The Ondo State Oil Producing Areas Development Commission has reiterated its determination to strengthen investment in real estate as part of efforts to create alternative revenue streams outside the statutory 13 per cent oil derivation fund.
Chairman of the commission, Prince Biyi Poroye, made this known during an inspection of the Coastville Estate project acquired by OSOPADEC in 2019.
Poroye said the investment was initiated to position the commission for long-term financial sustainability while creating economic value for communities within the mandate areas.
He explained that the decision to invest in property development was aimed at reducing dependence on oil allocations and opening new opportunities for revenue generation.
According to him, the estate had suffered years of encroachment challenges, but the commission was able to regain control of the property through legal support from the Ondo State Attorney General and Commissioner for Justice, Dr Kayode Ajulo.
“We are pleased that the land has been fully recovered. Perimeter fencing has started while surveillance cameras have been installed in strategic areas to secure the estate,” Poroye stated.
The OSOPADEC chairman added that the ongoing infrastructure and security improvements had increased the estate’s market value and attracted interest from investors, subscribers and workers of the commission.
He further disclosed that the commission also owns large portions of land in Alape, Ilaje Local Government Area, which form part of its broader expansion plan in the real estate sector.
Speaking during the visit, the Director of Business and Investment Development, Dr Femi Dabo, said the commission was committing more funds to improve facilities within the estate.
Dabo noted that plans were ongoing to provide road networks, lighting and enhanced security infrastructure to make the estate more attractive for residential and commercial purposes.
Also, the General Manager of Coastville Global Resources, Mr Alade Joseph, said the clearing and grading of the estate had helped identify and address areas previously affected by illegal encroachment.
He described the estate as a suitable destination for property investment and commended Governor Lucky Aiyedatiwa for supporting OSOPADEC’s development and investment initiatives.
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