Odunayo Ojo, Managing Director of UPDC Plc, has called on policymakers to treat affordable housing as a national priority, stressing its central role in economic development.
Speaking during a media briefing in Lagos, Ojo emphasized that bridging Nigeria’s housing gap—estimated at over 20 million units—is crucial for the country’s growth. “Housing is more than shelter. It’s a powerful driver of economic transformation,” he said.
UPDC, long known for luxury properties in Ikoyi and Victoria Island, is now targeting the underserved middle-income segment. Recent developments like The Hampshire in Sangotedo and Brompton City near Ogombo Road are part of this pivot.
“We’ve completed The Hampshire. Brompton City’s phase one is sold out, and the next phases are underway,” said Olatunde Jagun, UPDC’s Head of Development. These estates feature solar infrastructure, recreational spaces, and commercial zones aimed at modern, sustainable living.
Ojo also revealed the firm’s impressive financial turnaround—doubling revenue from ₦5.3 billion in 2023 to ₦11.78 billion in 2024—driven by real estate, hospitality, and facility management. After years of losses, UPDC has resumed dividend payments for the first time in nearly a decade.
He acknowledged the company’s challenges, including high inflation, interest rates, and legal bottlenecks in rent-to-own schemes. Yet, UPDC is adapting with smarter designs, local sourcing, and Real Estate Investment Trusts (REITs) to build a resilient business.
Looking ahead, Ojo said UPDC aims to deepen partnerships across sectors to sustain momentum. “We’re not just building homes. We’re helping rebuild the economy,” he concluded.
