OPIC Generates N3.6bn in 8 Months 

By on October 19, 2017

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

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

The managing director stated that the OPIC generated N1.4billion from site services programmes while over N1billion came from plot allocation and layout fees premium and N290million from sales of building.

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

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

He stated that OPIC had been able to initiate and complete multiple housing prototypes across its various Estate.

He noted that during the period under review, the corporation had continued to enhanced in-house skills and ability to perform and put in place partnership that would ensure the agency made its revenue target.

He promised that the corporation would continue to provide affordable housing units to the people of the state.

The general manager said that the economy recession experienced during the year had severely impacted revenue projections while topography issues was part of the challenges faced by the corporation.

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

He commended the corporation in the area of Internally generated revenue, adding that OPIC should ensure they provide affordable housing units to the teeming populace of the state.

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