Odu’a Subsidiary, Wemabod Reinforces Growth, Begins Awolowo House Technology Mall
Wemabod Limited, the real estate arm of Odu’a Investment Company Limited, has further solidified its position as a key player in the property market and Nigerian economy with the commencement of another redevelopment project tagged the Awolowo House Technology Mall.
The groundbreaking ceremony took place on Wednesday, at Obafemi Awolowo Way, Ikeja, Lagos.
Wemabod Managing Director and CEO, Bashir Oladunni described the occasion as a pivotal moment in the company’s history and an essential development for the economic landscape of Ikeja and Lagos State.
He remarked, “The Awolowo Tech Mall marks the transformation of a site that has symbolised innovation since its establishment by Towry Coker Associates in 1978. With one of Nigeria’s first glass curtain walls, it has successfully attracted top-tier institutions, achieving 100% occupancy thanks to its prime location and modern design.”
“As urban infrastructure advances,we recognise the need to adapt and innovate. In collaboration with El-Salem Nigeria Limited, we are seizing this opportunity to reimagine this historical landmark into a 21st-century digital and commercial hub,” Oladunni added. The new facility will see a dramatic increase in commercial space from 4,800 square metres to approximately 9,000 square metres, aligning with Wemabod’s strategy to enhance market share and contribute to the state’s economic growth. It aims to foster a sustainable environment for leading technology firms, startups, and service providers.
Chairman Engr Nureni Adisa elaborated on the project’s vision, stating, “This redevelopment will transform the existing structure into a five-storey, ultra-modern commercial complex. Its strategic location near the bustling Computer Village positions it as an attractive destination for technology firms and innovators. By integrating commerce and technology, we are creating a space conducive to nurturing ideas and driving business growth.”
Adisa lauded the collaboration, particularly highlighting the contributions of Mr. Ben Gbade-Ojo, Managing Director and CEO of El-Salem. He expressed gratitude for the unwavering commitment and shared vision that has brought this project to fruition.
While celebrating the significant milestone, Adisa also acknowledged the economic challenges associated with large-scale developments, emphasising the importance of timely execution and value optimisation. “This project must be delivered with excellence, and we are confident in the capabilities of our assembled team,” he stated.
Odu’a Group Chairman, Otunba Dr Bimbo Ashiru, reflected on the historical significance of the site. “The Awolowo House, once a hallmark of architectural excellence, is now poised for a new chapter as a modern technology hub that addresses the demands of a rapidly evolving digital economy. This redevelopment underscores our commitment to preserving our heritage while ensuring our assets remain relevant and valuable.”
Ashiru further announced OICL’s recent upgrade in corporate credit rating to “Aa-” by Agusto & Co, a move that underscores the strong financial position and operational resilience of the group. He reaffirmed OICL’s dedication to supporting Lagos State’s urban regeneration efforts, emphasising the importance of fostering inclusive growth and regional competitiveness.
Ben Gbade-Ojo, Managing Director of El-Salem Nigeria Limited, expressed enthusiasm for the project, stating, “Today marks the beginning of a transformative journey. The conversion of the historic Awolowo House into a state-of-the-art technology and commercial hub will catalyse innovation and economic growth not just in Lagos, but throughout West Africa.”
As construction commences, the Awolowo Tech Mall is set to redefine commercial real estate in Ikeja, creating a vibrant ecosystem for innovation and enterprise.
