By Emmanuel Adeleke
Vice President Yemi Osinbajo, on Thursday, commissioned the Phase 1 of the 67 residential units of Westlink Iconic Villa in Ibadan.
Westlink Iconic Estate is a joint venture project between Odu’a Investment Company Limited (OICL) and Chapter 4 Estates Ltd. The Estate is located opposite Nigerian Breweries, Alakia, Ibadan, Oyo State.
Speaking, Osinbajo said the project demonstrated what the Federal Government under the administration of the All Progressives Congress (APC) preached in 2015.
“As you heard from the CEO of Chapter 4 Management Limited, in March 2015, just after the APC won the general election, I was in the United Kingdom meeting with Nigerians in diaspora. Several business persons were present at the Marriott Hotel in Kilburn, in London.
“The aftermath of that discussion is what, I believed led to your decision to come to Nigeria to invest. I think we encouraged ourselves that it was important for them to bring back their skills and capital back home and to partner with the incoming APC government to develop Nigeria.
“Nigerians in diaspora have a crucial role to play in investments in our economy and the investment prospects in our economy are great, although it may require some sacrifice, the rewards are well worth it,” he said.
Osinbajo described the story of Westlink Iconic Housing Estate as a story of triumph of ideas and a vision of private enterprise development and capital working seamlessly together.
“There’s a lot that we can do in housing in Nigeria. There’s a significant deficit, somewhere between 17 and 20 million housing deficit, that we are told we have, which would ordinarily be a major economic opportunity, not just for house ownership, but also for the many jobs and manufacturing opportunities that housing brings,” he added
He commended OICL for providing the support for the project, stressing that the future is bright, if Nigerians stick to the vision of providing the recipient funds, supported with development finance funding from private capital.
In his address, Oyo State Governor, Engineer Seyi Makinde, explained that the state government welcomed and supported the idea of Westlink Iconic Estate, when it was mooted in 2019 due to the fact that shelter is key in any sane society.
The governor, who was represented at the event by his deputy, Barr. Bayo Lawal, said there is a compelling need to address housing deficit, which has greatly impacted on the Human Development Index as a nation.
“Basically, the human being needs food, water, air, and shelter to survive and with that guaranteed, he can launch to conquer new grounds and make more discoveries.
“This initiative of the Odu’a Investment Company Limited bodes well with the deliberate design of the government of Oyo State to make life more meaningful to the people of the state, open up our economy and enhance the quality of life,” he said.
In his welcome address, the Chairman, Board of Directors of OICL, Otunba Bimbo Ashiru, said the project demonstrates their resolve and commitment to working with best partners in the industry to deliver high quality real estate.
“The Phase 1 is made up of 67 residential units of 3-bedroom apartments, 4-bedroom duplexes and 5-bedroom duplexes. The apartments are serviced with best-in-class facilities and amenities including street lights, treated high pressure pipe borne water, security and waste management facilities.
“As one of the largest holders of real estate assets in the country, we plan to develop new and build on existing partnerships to help in meeting the growing demand for modern and first-class properties and living environments.
“Over the last four years, the Odu’a Investment Group has leveraged partnerships with developers such as Chapter 4 Estates Management Limited and Ikoyi Crescent JV Development between Wemabod and The Address Homes Limited.
“There are a lot of other projects in the pipeline in cities like Lagos, Ibadan, Ado Ekiti and so on. These projects are at different stages of development and we will continue to count on the support of our shareholders and other stakeholders to bring these projects to market seamlessly.
“Over the next 36 months, we expect to deliver over 200 units of residential properties ranging from affordable homes to luxury homes and to bring to the market, at least two new shopping malls in Lagos within that period,”Ashiru said
In his remarks, the General Managing Director, OICL, Mr. Adewale Raji, expressed appreciation to the group’s developing partners for their immense supports.
