NACCIMA Plans Landmark Mixed-Use Development at Lagos Headquarters.
Engr. (Dr) Jani Ibrahim, OON, MNI National President, NACCIMA
LAGOS: One of Nigeria’s oldest organised private-sector institutions is preparing to transform a valuable Lagos property into a modern corporate headquarters and residential complex.
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has invited developers to bid for the joint-venture redevelopment of its headquarters at 8A Oba Akinjobi Way, Ikeja GRA, potentially transforming the site into a major multi-storey office and residential development.
Under a Request for Proposal dated August 24, 2026, NACCIMA is offering its approximately 3,385-square-metre property as its contribution to the venture. The successful developer would finance, design and construct the project, obtain the necessary regulatory approvals and deliver the completed development.
The arrangement reflects an increasingly important approach to institutional property development. Rather than sell valuable land or shoulder the full cost of redevelopment, an institution can contribute its property to a joint venture in exchange for completed assets.
For NACCIMA, the potential return is substantial.
The association proposes a seven-storey corporate headquarters, comprising a ground floor and six upper floors, on the front portion of the property facing Oba Akinjobi Way. Once completed, the office building would belong exclusively to NACCIMA and would not be available for sale or lease to third parties.
Behind the headquarters would rise the project’s commercial component, a residential tower of between 10 and 15 floors, subject to agreement and regulatory approval.
The tower would contain at least 36 two-bedroom and three-bedroom apartments. The successful developer would have some flexibility to propose the final mix of units and determine how its share of the residential component should be commercially utilised, subject to NACCIMA’s approval. Letter to Request for Proposal for NACCIMA Lagos Building.
Unlocking the Value of an Old Asset
The proposal is significant beyond the construction of a new headquarters.
Founded in 1960, NACCIMA occupies an important place in Nigeria’s organised private sector, representing chambers of commerce and business interests across the country. The proposed redevelopment highlights a broader question confronting many long-established Nigerian institutions: how to extract greater economic value from prime real estate accumulated over decades.
The location strengthens the commercial case.
Ikeja GRA has evolved from a predominantly low-density residential district into one of mainland Lagos’s increasingly valuable residential and commercial corridors. Its proximity to the airport, government institutions and major business districts has helped sustain demand for property in the area.
NACCIMA’s proposal essentially seeks to monetise that location without selling the land outright.
Under the proposed arrangement, NACCIMA contributes the land and title while its private-sector partner provides the capital, technical expertise and development capacity. In exchange for delivering the entire project, the developer would receive an agreed share of the residential component.
NACCIMA, meanwhile, would retain full ownership of its new corporate headquarters. Letter to Request for Proposal for NACCIMA Lagos Building.
The precise economics remain open to negotiation. Prospective developers have been asked to propose a sharing formula based on measures such as floor area, number of apartments, sales value or another commercially defensible method.
This means one of the most important elements of the transaction, the proportion of the residential development ultimately allocated to NACCIMA and the developer, will be determined through competitive bidding, valuation, due diligence and negotiation.
Financial Strength Will Matter
NACCIMA is also signalling that this will not simply be an architectural competition.
Prospective partners must demonstrate financial capacity, provide evidence of funding or financing commitments and show a credible track record in mixed-use, commercial and residential developments.
The association says proposals will be evaluated on financial strength, previous projects, competitiveness of the proposed sharing arrangement, technical and design approach, delivery timetable, corporate governance and professional standing.
The final joint-venture structure will be subject to due diligence and negotiations before a formal agreement is concluded. Letter to Request for Proposal for NACCIMA Lagos Building.
More Than a New Building
If successfully executed, the project could represent much more than a real-estate transaction.
For NACCIMA, it offers an opportunity to convert the latent value of a long-held property into a contemporary headquarters without carrying the entire construction cost itself.
For the wider chamber movement, it could also provide an interesting model for how business membership organisations can manage legacy assets more commercially while preserving long-term institutional ownership.
Much, however, will depend on the eventual joint-venture terms. Land valuation, construction costs, the sharing formula, regulatory approvals and the financial capacity of the selected developer will ultimately determine whether the transaction delivers lasting value for NACCIMA.
The association has set 12 noon on September 9, 2026, as the deadline for proposals and has reserved the right to reject bids, seek additional information or invite shortlisted developers for further discussions. Letter to Request for Proposal for NACCIMA Lagos Building.
What emerges from that process could reshape more than NACCIMA’s Lagos address. It could demonstrate how one of Nigeria’s most established business institutions can turn a legacy property into a productive asset for the future.
