The Odu’a Investment Company Limited (OICL) has signed a Memorandum of Understanding with the United-Kingdom-based Iconic City Ltd for the development of its 3.8 hectares of land opposite Nigeria Breweries Ltd, Alakia, Ibadan, Oyo State, into a vast residential housing estate.
Odu’a Investment is a business conglomerate jointly owned by the six states in the south west of Nigeria, viz Ogun, Oyo, Ondo, Osun, Ekiti and Lagos states.
The signing of the agreement, which took place at the Odu’a Group headquarters, Cocoa House, Ibadan, was witnessed by an Odu’a management team led by the Group Managing Director/Chief Executive Officer, Adewale Raji, and the management of Iconic City Ltd, as well as by a team from its local subsidiary, Chapter Four Estate Management Limited (CFEML), led by the CEO, Shamsideen Ogunmuyiwa.
The proposed residential housing estate, which has been code-named ‘Westlink Iconic Estate’, is a medium density luxury estate consisting of 124 households.
The initiative, according to a statement issued by the Odu’a Group’s Public Relations Officer, Victor Ayetoro, was hinged on the federal government’s Economic Recovery and Growth Plan (ERGP), which has human capital development as one of its cardinal objectives, with housing provision key in achieving that goal.
The statement read, “Odu’a Investment Company Limited has identified partnerships as a veritable strategy to add tremendous value to her existing property portfolio, earn remarkable return, strengthen her brand image and increase her socio-economic footprint for the benefit of its shareholders and stakeholders.
“The estate, which is scheduled for completion in 30 months, will boast of modern state-of-the-art features that include all roads paved with interlocking stones, 24 hours electricity supply, street lights, green lawns and decorative trees, treated pipe- borne water, underground cabling, managed waste disposal, 24/7 security (CCTV and manned entrance gate), dedicated 4G optic fibre internet provision, expansive family recreational facilities, swimming pool, a gym, community leisure centre and a modern commercial centre for small businesses required to serve the estate’s need.”