OSOPADEC Moves to Boost Revenue Through Real Estate Investment
The Ondo State Oil Producing Areas Development Commission (OSOPADEC) has intensified efforts to diversify its revenue base through strategic investment in real estate, with renewed focus on the Coastville Estate project acquired by the Commission in 2019.
Chairman of the Commission, Prince Biyi Poroye, disclosed this during an inspection tour of the estate, where he reaffirmed OSOPADEC’s commitment to sustainable investments capable of generating long-term income beyond the statutory 13 per cent oil derivation allocation.
Poroye explained that the Commission ventured into the real estate sector to create alternative sources of revenue and ensure economic stability for the oil-producing mandate areas.
According to him, the Coastville Estate project was conceived as part of a broader vision to position the Commission for financial sustainability and future growth.
He noted that the estate had suffered years of encroachment but said the intervention of the Ondo State Attorney General and Commissioner for Justice, Dr. Kayode Ajulo, helped the Commission reclaim the property.
The OSOPADEC Chairman said measures have now been put in place to secure the estate, including fencing and installation of Closed-Circuit Television (CCTV) cameras at strategic points.
“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,” he said.
Poroye added that the ongoing infrastructure and security improvements had significantly increased the value of the property and attracted interest from investors, subscribers and staff of the Commission.
He described the estate as a secure and viable destination for real estate investment, assuring subscribers that OSOPADEC has the capacity to protect investments within the estate.
The Chairman further disclosed that the Commission also owns large hectares of land in Alape, Ilaje Local Government Area, as part of its long-term investment expansion plans.
Speaking during the visit, the Director of Business and Investment Development, Dr. Femi Dabo, said investor response to the estate project had been encouraging, adding that OSOPADEC was increasing budgetary allocation for infrastructure development within the estate.
Dabo said plans were underway to provide road networks, lighting facilities and complete security fencing around the OSI Estate managed by Coastville Global Resources.
Also, the General Manager of Coastville Global Resources, Mr. Alade Joseph, said the grading and clearing of the estate had exposed previously encroached areas and improved the environment for prospective investors.
He commended Governor Lucky Orimisan Aiyedatiwa for supporting the Commission’s investment and development initiatives across the mandate areas.
