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OPIC partners local firms on new home ownership scheme



OPIC Managing Director, Mr. Babajide Odusolu

TOWARDS achieving affordable housing, the Ogun State Property and Investment Corporation (OPIC) has introduced a new homeownership scheme, which will enable home seekers pay over a period of time.

Under the scheme known as Advantage Home Purchase Plan, indigenous building materials manufacturers will be partnering the agency to develop, enhance locals content and the quality of the products they deliver to improve the economy.

Speaking at a press conference to announce the commencement of the over 150 housing units, which is ready for sale in different parts of the state, OPIC Managing Director, Mr. Babajide Odusolu said that the first set of houses have been given out and their occupants are already packing into the houses.

The houses are in two and three bedroom bungalows and duplexes, located in New Dawn, Agbara, Orange Valley, Abeokuta, MTR Gardens, Isheri, OPIC Estate, Alamala and New Makun city.

The scheme allows homeowners to pay an initial 30 per cent deposit while the balance is spread over a 36 months period. “Once you pay for the house, you can trade with it, you can sell or use it to apply for a loan, it is yours,” he said  He, however noted that the houses which ranges between N7.8 million and N36 million are situated in key areas of the state.

Mr. Odusolu while reacting to the affordability of the homes said, “the challenge with housing is the cost of development; you struggle to build a one bedroom with N3 million and this is a two bedroom and don’t forget that the environment has full infrastructure – water and power supply, security, in fact it is a full community.

So when you put all of that together, you can’t get a house cheaper, we have tried the best we can.   “The project is mainly driven by government policy to make housing affordable and increase the scope to make housing available.

OPIC generate funds, so we cannot subsidize it when funds being generated are being used to fund the project.”   The OPIC boss also stressed on the need to promote indigenous building manufacturers, “What the Ogun state government has done is to create platforms for indigenous companies to grow.

We intentionally focus on using companies with local competencies; we bought doors, cables, windows, millworks and paints made by locals.

He further noted that to checkmate the quality of materials by locals, their in-house professionals and supervision work alongside the contractors and taskmasters to ensure they meet up to quality standards and meet our specifications.

What we hope to do is to increase the number of local companies that can play in this sector and it takes investment to do that and so we need private investors to come in support indigenous companies so that they can expand their businesses which will grow the economy.”

He added that the long-term vision of the plan is to make it possible for any professional to own a home. “It is a fast track way to make housing easier, because an average individual saves money to build his house, he cannot build his own road, water or power and so what we are doing is to build in a serviced neighbourhood for comfortable living.”

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