Category: Business
Agusto & Co. assigns an “A-” rating to Wemabod Limited with a stable outlook
Agusto & Co. assigns an “A-” rating to Wemabod Limited (“Wemabod” or “the Company”). The rating reflects Wemabod’s good operating cash flows supported by the relative stability in its earnings and strong average occupancy rate of nearly 90% across its portfolio of commercial, industrial, and residential properties. The rating further considers the Company’s diversified income stream that has continued to support revenue growth, and its unique project financing strategy that has helped to keep its leverage low.
Wemabod Limited is a real estate and property development company with a diversified portfolio of commercial, industrial, and residential properties across major cities in Nigeria. The Company is the real estate arm of Odu’a Investment Company Limited (“the Odu’a Group”) – a conglomerate owned and controlled by the former Western States of Nigeria (now Oyo, Ogun, Ondo, Osun, Ekiti and recently added Lagos State). Wemabod owns some of the iconic commercial properties in Lagos including Western House, Investment House, Unity House, Lapal House and Awolowo House. The Company’s primary focus has been on property development and acquisition with the view to generating rental income. However, there has been a shift in Wemabod’s strategy with increased investments in new properties as well as renovation of existing commercial buildings in a bid to improve their attractiveness and occupancy rate.
WEMABOD REAL ESTATE OUTLOOK CONFERENCE 2023
Wemabod Limited is inviting you to her upcoming Real Estate Outlook Summit Conference 2023, which is shaping up to be a premier event for professionals in the real estate industry.
Read more “WEMABOD REAL ESTATE OUTLOOK CONFERENCE 2023”
SIXTY AND STEADY – WEMABOD LIMITED CELEBRATES THE 60TH ANNIVERSARY OF ITS ESTABLISHMENT. (Press release)
Wemabod Limited announced its 60th-anniversary celebration as one of Nigeria’s oldest but very solid property development and management companies.
The company which has emerged as one of the longest-standing real estate solution providers over the last sixty years is set to raise a glass on this momentous Diamond Jubilee celebration. Read more “SIXTY AND STEADY – WEMABOD LIMITED CELEBRATES THE 60TH ANNIVERSARY OF ITS ESTABLISHMENT. (Press release)”
DEVELOPMENT AGREEMENT FOR SUPER PLAZA MALL
On 15th September 2021, Wemabod Limited signed a development agreement with Median Infrastructure development company for the Development of land measuring 4426.45 Square meters, formerly known as Super Cinema and more recently as Super Plaza, along the bustling Akerele Road, Surulere, into the Proposed Super Mall. Read more “DEVELOPMENT AGREEMENT FOR SUPER PLAZA MALL”
SOD-TURNING OF 37 A AND C IKOYI CRESCENT
The Chairman Wemabod Limited, Architect Dunni Opayemi turned the first turf at the Groundbreaking event of the Iconic “The Address Homes, Wemabod Estates”, Project, located at 37A & C Ikoyi Crescent. Read more “SOD-TURNING OF 37 A AND C IKOYI CRESCENT”
Five Building Collapse Warning Signs
Building collapse has become a common occurrence in different parts of the country leading to loss of lives and properties worth millions. According to a Lagos state inquiry, there were at least 135 cases of collapsed buildings between 2007 and 2013. It has also been observed that most of the buildings that collapse are multi-storey structures. Building don’t just collapse, there are always warning signs; however most property owners and tenants tend to ignore these signs.
Large Cracks on the Wall – Thermal movement is one of the major causes of cracks that are seen on the walls of buildings. If overlooked, it could eventually lead to the collapse of the building. Cracks on the wall of a building is a natural sign that shows the structure cannot sustain the movement or load it is subjected to. When cracks appear in the walls of a building, it is either a structural crack or a non-structural crack.
Creaking Sounds – Creaking sounds occur when the metal parts of the building contracts more than the wooden parts, as a result both parts rubs against each other. Creaking sound is an indicator that parts of the building are failing and when it becomes loud and repetitive, that is a sign to evacuate the building.
Collapsing Ceilings/Mould and Water stains on the Wall – Moulds and water stains are caused by moisture penetration, when water reaches a part of the house that should not be wet. A damp occurs when excess of moisture is trapped within the structure of a house. Moisture has a natural tendency to spread out from wet areas of a house to the dry parts.
Weak Supporting Structures – Weak supporting structures can result from several factors such as substandard building materials, tears and fissures in foundation structures. A building is likely to collapse when a primary structural element fails, leading to the failure of other structural elements, which finally culminates in the collapse of the building. Also deformed siding can lead to building collapse because it is the siding that protects your building from the moisture and other elements.
Moving House – This one of the most hazardous warnings of an impending building collapse. Over a period of time, certain parts of the house start shifting from their original position due to foundation problems. When the foundation of the building shifts, it creates a ripple effects of events throughout the house, which causes the house to move.