WHAT YOU DON'T KNOW ABOUT LEKKI PHASE 1.

Lekki Phase 1 is a residential estate located in the Eti-Osa Local Government Area of Lagos State, Nigeria. The development was initiated in the early 1990s by a consortium of investors led by Chief (Dr.) Olumegbon. The estate was previously called Maroko Extension and was intended to serve as a relocation site for residents of the Maroko slum, which had been demolished by the Lagos State government in 1990.

The development of Lekki Phase 1 was carried out in phases, with the first phase consisting of about 250 plots of land. In the early days of the development, plots of land in Lekki Phase 1 were sold for relatively low prices, with some early investors reportedly purchasing plots for as little as N400,000 (equivalent to about $2,500 at the time).

However, the value of land in Lekki Phase 1 has appreciated significantly over the years, driven by factors such as the estate's location, the quality of its infrastructure, and its reputation as a high-end residential and commercial area. As of 2021, the current market value of a plot of land in Lekki Phase 1 varies depending on the location and size of the plot, but can range from tens of millions to hundreds of millions of naira.

Lekki Phase 1 is known for its well-planned layout, wide roads, and green spaces, as well as its high concentration of luxury homes, businesses, and public institutions. The estate is one of the most sought-after residential and commercial areas in Lagos State, with a high standard of living, security, and proximity to some of the best schools, hospitals, and recreational facilities in the city.

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