Oladunni to become Wemabod Ltd’s MD after Ejidiran’s retirement
L-R: Mrs. Abiola Ajayi, Odu’a Investment Company Secretary, Hon. Patrick Ajigbolamu, Director, Wemabod Limited, Engr. Kehinde Akinola, Director, Mr. Ibukun Efuntayo, Chairman Wemabod Limited,Mr. Oluyemi Ejidiran, MD, Wemabod Limited, Dr. Tola Kasali, Director,OICL, HE, Alahaji Lasisi Oluboyo, Director,Mr. Bashir Oladunni, Executive Director and incoming MD, Mr. Yemi Ajao, Executive Director, OICL and Mrs Dolapo Alabi, Company Secretary, Wemabod Limited, during Wemabod’s 50th annual general meeting in Lagos today, Friday
Oladunni to become Wemabod Ltd’s MD after Ejidiran’s retirement
Wemabod Limited has announced the retirement of its Managing Director/Chief Executive Officer, Mr. Oluyemi Ejidiran, and the appointment of Mr. Bashir Oladunni as the new Managing Director/Chief Executive Officer, effective December 19, 2024.
This was disclosed during the company’s 50th annual general meeting in Lagos today, Friday.
Speaking on the financial performance, The Chairman of the Board, Wemabod Limited, Esv. Efuntayo Ibukun, said, “Despite these harsh conditions, Wemabod Limited has demonstrated remarkable resilience and has continued its upward trajectory. Our commitment to excellence in real estate development and management has positioned us as a leading and profitable real estate giant in the industry. This resilience is a testament to the quality of leadership, our strategic planning, robust operational framework, and the unwavering dedication of our team.”
The company disclosed that Ejidiran has served Wemabod Limited with dedication and distinction for six years. Under his leadership, Wemabod experienced significant growth and profitability. He spearheaded a strategic restructuring that enhanced operational efficiency and expanded the company’s scope from Property Management to Property Development as well as establishment of Westlink Facility Management Limited as a subco.
Notable projects initiated during his tenure include development of luxury residential estate at Ikoyi Crescent, Lagos, remodelling of Unity House, Marina into luxury mixed used apartments, development of residential houses along Lekki/Epe Expressway known as Serenity Estate, and developments in Ado Ekiti, among others.
Wemabod’s asset and property portfolio saw substantial growth, and the company achieved an “A-” rating from Agusto & Co., reflecting robust operating cash flows, stable earnings, and a strong occupancy rate of nearly 90 per cent across its diverse property portfolio. The company’s diversified income stream and innovative project financing strategies have been key to its sustained revenue growth and low leverage.
Bashir brings over 22 years of real estate industry expertise to his new role. As the Controller of Estates, he managed over N34bn real estate assets for Wemabod Limited. His academic credentials include an HND in Estate Management from The Polytechnic Ibadan, an MSc in Housing Development and Management from the University of Ibadan, a Postgraduate Diploma in Estate Management from the Federal University of Technology Akure, and an M.Tech in Estate Management from Bells University of Technology, Otta.
He is a Fellow of the Nigerian Institution of Estate Surveyors & Valuers and a Registered Member of Nigeria’s Estate Surveyors & Valuers Registration Board. Additionally, he is a PMI Certified Project Management Professional, a Chartered Arbitrator, and a faculty member at Reals Academy and the Association of Investments & Portfolio Managers. He also serves as an external examiner at the Estate Department of Osun State College of Technology, Esa-Oke.
Oladunni has a rich professional background, having worked with Muri Adi Associates before joining Wemabod Limited in 2002. His areas of expertise include Real Estate Investment Analysis, Portfolio Management, and Project Management. He is an alumnus of Lagos Business School. He has participated in numerous local and international training programs, including a course on International Valuation Standards at the College of Estate Management, Reading, UK. He is also a member of the prestigious Ikoyi Club and a Paul Harris Fellow of the Rotary Club of Ikoyi. He is happily married with children.
The Chairman, Ibukun said, “Today, we announce the retirement of a Managing Director who has played a pivotal role in Wemabod’s transformation into a world-class conglomerate. On behalf of the Board of Directors, I extend our sincere gratitude to Mr. Oluyemi Ejidiran for his exceptional leadership, vision, courage, and professionalism. We are also thrilled about the smooth leadership transition and congratulate Mr. Oladunni Bashir on his appointment. I am confident that he will elevate Wemabod Limited to new heights, building on the solid foundation laid over the past years.”
Ejidiran, reflecting on his tenure, stated, “It has been a great honour to be entrusted by the company’s shareholders and the board to lead this organization since December 2018. During this period, we achieved remarkable financial performance and corporate governance improvements. I am pleased with the progress made in portfolio rebalancing and asset optimization in our key real estate sectors. I am confident that these successes will be further accelerated under the capable leadership of Mr. Oladunni and the talented team we have cultivated with the board’s support.”
