Odu’a tops N80b assets with new project in Ibadan
The Management of Odu’a Investments Company Limited yesterday laid the foundation of a new property in Ibadan, the Oyo State capital, topping its N80 billion assets.
The multi-million Naira property is a residential estate that will sit on a 4,500 square metre land on the highbrow Jericho Road in the capital city of Ibadan. The only derelict building sitting on the land will give way to seven duplexes, four of which will be made up of four bedroom and other three, five bedroom.
The estate will also feature a swimming pool along with other modern facilities.
Addressing stakeholders at the turning of sod yesterday, the Chairman, Board of Directors of the conglomerate, Chief Isaac Akintade, said the project tagged ‘Project Ace,’ explains the company’s new foray in its property development portfolio, which he said would continue for the purpose of improving economic and quality of life in owner states across Southwest Nigeria.
He added that the ultimate goal of the Board and Management of the company was to preserve, nurture and improve the economic heritage of the people. “We cannot but renew our resolve to ensure that the noble legacy bequeathed on us is kept alive and buoyant.”
He noted that the measure is part of the efforts of the Board and leadership team of the company, whose vision is to turn most of it derelict properties as well as those not yielding much income into modern structure that would enhance value.
Addressing reporters after the programme, the Group Managing Director (GMD), Mr Adewale Raji, explained that the project was another initiative that would enhance the company’s brand in the property sub-sector and other areas of the economy.
Disclosing that the company currents group assets stands at N80 billion, Raji said Project Ace was an addition that gives a direction to where the company is going in the nearest future.
He said: “The element of creating a brand is crucial in what we are doing today. It is an example of an insignia of a specific attribute of what describes us. We are trying to redefine who we are. We want to be associated with quality, exquisite finishing and appreciating and giving lifestyle to the people. So, this is a flagship project.”
The GMD further disclosed that the project would be delivered in six months, adding that it will be funded by the company.
The event which is the first major project under the new management team was well attended by all the board member and other management team of the organization.