The untold story of Eko Atlantic’s financial blueprint, according to its architect
Long before the first skyscraper pierced the Lagos skyline, the financial architecture of the Eko Atlantic City project was already taking shape. Olawale Opayinka, the Founder and Managing Director of Makaya Consult FZE, has now pulled back the curtain on his early involvement, revealing that his work on the project’s financial model began as far back as 2011.
In a rare disclosure, Opayinka detailed how he was brought into the fold at that formative stage, tasked with developing the financial framework that would underpin one of Africa’s most ambitious urban development projects. The revelation offers a rare glimpse into the behind-the-scenes mechanics of a megaproject that has often been discussed in terms of its physical scale, but rarely in terms of its fiscal engineering.
A decade of groundwork
The timeline Opayinka presents is significant. By the time the project was visibly rising from the Atlantic Ocean, the financial model had already been in development for years. This suggests a deliberate, long-gestation approach to the project’s economics, rather than a reactive strategy developed as construction costs mounted.
His role, as he describes it, was not merely advisory but foundational. Being brought in at the 2011 stage implies that the core financial principles guiding the project were established before much of the physical land reclamation was widely visible to the public. This early start would have allowed for stress-testing and refinement of the model against various economic scenarios.
Why the financial model matters
For observers of large-scale real estate and infrastructure projects, the financial model is often the difference between a visionary plan and a completed reality. Eko Atlantic, built on land reclaimed from the sea, carries unique cost burdens that most urban developments do not face. The financial structure must account for the massive upfront capital expenditure of land reclamation, the ongoing costs of coastal defence, and the long-term revenue streams from commercial and residential leases.
Opayinka’s disclosure suggests that the project’s backers were acutely aware of these challenges from the outset. By investing in a bespoke financial model early, they signalled an intention to build a sustainable economic base, not just a physical one. The model would have had to balance investor returns with the need to keep the city attractive to global businesses and residents.
Insights from the architect
While Opayinka did not disclose the specific figures or mechanisms within the model, his confirmation of the timeline provides a crucial data point for analysts. It indicates that the financial planning for Eko Atlantic was not an afterthought but a precursor to the physical development.
His position at Makaya Consult FZE places him as a key figure in the project’s financial history. The fact that he has chosen to speak publicly about this now offers a rare opportunity to understand the strategic thinking that preceded the construction cranes and the concrete.
What this means for the project’s future
The revelation adds a layer of context to the ongoing narrative of Eko Atlantic. As the city continues to attract investment and tenants, the durability of the financial model built in 2011 will be tested in real time. The early groundwork suggests a level of foresight that could prove critical as the project navigates the complexities of the global economy.
For those tracking the project, Opayinka’s statement is a reminder that the most visible symbols of progress—the towers and the boulevards—rest on a foundation of financial decisions made years in advance. The story of Eko Atlantic is not just one of engineering triumph, but also of financial architecture that was designed to withstand the pressures of time.
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Source: Olawale Opayinka reveals how Eko Atlantic financial model was built