The Group Chairman of Odu’a Investment Company Limited, Bimbo Ashiru, has reaffirmed the company’s commitment to transforming and repositioning its real estate portfolio to meet present and future demands.
He spoke at the weekend during the launch of the Odu’a Court redevelopment project, strategically located in Ikoyi, Lagos State.
Ashiru said, “Today’s event clearly shows our commitment to maximising the value of our legacy assets and developing sustainable, income-generating investments that align with current market realities and customer expectations. This redevelopment project is important because it demonstrates the renewed strength and strategic focus of Wemabod Limited, one of our key subsidiaries.”
He revealed that the project was made possible through a strategic joint venture between Wemabod and Transfortress Global Resources Limited, a real estate developer. He noted that the initiative signifies Wemabod’s evolution into a competitive, full-service real estate company with the capacity to develop high-end luxury properties.
“The partnership will ensure the delivery of a world-class asset at this prime Ikoyi location. The joint venture model accelerates the development of properties in our portfolio and attracts significant capital to our property development programme,” he added.
Meanwhile, the Group Managing Director of OICL, Abdulrahman Yinusa, described the project as a bold step toward the group’s vision for the future.
“Today, we witness not just the breaking of ground for a building but the reaffirmation of our strategic focus on regeneration, value creation, and sustainable impact. The 18C, Lugard Avenue site holds a unique place in our real estate journey. from its redevelopment between 2006 and 2008, which achieved commercial success with a payback period of less than three years, to this exciting next chapter,” Yinusa said.
He added that the partnership would transform six former residential units into 18 premium homes, significantly enhancing the site’s economic and social value.
Managing Director of Wemabod Limited, Bashir Oladunni, said the groundbreaking ceremony marked the start of a journey to achieve a strategic vision.
“Our Five-Year Strategic Plan, launched in 2021, reimagines how we use our assets, partner, and serve evolving community needs.”
The redevelopment of 18C, Lugard Avenue, is part of our ongoing Property Optimisation Programme, aimed at converting underutilised or ageing assets into vibrant, income-yielding, and market-relevant developments,” he said.
Oladunni noted that the site once housed six residential units, which would now be redeveloped into 18 premium units, tripling the density and increasing its value.
“This project aligns with our goal of adding 500 housing units to the market within five years, significantly helping to bridge the housing gap in Lagos and Nigeria,” he added.
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