L-R : Abdulrahman Yinusa, Group MD, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, Group Chairman, OICL, Engr Nureni Adisa, Chairman, Wemabod Limited, Bashir Oladunni, MD, Wemabod, and Kolajo Raji, MD, Transfortress Global Resources at the ground breaking ceremony of Odu’a Court at 18c , Lugard Avenue, Ikoyi, Lagos, on Friday.
Wemabod Holds Groundbreaking Ceremony for Odua Court in Ikoyi
Wemabod Limited, the real estate subsidiary of Odu’a Investment Company Limited (OICL), held a groundbreaking ceremony on Friday for Odua Court, a joint venture redevelopment project in Ikoyi, Lagos.
Located at 18C Lugard Avenue, the new building will feature eighteen premium apartments, an increase from the six units previously serving as the Managing Director’s residence, thus enhancing property value and addressing Nigeria’s housing shortage.
ESV Bashir Oladunni, Managing Director/CEO of Wemabod, stated that the ceremony symbolises not just the commencement of construction but the realisation of a vision. He described the project as integral to the company’s Five-Year Strategic Plan initiated in 2021, which aims to optimise asset utilisation and meet the evolving needs of communities.
“The redevelopment of 18C Lugard Avenue is part of our Property Optimisation Programme, transforming underutilised assets into vibrant, income-generating developments. This project will increase residential density from six to eighteen units, significantly enhancing both economic and social value,” he explained.
“This initiative aligns with our objective to deliver 500 housing units within five years, significantly contributing to closing the housing gap in Lagos and Nigeria.”
He emphasised the importance of strategic collaboration, highlighting the partnership with a reputable private developer committed to excellence and long-term value creation. This joint venture exemplifies the public-private synergy necessary to unlock real estate potential in the economy.
Upon completion, Oladunni is confident the development will meet market expectations in design, quality, and sustainability, while reflecting Wemabod’s legacy of trust and integrity.
Engr. Nureini Oladipo Adisa, Chairman of the Board of Directors of Wemabod, noted that the previous structure, which provided luxury flats, had paid for itself within three years of its 2008 completion, a remarkable achievement in property management.
“We now face the need for modernisation. Odua House, having served its purpose, will be replaced by a larger residential development with enhanced facilities,” he added.
He noted that Transfortress Global Resource Limited, a respected property developer, was strategically selected to partner with Wemabod on the landmark project.
Otunba Dr Bimbo Ashiru, Group Chairman of OICL, remarked that the project is a strategic milestone in the transformation of the group’s real estate portfolio.
“The partnership with Transfortress aims to deliver a world-class asset in a prime Ikoyi location. The project signifies Wemabod’s commitment to maximising the value of legacy assets and developing sustainable, income-generating investments,” he noted.
Kolapo Raji, MD of Transfortress, affirmed the project’s alignment with the brand’s reputation for excellence. “We are committed to completing this luxurious development within 36 months, ensuring quality delivery and structural integrity.”
Abdulrahman Yinusa, Group Managing Director of OICL, emphasised that the ceremony marks a significant step towards future aspirations, reaffirming the Group’s focus on regeneration and sustainable impact.
He said the 18C Lugard Avenue site has evolved from a successful redevelopment yielding remarkable returns to a new chapter focused on smart densification and asset regeneration. “This initiative supports Wemabod’s strategic ambition to contribute 500 new housing units to Nigeria’s urban landscape, furthering efforts to close the housing gap.”
He stated that Odu’a Investment Company remains dedicated to supporting innovative projects that demonstrate strong commercial fundamentals and long-term value, celebrating the transparent process that led to this joint venture and the leadership of Wemabod in bringing this vision to fruition.
