IBADAN/Nigeria: In a significant move towards infrastructure development, Governor Seyi Makinde of Oyo State has greenlit the awarding of the Yekinni Adeojo Government Residential Area (GRA) to Messrs Allianz West Africa (Nigeria) Limited through a Public-Private Partnership (PPP) scheme.
The Director General of Oyo State Investment & Public-Private Partnership Agency (OYSIPPA), Mr. Tilewa Folami, facilitated the formalization of this agreement by handing over the mandate letter of grant to Engr. Adeyinka Owodunni, the Managing Director/CEO of Allianz-West Africa Offshore Limited, in Ibadan on December 5, 2023.
Under the terms outlined in the mandate letter, Allianz West Africa Ltd. is tasked with the development of infrastructural facilities across the 50-Hectare Yekinni Adeojo GRA located in Oluyole, Ibadan. This development will be financed privately and will include the management of the GRA for approximately 25 years, benefiting future residents and the Oyo State government.
This decision comes on the heels of the successful completion of the Engr Lere Adigun GRA (Basorun, Ibadan) by Allianz West Africa, a development that has attracted significant interest among the upper middle class in Ibadan.
Engr. Owodunni emphasized that the Yekinni Adeojo GRA (YAGRA) will be a pivotal residential development, strategically designed as part of a masterplan community to activate a satellite city on the South-East quadrant of the Ibadan Circular Road (ICR), intersecting the newly completed Lagos-Ibadan Expressway—a project currently in progress.
Speaking about the strategic positioning of the estate, Owodunni highlighted its accessibility to multiple cities such as Lagos, Ife, and Ijebu through the Ibadan circular road butterfly interchanges on the Lagos-Ibadan expressway.
He further stated, “With the ongoing construction of the 110-km Ibadan Circular Road and the completion of the Lagos-Ibadan Expressway, a massive population influx is expected in Ibadan this decade. An additional 5 Million people is projected to migrate to Ibadan due to these infrastructural developments and the satellite cities that precipitate. The Yekinni Adeojo GRA is a visionary and complimentary last-mile infrastructure that will organically fit into the Oyo State 2030 masterplan.”
The Yekinni Adeojo GRA is set to accommodate around 300 fully serviced plots catering to residential, commercial, and recreational services, ultimately housing approximately 600 to 800 families at full capacity.
Allianz-West Africa, as part of its PPP agreement with the Oyo State Government, will oversee the provision of various infrastructural facilities and developmental control responsibilities, in alignment with Governor Seyi Makinde’s vision for all future GRAs in Oyo State to have 100% infrastructure readiness before residency commencement.
The listed responsibilities include major and minor roads, drainage systems, electrical substations, water plants, security measures, beautification efforts, administration of deeds of restrictions, and multi-year estate management services.
Building upon the success of the Engr. Lere Adigun GRA, the MD/CEO of Allianz WA anticipates the completion of Yekinni Adeojo Infrastructural Facilities by Q3 2024, making it ready for full residency.
