December 8, 2023

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MWUN diversifies into real estate, signs JVA with Ideation properties

MWUN diversifies into real estate, signs JVA with Ideation properties

The Maritime Workers Union of Nigeria (MWUN) has signed a Joint Venture Agreement (JVA) with Ideation Property Development Limited to develop its landed property and secretariat at Okokomaiko area of Lagos into a modern residential estate.

The project, a 1.79 hectares of land which would be developed into 32 units of two-bedroom apartments and 24 units of terrace houses is expected to be completed within 24months.

Speaking at the signing of the JVA which took place at the union’s National Secretariat in Lagos on Thursday, President General of MWUN, Comrade Adewale Adeyanju, said there was need for the union to diversify to generate more money for the union and meet with the current state of the economy.

He said the property was acquired by the defunct Dockworkers Branch of the union but was abandoned for a long time.

According to him, the property cannot continue to lie fallow when there can be a structure in the name of the union on it.

He said, “Today is a new dawn in the Maritime Workers Union as we prepare to sign this agreement with this reputable developer.

“We felt there is need for us to diversify into so many projects, we cannot remain stagnated with two percent check-up dues. We cannot allow that land to remain like that forever.

We are signing this agreement with a reputable developer. It is not about me, but about the union.

“Whatever profit we get from there, we can use it to buy another land, it would expand the scope of the union. It would also generate more revenue for the union. We have been on this matter for more than one year due to disagreement with the developers on what should accrue to the union and the developers. But today the disagreement has come to an end and we are signing the agreement today on behalf of the union.”

Managing Director of Ideation Properties Development Limited, Chief Adekunle Oyinloye lauded the union, saying that the idea of the project was conceived by its President General, Comrade Adeyanju.

“The land is 1.79 hectares. 32 units of two-bedroom apartments and 24 units of terrace houses. What we have there is a modern dwelling place.

“It would have its own electricity supply and alternative sources of energy, an industrial borehole to supply water to the tenants without hassles, it is going to be a gated community with electronic access, it would be a secured environment.

“In addition to building something on that structure, it would change the landscape in Okokomaiko, you would be redefining what property is like in that neighborhood.

“It is out joy that we are sharing that opportunity together, for those who would share in that joy, they would remember the name of MWUN forever and Ideation Properties would be mentioned along the line.”

On the cost of the project, Oyinloye said, “I am always wary of the figures I put out in the public, so that we don’t become liars. When we conceived this project, cement was N2,600 per bag, now it is over N4,000; same with the prices of other materials.

“You can be sure that we’ll set up a mechanism between us and the union, so that whatever amount we spend on the project is jointly known. We don’t want to tell you the price today and then it changes tomorrow. Three months ago, inflation was at 11 per cent, and today it is about 16 per cent, and we don’t know where it is going.

“However, we have no fear of the project experiencing any setbacks. It is our belief that it will handsomely reward the union and us in the end. We are excited to partner with you, and we will not let you down.”



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