In a bid to bridge Nigeria’s housing deficit estimated at 28 million units, Wemabod Estate Limited, a subsidiary of Odua Investment Company Limited in partnership with Trans Fortress Global Resources is to redevelop six former residential units of Odua house at Ikoyi into eighteen premium homes.
The venture aligns seamlessly with Wemabod’s Five-Year Strategic Plan (2021–2026) and its bold ambition to contribute 500 new housing units to Nigeria’s urban landscape — a vision that also supports national efforts to close the housing gap in the cities.
The project tagged:”Odua Court” will consist of nine floors of 18 housing apartments to include two bedrooms, four bedrooms,maisonette and Pent house with parking spaces and is being financed by Trans Fortress Global Resources estimated to cost N12 billion.
The project will be delivered in the next 36 months, according to Kolapo Raji, chief executive officer of Transfortress.
Bimbo Ashiru, group chairman of Odua investment company speaking at ground breaking in Lagos said the “event clearly shows our commitment to maximizing the value of our legacy assets and developing sustainable, income-generating investments that align with current market realities and customer expectations.
“This redevelopment project is important because it demonstrates the renewed strength and strategic focus of Wemabod Limited, one of our key subsidiaries under the Odu’a group.
According to Ashiru, through this project, Wemabod further reaffirms its evolution into a competitive, full service real estate company with the ability to develop high-end luxury properties. This is in keeping with the Odu’a Investment Company Limited’s vision to create agile, financially strong, and innovation-driven subsidiaries that add significant value to our Group.
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While saying that the partnership between Wemabod and Transfortress will ensure the delivery of a world-class asset on the site, strategically situated in a choice location within Ikoyi stated “provides us with the opportunity to accelerate the development of properties within our real estate portfolio and has helped attract significant capital to our property development program.
Nureni Oladipo Adisa, chairman, Board of Directors, Wemabod Limited noted that in some choice locations, the market for real estate is highly dynamic and accompanied by fast-changing trends.
“This is particularly so in cities like Dubai and, to some extent, areas like this location in Southwest Ikoyi, Lagos. There has, therefore, now arisen the need for yet another change.
“In Wemabod’s bid to sweat the Company’s assets more, sometime between 2003 and 2004, the board opted to optimise the use of this property by building a block of six luxury flats.
“That redevelopment project, which is still very green in our memory, commenced in 2006 and was completed in mid-2008. It was christened Odu’a House and was commissioned by the erstwhile Chairman of Odu’a Investment Company Julius Adelusi-Adeluyi in July 2008.
One significant thing about Odu’a House is that, even though the flats were let out to tenants, the project paid itself off within three years. This is rather outstanding in property management, where a project with a pay-back period of eight to 12 years is considered highly viable.
“Having served as a profitable luxury residential block of flats, Odu’a house needed to give way for another residential development, which will be more modern, larger and with more facilities.
Abdulrahman Yinusa, group managing director, Odu’a Investment Company Limited in his address at the event posited that the conglomerate was proud to support initiatives that reflect innovation, strong commercial fundamentals, and long-term value.
“We commend the transparent and diligent process that culminated in this joint venture and salute the leadership of Wemabod for stewarding this project from concept to execution.
“The ceremony is deeply symbolic — it reaffirms our Group’s unwavering commitment to excellence, to legacy, and to performance built on trust and integrity. We are laying a deeper foundation of trust with our partners, of opportunity with the communities we serve, and of prosperity for our shareholders.
Bashir Oladunni, managing director/CEO, Wemabod Limited who revealed that the project is estimated to gulp N12 billion said the project aligns with the subsidiary company’s goal of adding 500 housing units to the market within five years, thereby contributing significantly to bridging the housing gap in Lagos and Nigeria as a whole.
“We are confident that, upon completion, this development will not only meet market expectations in terms of design, quality, and sustainability but also reflect the legacy of trust, performance, and integrity upon which Wemabod has built its name since inception.
