4 days ago
Nigeria: Credit Ratings reflect our strong financial position—Odu'a Investment boss
The Group Chairman of Odu'a Investment Company Limited (OICL), Chief Bimbo Ashiru, has described the recent upgrade of the company's corporate credit rating to 'Aa-' by Agusto & Co. as a reflection of the strong financial position, operational resilience, and sound governance structure it has consistently upheld.
Ashiru, who made these remarks at the Ground-Breaking Ceremony of the redevelopment of Obafemi Awolowo House into Awolowo Technology Mall, in Lagos, believed the rating was also a testament to the confidence reposed in the company's strategic direction, and a reinforcement of its credibility before its stakeholders, partners, and the financial markets.
The two-term Commissioner for Commerce and Industry in Ogun State also used the opportunity of the event to restate the Group's resolve at preserving its heritage and repositioning its assets for relevance and value in the current and future marketplace.
According to him, the transformation and redevelopment of the 47-year-old Awolowo House into a five-storey ultra-modern technology mall, was one of the company's ways of aligning its legacy with the future, and ensuring that what was once iconic remains impactful.
The OICL boss described the project as the outcome of the company's strategic shift from passive asset management to proactive, value-driven real estate investment, under the leadership of its flagship real estate subsidiary, Wemabod Limited.
'The Awolowo Tech Mall, when completed, will serve as a catalyst for commercial activities in the Ikeja Central Business District and a launchpad for youth innovation, business incubation, and technology-driven enterprise. It is, in every sense, a project that aligns with our investment philosophy—sustainable, inclusive, and impact-oriented,' he added.
In his remarks at the event, the CEO, Wemabod Nigeria, Bashir Oladunni, explained that the redevelopment became imperative to enable the company to align with the urban infrastructure efforts of the Lagos State government, which, he noted, that continued to evolve.
He added that with the new planning permissions and the repositioning of Ikeja Central Business District, the company, in partnership with El-Salem Nigeria Limited, would be transforming the historic site into a 21st-Century digital and commercial powerhouse.
Bashir described the new structure, which would, more than double the commercial space from 4,800 sqm to approximately 9,000 sqm, as aligning with Wemabod's strategic direction to increase market share and contribute meaningfully to the state's economic development.
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