Wemabod gets new MD as Ejidiran retires

L-R: Abiola Ajayi, Odu’a Investment Company Limited (OICL), Company Secretary; Patrick Ajigbolamu, director, Wemabod Limited; Kehinde Akinola, director; Ibukun Emmanuel Efuntayo, chairman Wemabod Limited; Oluyemi Ejidiran, MD, Wemabod Limited; Tola Kasali, director, OICL; Lasisi Oluboyo, director; Bashir Oladunni, executive director, and incoming MD; Yemi Ajao, executive director, OICL and Dolapo Alabi, Company Secretary, Wemabod Limited, at the company's 50th AGM in Lagos.

…Firm posts N1.3bn PBT for 2023

Wemabod Limited has announced the retirement of its Managing Director/Chief Executive Officer, Oluyemi Ejidiran, and the appointment of Bashir Oladunni as the new helmsman effective December 19, 2024.

Ejidiran has served Wemabod with dedication and distinction for six years during which, the company experienced significant growth and profitability.

He spearheaded a strategic restructuring that enhanced operational efficiency and expanded the company’s scope from Property Management to Property Development as well as establishment of Westlink Facility Management Limited as a subco. Notable projects initiated during his tenure include development of luxury residential estate at Ikoyi Crescent, Lagos, remodelling of Unity House, Marina into luxury mixed used apartments, development of residential houses along Lekki/Epe Expressway known as Serenity Estate, and developments in Ado Ekiti, among others. Wemabod’s asset and property portfolio saw substantial growth, and the company achieved an “A-” rating from Agusto & Co., reflecting robust operating cash flows, stable earnings, and a strong occupancy rate of nearly 90% across its diverse property portfolio. The company’s diversified income stream and innovative project financing strategies have been key to its sustained revenue growth and low leverage.

Ejidiran, reflecting on his tenure, said: “It has been a great honor to be entrusted by the Company’s Shareholders and the Board to lead this organisation since December 2018. During this period, we achieved remarkable financial performance and corporate governance improvements. I am pleased with the progress made in portfolio rebalancing and asset optimisation in our key real estate sectors. I am confident that these successes will be further accelerated under the capable leadership of Oladunni and the talented team we have cultivated with the Board’s support.”

However, Oladunni Bashir brings over 22 years of real estate industry expertise to his new role. As the Controller of Estates, he managed over N34 billion real estate assets for Wemabod Limited. His academic credentials include an HND in Estate Management from The Polytechnic Ibadan, an MSc in Housing Development and Management from the University of Ibadan, a Postgraduate Diploma in Estate Management from the Federal University of Technology Akure, and an M.Tech in Estate Management from Bells University of Technology, Otta. He is a Fellow of the Nigerian Institution of Estate Surveyors & Valuers and a Registered Member of Nigeria’s Estate Surveyors & Valuers Registration Board. Additionally, he is a PMI Certified Project Management Professional, a Chartered Arbitrator, and a faculty member at Reals Academy and the Association of Investments & Portfolio Managers. He also serves as an external examiner at the Estate Department of Osun State College of Technology, Esa-Oke. Oladunni has a rich professional background, having worked with Muri Adi Associates before joining Wemabod Limited in 2002. His areas of expertise include Real Estate Investment Analysis, Portfolio Management, and Project Management. He is an alumnus of Lagos Business School. He has participated in numerous local and international training programs, including a course on International Valuation Standards at the College of Estate Management, Reading, UK. He is also a member of the prestigious Ikoyi Club and a Paul Harris Fellow of the Rotary Club of Ikoyi. He is happily married with children.

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The Chairman of the Board, Wemabod Limited, Esv. Efuntayo Ibukun remarked: “Today, we announce the retirement of a Managing Director who has played a pivotal role in Wemabod’s transformation into a world-class conglomerate. On behalf of the Board of Directors, I extend our sincere gratitude to Oluyemi Ejidiran for his exceptional leadership, vision, courage, and professionalism. We are also thrilled about the smooth leadership transition and congratulate Oladunni Bashir on his appointment. I am confident that he will elevate Wemabod Limited to new heights, building on the solid foundation laid over the past years.”

Wemabod Limited, a subsidiary of Odua Investment Company Limited recorded a profit before tax (PBT) of N1.323 billion for the 2023 financial year.

Emmanuel Efuntayo, chairman, who disclosed this at the company’s 50th annual general meeting in Lagos said despite the harsh economic environment, the firm was able to achieve the remarkable results in comparison to N423 million profit before tax budgeted for 2023.

The Chairman however said: “In light of our performance, we are pleased to propose a dividend payment of N42,400,000.00 (forty-two million, four hundred thousand naira) to our shareholders, translating to N1.63k dividend per share.”

The company, he pointed out, has

demonstrated remarkable resilience and has continued its upward trajectory. “Our commitment to excellence in real estate development and management has positioned us as a leading and profitable real estate giant in the industry. This resilience is a testament to the quality of leadership, our strategic planning, robust operational framework, and the unwavering dedication of our team.

“In the face of economic instability, we have taken proactive measures to adapt and thrive. Analysts project that the value of global investable real estate will grow by an average of 5.2% annually over the next twenty years. This long-term optimism reaffirms the attractiveness of real estate investments, despite current macroeconomic shocks and political uncertainties,” he said.