News

OPIC generates N1.3bn in 6 months

Published

5 years ago

July 18, 2021

Mr. Abiodun Fari -Arole, the Managing Director, Ogun Property and Investment Company (OPIC), on Wednesday said that the agency generated over N1.3 billion between January and June 2021 as revenue.

Fari – Arole, represented by Mr. Seyi Sokoya, Director, Inter-Agency and Liason Matters, OPIC, disclosed this while defending the agency’s performance between January and June before members of Ogun State House of Assembly in Abeokuta.

He noted that the revenue was generated from sales of buildings, site services programs, rent on government assets and plot allocation /layout fees.

He said the revenue also included survey /planning fees, change of ownership fees, and earnings from consultancy services /service charges among others.

The managing director explained that OPIC had been able to initiate and complete multiple housing prototypes across its various estates.

He, however, explained that harsh economic conditions had slowed down revenue projections in recent times, saying that the agency expected improvement by the third and fourth quarters of the year.

The OPIC boss stressed that the projected revenue was based on 1,000 hectares of land to be allocated to OPIC along Epe -Ijebu Ode Expressway.

“It also includes allocation of 500 hectares of land at Siun and Laderin, unfortunately, all these land allocation requests are yet to be granted by Bureau of Lands, ” he said.

Responding, Mr. Kemi Oduwole, the Chairman of, House Committee on Industry, Trade and Investment, urged the agency to do more in the area of Internally Generated Revenue (IGR).

Oduwole said that the assembly would be expecting a more improved revenue by the end of the year.