This study examines the flow of value in ecotourism at Lekki Conservation Center (LCC) in Lagos, Nigeria, using a political ecology framework to analyze how economic benefits, participation opportunities, and environmental impacts are distributed among different community groups. Drawing on semi-structured interviews with 16 community members, participant observation, and photographic documentation, the study investigates how surrounding communities perceive and experience ecotourism, how revenue is understood to be distributed, and in what ways communities are included in or excluded from conservation decision-making. The findings reveal that ecotourism at LCC generates benefits that are unevenly distributed, that community participation in governance remains limited, and that environmental costs fall disproportionately on the most economically vulnerable residents. These findings challenge the assumption that ecotourism is a straightforward win-win strategy for conservation and local development. By centering community voices in an urban African context, this study contributes to broader conversations about environmental justice, conservation governance, and the politics of benefit distribution in ecotourism settings.