The Odu’a Investment Company Limited, a conglomerate owned by six South-Western states of Nigeria, has embarked on a transformative redevelopment of the historic Obafemi Awolowo House in Ikeja, Lagos. This iconic building, situated in the bustling commercial heart of Ikeja, is being reimagined as a state-of-the-art technology mall, aptly named the Awolowo Tech Mall. This ambitious project signals not only a physical upgrade of the existing structure but also a strategic pivot by the Odu’a Group towards actively engaging with the burgeoning digital economy and solidifying its relevance in the evolving marketplace. The initiative, according to the Group Chairman, Otunba Ashiru, is more than just a real estate venture; it represents a commitment to preserving the legacy of the past while simultaneously embracing the opportunities of the future.
The redevelopment of the Obafemi Awolowo House is a collaborative effort between Wemabod Limited, a subsidiary of Odu’a Investment Company Limited, and El-Salem Nigeria Limited. This partnership underscores a shift in the Odu’a Group’s investment strategy, moving away from passive asset management towards proactive, value-driven investments in real estate. The Awolowo Tech Mall is envisioned as a dynamic hub driving commercial activities within the Ikeja Central Business District. It will offer a platform for youth innovation, fostering business incubation and the growth of technology-driven enterprises. The project is deeply rooted in the Odu’a Group’s investment philosophy, emphasizing sustainability, inclusivity, and a tangible positive impact on the community. This approach reflects a broader commitment to responsible and impactful investments that contribute to the overall economic development of the region.
This strategic redevelopment further strengthens the Odu’a Group’s financial standing, as evidenced by the recent upgrade of its corporate credit rating to Aai- by Agusto & Co. This positive assessment reflects the group’s financial resilience and robust governance practices. The Awolowo Tech Mall project, along with other strategic initiatives, positions Odu’a Investment Company Limited for continued growth and success in the dynamic Nigerian economy. It demonstrates the group’s adaptability and foresight in identifying and leveraging opportunities presented by the digital age. The improved credit rating serves as a testament to the efficacy of their strategic planning and execution, instilling confidence in their ability to deliver sustainable long-term value.
The transformation of the Obafemi Awolowo House is a significant undertaking aimed at creating a contemporary commercial complex befitting the demands of the 21st-century digital economy. The redevelopment will see the existing structure evolve into a five-storey, ultra-modern facility equipped to cater to the specific needs of technology-focused businesses. The mall’s strategic location in close proximity to Computer Village, a renowned hub for technology products and services in Lagos, further strengthens its potential as a focal point for technology firms, service providers, innovators, and entrepreneurs. This prime positioning is expected to attract a diverse range of businesses and individuals, fostering a vibrant ecosystem of innovation and collaboration.
The redevelopment project will significantly expand the available commercial space within the building. From its current 4,800 square metres, the total area will be increased to approximately 9,000 square metres, more than doubling its capacity. This expansion aligns with Wemabod’s strategic objective of increasing its market share and contributing significantly to the economic development of Lagos State. The increased space will offer greater flexibility and scalability for businesses, allowing them to grow and thrive within the Awolowo Tech Mall ecosystem. This expansive and modern environment will attract both established companies and budding startups, solidifying the mall’s position as a major commercial hub in Lagos.
The Awolowo Tech Mall is designed to be a smart and sustainable facility, incorporating modern technologies and environmentally conscious design principles. The mall aims to be a flagship for sustainable development, incorporating energy-efficient systems and promoting eco-friendly practices. This forward-thinking approach aligns with the growing global emphasis on sustainability and responsible resource management. By creating a space that is both technologically advanced and environmentally conscious, the project seeks to establish a new standard for commercial developments in the region. The Awolowo Tech Mall is poised to become a vibrant hub, fostering innovation, driving economic growth, and contributing to the development of a sustainable and technologically advanced future for Lagos and Nigeria.
