MWUN diversifies into real estate; signs joint venture agreement with estate developer.

MWUN diversifies into real estate; signs joint venture agreement with estate developer.


The Maritime Workers’ Union of Nigeria (MWUN) on Thursday signed a Joint Venture Agreement (JVA) with Ideation Nigeria Limited for the development of of its landed property at Okokomaiko area of Ojoo Local Government Area of Lagos State.
The 1.97 hectares of land is estimated to accommodate 32 units of two-bedroom apartments and 24 units of terrace houses with state of the art facilities, self generating power, clean water supply and security
The project is expected to take a maximum duration of 24 months for completion.
The President General (PG), MWUN, Comrade Adewale Adeyanju, during the signing of the agreement at the Unions’ National Secretariat in Lagos on Thursday, September 29, 2022, said that there was need for the union to diversify into other revenue making ventures to meet up with the current state of the economy.
The PG further explained that there are other smaller unions in the country with many money making ventures, and the Maritime Union must not be left behind.
According to him, the land cannot continue to lie fallow when there can be a structure in the name of the union on it, adding that“Today is a new dawn in the Maritime Workers Union as we prepare to sign this agreement with the reputable developers. It is not about an individual, but about the system and the union, where, over the years, many people have asked if we have any project at all.
“We have thought about what we can we put our hands on. That is why we have decided to use the profits from our land for development purposes, to improve this great union and expand its scope. The property remains that of the Union and does not belong to me.
“If we didn’t put this structure (Union secretariat) in place in the past, where would we be sitting now? It is because we had the foresight, and what we’re doing now is another act of foresight, so that the whole world will recognise the Maritime Workers Union of Nigeria and the fact that we’re trying to expand our scope into so many ventures that will generate more revenue.
“We’ve been on this matter for almost a year now, with a lot of disagreements in-between, and while the investors have every right to make demands, we also have the right to disagree with them, since we’re the ones giving out our property. But today, those disagreements are coming to an end, and we’re signing this agreement on behalf of the union”.
On his part, the Managing Director, Ideation Development Ltd., Chief Adekunle Oyinloye disclosed plans to sell before 100% completion, saying that sales of the apartments will be on first-come basis, while noting that members of the union would be the first beneficiaries.
He also expressed excitement with the partnership, stating that the project will be a definition of housing masterpiece in the environment.
“A land can be accruing in value, but remain worthless until it is turned into something tangible, and for an organisation to build something on it is also to change the landscape. And I’m sure that you’ll be redefining what property is like in that neighborhood.
“Hence, it is our joy that we’re sharing this together, because for those who would dwell in that vicinity, they will remember our names forever, because you will be transforming that neighborhood, and we’re delighted to be a partner in that.
“Marketing will be in full swing, jingles about the project and pictorials of the buildings will be everywhere”, he said.
 According to him, it is an exciting view from the concept already shared with the Unions’ executives, adding that it would take 18 to 24 months maximum to deliver the project.
Speaking further on the importance of the project, he revealed that the union wanted the place as a warehouse initially, but a survey indicated that it will be better off as a residential area, due to its proximity to many members and stakeholders.
Oyinloye pointed out that:“As mentioned earlier, we have spent about a year hatching out the details of the agreement; the Unions’ executives were pressing for the best for the union, and we were also looking at a good return on investment, since we’re going to spend a lot of money on that place.
“But we believe that, at the end of the day, we will work together to convert it to real value and then we can move on to the next property to develop, and with that process, the union can expand its sources of revenue. We want the union to be as rich as it can be, because then you can help your members more”.
On the cost of the project, he explained: “I’m always wary of the figure 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 a 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 setback. It is our believe 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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