Wemabod Estates Limited, a real  estate subsidiary of Odu’a Investment Company Limited, has commenced moves to raise money from the capital market through a public offering of its shares, for the purpose of financing some of its projects.

To this end, the company’s Chairman, Chief Dosu Fatokun, said that it is set to embark on redevelopment of its commercial properties in major cities across the country in order to enhance their value, with a view to making its shares attractive to the investing public.

He, however, noted that the company must first convince the owner state governments of Ogun, Oyo, Osun, Ondo and Ekiti to embrace the plan to diversify the ownership structure through the public offering.

Speaking recently at the company’s annual general meeting (AGM), in Lagos, Fatokun disclosed that Wemabod is also considering residential housing development in order to provide accommodation and deepen its property portfolio. He noted that, though the current asset base of the company was satisfactory, it is imperative to diversify the asset base.

On his part, Group Managing Director, Odu’a Investment Company Limited, Mr. Adebayo Jimoh, noted that real estate business was very viable with lots of opportunities, hence the decision to diversify.

He said that Wemabod was partnering with a US-based firm to redevelop most of its commercial properties in order to make them more viable and engender harmony with the tenants; while also acquiring new properties in choice locations.

He said that a road map for the privatisation of the company was being developed, but that it was important to first tidy up the existing properties to attract maximum returns, emphasizing that the planned redevelopment would be accomplished in 18 months.