...Poroye says fencing, CCTV installation enhance estate security
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‎The Chairman of the Ondo State Oil Producing Areas Development Commission (OSOPADEC), Prince Biyi Poroye, has reaffirmed the Commission’s commitment to expanding its investment drive through sustainable real estate development aimed at strengthening revenue generation beyond the 13 percent oil derivation fund.
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‎Poroye stated this during an inspection visit to the Coastville Estate project, a property acquired by the Commission in 2019 as part of its long-term investment strategy.
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‎He explained that OSOPADEC’s entry into real estate was informed by the need to diversify its revenue base and create sustainable value for the mandate areas.
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‎According to him, the initiative was designed to reduce over-reliance on statutory allocations while building alternative sources of income for long-term development.
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‎“This property was acquired with the vision that the Commission should look beyond the 13 per cent oil derivation fund and explore additional avenues for generating sustainable resources to secure a more prosperous future for the Commission,” Poroye said.
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‎The OSOPADEC chairman noted that the estate had faced years of encroachment challenges but said intervention from the Ondo State Attorney General and Commissioner for Justice, Dr. Kayode Ajulo, helped in reclaiming the land.
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‎He disclosed that fencing works had commenced at the estate, while Closed-Circuit Television (CCTV) cameras had also been installed to strengthen security monitoring within the project site.
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‎Poroye added that the improved security measures and ongoing infrastructure development had significantly increased the value of the estate and boosted investor confidence.
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‎He said prospective subscribers, staff of the Commission, and investors from within and outside the mandate areas had shown strong interest in the project.
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‎“This remains one of the best places for anyone to invest in real estate because we have the capacity to secure and protect the property for all interested investors and subscribers,” he added.
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‎The chairman further revealed that OSOPADEC has vast hectares of land in Alape, Ilaje Local Government Area, which would be part of future expansion plans for investment development.
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‎Also speaking, the Director of Business and Investment Development, Dr. Femi Dabo, described investor response as encouraging, noting that the Commission was increasing budgetary allocation to improve infrastructure within the estate.
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‎He said plans were underway to develop road networks, provide lighting, and complete perimeter fencing at the OSI Estate managed under Coastville Global Resources.
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‎In his remarks, the General Manager of Coastville Global Resources, Mr. Alade Joseph, said ongoing clearing and grading had exposed previously encroached areas and improved accessibility within the estate.
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‎He noted that the site had now become more conducive for residential development, while commending Governor Lucky Orimisan Aiyedatiwa for supporting OSOPADEC’s investment initiatives.
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‎“The grading we have done has given us a clear picture of what the estate looks like. The place is now an enabling environment for everyone who wishes to invest here and build residential properties.”
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‎Alade also appreciated Governor Lucky Orimisan Aiyedatiwa for supporting the Commission’s investment and development initiatives.