Directors, Staff Pour Encomiums As Efuntayo Exits As Wemabod Chairman

Directors, Staff Pour Encomiums As Efuntayo Exits As Wemabod Chairman

…New Chairman, Adisa Unveils Plans for Growth.

Directors and management staff of Wemabod Limited, the real estate subsidiary of Odu’a Investment Company Limited (OICL), have commended and expressed heartfelt appreciation to the outgoing Chairman, Emmanuel Ibukun Efuntayo, during an emergency board meeting at the company office in Lagos.

THECONSCIENCENG reports that the meeting which held on Wednesday also served as the official handover ceremony for the company’s leadership as Engr Nureni Adisa replaced him as the new Chairman effective immediately.

Efuntayo received accolades for his exemplary leadership, humility, resourcefulness, and vision, which significantly contributed to the company’s impressive growth during his two-year tenure.

He was particularly recognised for achieving the highest sales volume in the company’s history, securing an A- corporate rating from Agusto & Co., and enhancing corporate governance by introducing independent directors to the board.

His initiatives also included training programmes in collaboration with the Institute of Directors (IOD) in London and Canada, as well as the establishment of the annual Real Estate Outlook seminar.

Engr. Kehinde Akinola, a board director, described Efuntayo as an astute leader whose professional demeanour and vision were instrumental in the company’s development bringing to bare his great wealth of experience, leadership and good character.

Otunba Oluseyi Oduntan, OON, another director, highlighted how Efuntayo’s tenure fostered growth and development, marking him as a pivotal figure in the company’s direction.

Bashir Oladunni, the Executive Director for Business Development and incoming Wemabod MD/CEO, applauded Efuntayo’s transformative leadership, noting that he achieved over 75% of his goals in just one year while continuing to work diligently until his last day. He credited Efuntayo with bringing in a significant number of clients, stressing his commitment to representing Wemabod in various prestigious circles.

Independent Executive Director, Mrs. Olajumoke Akinwunmi, commended Efuntayo for his adept management of stakeholders, rallying them smoothly during difficult times.

““You have a huge capacity for leadership. You are professional, an all round jolly fellow, and a great friend indeed to have.”

Another Independent Director, Mrs. Ayotola Ayoyinka Ayodeji, expressed admiration for Efuntayo’s inclusive and humble leadership style.

“You are a very inclusive gentleman, kind, intentional and positive, humble, very accommodating, listens to everyone, a servant leader with many good traits and always promoting others and not self centred.”

Managing Director Mr. Oluyemi Ejidiran acknowledged Efuntayo’s invaluable contributions, particularly in achieving a positive industry rating. He emphasized Efuntayo’s capacity for leadership and his genuine support for the management team.

He noted: “I’m very close to Chairman as MD as we needed to drive the  organisation vehicle together. He will be remembered amongst other good things for his efforts in sustaining principles of corporate governance.

“He has shown capacity for leadership. He’s visionary and laid solid foundation. Very deep and understand the nuances of real estate industry. I commend his leadership, vision, industry, commitment, support, and fearless contributions to the board. He engages all directors and manages misunderstanding very well. He was diligent and his tenure was remarkable.”

In his valedictory address, Efuntayo reflected on the milestones achieved during his leadership, emphasizing the company’s profitability and successful dividend declarations to its parent company, Odua Investment Limited (OICL).

He announced the implementation of a robust succession plan, revealing that Mr. Bashiru Oladunni would succeed Mr. Yemi Ejidiran as Managing Director upon his retirement in December 2024.

Efuntayo highlighted the importance of strong corporate governance, acknowledging the contributions of independent directors in enriching board dynamics. He expressed gratitude to fellow board members and management for their support throughout his tenure, reaffirming his commitment to Wemabod Limited even as he steps down.

New Chairman Engr. Nureni Adisa thanked Efuntayo for his service and recognized the solid foundation he laid for future growth. He praised the dedication of the management team and staff, commending their commitment to excellence.

Adisa also outlined his agenda, emphasising the need for robust engagement with the team to understand future business requirements. He acknowledged the current economic landscape, noting both challenges and opportunities for growth in property development amid inflationary pressures and infrastructural deficits.

He highlighted his strategic pillars for success over the next two years, including portfolio optimization, growth and diversification, financing and investment capital, operational excellence, and fostering a strong organisational culture.