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Housing Project

N10bn revenue to be gotten from housing projects across Ogun in 2019, OPIC

As part of mission to further close perceived housing deficit and boost access to affordable housing facilities across the state, Ogun State Investment and Property Corporation (OPIC) has set N10 billion revenue target from the sales of housing units being constructed across.

The investment and property agency of the State government plans to spend N6 billion as capital expenditure to construct 200 units of various houses in Magboro New Town Estate in Ogun central and completes three-kilometre road in Agbara Estate, among other housing projects, which will complement other affordable housing units in New Makun City, Ogun east and Agbara Estate in Ogun west.

Consequently, Ogun State Property and Investment Corporation (OPIC) has proposed N6.635 billion as total expenditure for 2019 fiscal year, divided into N6 billion capital expenditure and N635 million recurrent expenditure, just as the agency targets N10 billion as total revenue for the year 2019.

Speaking during a 2019 budget defence session at the Ogun State House of Assembly Complex on Thursday, Babajide Odusolu, OPIC Managing Director said that the agency planned to build a 200-unit of various houses in Magboro New Town Estate.

Odusolu, who added that OPIC planned to complete the three -kilometres road in Agbara Estate next year in addition to the construction of second phase of the MTR Garden with 120 Units of two-bedroom apartment as well as continued provision of critical infrastructure across the frontier towns of the State.

According to Odusolu, the Magboro project would complement existing affordable housing projects in Agbara and new Makun City. ‘’ we have affordable houses in Agbara, the 1000 housing units in New Makun City is nearing completion and we will be doing more in Magboro by next year’’.

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He assured that provision of infrastructure in all OPIC estates across the state would be sustained, to add value and allow its service compete favourably with its peers in the property industry, just as he restated the agency’s commitment to the provision of affordable houses across the spectrum of the state, tapping all identified commercial potentials and expand the revenue base,

Responding, the Chairman, House Committee on Finance and Appropriation, Victor Fasanya commended the efforts of the present administration in its drive to provide more affordable housing for the people, challenging the agency to redouble its efforts at developing the property sector, as such would be complementary to the ongoing massive infrastructural development in the state.


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