Group Managing Director (GMD), Odu'a Investment Company Limited, Adewale Raji, has expressed commitment of the Group to support the economy of the six shareholder states of Southwest through investment in their areas of comparative advantages.
While property development was projected to be viable in Lagos and Ibadan (Oyo State), he disclosed that commercial and mechanised agriculture would be the best in the other four states of Ogun, Osun, Ondo and Ekiti.
Raji who addressed journalists during a media tour and open visit to Westlink Iconic Villa at Alakia area of Ibadan, said the idea of the luxury estate being constructed in Ibadan in collaboration between Odu'a, Chapter 4 Estate Company and Westlink Iconic Estates Limited, was borne out of the high prospect that Ibadan, headquarters of Southwest, offers.
He said, "We have a responsibility to partake in the lifting of the economy of each of the shareholder states. But we should not be taking emotional decisions but business decisions. What I mean by that is that in the hinterland of the Yoruba region where land is accessible, building a house is not an attractive venture because people can get the land and build at their own pace. But areas where there is shortage of land are areas that are appealing for business.
"That is why Lagos and Ibadan would feature highly in terms of property development. Whereas you see Oyo and Lagos looking attractive in terms of investment into property, in other Odua states, we are looking at agriculture and processing because they have arable land and their climate is good.
"There is no competition between property development and farmlands in the Southwest. We can do significant farming and processing in the abundant farmland which are threat to us today because of herders invasion. In those areas you can do significant commercial and mechanised agriculture and making sure you take the products into processing.
"It is on record that more than 50 percent of our agricultural output ends up being lost during post harvest. Between harvest and consumption, A lot of agricultural products is lost. There are multiple things that can come from cassava, for example. The whiskey, gin and others come from ethanol which typically come as an imported product from sugarcane."
Director of Public Relations and Corporate Affairs, Chapter 4 Estate Management Limited, Mrs Reis Abiola, said, "Chapter 4 and Odu'a Investment Company Limited through their joint venture company, Westlink, a year ago, embarked on a 124 mixed-luxury residential households development to unlock value from the piece strategically located on 3.8 hectares of land."
