Real Estate & Infrastructure · Nigeria

The bridge is not the hard part.
The structure is.

Makaya Consult LTD is an independent, fee-based development finance and project advisory firm working across Nigeria. We take projects that are wanted and unbuilt, and do the financial, ownership and governmental work that makes them fundable.

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Lagoon corridor planning with Gerald D. Hines · Lagos, 2009

RC 9806681
Fee-based only, no commissions
Real estate and infrastructure
Board chaired by Haruna Jalo-Waziri
Delivered Nigeria’s tallest residential tower
Nigeria is not short of projects that ought to exist. It is short of projects structured so that money can safely arrive.

A second access road, a lagoon crossing, a mixed-use tower, a serviced estate: the drawings are rarely what stops them. What stops them is that nobody has settled who owns the asset, who carries the risk, in what vehicle the money sits, what the government has to approve and in what order, and what each participant receives for what they put in. That work is unglamorous, it is where projects die, and it is the work this firm does.

About

Two companies.
One firm.

Makaya Consult trades through two companies because Nigerian law requires it to. The distinction is a licence boundary, not a brand exercise, and it decides which company you should be talking to.

Makaya Consult FZE

Real Estate

Licensed inside the Eko Atlantic City free zone, and confined to it. Fifteen years of land, planning envelope and development work inside the city, run from Azuri Towers.

Go to the FZE site →

Makaya Consult LTD

Real Estate & Infrastructure

Incorporated under CAMA 2020 and free to work anywhere in the federation. Every mandate beyond Eko Atlantic runs through this company, and infrastructure runs through it exclusively.

You are here

The company is new. The record is not. Makaya Consult LTD was incorporated in August 2026. It exists because the free zone company that has carried this practice for years is barred from operating outside Eko Atlantic City, and the work no longer stops at the city wall.

The board, the method and the people are the same ones behind the delivery of Azuri Towers, the financial modelling and capital raise for Eko Atlantic City, and the Westgate lagoon corridor developed with Gerald D. Hines and Lagos State. We would rather state the incorporation date plainly than let a new company borrow an old one’s age.

What We Do

Four kinds of
work.

They overlap on most mandates. A community that wants a crossing needs all four in sequence. A landowner with one plot may need only the last.

01

Infrastructure and PPP structuring

Roads, crossings, estates and utilities: the vehicle, the ownership, and the route through federal and state approval.

  • Special purpose vehicle design and governance
  • Contribution and escrow mechanics tied to milestones
  • Public and private benefit apportionment
  • Federal and state engagement sequencing
Read more →

02

Development finance and capital raising

The financial model, the funding stack, and the arrangement of capital through to financial close.

  • Full financial modelling and sensitivity work
  • Equity, debt and grant layering
  • Development finance institutions and guarantee structures
  • Arrangement to financial close
Read more →

03

Development partner and project management

Cradle to delivery. Consultant appointment, design coordination, construction oversight, sales.

  • Consultant scope, fees and appointment
  • Design coordination to regulatory approval
  • Programme, cost and risk management
  • Marketing strategy and sales delivery
Read more →

04

Real estate advisory for landowners and investors

What a site can carry, what it is worth building, and whether the numbers survive contact with the market.

  • Highest and best use analysis
  • Development options and viability testing
  • Independent review of an existing scheme
  • Institutional and private investment structuring
Read more →

How We Work

Decisions,
properly spaced.

A client should never be asked to commit to a project before the evidence for it exists. So the work is cut into stages, and each stage pays only for what it delivers.

The Project Development Report

Eight weeks. Alignment or scheme options, an indicative cost envelope benchmarked against delivered precedents, the funding stack, the ownership vehicle, the approvals map, and the scope and terms of the next stage. At the end of it the client holds, in one document, everything needed to decide whether to build. Commissioning the report is not a decision to build.

Fixed fee · half on commissioning, half on delivery · credited against stage three

Structuring and design coordination

The financial model built out, the funding and ownership structure settled, engineering, drawings and costings coordinated, and the government engagement framework put to work. Scoped and priced inside the report, so its cost is known before it is authorised.

Scoped and priced in stage one

Capital arrangement to financial close

Arrangement and structuring of the full funding stack through to close. The weight of the firm’s compensation sits here, on capital actually delivered, rather than on fees taken in advance of it.

Arrangement fee at close · earlier fees credited

Delivery

Where the mandate extends to it, project leadership from site clearance to handover, including consultant appointment, regulatory approval, construction oversight and sales.

Percentage of project cost · staged against consultant payment

Fees are owed by the client and by nobody else. We act on a fee basis only and accept no commission from any financier, contractor, agent or supplier introduced to a project. There is no second party paying us to give you advice.

Track Record

Three things
that were built.

Carried out by the people who now lead this company, under the group and the free zone firm. Named here because the work is public and verifiable.

Delivery

146m

Azuri Towers

Nigeria’s tallest residential tower, commissioned on schedule in December 2021 having built straight through the pandemic and the supply chain disruption that followed it. Led as chief executive of the developer, Eko Development Company, from 2019 to 2023.

Capital

$500m

Eko Atlantic City

Financial modelling and capital raise for the reclamation and development of a city built on ocean land off Victoria Island, including the infrastructure platform that now serves it.

Corridor

Westgate

Lagoon crossing

Conceptual and financial development, with Gerald D. Hines and Lagos State, of the corridor running from Freedom Way to the Adekunle junction of the Third Mainland Bridge. A crossing of this lagoon is not a new idea to this firm. It is unfinished work.

The full record →

Leadership

Board of
Directors.

Capital markets, law, architecture and delivery. The same five directors sit on both companies, appointed to the board of Makaya Consult LTD in August 2026 and filed with the Corporate Affairs Commission.

Non-Executive Directors

Haruna Jalo-Waziri, Chairman

Haruna Jalo-Waziri

Chairman

Former MD and CEO of the Central Securities Clearing System for eight years, and Executive Director of the Nigerian Stock Exchange. Three decades of capital markets leadership and institutional governance.

Seye Kosoko, Vice Chairman

Seye Kosoko

Vice Chairman

Legal practitioner and corporate leader with thirty years across banking, finance, telecoms and law. Formerly Company Secretary of FBN Holdings and Head of Legal at Standard Chartered Bank Nigeria. Called to the Nigerian Bar in 1985.

Professor Erekpitan Ola-Adisa

Prof. Erekpitan Ola-Adisa

Board Member

Professor of Architecture with deep expertise in sustainable design, architectural practice and development viability. ARCON registered, with fellowship of the Nigerian Institute of Architects.

Executive Directors

Olawale Opayinka, Founder and Managing Director

Olawale Opayinka

Founder & Managing Director

Trained in actuarial science. Former chief executive of Eko Development Company, the developer that delivered Azuri Towers on schedule through COVID-19. Leads every mandate this firm accepts.

Full profile →
Ariyo Opayinka

Ariyo Opayinka

Executive Director, Media & Communications

Leads media strategy, communications and brand positioning across the firm and the projects it advises.

Full board and corporate record →

Get In Touch

Start with the
first decision.

Almost every engagement begins the same way: someone has a site, a corridor or a community need, and no structure that a funder would recognise. The first conversation is about whether the work is worth commissioning at all. We say so if it is not.

We take a limited number of mandates each year. We act on a fee basis only and accept no commission from any financier, contractor or third party.

Emailadmin@makayaconsult.com
Phone+234 903 066 0000
Registered officeOtun, Onipe, Olaniyi Opayinka Road, Ibadan, Oyo State, Nigeria
MeetingsLagos and Abuja by arrangement
RC9806681

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