The Oyo State Governor, Seyi Makinde, has approved the award of the Yekini Adeojo Government Residential Area (GRA) to Messers Allianz West Africa (Nigeria) Limited under a public-private partnership (PPP) scheme.
The Director-General of Oyo State Investment and Public-Private Partnership Agency (OYSIPPA), Mr Tilewa Folami, handed over the mandate letter of grant to the Managing Director and CEO of Allianz-West Africa Offshore Limited, Mr Adeyinka Owodunni, in Ibadan on Tuesday.
According to the mandate letter, Allianz West Africa Ltd. will develop the infrastructure facilities at the 50-hectare Yekini Adeojo GRA, Oluyole, Ibadan, using private funds and also manage the GRA on behalf of future residents and the Oyo State government for about 25 years.
This award to Allianz West Africa is premised on the successful performance and timely completion of the Lere Adigun GRA, Basorun, Ibadan, by Allianz West Africa. Lere Adigun GRA has become a highly sought-after residential enclave for the upper middle class in Ibadan.
According to Owodunni, the Yekinni Adeojo GRA (YAGRA) will be a residential development that is designed as part of a masterplan community to activate a satellite city on the south-east quadrant of the Ibadan Circular Road (ICR), where it intersects the newly completed Lagos-Ibadan Motorway. The ICR is currently under construction.
This estate is positioned to allow its residents easy access to multiple cities (Lagos, Ife, Ijebu, etc.) through the Ibadan circular road butterfly interchanges on the Lagos-Ibadan motorway.
He said: “With the ongoing construction of the 110-km Ibadan Circular Road and the completion of the Lagos-Ibadan motorway, a massive population influx is expected in Ibadan this decade.
“An additional five million people are 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 expected to have about 300 fully serviced plots for residential, commercial, and recreational purposes.
At full capacity, it will be an estate for about 600 to 800 families.
Allianz-West Africa will provide the following infrastructure facilities and have developmental control responsibilities as part of its PPP agreement with the Oyo State Government.
These are major and minor roads with access slabs to all plots; drainages and stream channel conduits; electrical substations and reticulations to all plots; water plants and reticulations to common areas; security-perimeter fencing, among other basic amenities.
This is in sync with His Excellency Governor Seyi Makinde’s vision that all future GRAs in Oyo State must have 100 per cent infrastructure before residency commences.
On the basis of the successful and timely execution of the Lere Adigun GRA, the MD/CEO of Allianz WA expects Yekinni Adeojo infrastructural facilities to be completed by Q3 2024 and ready for full residency.
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