Odu’a Group Pulls Down Iconic Awolowo House For New Technology Mall

In its resolve to preserve its heritage and position its assets for relevance and value now and in the future, the Odu’a Investment Company Limited, OICL, is set for a significant milestone in real estate with the redevelopment of the famous Obafemi Awolowo House in Ikeja, Lagos, into a state-of-the-art Awolowo Technology Mall.

At the groundbreaking ceremony for the redevelopment of Obafemi Awolowo House, which took place Wednesday, at the site in Ikeja, the Group Chairman of Odu’a Investment, Otunba Bimbo Ashiru, described the project as a significant milestone achievement of the Odu’a Group.

In his address, Ashiru stated that the ceremony was beyond the launch of a real estate project, adding that, “it marks another bold step in the strategic evolution of the Odu’a Group. It is part of our deliberate expression of our transformation agenda and our commitment to unlocking value from legacy assets through innovation, partnerships, and visionary thinking.”

While aligning Odu’a heritage with vision, he stated that the Obafemi Awolowo House, once a landmark of architectural excellence in the 1980s, “is now poised for a new era, reimagined as a modern technology hub that meets the demands of a fast-evolving digital economy.

“This redevelopment is a clear statement of our resolve to preserve our heritage, while positioning our assets for relevance and value in the current and future marketplace. Through this transformation, we are aligning our legacy with the future, ensuring that what was once iconic remains impactful.”

Ashiru further described the Awolowo Tech Mall project as Odu’a strategic asset optimisation in action, stating that: “This project is the outcome of OICL’s strategic shift from passive asset management to proactive, value-driven real estate investment and under the leadership of our flagship real estate subsidiary, Wemabod Limited, and in joint venture with El-Salem Nigeria Limited, this initiative reflects the strength of our partnerships and the clarity of our investment direction.

“The Awolowo Tech Mall, when completed, will serve as a catalyst for commercial activity in the Ikeja Central Business District and a launchpad for youth innovation, business incubation, and technology-driven enterprise. It is, in every sense, a project that aligns with our investment philosophy—sustainable, inclusive, and impact-oriented,” he stated.

While disclosing the OICL’s recent Corporate Credit Rating Upgrade of the organisation, Ashiru said: “I am also pleased to use this occasion to formally announce the recent upgrade of OICL’s Corporate Credit rating to “AA-” by Agusto & Co. The rating had moved from A to A+ and now AA-.

“This rating reflects the strong financial position, operational resilience, and sound governance structure that the Odu’a Group has consistently upheld. It is a testament to the confidence reposed in our strategic direction and reinforces our credibility in the eyes of our stakeholders, partners, and the financial markets. We are grateful to Agusto & Co. for their professionalism and rigour in the assessment process, and we remain committed to sustaining the standards and transparency that earned us this recognition.”

He expressed Odu’a commitment to purposeful development, positing that: “As Lagos State continues to pursue an ambitious and commendable urban regeneration programme, particularly within the Ikeja axis, we at OICL reaffirm our commitment to being a constructive partner in this journey.

“Our focus remains on developing projects that not only deliver financial returns, but also foster inclusive growth, urban resilience, and regional competitiveness.

“I commend once again, the leadership and teams at Wemabod Limited and El-Salem for their dedication to this project. Your professionalism and hard work exemplify the excellence that drives the Odu’a Group forward.

“Let this moment serve as a strong message: Odu’a is not only preserving its legacy, we are repositioning it with intelligence, foresight, and purpose.”

In the same vein, the Managing Director and Chief Executive Officer of OICL, Yinusa Abdurahman, noted the Obafemi Awolowo House has been an enduring symbol of innovation since its design by Towry Coker Associates in 1978.

“Featuring one of Nigeria’s earliest glass curtain walls, it became a hub for top-tier institutions and achieved 100 percent occupancy due to its strategic location and modern appeal. As urban infrastructure improves, development evolves and the use of land changes. Wemabod Limited, in partnership with El-Salem Nigeria Limited, is seizing the opportunity to reimagine this landmark. With new planning permissions and the repositioning of Ikeja’s Central Business District, we are transforming this historic site into a 21st-century digital and commercial powerhouse.”

He disclosed that the new Awolowo Tech Mall would more than double the commercial space from 4,800sqm to approximately 9,000sqm, adding that the expansion aligns with Wemabod’s strategic direction to increase market share and contribute meaningfully to the state’s economic development.

“It will be a smart, sustainable facility positioned to host leading technology firms, startups, and service providers; a future-forward ecosystem for innovation and enterprise. As a proud subsidiary of Odu’a Investment Company Limited, Wemabod continues to push boundaries in delivering landmark developments. This project reaffirms our commitment to real estate excellence, economic empowerment, and infrastructural transformation,” he stated.

While thanking the management and board of OICL for their support all the time, Abdurahman said: “To the Board members of Wemabod Limited, we are grateful for creating needed enabling environments. I recognise the cooperation and commitment of staff members of Wemabod to this project and our development partner for believing in our vision. As we turn the first sod today, we are not just building blocks we are building opportunities. May this endeavour bring growth, prosperity, and lasting impact.”

In his remarks, the Chairman, Board of Directors, Wemabod Limited, the property arm of OICL, Nureni Oladipo Adisa, said the groundbreaking marked not just the start of construction work but the beginning of a new chapter in the enduring story of Wemabod Limited.

According to him, “The Awolowo House has long stood as one of our most iconic properties; a reflection of our rich legacy in Nigeria’s real estate space. However, legacies must evolve to remain relevant. And so, with this redevelopment, we are choosing to preserve our past by boldly transforming it to meet the future.

“This redevelopment will see the existing structure evolve into a five-storey, ultra-modern commercial complex to be known as the Awolowo Tech Mall. Given its strategic location along Obafemi Awolowo Way and its proximity to the bustling Computer Village, this hub is envisioned as a thriving magnet for technology firms, service providers, innovators, and entrepreneurs.

“By positioning this development at the intersection of commerce and technology, Wemabod is laying the groundwork for a space that nurtures ideas, fuels business, and contributes meaningfully to the digital economy of Lagos and Nigeria in general.”

Also, the Group Chairman of El-Salem Nigeria Limited, the construction company handling the project, Ben Gbade Ojo, said the project would be transformed by El-Salem Nigeria Limited, in partnership with Wemabod Nigeria Limited and the Oodua Group Limited, adding that the state-of-the-art technology and commercial hub would power innovation, creativity, and economic growth in Lagos, Nigeria, indeed West Africa and beyond.

He told journalists that the project, “is more than just a mall. The Awolowo Tech Mall is envisioned more as a dynamic commercial ecosystem where tech firms, creative minds, entrepreneurs, and global brands can thrive. It is purposefully designed to promote innovation and digital enterprise, the facility also offers flexible spaces suited to a wide variety of business ventures.”