The board of directors of Wemabod Limited on Tuesday unanimously appoint Otunba Seyi Oduntan as its new chairman. This took place at the headquarters of the conglomerate in Lagos.
The motion for Oduntan’s elevation from a director to chairman was moved by one of the board members, Engineer Kolawole Akinola, supported by other directors.
Speaking after his inauguration as the board chairman, said he appreciates other directors, referring to his colleagues as core professionals.
Describing Wemabod as an iconic organisation that had seen a major turnaround in the last four years, Oduntan said Wemabod has a real potential in real estate and other businesses, with asset base that is worthy of emulation.
He assured stakeholders that the new board would help to realise the potential of the company while leaving a legacy that everybody will be proud of.
Oduntan congratulated all board members and the Managing Director/Chief Executive Officer of Wemabod, Mr Yemi Ejidiran, for their commitments to making the company great.
He said: “To whom much is given, much is expected. Wemabod is a subsidiary of Odu’a and the company is looking for more investments and achievements
“We can work together to achieve outstanding results. The work ahead of us is to bring something to the table and achieve the desired greater results,”
Wemabod Estates Limited (WEL), now known as Wemabod Limited was formerly known as Nabani Estates Limited. Incorporated in September 1962 as a wholly owned subsidiary of National Bank of Nigeria Limited. Nabani Estates Limited was later sold to Western Nigeria Marketing Board where the name Wemabod was derived.
At the incorporation of Odu’a Investment Company Limited in 1976, Wemabod effectively became a subsidiary of Odu’a. Wemabod Limited is one of the largest property companies in Nigeria with a wide range of commercial, industrial and residential properties in its portfolio.
The authorized share capital is 35,000,000 ordinary shares of N1.00 each out of which 26,015,434 ordinary shares of N1.00 each is fully paid. Odu’a Investment Company Ltd is the owner of the company.
