• Monday, July 15, 2024
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BusinessDay

OPIC eyes N14bn earning from housing investment in 2015

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Riding on the success achieved through various housing projects ‎this year, Ogun State Property and Investment Corporation (OPIC) is eyeing over N14 billion earning from the proposed massive housing investment and the completion of ongoing housing projects, including Agbara, Makun, Isheri, Alamala and Abeokuta – Orange Valley estates  in the year 2015.

Consequently, OPIC has budgeted N5.637 billion as its total expenditure for the 2015, voting N5.2 billion on capital projects meant for the implementation new several housing projects and completion of ongoing ones, while the remaining N437 million was earmarked to finance recurrent expenditure.

Speaking while defending the Corporation’s budget before the Ogun State House of Assembly Committee on Finance and Appropriation in Abeokuta, Jide Odusolu the managing director, OPIC, said that frantic efforts were underway to further close the housing deficit gap in the state and the country at large.

Odusolu added that state government was poised to undertake ‎construction and management of housing, both industrial and estates across the state, just as he submitted that the agency had pledged to complete 206 units of houses at OPIC Estate in Agbara, Orange Valley Estate in Abeokuta, New Makun City in Sagamu, Isheri Commercial City, OPIC Estate Alamala in Abeokuta and construction of 12 kilometres each in New Makun City, Agbara Estate and Isheri Commercial City.

Similarly, Ogun State Housing Corporation, a sister corporation, proposed to construct 850 housing units across the three senatorial districts domiciled in the state next year, with a pilot scheme in Sango-Otta – the major industrial hub of the state ‎next year – and a view to spring more development in the axis as well as to further domesticate workers under the Residence Rule in order to increase PAYE due to the state coffers.

Jumoke Akinwunmi, special adviser to Governor Ibikunle Amosun on housing development, who spoke at a joint session with OPIC managing director and state commissioner for ‎housing in Abeokuta, disclosed that Ogun State Housing Corporation (OGSHC) had proposed N2.150 billion for capital projects meant for the implementation of different housing projects in the state, especially at the industrial hubs next year.

“Our project shall cut across the state with our pilot scheme to start in Ota due to the co-operation we are getting from the industries. We are also joining other sister agencies in combating the challenges that are likely to accompany full industrialisation of the state in the year 2015,” Akinwunmi said.

 

RAZAQ AYINLA