Nigerian Businessman Invests $6.7m To Reduce Lagos Housing Deficit

VENTURES AFRICA – Prof. Wale Omole, Chairman of the Board of Kajola Integrated Investment has disclosed plans to invest over 1 billion naira ($6.7 million) to meet the over five million housing deficit in Lagos, capital city of Nigeria, especially with the strong attraction of expartrates and corporate individuals to the state.

According to THISDAY, Omole explained that the choice Ikeja GRA has been strategically chosen as the location for the 12 unit Kajola terrace apartments which would provide affordable housing to top executives and high profile individuals.

In his remark, the MD and CEO of the company, Adelani Ajanaku, said: “We also chose the Ikeja GRA because it remains one area that has not been polluted of all the GRAs that we have in Lagos. It still boasts of adequate security, ambience and serenity unlike what is obtainable at Victoria Island, Ikoyi and Apapa.”

“We intend to move here to other parts of Nigeria like Abuja and Port-Harcourt, apart from providing accommodation for the top-end market we are also going to concentrate on the lower-end too.

He added: “We are aware that the greater percentage of our people exist within the lower rung and so we are very conscious of that, therefore part of the profit that will come in from these luxurious terrace apartments would be channelled into the provision of low-cost houses for the low and middle classes of people.”

Kajola Integrated Investment with the completion of its 1 billion naira ($6.7 million) exquisite housing project will be making a bold entry into the lucrative real estate business. The company specializes in the provision of integrated financial services, Project Management and Business Development.

It commenced operation on the 1st of June, 2007 with a capital base of 100 million naira ($670,000). As at December 2011, it’s gross earnings had grown to over 1.216 billion naira ($8 million).