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| Mixed pictures of Poroye on site |
The Chairman of the Ondo State Oil Producing Areas Development Commission, Prince Biyi Poroye, has reaffirmed the agency’s commitment to expanding its investment portfolio through sustainable real estate development aimed at generating additional revenue beyond the 13 per cent oil derivation allocation.
Poroye stated this during an inspection tour of the Coastville Estate project, a property acquired by the commission in 2019 as part of its long-term investment strategy.
According to him, the commission ventured into the real estate sector to diversify its economic base and create sustainable sources of income capable of securing the future of the mandate areas.
“This property was acquired with the vision that the commission should look beyond the 13 per cent oil derivation fund and explore other viable means of generating sustainable resources for future development,” he said.
The OSOPADEC chairman disclosed that the commission had faced repeated cases of encroachment on the estate over the years but successfully reclaimed the property through legal interventions.
He commended the Ondo State Attorney General and Commissioner for Justice, Dr Kayode Ajulo, for providing the legal support that enabled the commission to recover the land.
Poroye explained that fencing of the estate had commenced while Closed-Circuit Television cameras had been installed in strategic areas to strengthen security and monitor activities within the property.
He added that the improved infrastructure and security around the estate had significantly increased the value of the property and attracted strong interest from investors, subscribers and staff members of the commission.
The chairman further disclosed that the commission also possesses large hectares of land in Alape, Ilaje Local Government Area, as part of its broader expansion plans in the real estate sector.
Also speaking, the Director of Business and Investment Development at OSOPADEC, Dr Femi Dabo, said the commission was increasing budgetary allocation to improve infrastructure within the estate.
He noted that plans were underway to provide road networks, street lighting and complete security fencing to make the estate more attractive to investors.
In his remarks, the General Manager of Coastville Global Resources, Mr Alade Joseph, said ongoing grading and clearing of the estate had exposed areas previously affected by encroachment and improved accessibility within the property.
He described the estate as a conducive environment for residential investment and appreciated Governor Lucky Aiyedatiwa for supporting the commission’s development initiatives.
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