Video: Wemabod Limited breaks ground for Odu’a Court in Ikoyi
L-R : Mr Abdulrahman Yinusa, Group Managing Director, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, Group Chairman, OICL, Engr Nureni Adisa, Chairman, Wemabod Limited, Mr Barshi Oladunni, Managing Director, Wemabod Limited, and Mr Kolajo Raji, Managing Director, Transfortress Global Resources at the ground breaking ceremony of Odu’a Court at 18c , Lugard Avenue, Ikoyi, Lagos, today.
Abdullateef Fowewe
Wemabod Limited, the real estate arm of Odu’a Investment Company Limited (OICL), officially launched the groundbreaking ceremony for the redevelopment of its property located at 18C Lugard Avenue, Ikoyi, Lagos.
Video link: https://vm.tiktok.com/ZMSVS7r82/
The project will replace the existing structure, previously known as Odu’a House, which consists of six residential units, with a contemporary development featuring 18 premium units labeled Odu’a Court.
This increase in residential units is anticipated to greatly enhance the economic and social value of the site.
This redevelopment is part of Wemabod’s Property Optimization Programme, a strategic effort aimed at modernising underused and aging assets to create vibrant, income-generating, and market-relevant real estate developments throughout Nigeria.
Addressing dignitaries and stakeholders, Odu’a group Chairman, Bimbola Ashiru described the project as “another strategic step in the ongoing transformation and repositioning of our real estate portfolio, and indeed our group of companies, for the present and the future.”
Ashiru emphasised the group’s dedication to maximizing value and adapting to market realities noting, “Today’s event clearly shows our commitment to maximizing the value of our legacy assets and developing sustainable, income-generating investments that align with current market realities and customer expectations.”
He highlighted the pivotal role of Wemabod Limited, a key Odu’a subsidiary, in driving the project.
“This redevelopment project is important because it demonstrates the renewed strength and strategic focus of Wemabod Limited, one of our key subsidiaries under the Odu’a Group,” Ashiru established.
The redevelopment is being executed through a joint venture between Wemabod Limited and Transfortress Global Resources Limited.
He thereby praised the collaboration, stating, “The partnership between Wemabod and Transfortress will ensure the delivery of a world-class asset on this site, strategically situated in a choice location within Ikoyi.”
Looking to the future, Ashiru called on all stakeholders to join in the journey of transformation, noting, “We are sure that we will leave a legacy to our children and their children after them. And the legacy we will leave will be one of excellence, growth and audacity.”
The Chairman of the Board of Wemabod Limited, Nureni Adisa, established that the Lugard Avenue site has a successful history of redevelopment, with its prior iteration as Odu’a House achieving an exceptional payback period of less than three years.
“This new project responds to evolving market trends in one of Lagos’ most dynamic locations. We are confident that, with our capable partners, this redevelopment will surpass even our previous success,” he noted.
Also, speaking at the foundation laying ceremony, the Odu’a Group Managing Director, Abdulrahman Yinusa tagged the event as “a distinct honour,” underlining that the project “not only deepens our legacy as a Group but also signals a bold stride toward the future we envision.”
Yinusa said “significantly enhances the economic and social value of the site.”
He added, “Today, we witness not just the breaking of ground for a building but the reaffirmation of our Group’s strategic focus on regeneration, value creation, and sustainable impact.
“This venture supports national efforts to close the housing gap in our cities.”
He concluded by reaffirming the company’s commitment saying, “As we lay this foundation, we are also laying a deeper foundation of trust with our partners, of opportunity with the communities we serve, and of prosperity for our shareholders.”
In his remark, the Wemabod Limited Managing Director, Bashir Oladunni, described the event as “a momentous milestone in the unfolding story of Wemabod Limited.”
The project, part of the company’s Property Optimisation Programme, will see the site’s capacity triple from six to 18 premium residential units.
“Today, we break ground not only on a physical structure but on a vision,” Oladunni said, highlighting the company’s commitment to its Five-Year Strategic Plan and the goal of adding 500 housing units to the market within five years.
However, Oladunni underscored the importance of collaboration, calling the project “a model of the kind of public-private synergy needed to unlock the true potential of real estate in our economy.”
