Many hope that urban renewal projects like the Eko Atlantic will bring more investment opportunities to the city.

CNN: Lagos of the future: Megacity's ambitious plans

"This is a city for the 21st century, we are not using an old model, " says David Frame, managing director of Eko Atlantic.

CNN: Lagos of the future: Megacity's ambitious plans

It appointed the unit's operations head, Eko Budianto, to be its new overall director, and also hired Tony Redman of the mining giant Anglo American as a technical advisor.

BBC: Bumi board fights Rothschild plan