…As Agusto & Co upgrades OICL credit rating to Aa-
By Grateful Oluseun Ogunjebe
Wemabod Limited has officially commenced the redevelopment of its historic Awolowo House in Ikeja, Lagos, transforming the landmark property into a cutting-edge commercial facility named the Awolowo Tech Mall.
The groundbreaking ceremony, held on Wednesday, July 16, 2025, brought together industry stakeholders, board members of Odu’a Investment Company Limited (OICL), directors of Wemabod, partners from El-Salem Nigeria Limited, and other invited guests.
Describing the project as a transformative leap for both the company and Lagos State, the Managing Director and Chief Executive Officer of Wemabod Limited said the redevelopment would reposition the Ikeja Central Business District for future-oriented commercial activities.
“This moment represents a major milestone in the history of Wemabod Limited and the economic advancement of Ikeja and Lagos State,” he remarked. “As we break ground today, we are not just laying foundations; we are creating opportunities.”
The ₦9 billion project is expected to more than double the site’s existing commercial space from 4,800 square metres to approximately 9,000 square metres. The new facility will integrate smart and sustainable infrastructure suitable for top-tier technology firms, startups, and service providers.
Initially designed by Towry Coker Associates in 1978, the original Awolowo House was among Nigeria’s pioneering buildings to feature a full glass curtain wall and maintained full occupancy due to its modern design and prime location. The new Awolowo Tech Mall is envisioned as a reflection of Lagos’s digital evolution and urban renewal goals.
The Wemabod MD stated that the development is aligned with the company’s strategic objective to grow its market presence and contribute meaningfully to the state’s economic development.
“This project strengthens our commitment to real estate excellence, economic empowerment, and infrastructural advancement,” he said.
Group Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, praised the project as a significant example of deriving value from legacy assets while responding to the needs of a rapidly expanding digital economy.
“This is not just a real estate launch; it is part of our broader transformation agenda, powered by innovation, collaboration, and strategic vision,” Ashiru said. He described the Tech Mall as a catalyst for economic activity in Ikeja, with potential to drive job creation, youth engagement, and digital entrepreneurship.
He also announced that OICL’s corporate credit rating had been upgraded by Agusto & Co from A+ to Aa-, citing the company’s strong financial standing, operational discipline, and sound corporate governance.
“This improved rating reinforces our credibility with stakeholders and the financial markets,” he noted. “We remain dedicated to upholding the standards that earned us this recognition.”
Ashiru reaffirmed the Group’s alignment with Lagos State’s urban planning strategy and its aim to drive commercially viable projects that also deliver social value. “Our priority is to invest in developments that promote inclusive growth, urban resilience, and regional competitiveness,” he added.
Chairman of the Board of Directors at Wemabod Limited, Engr. Nureni Oladipo Adisa, described the redevelopment as a bold step into the future. He affirmed that while the legacy of the old Awolowo House would be preserved, it would be transformed to reflect the next era of innovation and enterprise.
“The new development will feature a five-storey, ultra-modern complex, strategically located along Obafemi Awolowo Way and adjacent to Computer Village. It is expected to attract technology companies, innovators, and entrepreneurs seeking premium, future-ready workspaces,” Adisa explained.
The Awolowo Tech Mall is a joint venture between Wemabod and El-Salem Nigeria Limited. The partners aim to establish the facility as a benchmark in Nigeria’s commercial real estate space and a cornerstone of Ikeja’s digital economy ambitions.
Wemabod Limited, a subsidiary of Odu’a Investment Company Limited, remains a key player in property investment and development across Nigeria’s South-West, with a growing reputation for pioneering projects that blend legacy with innovation.
The ceremony concluded with the official turning of the sod, marking the start of construction activities on what is expected to become a landmark commercial and technological hub in Lagos.