others,” he said.
Speaking further on the offering, the chairman of the company, Engr A.A. Oyekan, highlighted that Eldorado was not just another property on the Mainland, it is a huge brand, such a one that is going to be replicated in and outside of Lagos.
Specifically, he said “El’dorado in its true sense and meaning when you look at the features and facilities, there in namely:5 bedrooms Allien suite, 2 self- contained maid rooms, Jacuzzi and steam showers, top quality sanitary wares, cable TV, exotic landscaping, electric fence, standby sound proof generator, borehole and storage facilities ample parking space”.
He said the company has successful undergone a strategic re-engineering, and greatly re-invigorated with a new found spirit and positioning to deliver real estate products with high class and wonderful finesse.
Guest of honour at the event and Lagos State Commissioner for Housing, Mr Dele Onabokun, while commending the efforts of the developer, promised that the state government would continue to make life meaningful for Lagosians by providing critical infrastructure which has been in short supply.
He also expressed commitment to partner with various stakeholders to ensure that development issues are adequately tackled.
“For us in Lagos State, our focus and objectives have been to make a model city with a high quality of life for the citizenry through adequate provision of shelter, which is a basic human need, and to provide good quality and affordable homes for the teaming population of Lagos State. It is our promise and we cannot deviate from that. And that is why we have shown our partnership and support for companies, by way of infrastructural development such as: access roads to the estates, electrification and other amenities to such locations now, but I assure you the government has it on its agenda”, he said.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.