The Chairman of OSOPADEC, Prince Biyi Poroye, has reaffirmed the Commission’s commitment to expanding its investment drive through sustainable real estate development aimed at securing additional sources of revenue beyond the 13 percent oil derivation fund.
Poroye made this known during an inspection visit to the Coastville Estate project, a property acquired by the Commission in 2019.
Speaking during the assessment tour, the OSOPADEC Chairman explained that the Commission ventured into the real estate sector as part of efforts to diversify its economic base and create long-term value for the people of the mandate areas.
“This property was acquired with the vision that the Commission should look beyond the 13 percent oil derivation fund and explore additional avenues for generating sustainable resources to secure a more prosperous future for the Commission.”
Prince Poroye noted that the Commission had over the years battled with persistent encroachment on the property but commended the Ondo State Attorney General, Dr. Kayode Ajulo for providing the necessary legal backing that helped reclaim the land.
“We are delighted that we have successfully reclaimed our land. The land has now been properly traced, fencing has commenced and CCTV cameras have been installed at strategic locations to monitor activities around the estate.”
The Chairman stated that the improved security and infrastructure development within the estate had significantly increased the value of the property and boosted investor confidence.
He added that prospective subscribers, staff of the Commission and investors within and outside the mandate areas have already shown strong interest in the estate.
“This remains one of the best places for anyone to invest in real estate because we have the capacity to secure and protect the property for all interested investors and subscribers.”
Prince Poroye also disclosed that OSOPADEC currently possesses vast hectares of land in Alape, Ilaje Local Government Area, as part of the Commission’s broader investment expansion plans.
Also speaking, the Director of Business and Investment Development, Dr. Femi Dabo, described the level of interest from investors as highly encouraging, noting that OSOPADEC is increasing budgetary allocation to improve infrastructure within the estate.
“OSOPADEC is pushing its budget to increase allocation for this investment so that very soon we can begin to have beautiful road networks, lighting around this place and complete security fencing of the OSI Estate being managed by Coastville Global Resources.”
In his remarks, the General Manager of Coastville Global Resources, Mr. Alade Joseph said the grading and clearing of the estate had helped expose and address areas affected by encroachment.
“The grading we have done has given us a clear picture of what the estate looks like. The place is now an enabling environment for everyone who wishes to invest here and build residential properties.”
Alade also appreciated Governor Lucky Orimisan Aiyedatiwa for supporting the Commission’s investment and development initiatives.
