Vice president Yemi Osinbajo has commissioned the first phase of the Westlink Iconic Villa, a joint venture between Odu’a Investment Company Limited (OICL) and Chapter 4 Estate Management Limited.
The 67 units of three-bedroom apartments, four and five-bedroom duplexes located at Alakia, Ibadan, were commissioned on Thursday, February 9.
Professor Osinbajo, in his speech, said the project speaks to the need for public-private partnerships in providing affordable housing for Nigerians while stressing that the Nigerian diaspora community is a great contributor to the economic growth of the country.
He stressed that the challenge of housing financing needs to be addressed by the government through de-risking single-digit mortgage loans.
“The missing link is not ideas; there are so many of them. The missing link is housing finance for affordable mortgages. Every developed economy has had to develop usually with government support and mortgage schemes that are affordable.
“What needs to be done is that the government must have to de-risk single-digit mortgage lending,” he said.
In his speech, Governor Seyi Makinde, represented by his deputy, Bayo Lawal said the project would not only address housing deficits in the state but would open up the state’s economy and enhance the quality of life.
Makinde noted that in his administration’s efforts to stimulate the economy of the state, it embarked on infrastructural developments to make the state the first-choice destination for various categories of businesses.
He said, “Whether they are roads or estates, the economy of the people of Oyo State has always remained the core of our economic expansion agenda.
“We have built roads that link the five geopolitical zones of the state and we will continue to be bullish in our developmental strides. We will also continue to support initiatives such as this that serve our people well.
“Let me further reiterate that this administration will not relent in its determination to keep facilitating development in a way that the future generation will be proud of.”
The Group Chairman, OICL, Otunba Bimbo Ashiru, in his welcome address, said the project is proof that with the right partnerships, the real estate sector of Nigeria can be fully harnessed to meet the housing needs of Nigerians.
Ashiru said, “The project is a testament to the power of real estate joint ventures and their ability to facilitate the delivery of projects.
“The project also showcases the resources available for viable and well-planned real estate projects both locally and through the relatively untapped Nigerian diaspora population. We expect real estate to better harness the Nigerian diaspora market.
“Overall, our partnership with Chapter 4 Estates Management Limited has been productive and it demonstrates the value of working with partners who are committed to delivering quality.
“This is a model that the Odu’a Investment Group believes in and will continue to pursue for future real estate developments.”
The Managing Director/Chief Executive Officer, Chapter 4 Estates Management Limited, Mr Shams Ogunmuyiwa, said the company aims to provide affordable housing for Nigerians by delivering 10,000 mass housing properties yearly to bridge housing deficits.
“Our goal as a property development and facility management company is to help both the people and government of Nigeria to achieve housing development and get it right.
“While we commend the Federal Government for a frontal approach to supporting financial packages for home ownership, nothing short of one million new homes should be built in Nigeria every year. This can never happen without the backing of various levels of government.
“We have a template to deliver 10,000 mass housing properties every year. This will drive job opportunities upwards, quality of living upwards and economic activities upwards,” Ogunmuyiwa said.
Other dignitaries at the commissioning ceremony include the Olubadan of Ibadan, who was represented by Chief Kola Daisi; the Governor of Lagos State, represented by the Secretary to the State Government, Folashade Jaji; the Governor of Ogun State, represented by the Secretary to the State Government, Tokunbo Falabi; among others.
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