THE Chairman, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, has reiterated the resolve of the Governing board of the conglomerate to transforming companies within the group.
Ashiru gave the assurance at the groundbreaking ceremony of the Odu’a Court Redevelopment Project, 18C, Lugard Avenue, Ikoyi, Lagos, recently.
He described the project as another strategic step in the company’s ongoing transformation and repositioning of its real estate portfolio, and commitment to maximising the value of its legacy assets and developing sustainable, income-generating investments.
The two-time Commissioner for Commerce and Industry, in Ogun State, believed the redevelopment project, a joint venture between Wemabod and Transfortress Global Resources Limited, remains significant to the Group, since it demonstrates the renewed strength and strategic focus of Wemabod Limited.
“Through this project, Wemabod further reaffirms its evolution into a competitive, full service real estate company with the ability to develop high-end luxury properties. This is in keeping with the Odu’a Investment Company Limited’s vision to create agile, financially strong, and innovation-driven subsidiaries that add significant value to our Group,” he added.
While expressing the optimism that the partnership would ensure the delivery of a world-class asset, strategically situated in a choice location within Ikoyi, Ashiru also believed the JV model also provides the Group the opportunity to accelerate the development of properties within its real estate portfolio.
Also speaking at the event, the Managing Director, Wemabod Limited, Bashir Oladunni, described the project as a vision, deeply in the company’s Five-Year Strategic Plan initiated in 2021.
“The redevelopment of 18C Lugard Avenue, Ikoyi, is part of our ongoing Property Optimisation Programme, through which we are transforming underutilised or ageing assets into vibrant, income-yielding, and market-relevant developments,” he stated.
According to him, the location, which once housed six residential units, would deliver 18 premium units, effectively tripling the density and significantly increasing the asset’s economic and social value when completed.
“This project is even more symbolic, as it aligns perfectly with our goal of adding 500 housing units to the market within five years, contributing significantly to bridging the housing gap in Lagos and Nigeria as a whole,” he added.
In his remarks, the Managing Director, Transportress, Kolapo Raji, expressed the readiness of the company to live up to the expectations of the Odu’a Group, by delivering the project within the mandatory 36-month period.
He assured that the project, to be named Odu’a Court, when completed, would be given a sustainable design that is environmentally friendly.
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