Ogun State generates N3.6bn from OPIC in 8 months

Mr Babajide Odusolu, the Managing Director of Ogun Property and Investment Corporation (OPIC), on Thursday said the corporation generated over N3.6 billion revenue between January and August.

Odusolu announced this during an oversight visit of the State Assembly Committee on Investments, Commerce and Industry to the corporation’s head office in Abeokuta.

He said that N1.4 billion was generated from site services programmes, while over N1billion came from plot allocation and layout fees premium and N290 million was realised from sale of buildings.

“Our revenue also came in from contractors registration fees, deed registration fees, survey /planning /building fees, change of ownership fees, earnings from sundry income and others,” he said.

He said that the corporation received N2.3 billion for capital projects this year, while N1.5billion was spent on construction and provision of housing.

Odusolu said that OPIC had been able to initiate and complete many housing prototypes in its various estates.

He said that corporation had established partnerships to ensure that it met its revenue targets.

The chief executive promised that the corporation would continue to provide affordable housing units to the people of the state.

He said that economic recession severely impacted on the corporation’s revenue projections, while topography issues were part of the challenges.

Responding, the Committee Chairman, Mr Bowale Solaja, promised that the committee would soon embark on tour of the corporation’s project sites.

He commended the corporation on its internally generated revenue, but said that OPIC should provide affordable houses to residents.