Wemabod Limited on Friday announced the retirement of its Managing Director/Chief Executive Officer, Mr Oluyemi Ejidiran,
According to the company, Mr Bashir Oladunni has been named as the company’s new Managing Director/Chief Executive Officer, effective from December 19, 2024.
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WEMABOD stressed that Mr Ejidiran served the company with dedication and distinction for six years in which his leadership, the company experienced significant growth and profitability.
Reflecting on his tenure, Mr Ejidiran said “It has been a great honor to be entrusted by the Company’s Shareholders and the Board to lead this organization since December 2018.”
According to him, “During this period, we achieved remarkable financial performance and corporate governance improvements. I am pleased with the progress made in portfolio rebalancing and asset optimization in our key real estate sectors.”
“I am confident that these successes will be further accelerated under the capable leadership of Oladunni and the talented team we have cultivated with the Board’s support.”
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The new MD,Oladunni Bashir is coming in with over 22 years of real estate industry expertise .As the Controller of Estates, he managed over N34 billion real estate assets for Wemabod Limited.
His academic credentials include an HND in Estate Management from The Polytechnic Ibadan, an MSc in Housing Development and Management from the University of Ibadan, a Postgraduate Diploma in Estate Management from the Federal University of Technology Akure, and an M.Tech in Estate Management from Bells University of Technology, Otta.
He is a Fellow of the Nigerian Institution of Estate Surveyors & Valuers and a Registered Member of Nigeria’s Estate Surveyors & Valuers Registration Board. Additionally, he is a PMI Certified Project Management Professional, a Chartered Arbitrator, and a faculty member at Reals Academy and the Association of Investments & Portfolio Managers.
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Mr Oladunni spearheaded a strategic restructuring that enhanced operational efficiency and expanded the company’s scope from Property Management to Property Development as well as establishment of Westlink Facility Management Limited as a subco. Notable projects initiated during his tenure include development of luxury residential estate at Ikoyi Crescent, Lagos, remodelling of Unity House,Marina into luxury mixed used apartments, development of residential houses along Lekki/Epe Expressway known as Serenity Estate, and developments in Ado Ekiti, among others.
Wemabod’s asset and property portfolio saw substantial growth, and the company achieved an “A-” rating from Agusto & Co., reflecting robust operating cash flows, stable earnings, and a strong occupancy rate of nearly 90% across its diverse property portfolio. The company’s diversified income stream and innovative project financing strategies have been key to its sustained revenue growth and low leverage.
Speaking at the WEMABOD 50th Annual General Meeting (AGM) on Friday, Chairman of the Board, Wemabod Limited, Mr Ibukun Efuntayo announced the retirement of Mr Oluyemi Ejidiran.
“Today, we announce the retirement of a Managing Director who has played a pivotal role in Wemabod’s transformation into a world-class conglomerate.”
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“On behalf of the Board of Directors, I extend our sincere gratitude to Oluyemi Ejidiran for his exceptional leadership, vision, courage, and professionalism. We are also thrilled about the smooth leadership transition and congratulate Oladunni Bashir on his appointment. I am confident that he will elevate Wemabod Limited to new heights, building on the solid foundation laid over the past years.”
Mr Efuntayo then stressed that Wemabod recorded a profit before tax of N1.323 billion for the 2023 financial year as well as proposed a dividend payment of N42,400,000.00 to its shareholders, translating to N1.63k dividend per share.