The board and management of Wemabod Limited has inaugurated Nureni Adisa as its chairman with a promise to leverage the company’s capabilities in property development to contribute to the nation’s economic recovery and enhance shareholder value.
Adisa ,an engineer who took over from Emmanuel Efuntayo said despite facing inflationary pressures, currency fluctuations, and infrastructural deficits, “we see opportunities for growth driven by urbanization, a burgeoning middle class, and a renewed focus on infrastructure development”.
Highlighting five strategic pillars he would pursue said the company would conduct a thorough review of current portfolio to identify underperforming assets and opportunities for repositioning saying “by optimizing our property mix, we can enhance returns and ensure sustainable growth.
He also stated that the company would expand its footprint by exploring new markets and diversifying offerings.
“This includes residential, commercial, and mixed-use developments that align with market demand and emerging trends as well as access to financing is crucial for our growth.
According to him, we will pursue innovative financing models, including partnerships with institutional investors and exploring alternative funding sources, to ensure we have the capital needed for our ambitious projects.
Likewise, he pointed out ,that it would implement best practices, invest in technology, and streamline processes to enhance productivity and reduce costs, ensuring that we deliver quality projects on time and within budget.
While emphasising people as greatest asset, the new chairman stated that “we will foster a culture of collaboration, continuous learning, and innovation, emphasis will be laid on education and training both in-house and externally.
Efuntayo while handing over the mantle of leadership to Adisa thanked the board and management for their cooperation during his rein saying “together, we have accomplished numerous milestones that have not only strengthened our position in the real estate sector but have also set a solid foundation for the future.
Efuntayo said during his tenure,the company invested significantly in training and development of directors, ensuring that they are well- equipped to navigate the complexities of corporate governance and risk management.
“Our participation in training programs organized by the Institute of Directors (IOD) in London and Canada has been instrumental in enhancing our understanding of our responsibilities.
On financial performance and market access,he noted that, Wemabod Limited has remained profitable as “we successfully declared dividends to our parent company, Odua Investment Limited (OICL), demonstrating our commitment to delivering value to our stakeholders.
“The A- corporate rating assigned by Agusto &Co. was a pivotal moment for us; it opened doors to the capital market, allowing us to secure funding for various projects that are currently at different stages of completion.
“We have also made significant strides in improving staff welfare during my time as chairman. A motivated workforce is essential for any organization’s success, and we have implemented initiatives aimed at enhancing job satisfaction and employee engagement.
“The real estate outlook seminar
one of my proudest initiatives. Now in its second year, this event has positioned Wemabod as a leading voice in Nigeria’s real estate sector. It serves as a platform for industry stakeholders to share insights, discuss trends, and explore opportunities for collaboration.
Speaking one after the other, directors and management staff acknowledged Efuntayo’s giant strides and contribution to the growth of the company.
Meanwhile, Bashir Oladunni will be taking over as the Managing Director/Chief Executive Officer of Wemabod Limited effective December 19, 2024.
Oluyemi Ejidiran,who has served Wemabod with dedication and distinction for six years during which, the company experienced significant growth and profitability will be retiring.
