UPDC’s Turnaround: Finance Costs Drop, Revenue Rises, and a Bold New Vision Unfolds
In what appears to be a significant turnaround story in Nigeria’s real estate sector, the Managing Director of UPDC Plc, Mr. Odunayo Ojo, has announced a consistent drop in the company’s finance costs — so much so that the company is now generating positive income from its operations. This marks a sharp contrast from previous years of financial strain, and positions UPDC as a company firmly on the path of growth.
Speaking at a recent press briefing, Ojo confidently stated, “We are on an upward trajectory, and with all the hard work of our management and staff, as well as the support of our customers and stakeholders, we believe this performance will be sustained.”
Finance Restructuring Paying Off
One of UPDC’s past challenges was high finance costs, which Ojo said have now been drastically reduced. This is due to strategic efforts to restructure the company’s capital base and cash flow. According to him, these reforms have created a more robust and resilient financial foundation, allowing UPDC to shift from survival to profitability.
Strong Revenue Growth Across Segments
UPDC’s total revenue for the last financial year stood at N11.78 billion, with property development leading the charge at N9.2 billion. The hospitality arm, particularly the Festival Hotel, contributed nearly N1.5 billion, and facility management added N924 million, while other income streams pushed the total over the N11 billion mark.
Ojo noted that the hospitality business continues to grow despite setbacks from the COVID-19 pandemic. “We reopened Festival Hotel in 2022 and have since seen steady growth,” he said, hinting at future investments in infrastructure to further enhance this segment.
Real Estate for the Workforce and Young Professionals
UPDC is also shifting its development focus beyond traditional markets like Lekki and Ikeja GRA. The company plans to build new urban centers in fast-developing areas such as Epe, Badagry, and Ojodu, targeting young professionals and the workforce — segments often overlooked by mainstream developers.
According to Ojo, “Anybody with a stable job and rent obligations should be able to afford a home. If you can pay rent, you can pay for a mortgage — the issue has been lack of accessible mortgage financing.”
He applauded the federal government’s Mortgage Refinance Intervention Fund (MRIF), which aims to provide long-term mortgages at about 12% interest over 25–30 years. UPDC plans to support and drive adoption of such schemes to open the real estate market to younger demographics.
Digital Transformation and Holistic Solutions
In a forward-looking statement, Ojo emphasized that UPDC is aggressively embracing digital tools and artificial intelligence to improve customer service and expand reach. The goal, he said, is to evolve from a traditional property developer to a comprehensive real estate solutions provider, covering everything from property development to facility management, hospitality, and consulting.
“Whether you need to manage, lease, or build, UPDC aims to be your one-stop shop for real estate,” he said.
Landmark Projects: Hampshire and Brompton City
UPDC’s Project Development Manager, Olatunde Jagun, highlighted some of their major developments:
• Hampshire, a 5-hectare mixed-use estate in Sangotedo, was launched and completed between 2023 and 2024. It includes 62 plots with high- and low-density areas, all sold out and ready for customer development.
• Brompton City, a massive 300,000-square-meter development, is targeted at middle-income earners. The first phase (100,000 sqm) was sold out and delivered last year, contributing significantly to UPDC’s revenue. Phases two and three, covering 125,000 sqm, are now in the design stage and will feature top-class infrastructure — from roads and drainage to water and sewage treatment systems.
This latest update from UPDC signals a strong comeback story in Nigeria’s real estate market — one driven by innovation, strategic investments, and a clear focus on underserved market segments.
In what appears to be a significant turnaround story in Nigeria’s real estate sector, the Managing Director of UPDC Plc, Mr. Odunayo Ojo, has announced a consistent drop in the company’s finance costs — so much so that the company is now generating positive income from its operations. This marks a sharp contrast from previous years of financial strain, and positions UPDC as a company firmly on the path of growth.
Speaking at a recent press briefing, Ojo confidently stated, “We are on an upward trajectory, and with all the hard work of our management and staff, as well as the support of our customers and stakeholders, we believe this performance will be sustained.”
Finance Restructuring Paying Off
One of UPDC’s past challenges was high finance costs, which Ojo said have now been drastically reduced. This is due to strategic efforts to restructure the company’s capital base and cash flow. According to him, these reforms have created a more robust and resilient financial foundation, allowing UPDC to shift from survival to profitability.
Strong Revenue Growth Across Segments
UPDC’s total revenue for the last financial year stood at N11.78 billion, with property development leading the charge at N9.2 billion. The hospitality arm, particularly the Festival Hotel, contributed nearly N1.5 billion, and facility management added N924 million, while other income streams pushed the total over the N11 billion mark.
Ojo noted that the hospitality business continues to grow despite setbacks from the COVID-19 pandemic. “We reopened Festival Hotel in 2022 and have since seen steady growth,” he said, hinting at future investments in infrastructure to further enhance this segment.
Real Estate for the Workforce and Young Professionals
UPDC is also shifting its development focus beyond traditional markets like Lekki and Ikeja GRA. The company plans to build new urban centers in fast-developing areas such as Epe, Badagry, and Ojodu, targeting young professionals and the workforce — segments often overlooked by mainstream developers.
According to Ojo, “Anybody with a stable job and rent obligations should be able to afford a home. If you can pay rent, you can pay for a mortgage — the issue has been lack of accessible mortgage financing.”
He applauded the federal government’s Mortgage Refinance Intervention Fund (MRIF), which aims to provide long-term mortgages at about 12% interest over 25–30 years. UPDC plans to support and drive adoption of such schemes to open the real estate market to younger demographics.
Digital Transformation and Holistic Solutions
In a forward-looking statement, Ojo emphasized that UPDC is aggressively embracing digital tools and artificial intelligence to improve customer service and expand reach. The goal, he said, is to evolve from a traditional property developer to a comprehensive real estate solutions provider, covering everything from property development to facility management, hospitality, and consulting.
“Whether you need to manage, lease, or build, UPDC aims to be your one-stop shop for real estate,” he said.
Landmark Projects: Hampshire and Brompton City
UPDC’s Project Development Manager, Olatunde Jagun, highlighted some of their major developments:
• Hampshire, a 5-hectare mixed-use estate in Sangotedo, was launched and completed between 2023 and 2024. It includes 62 plots with high- and low-density areas, all sold out and ready for customer development.
• Brompton City, a massive 300,000-square-meter development, is targeted at middle-income earners. The first phase (100,000 sqm) was sold out and delivered last year, contributing significantly to UPDC’s revenue. Phases two and three, covering 125,000 sqm, are now in the design stage and will feature top-class infrastructure — from roads and drainage to water and sewage treatment systems.
This latest update from UPDC signals a strong comeback story in Nigeria’s real estate market — one driven by innovation, strategic investments, and a clear focus on underserved market segments.
