*Commissions Phase 1 Westlink Iconic Villa, Alakia in Ibadan
By; BAYO AKAMO, Ibadan
The Vice President, Professor Yemi Osinbajo on Thursday in Ibadan, said it is time for stakeholders worked together to redefine the real estate industry for the future in Nigeria.
Professor Osinbajo who gave the charge while speaking at the commissioning of Phase 1 of the Westlink Iconic Villa, Alakia in Ibadan, said despite the challenges in the country, Nigeria is now one of the topmost hubs for business, trade and investment, and that, “Nigeria is ranked 131 out of 190 economies in the world on ease of doing business, according to the latest World Bank ratings.
“The Nigerian business environment has been coloured and polarized with lots of challenges spawning fear as a result of insecurity, uncertainty, political, environmental and cultural disparities.
“In spite of these challenges, Nigeria is slowly but surely checking the boxes when it comes to the ease of doing business, resulting in the country being one of the topmost hubs for business, trade and investment”, he said.
Professor Osinbajo added, “This is an improvement after moving 15 places from 146 in 2018. In pursuance of this administration’s goal to further improve Nigeria’s ease of doing business ratings, President Muhammadu Buhari inaugurated the Presidential Enabling Business Environment Council (PEBEC), chaired by my humble self, in July 2016. PEBEC’s primary objective is to catalyse the country’s business environment; and to also maintain a proper business climate”.
” No doubt, the Ease of Doing Business reforms in Nigeria and the appeal to Nigerians in the diaspora, encouraged what we are seeing here today through this magnificent Joint Venture project between Odu’a Investment Company Limited and Chapter 4 Estates Management Ltd. UK”.
Speaking further, Professor Osinbajo lauded effort of the Board and Management of Odu’a Investment Company Limited ” for initiating the noble project, and ensuring that the First phase of the project is being commissioned today”,
Emphasizing that, “this clearly demonstrates a blend of private partnership which brings about greater dividends. What we see here today, confirms that there is a huge opportunity in Nigeria for investments in real estate industry.”
He then tasked, “while government commits to creating an enabling environment, I will advise that we look to the private sector for investments to galvanize growth in the sector.We must indeed, work together to redefine the real estate industry for the future in Nigeria”.
Speaking, the Group Chairman, Odu’a Investment Company Ltd, Otunba Abimbola Ashiru said, “we plan to develop new, and build on existing partnerships to help meet the growing demand for modern and first-class properties and living environments. Over the last four years, the Odu’a Investment Group has leveraged partnerships with developers such as Chapter 4 Estates Management Ltd, Address Homes and many others to envision world class projects such as the Westlink Iconic Villa, Alakia, and the Ikoyi Crescent JV development between Wemabod and The Address Homes Ltd.
“There are a lot of other projects in the pipeline in cities like Lagos, Ibadan, Ado-Ekiti, etc. These projects are at different stages of development, and we will continue to count on the support of our shareholders and other stakeholders to bring these projects to the market seamlessly.
Over the next 36 months, expected to deliver over two hundred (200) units of residential properties ranging from affordable homes to luxury homes,” he said.
Otunba Ashiru added, ” we also expect to bring to the market at least two new shopping malls in Lagos within that period.As a Group, we see opportunity across the whole spectrum of the real estate industry covering property development, estate management, and facility management”.
” We therefore, recently transformed our flagship real estate subsidiary, Wemabod Ltd into a full-service real estate company to take advantage of opportunities across the entire value chain. In the next few years, you will definitely hear a lot from the Odu’a Investment Group not only through third party Joint Ventures, but increasingly from Wemabod Ltd. We have tasked Wemabod Ltd to aggressively expand its own portfolio of projects and clients.
” It is indeed my utmost pleasure to welcome you to this milestone event for the Odu’a Investment Group and our partners, Chapter 4 Estates Management Ltd. First, I will like to thank the Vice President on behalf of the Shareholders, Board and Management of Odu’a Investment, for making out time out of his very busy schedule to commission this Project today. We appreciate you very much, and are glad that you have generously graced this event with your presence.”
