Ekulo Group, a privately controlled Nigerian business conglomerate, is developing a 170-room, 10-storey Novotel Hotel on Ahmadu Bello Way, Victoria Island, Lagos, in partnership with AccorHotels, the French multinational hospitality group. The project, being executed by Ekulo Group of Companies with AccorHotels as joint developer, is expected to strengthen Lagos’ premium hospitality landscape when completed.
The proposed Novotel Hotel is strategically located in Victoria Island, one of Lagos’ prime commercial and leisure districts, with close proximity to Ikoyi, Lekki Phase 1, and Oniru. The area already hosts several major hospitality developments, including Eko Hotels and Suites by the Chagoury Group, Radisson Blu Anchorage Hotel by Radisson Hotel Group, and BWC Hotels Victoria Island, underscoring its status as a high-demand hospitality corridor.
According to project details, the Novotel Hotel will feature a range of modern hospitality facilities, including:
- An all-day dining restaurant
- A swimming pool
- A pool bar
- A lobby bar
- A 400-square-metre meeting room, targeting corporate meetings and small conferences
These amenities align with Novotel’s global brand standards, which focus on business-friendly comfort and contemporary design.
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Ekulo Group is owned by Anambra-born billionaire Emma Bishop Okonkwo, who has interests across multiple sectors. The Novotel development marks one of the group’s significant investments in Nigeria’s hospitality sector, undertaken in collaboration with AccorHotels, one of the world’s largest hotel operators. Initially scheduled for completion by Q3 2024, the project’s delivery timeline has been pushed to Q1 2027, following a series of delays caused by macroeconomic pressures and sharply rising construction costs.
Construction on the project was reportedly abandoned at one point in 2023, when the cost of building materials surged dramatically. Investigations by Nairametrics in October 2025 highlighted the extent of cost escalation in Nigeria’s construction sector, particularly the sharp rise in steel rod prices. Smaller steel rods (10–16mm) reportedly increased by 210% over two years, while larger rods (32mm) rose by 175%. The price of 10mm steel rods jumped from about ₦335,000 per tonne in 2023 to ₦1.04 million in 2025, significantly increasing the financial burden on developers. These rising costs have forced many developers to adjust building plans or delay projects, affecting timelines across the hospitality sector, including the Novotel Hotel development.
Construction activity has since resumed at the Novotel Hotel site, raising optimism that the long-delayed project will now move steadily toward completion. Stakeholders are hopeful that AccorHotels and Ekulo Group will meet the Q1 2027 delivery target, restoring momentum to one of Victoria Island’s notable hospitality developments. When completed, the Novotel Hotel is expected to contribute to Lagos’ growing room inventory, support business tourism, and reinforce the city’s position as West Africa’s leading hospitality and commercial destination.
