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By Vivian Onyebukwa
Government has been urged to create enabling environment to help in the development of the real estate sector in the country.
Speaking at a press briefing in Lagos to herald the 60th anniversary of Wemabod limited, the Managing Director of the property development and management company, Yemi Ejidiran stated the need for long term financing model for real estate development in the country.
According to Ejidiran, Nigerian real estate sector is not limited to choosing minimal investment in project development and property maintenance, adding that the cost of which will rise with caprices of micro-economic challenges facing the sector Continuing. “In the recent times, the sprawling inflationary trends hitting over 20 percent as well as a very volatile exchange rate regimes have created serious dislocations towards realising effective and sustainable cost management in real estate sector’’, he said.
Wemabod is a wholly owned subsidiary of Odu’a Investment Company Limited and was incorporated under the name, Nabani Estates Limited, on 20 September 1962. It was formerly owned by the defunct National Bank of Nigeria Limited. However, in October 1962 National Bank of Nigeria Limited sold its shareholdings for £1,231.000 to the defunct Western Nigeria Marketing Board in Ibadan and the name of the company was thereafter changed from Nabani Estates Limited to Wemabod Estates Limited and then recently to Wemabod Limited. “Wemabod Limited has evolved to provide an integrated one-stop shop real estate solution in a bid to meet up with the demands of the Nigerian real estate and other investors from the diaspora. Notable among Wemabod Limited’s commercial properties are Western House, Investment House, Unity House, Banuso House and Awolowo House located on Broad Street and Marina on Lagos Island as well as Ikeja”, Ejidiran said.
Other holdings/property developments, according to Ejidiran, include sizeable residential real estate assets such as Wemabod Towers located at 2/4 Mosley Road Ikoyi, Oodu’a House on 18c Lugard Avenue, 37 Ikoyi Crescent, Wemabod Estates in Ikeja, Lagos State and Ibafo in Ogun State.
Highlighting the company’s forth coming symposium, award and gala night which are also part of activities marking the 60th anniversary, the Ejidiran explained that the event would throw more light and create advocacy platform capable of engendering initiatives for the growth for real estate growth in the country.
On the concept of initiative partnership and financing for sustainable real estate development in Nigeria, he explained that the concept has been confined and stereotyped to the technology sector. “While it is true that our cities are increasingly connected and our systems becoming smart at least in the financial and technology space, the same innovative approach cannot be said to apply for both development in Nigeria. This is more so when limiting innovation solely to technology considerations will not enable us meet demographic, social, economic and environmental challenges that the real estate sector is facing. Development governance towards driving sustainable partnership for growth in the sector is crucial towards achieving transformative growth in a bid to address genuine aspiration of the Nigerian citizens, he said.’’
Also speaking, the Chairman of Wemabod Limited, Otunba Oluseyi Oduntan, stated that the organisation which is wholly owned subsidiary of Odu’a investment company limited, is a brand that has grown much stronger than has ever been because of what he described as dynamic management team.
The line up of events kick-started with a tennis tournament held at the Tennis Section of the prestigious Ikoyi Club 1938 between 17 and 22 October in conjunction with Ikoyi Club 1938, and is sponsored by Wemabod Limited.
A Jumat service was held to commemorate the anniversary at the Lagos Central Mosque, located on 46 Nnamdi Azikiwe Street Lagos Island on Friday 21 October, 2022; while a thanksgiving service will also be held at the Archbishop Vining Memorial Church Cathedral has been held Sunday 23 October.
There will also be groundbreaking ceremonies of the new 5000 sq/m GLA Retail Development project on 29 October, while the commissioning of units of the newly completed luxury residential development at Ikoyi Crescent, Ikoyi will take place on 31 October.
The grand finale of the anniversary celebration will be held with a symposium as well as Wemabod Award and Gala Night on 3 November at the Lagos Airport Hotel, Ikeja, Lagos.
