13/05/2026
THE STORY OF JIDE, A YOUNG BANKER AND HIS LEKKI SCHEME 1 LAND PURCHASE.
In 1998, a quiet banker, Jide Adeola made a decision that even his closest friends mocked.
At the time, Lekki Scheme 1 in Lagos was not the luxury destination it is today. It was more of a swamp without a clear developmental plan and many people described the area as “too far from civilization.” Some even joked that buying land there was like buying land inside the Atlantic Ocean. But Jide saw something others did not see. Most Friday evenings, after work in Victoria Island, he would drive through the Lekki-Epe axis with a surveyor friend who constantly told him:
“Cities don’t expand backwards. They expand outward.”
Those words stayed in his mind.
So, in October 1998, Jide used almost all his savings — ₦1 million — to purchase a piece of land (1200sqm) in Lekki Scheme 1. His relatives called him irresponsible.
His elder brother said:
“You could have used this money to build a house on the mainland immediately.”
His colleagues laughed:
“Who wants to live in this Lekki bush?” "How would you sand-fill this land to be able to build on it?"
But Jide was not buying for comfort. He was buying for the future.
Years passed. Slowly, Lagos began expanding toward the Lekki axis. New roads emerged. Building Construction picked up with speed. People began to move in. Businesses moved in as well - Banks, Restaurants, Schools, and Luxury Estates followed. Then came massive infrastructure projects across the Lekki corridor. Demand exploded.
The same Lekki that people once ignored became one of the most expensive Real Estate locations in Lagos and Nigeria. Studies now show that Lekki Phase 1 experienced massive appreciation over the years more than any other location in Lagos State, as infrastructure and commercial activities increased dramatically.
Today, that same piece of land that Jide bought for ₦1 million is valued at over ₦1 billion. Not because he worked harder than everyone else. Not because he was luckier. But because he understood one powerful principle:
Real Estate rewards patience more than speed.
One afternoon, at a gathering in 2020 a friend asked him:
“Jide, how did you know Lekki would become this valuable?” He smiled and replied:
“I didn’t know. I only understood that land rarely waits for anybody.” That statement carries a deep truth many upcoming investors fail to understand. Most people want proof before they invest. Smart investors invest before the proof becomes obvious. That is why ordinary people who bought land in places like Sangotedo, Ibeju-Lekki, Ajah, and Abraham Adesanya years ago suddenly became multi-millionaires without winning any lottery.
In fact, reports show that some parts of Ibeju-Lekki moved from as low as ₦500,000–₦1.5 million per plot in 2013 to tens of millions today due to the Dangote Refinery, Lekki Free Trade Zone, Deep-sea Port, and rapid infrastructure development.
Many people who ignored those opportunities back then are the same people struggling to afford land there today.
There was also Madam Grace, a school teacher who bought two plots in Sangotedo around 2006 using her cooperative savings. At the time, each plot cost less than the price of a small car - ₦400,000. People mocked her too. Today, one of those plots alone is worth more than everything she earned from teaching for over 30 years.
Watch out for the concluding part of this story.
Chidi Eke
Real Estate Consultant/Investment Advisor
+234 8073487608; 8179577704
