Vice President, Yemi Osinbajo has commissioned Phase one of the 67 residential units of Westlink Iconic Villa in Ibadan.
The estate, a joint venture project between Odu’a Investment Company Limited and Chapter 4 Estates Limited, is put at over N4.2 billion. Phase one comprises sixty-seven residential units of 3-bedroom apartments, 4-bedroom duplexes and 5-bedroom duplexes.
Speaking at the commissioning. Osinbajo said that there is a huge opportunity for investments in the real estate industry in Nigeria, urging stakeholders to leverage the existing gap to create wealth and drive development.
According to Osinbajo, the Nigerian business environment has been coloured and polarized with lots of challenges spawning fear as a result of insecurity, uncertainty, and political, environmental and cultural disparities.
“In spite of these challenges, Nigeria is slowly but surely checking the boxes when it comes to the ease of doing business, resulting in the country being one of the topmost hubs for business. No doubt, the Ease of Doing Business reforms in Nigeria and appeal to Nigerians in the diaspora, encouraged what we are seeing here today through this magnificent Joint Venture project between Odu’a Investment Company Limited and Chapter 4 Estates Management Limited, UK.
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“I must commend the effort of the Board and Management of Odu’a Investment Company Limited for initiating this noble project, and ensuring that the first phase of the project is being commissioned today. This clearly demonstrates a blend of private partnerships that brings about greater dividends.
“What we see here today, confirms that there is a huge opportunity in Nigeria for investments in real estate industry. While government commits to creating an enabling environment, I will advise that we look to the private sector for investments to galvanize growth in the sector.
He urged stakeholders to see the achievement as the beginning of what is possible with the blend of private partnership.
Bimbo Ashiru, the Group Chairman, Odu’a Investment Company Limited, noted that the real estate industry in Nigeria experienced steady growth in the last two decades, saying that with advancement in technology, “The next couple of years will be very exciting for the real estate sector, especially with the emergence of a new generation of potential homeowners and renters who are technologically savvy and prioritise comfort.
Shams Ogunmuyiwa, Chief Executive Iconic City (UK) Limited and Chapter Four Estate Management (Nigeria) Limited called on the federal and state governments to do more for the poor Nigerian families more than 70 percent who still live in 1 bedroom apartments.
“While the official gap in housing is now over 20 million shortages. Our goal as a property development and facilities management company is to help both the people and the government of Nigeria to achieve mass housing,” Ogunmuyiwa said.
