Wemabod posts N1.3b PAT, appoints new chief executive

Secretary, Odu’a Investment Company, Abiola Ajayi (left); Director, Wemabod Limited, Patrick Ajigbolamu, Director, Kehinde Akinola; Chairman, Wemabod Limited, Ibukun Efuntayo; MD, Wemabod Limited, Oluyemi Ejidiran; Director, OICL, Dr Tola Kasali; Director, Lasisi Oluboyo; Executive Director and incoming MD, Mr. Bashir Oladunni; Executive Director, OICL, Yemi Ajao; and Company Secretary, Wemabod, Dolapo Alabi during the company’s 50th yearly general meeting in Lagos… at the weekend

Wemabod Ltd recorded a profit before tax (PBT) of N1.32 billion last year.
Chairman of the firm, Ibukun Emmanuel Efuntayo, disclosed this during the 50th yearly general meeting of Wemabod.

He said the company also proposed a dividend payment of N42 million to the shareholders, translating to N1.63k dividend per share.

According to him, the company was able to achieve this feat, despite the considerable challenges faced in 2023 owing to its focus.

“In light of our performance, we are pleased to propose a dividend payment of N42.4 million to our shareholders, translating to N1.63k dividend per share,” he said, adding that its journey has been marked by significant challenges in the past years.

“Nigeria’s economic climate has been volatile, with key growth indicators fluctuating unpredictably. Inflationary pressures have persisted, driven by disruptions in the agricultural sector, energy issues, insecurity, and supply chain disruptions. These factors have created a tough environment for businesses to thrive, making it particularly challenging to maintain consistent profitability,” he said.

In the face of economic instability, he said, the company has taken proactive measures to adapt and thrive.

Meanwhile, the firm has appointed Bashir Oladunni as its new managing director effective December 19, 2024 following the retirement of outgoing Oluyemi Ejidiran.

Ibukun, also an estate surveyor, stated that Oladunni’s appointment was approved after a meticulous and comprehensive review process facilitated by Deloitte Professional Services.

The chairman commended the smooth leadership transition and expressed optimism that under Oladunni’s leadership, Wemabod would experience accelerated growth and social impact for future generations.

Ejidiran served Wemabod Limited with dedication and distinction for six years. Under his leadership, Wemabod experienced significant growth and profitability. He spearheaded the strategic restructuring that enhanced operational efficiency and expanded the company’s scope from property management to property development company as well as the establishment of Westlink Facility Management Limited as a subsidiary.

Notable projects initiated during his tenure include the development of a luxury residential estate at Ikoyi Crescent, Lagos; remodelling of Unity House, Marina into luxury mixed-use apartments; development of residential houses along Lekki/Epe Expressway known as Serenity Estate 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 90 per cent occupancy ratio across its diverse property portfolio.

Bashir brings over 22 years of real estate industry expertise to his new role.

As the Controller of Estates, he managed over N34 billion in 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.