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  • Why real estate firms go into financing, by company chief

    Why real estate firms go into financing, by company chief

    The reluctance of financial institutions to finance real estate business has pushed these firms into areas like microfinance.

    Chief Executive Officer of Sentinel Holdings, Ekwu Emmanuel, noted that over the years, funding of real estate projects has been of concern following high interest rate charged by commercial banks on facilities sort by developers. Besides, he said the tenors given by banks are not usually favourable to recoup such loans.

    “Beyond trend, it is actually a sustainability strategy, because no real estate firm with the volume of responsibility and trust looking into the future can succeed without funding. And in Nigeria and Africa, funding is a big challenge. For instance, we at Sentinel began with zero funding; we didn’t have any funding. So, funding is a bigger issue as far as real estate is concerned. Any real estate company interested in the future and wants to sustain the business must seek funding.  A business should have control over its finance and not be at people’s mercy, he said.

    Emmanuel noted that Sentinel is passionate about Africa and interested in creating “social wealth.”

    “We want to be part of the company that innovated Africa. We want to see Africa rise. We want to make our contribution to the quality and capital deficit that we see in Africa that makes some company not to trans-generate by exceeding the first generation. So, reasons like this are fuelling real estate firms like ours to venture into the financial industry because it’s important to sustain your game. There is no need doing business you can’t sustain. Sustainability is the key as far as business is concerned. We want to be part of those that build Africa, not just making money, but build the business with legacy,” he said.

     Figures

    Emmanuel said despite the number of real estate companies in Nigeria, scarcity of funds may have accounted for the shortfall in the housing space. This is irrespective of opportunities for growth in the sector. Citing a report, Emmanuel noted the industry has not been able to cater for more than 10 per cent of the real estate potential in Nigeria.

    “We have not exceeded 10 per cent of the margin, so it is still high. And you can agree with me that even the private sector with public sector participation in real estate is nowhere near meeting the needs. So, the much you are seeing in real estate development is what the private sector is doing. And that is why, to some extent, it is capital intensive, which also brings us to the funding challenge.

    “So, Nigerians are still scratching the surface. We have not yet even done the land acquisition, land retailing and other necessary things to ensure people access land. That is the first level. The second level is development of operation, building and after building, different buildings. We’re talking about duplexes, detachable houses; skyscrapers, etc. So, you can see the gap,” he noted.

    Vision

    But much as people want to invest in the sector, there is the fear factor. Many property developing firms are involved in unscrupulous activities which is stalling growth. This also accounted for the huge shortfall in housing? Emmanuel noted there is need for real estate firms to diversify to achieve sustainability and meet the housing demand.

    “At Sentinel, our real estate idea is designed to be a destination of choice. We are careful about location, where we do business. We don’t do any multifaceted real estate name- but strictly “Destination of Choice (DOC). The difference between our estate and another is location because it’s a brand we are building.

    “For instance, as we speak, one of the offers we have is called “asset driven and national package.” That asset driven and national package are co-owned investment we want to do with investors. The idea is that we scouted three good locations we want to board, costing N2 billion; and we get people to key into it and thereby make good returns.

    Read Also: Building wealth abroad: Why Nigerian investors should consider US real estate with REI capital growth

    Emmanuel said the real estate sector also provides a platform for people not keen on building houses, but to make their money yield returns for them. “We call this asset building which has to do with cash flow building. It is an investors’ scheme that allows you to do investment with us in cash within the period of 12 months – at minimum N5 million and you are entitled to 35 per cent return on investment after 12 months and 50 per cent cash back from that after making 85 per cent and you still get the plot of land. So, it is a strategy we are using to expand our business of real estate to other locations. So, you are not buying land, you are actually doing an investment, what we call asset producing cash flow investment. So it’s not about buying land, it’s about investment in land that will give you assets after one year and give you property after one year,” Emmanuel said.

    On social housing, the Sentinel chief noted: “It is possible for government to do social housing because they have done it in the past. But it can only be possible through what we call public private partnership (PPP). It’s possible to make it happen when they provide the funding, they provide the technical and expertise to get it done and setting pace making policies. And if we have such offer, we’ll look into it and see if can assist.”

  • Technology indispensable to future real estate practice

    Technology indispensable to future real estate practice

    Members of Nigerian Institution of Estate Surveyors and Valuers (NIESV) have said technology was indispensable to future real estate practice.

    They spoke at the 2024 Mandatory Continuing Professional Development programme organised by NIESV, Lagos State branch.

    The surveyors said the event was by all standard a success.

    Read Also: Building wealth abroad: Why Nigerian investors should consider US real estate with REI capital growth

    The one-day seminar, which took place at the Lagos Chambers of Commerce and Industry, Victoria Island, Lagos and which brought together estate surveyors and valuers from across the country, noted that application of technology into the practice of the profession was key to remaining relevant in today’s rapidly evolving world.

    Speaking about the seminar’s main theme: ‘’Embracing Technology; The Future of Real Estate Services’’, a senior member and fellow of the profession, Otunba Bola Onabadejo, reminded surveyors that technology is a fundamental part of the modern-day practice and a driving force behind every successful endeavour.

    ‘’It has so much transformed the business landscape that anyone who ignores it is automatically exiting himself from practice.’’ 

  • Rethinking Real Estate, Business Coaching in Nigeria

    Rethinking Real Estate, Business Coaching in Nigeria

    The Nigerian real estate sector has long suffered from financial hurdles that have killed dreams and hampered the potentials of creativity, but one event, the Global Wealth Creation Summit, has peaked as a turning point for the sector, fostering growth and sustainability. At the forefront of this groundbreaking summit is Mr. Oladipupo Clement, a seasoned business and real estate coach, whose constant eye for growth and excellence led to the founding of Lifepage, where real-time experiences made him nurse the vision for the global wealth creation summit.

    The vision for Clement is to crystallize the financial challenges faced by real estate players and provide practical solutions on a short- and long-term basis to allow the real estate craftsmanship to meet unparalleled heights. “After years in this industry, the major challenge for many is finance. I recognised this early on and identified the gap, hence the creation of the global wealth summit to provide real estate professionals with advanced financial strategies and sustainable growth models,” Clement explained in an interview ahead of the summit.

    The need for existing professionals in Nigeria’s real estate to stay ahead of financial struggles is the central piece for the summit, and it is global because of the connection sparked among industry players all over the world. The summit had burgeoned into a safe space that doesn’t stop at providing a series of talks and discussions but also real-life transformative practicals, giving a grounded understanding of knowledge shared.

    Read Also: FG cautions content creators against negative narratives

    The Global Wealth Creation Summit allows real estate professionals to be masters at finances, navigating the complexities with funding. According to Clement, the focus on real-life application is what sets the summit apart. Led by renowned experts with proven experiences, the summit allows these experts to provide original onsite instances and market-tested strategies in the sector, tailored in credible theories of funding. In a nutshell, the financial models are categorized into two approaches: primary and secondary. The primary approach follows how funds can be accessed from different avenues, putting consideration into the assessment of avenues before securing the funds. While the secondary approach addresses the intricacies behind funding, which are how capital can be raised, how investments can be managed, and how businesses can be positioned for long-term sustainability in terms of financial stance. The two-pronged strategies are designed to empower real estate professionals to make deliberate and informed financial decisions that would in turn foster growth in their organizations.

    Interestingly, the summit transforms real estate companies through its beneficial offerings of innovative business models, and these were all coined by Clement throughout his experience in the industry. The business models offered by the summit bother the attraction and diffusion of investment plans. It also covers areas such as optimizing and scaling operations, implementation of sustainable and risk management practices, and many other growth-based factors. The goal is to have as many firms leveraging on these strategies such that their assets grow beyond traditional constraints, paving the way for significant shifts in Nigeria’s real market.

    Transformation also comes through networking, and this is what Clement understood—knowing that real estate success hangs mostly on the connections made with other industry players. Making that feasible, he structured the summit, which is composed of different real estate stakeholders such as business coaches, investors, real estate leaders, and developers, to have interactive sessions, wherein in these interactions lie the possibilities of collaboration and referrals.

    Proof and evidence is a vital component in real estate; this is the reason why during the summit there’s a curated list of successful real estate firms that have gone ahead to implement the financial strategies being taught. “These testimonials aren’t to convince people of the summit’s benefits; it’s just to show that the real estate sector is evolving, and to keep up with the evolution, advanced strategies must be employed,” Clement explained. Attendees of the summit are given a glimpse of life after the implementation of the summit’s suggested financial strategies. Clement considers this an emotional uplifting moment, where attendees would be further motivated to redirect their firms with actions that demonstrate the summit’s shared knowledge.

    The Global Wealth Creation Summit has undoubtedly been a game-changer for Nigeria’s real estate companies, especially through its offering of the “Investment Pitch Arena.” This feature in the summit is Clement’s impressive attempt at revolutionizing the real estate sector in the country, as real estate companies are presented with the platform to present their projects openly to potential investors and stakeholders present at the summit. Not only are bright ideas identified and harnessed, the arena serves as a bridge between investment opportunities and capital, making it easy for collaboration and the securing of funds from investors. This session of the summit is perhaps one of the most sought-after experiences from attendees, spurring intelligent conversations and awakening the spirit of creativity. The direct interaction that this session brings always yields fruitful collaborations following the start of new dynamic projects. An attestation to this is Ifeanyi Okeke, a real estate investor, saying, “I have attended this summit for the past three years, and the opportunity to pitch projects in front of the right people means a lot, and I’ve personally closed deals because of this.”

    Since the inception of the Global Wealth Creation Summit, it has recorded the participation of over 100,000 real estate professionals, who are all reshaping the scheme of things by unlocking new opportunities and leading with impact in the real estate terrain. Oladipupo Clement, as the leader of this summit, has created a lasting impact on the economy, where the summit serves as a catalyst for financial and career growth, which indirectly influences the country’s economy. The summit strikes as Clement’s legacy of innovation because he’s turned a fresh idea into realizable actions, setting standards through leadership and business coaching that many can emulate to advance the real estate practice in the country.

    The Global Wealth Creation Summit is a trailblazer, and as it continues to grow, the legacy of Oladipupo Clement increases in reach and influence. His contributions to Nigeria’s real estate are commendable—improving the quality of business coaches, breaking the barriers of financial incapacity, and creating new approaches for marketing. These contributions and more have positioned the Global Wealth Creation Summit as a chief cornerstone event, held in high esteem to shape the future of the industry for years to come.

  • ‘We’re revolutionising real estate, agric sectors’

    ‘We’re revolutionising real estate, agric sectors’

    Adbond Harvest and Homes, an agro-to-home real estate firm, has affirmed its commitment to

    sustainability and national development.

    Adbond’s founder/CEO, Oluwagbemiga Adekoya, gave this commitment at an event to

    commemorate the company’s 8 th anniversary on October 20, 2024.

    He said the company’s commitment is evident in its efforts to promote sustainable farming

    practices, ensure food security, and provide affordable housing.

    The CEO said his company’s efforts would complement the initiatives of the authorities, thereby

    promoting sustainability and national development.

    The Federal Government recently announced the suspension of duties, tariffs, and taxes on the

    importation of food commodities to mitigate the impact of high food prices.

    However, housing deficit is still a major challenge in the country, with the Minister of Housing

    and Urban Development, Ahmed Musa Dangiwa, on October 9, saying that an annual spend of

    N5.5 trillion would be required to build about 550, 000 housing units annually over the next 10

    years to solve the problem in the country.

    Adekoya, however, said Adbond has carved a niche by offering clients a unique opportunity to

    invest in agricultural land that will be transformed into residential properties, providing a dual

    benefit of food security and real estate equity.

    “We’re revolutionising the real estate and agricultural sectors with innovative Agro-to-Home

    concept. With over 1,000 acres of land sold to date, we have gained a strong reputation for trust,

    excellence, and transparency,” he said.

    Read Also:Exit of multinationals takes toll on commercial real estate

    Established eight years ago, Adekoya also said Adbond’s agricultural projects, managed by

    expert "Agro Developers," are focused on maximising land productivity.

    According to him, the real estate firm has made significant investments in youth empowerment

    in a bid to curb unemployment in Nigeria’s most critical demographics.

    “Through its e-staff initiative, the company has enabled over 2,000 virtual staff from around the

    world to contribute to its operations,” Adekoya said.

    He added that Adbond is actively engaged in empowering Nigerian youth through programmes

    that target the National Youth Service Corps (NYSC) camps in four states, providing valuable

    insights and investments opportunities to young graduates.

  • Exit of multinationals takes toll on commercial real estate

    Exit of multinationals takes toll on commercial real estate

    Multinationals and local companies are leaving Nigeria in droves, ostensibly in search for cost-friendlier business locations. The multinationals’ mass exodus hasof left behind huge industrial buildings and warehouses, thereby increasing the stock of unoccupied commercial houses in the country. Already, the once vibrant commercial and residential sub-sectors of Nigeria’s real estate industry, said to be imbued with the potential to drive economic growth and stability, are wobbling. However, industry experts and stakeholders have weighed in on options to halt the depressing trend. Assistant Editor, OKWY IROEGBU-CHIKEZIE reports.

    Nothing better critically reflects on Nigeria’s poor ranking on the ease of doing business than the mass exodus of multinationals and other local companies from the country. A common thread that runs through the long list of companies that have so far voted with their foot is the search for cost-friendlier business locations, in the face of rising costs of doing business in Nigeria.

    However, the high cost environment is not the only factor driving away multinationals and other local companies and businesses from Nigeria. Companies, foreign or local, thrive in environments that have clear, stable and predictable regulatory frameworks. But, in Nigeria, frequent changes in government policies, coupled with inconsistent enforcement, have created a climate of uncertainty.

    Accordingly, these foreign and local companies face difficulties in planning long-term investments due to abrupt policy shifts such as sudden changes in tax laws, import restrictions and foreign exchange controls. Many of them that could not stand the hit are forced to exit the country.

    From Diageo, which is the most recent firm that exited Nigeria’s economic environment, selling its 58.02 per cent stake in Guinness Nigeria to Tolaram for about N103 billion ($70 million), to British drug maker GlaxoSmithKline Consumer Nigeria Plc. (GSK), Proctor & Gamble (P&G), and to Africa’s online retailer Jumia, which exited its food delivery services company, Jumia Food, to name but a few, it’s been the same story of rising costs of doing business and policy somersault, among other factors.

    With multinational firms across various sectors of the economy scaling down their operations, transferring ownership or selling their stakes, Nigeria’s push to open the floodgate of local and foreign investments to grow the economy and create jobs has continued to suffer a major setback. And there are fears that such setback will get worse now that the commercial and residential sub-sectors of Nigeria’s real estate industry have also been badly hit by the troubling trend.

    The crux of the matter is that the exodus of multinationals and the collapse of many local companies over Nigeria’s inclement business environment have left behind huge industrial buildings and warehouses, a development that has increased the current stock of unoccupied commercial houses in the country. This is so because some of the abandoned buildings have since been taken over by religious organisations and recreational centres.

    11 per cent decline in Lagos commercial real estate activities

    There has been a decline of commercial real estate development activities by 11 per cent in Lagos State in the past year, for instance. This is according to the 2024 Lagos Real Estate Development Pipeline Report by real estate research and data company, Estate Intel. While the decline underscores record-high inflation and a weakening currency, the impact of the exit of multinationals from the country is also not ruled out.

    According to the report cited by The Nation, the office sector recorded a slight increase in its development pipeline at 16.25 per cent of total stock compared to 14 per cent in 2022. As 13 per cent of the pipeline is nearing completion, this is expected to impact occupancy, particularly in the prime real estate sector of the economy, with key nodes such as Ikoyi and Victoria Island expecting 75 per cent of the supply by 2025.

    A Senior Analyst at Estate Intel, Dapo Runsewe, said: “The Lagos Office market is fully bracing macro-economic headwinds as rents have been subdued amid concessions to maintain occupancies. However, as companies opt to downsize or exit the market, occupancy rates are being impacted. Notably, Microsoft and Meta, occupiers of Kings Tower, recently opted to reduce their occupied space as they downsized their country operations.”

    Read Also: How to halt exodus of multinationals, by Obi

    On the other hand, the retail sector continues to be subdued with the bulk of development activity driven by hypermarkets and neighbourhood supermarkets. As a result, the larger retail developments make up 70 per cent of the pipeline, which is currently on hold. Interestingly, the 30,000m2 Orca Mall is the only project in active construction over 10,000m2 and the first project of this size to be undertaken in two years.

    “As macro-conditions continue to erode consumers’ purchasing power, formal retail malls have stayed resilient and maintained healthy occupancy rates at an average of 86 per cent as of Q1 of 2024. However, we’re seeing increasingly reduced footfalls in the malls outside of the festive season,” Runsewe said.

    Still on this, the Senior Analyst at Estate Intel said: “The macro-economic climate is difficult to ignore. It has particularly subdued construction activity across the board, with developers and investors opting for a cautious approach. That said, bright spots exist in the hospitality and industrial sub-sectors. As detailed in the report, Data Centres is an exciting sector to consider as investments are expected to drive supply to 200MW by 2025.”

    How multinationals’ exit hurt real sector

    It is easy to see why this trend is pain in the neck of experts and other critical stakeholders in the real sector. For one, the real estate is widely acknowledged as being essential to the growth and stability of the economy. Seen as an economic catalyst, the real sector is belived to have the capacity to significantly improve the economy through massive infrastructure development and urbanisation, job creation and social impact.

    That’s not all. The real sector, according to operators and experts, is also a hedge against high inflation or low economic growth. In Nigeria and many other countries, real estate is often considered the best long-term investment during periods of inflation. It also boosts capital appreciation, tourism and hospitality, Foreign Direct Investment (FDI) and revenue generation for the government.

    These must be why there has been persistent call on the government to prioritize policies that support sustainable urban growth. According to proponents of this call, this will make it easier for developers and home buyers to get financing and enhance the ease of doing business in the real estate sector, while also allowing the country to leverage the real sector as a viable tool for economic recovery.

    Real estate as economic growth engine

     The National Bureau of Statistics (NBS), in a report, said the real estate sector contributed approximately 6.60 per cent to Nigeria’s Gross Domestic Product (GDP) in Q4 of 2023, representing a notable increase from 6.18 per cent in the previous year. This growth underscores the sector’s resilience and its potential to significantly influence the trajectory of the country’s economic recovery.

    The real estate sub-sector has unfettered access to almost every aspect of the economy, which is why it is called the engine room of economic growth For instance, the expansion of the Nigerian tourism industry is aided by real estate development. Included in this is the establishment of hotels, resorts and recreational facilities, all of which generate employment and encourage local infrastructure such as utilities and transportation to meet visitors’ demands.

    Job creation, social impact

    The real estate sub-sector serves as a major employer, offering job opportunities across various skill levels, ranging from construction workers to architects, engineers and property managers. Real estate generates ripple effects across related industries such as manufacturing, finance and retail, thereby creating additional employment opportunities and fostering socio-economic development within communities.

    Infrastructure development, urbanisation also

    Real estate investment is a major factor in the development of infrastructure. In areas where there is demand for residential, commercial and industrial space, the sub-sector plays a major role. Improved roads, utilities and public facilities increase property values and draw in new investment, which promotes economic growth.

    In 2022, for instance, the share of the urban population in Nigeria remained nearly unchanged at around 53.52 per cent. Nevertheless, 2022 still represented a peak in the share, with 53.52 per cent. This trend underscores the growing demand for housing and commercial spaces, presenting lucrative opportunities for real estate investors and developers to capitalise on.

    FDI, revenue generation capacity

     International investors are drawn to a stable and thriving real estate sub-sector in the hope of capitalising on the growing real estate market. Foreign Direct Investment (FDI) provides a further boost to the real estate sub-sector and adjacent businesses by inflowing capital, fostering economic growth.

    Property-related taxes and real estate transactions also help the government to generate revenue. Tax revenue from real estate transactions and related activities rises as the real estate sector expands, funding public services and infrastructure.

    The government can rely on property taxes as a reliable and constant source of funding. The upkeep and enhancement of infrastructure and public services funded in part by these revenues can raise an area’s value as a real estate investment destination.

    However, with these mouth-watering derivables from the real sector now hanging in the balance, following the exodus of multinationals from the country, the Chairman, Lagos branch of the Nigeria Institution of Estate Surveyors and Valuers (NIESV), Gbenga Ismail, is understandably worried. He said the exit of multinational companies affected the two real estate sectors namely, the commercial and the residential sub-sectors.

    Ismail observed that there are not many of these exited multinationals that have not taken beyond two to three thousand square metres in office space. He said these will, however, impact much more on those who have invested in that sector as the economic downturn is further impacting negatively on businesses, especially those who would have taken the places or will replace them in this large investment.

    Sadly, the demand for such large spaces has not increased from 2011 to date, as rent has remained stagnant or reduced. “We don’t have so many people taking up these abandoned office spaces. The sector has been suffering this in the past eight years; rent payment has been stacked and, indeed, fallen. If you recollect, serviced apartments and some high end flats were going up for as high as $75,000 to $300, 000,” Ismail lamented.

    According to him, the expatriates that were taking up these apartments are not in Nigeria anymore, they have long gone about five years ago, especially in the oil and gas sector. Currently, what developers do now is build and sell. Hardly do people build to rent. The country’s economy has impacted negatively on the sector, especially the commercial real sector.

    Worrisome as the situation is, experts say that apart from addressing the country’s high cost environment and policy inconsistency in order to halt the exit of more companies, there is the need for existing and prospective investors to embrace opportunities presented by emerging trends such as green building initiatives, affordable housing schemes and innovative financing models to align their investments with sustainable development goals while maximising returns.

    They noted that by embracing these opportunities and overcoming existing challenges, the real estate sector can play a pivotal role in Nigeria’s economic recovery and long-term prosperity. They also stated that with Nigeria currently navigating its path toward recovery and sustainable development, strategic investment in real estate will remain instrumental in building resilient, inclusive and vibrant communities that propel the country toward a brighter future.

  • Experts highlight importance of real estate for wealth creation at ‘Wealth Conclave’

    Experts highlight importance of real estate for wealth creation at ‘Wealth Conclave’

    Real estate mogul, Dr. Oseni Olalekan Abideen, has emphasised the essential nature of real estate, stating that it is a fundamental need for everyone, especially given the rapid growth of our population.

    He noted that real estate serves as the primary means for both wealth creation and retention, providing benefits not only in the present but also for future generations.

    Dr. Abideen made these remarks at “The WEALTH CONCLAVE,” a real estate conference organised by Frontier Homes on Tuesday, October 1.

    The conference included seminars, interactive sessions, and various attractions aimed at inspiring and engaging participants.

    It provided a valuable platform for networking and knowledge exchange, with a focus on promoting innovation in real estate and highlighting the opportunities available within the industry.

    Abideen emphasised that the future of real estate is very bright because Nigeria’s population keeps increasing in a very fast geometrical progression.

    He said: “The future of real estate is very bright because our population keeps increasing in a very fast geometrical progression, and it’s very, very high. So, real estate is something that everybody would need, and there is a market for it. So, there is a market for it. It’s not something that can go out of the market, so it’s a good one.

    There is also no substitute for real estate. There can’t be. That one is not negotiable.

    “Real estate is the only tool for wealth creation and wealth retention. It helps to create wealth, and it helps to retain wealth, not just for now, even for the future.”

    Abideen, who is the Managing Director of Frontier Homes, added: “Wealth is created and in order to create wealth, you need vehicles. The vehicle is that which takes you from point A to point B. So in the world of finances, point A is your present financial position. Point B is your desired financial destination. So to move from your present financial position to your desired financial destination, real estate is one of the very powerful vehicles that will help you to do that. I consider it to be the most powerful. Why? You can create wealth through entrepreneurship as a business owner, but businesses go bankrupt.

    “You can create wealth through real estate, you can create wealth through shares and stocks, but the stock market can crash. But if you create wealth through real estate, you will never go wrong. Because even if there is a tsunami, we will still sell the land with water. So real estate is the most powerful vehicle of wealth creation.”

    The presiding pastor of Calvary Bible Church, Ikotun, Lagos, Dr. Olumide Emmanuel, in his presentation, urged young people to key into what can give them control of their financial futures.

    He recounted how he had studied the lives of people who were wealthy and noticed common traits in them which he wanted Nigerians to key into.

    According to him, the majority of the people who are wealthy are not salary earners, nor do they work for anybody but themselves. He also added that those sets of people always have multiple sources of income as well as investments in real estate.

    Read Also: Oyo new hub for real estate – Mogbonjubola

    He further claimed that wealthy individuals used real estate to both create and retain their wealth.

    He said: “For every rich and wealthy individual on earth, real estate was the vehicle they used to create wealth, and real estate was the vehicle they were using to retain their wealth. Weath is not cash based but asset based.”

    Nigerian music producer and singer, Olumide Ogunade, popularly known as ID Cabasa, who was one of the speakers at the conference, disclosed that real estate is his mechanism for retaining his wealth and relevance, unlike music that is not consistent.

    He said: “In this little time in life I’ve made some incredible money doing music, but music has never kept my money. And I’ve also lost money doing music.

    “I’ve produced artists that never blew. I’ve produced an artist that we put money on, and it was like putting water. And there are some that you’ll not spend money on and they’ll just blow.

    “But one that I have been able to calculate that is very consistent is when I started doing real estate.”

  • Make real estate, driver of economic growth

    Make real estate, driver of economic growth

    • By Adeyemi Moses Adeolu

    Sir: It is not surprising that Nigeria’s economy has been having challenges. The economy has not been properly managed.  At a point, the economy slipped into recession; at another point, we had oil prices fluctuating, production and exploration challenged by activities in the oil producing region. A lot of other problems affected the economy.

     Economic reforms undertaken by the present administration, such as the removal of fuel subsidies and currency exchange rate unification, have profoundly impacted the citizens’ purchasing power and created waves of uncertainty.

    It is the way the economy is patterned that real estate latches on. An assessment of the real estate sector is basically an assessment of the economy because real estate business follows the economic circle. The economy has been having problems and so the real estate as well. Real estate practitioners are navigating rough waters and dealing with unstable market conditions in the wake of these continental shifts, all the while trying to stay profitable. Rising building material costs, fluctuating currency values, and escalating labour expenses deepen the sector’s challenges, casting complexity over every endeavour.

    Read Also: Lagos equips 2,500 graduates with employability, work-ready skills

    Even at that, real estate sector remains a beacon of hope in the intricate context of the nation’s economic challenges, offering vast potentials amidst uncertainty. Real estate is crucial to driving economic growth.

    The prospects are there for the industry to thrive. There are lots of opportunities for development within the real estate sector, but those opportunities can only be realized by conscious efforts of the government to prioritize real estate development.  The sector has the potential to generate over 80 million jobs and address the housing deficit of 28 million homes.

    Prioritizing real estate development would not only create employment opportunities, but also catalyse growth across the entire value chain, from construction to post-construction services. The imperative to prioritize real estate advancement becomes ever more pronounced as the estate sector navigates uncertainty and volatility. Real estate serves as both a barometer and catalyst for economic health, making its growth imperative for Nigeria’s economic recovery and sustained prosperity. Nigeria can lay a robust foundation for long-term stability and progress by investing in infrastructure, policies, and frameworks conducive to its expansion. Fostering collaboration between professional bodies in the built sector, public and private stakeholders, implementing innovative financing mechanisms, and promoting sustainable development practices will further bolster the sector’s resilience and efficacy.

    •Adeyemi Moses Adeolu,

    Lagos.

  • Real estate firm to host GIDI-IARC 2.0 conference

    Real estate firm to host GIDI-IARC 2.0 conference

    Gidi Real Estate is set to hold its second annual Intra-Africa Realtors’ Conference (GIDI-IARC).

    The nine-day event: ‘Building Africa: Exploring Opportunities Within The Intra-Africa Real Estate Market’, holds in South Africa, from September 27 to October 5,.

    In a statement, the organisers said the conference will contribute to discussion on the continent’s housing deficits, and facilitate an intra-African real estate coordination for growth of the sector.

    Gidi Speakers

    “This is in a bid to further our goal of resolving Africa’s housing deficit by contributing  two per cent of sustainable and cost-effective housing. “It will proffer solutions to African real estate and market, primarily housing deficits, its growth and development, intra-industry coordination and information exchange.”

    Read Also: Lagos kicks-off building of 950m road in Ibeju-Lekki

    The conference features prominent stakeholders, keynote speakers, and leading realtors who are the brokers of the industry. Its end goal is to serve as a reference for the stakeholders of the industry looking to gain new insights into the state of the continent’s real estate and how to move it forward and offer enduring solutions to its many problems.”

  • ‘How to drive financial growth in real estate’

    ‘How to drive financial growth in real estate’

    Players in real estate have prescribed how to drive financial growth in the business environment.

    According to them, exploring fractional/co-ownership,  embracing  new strategies, and collaborative investment could trigger growth in the business.

    Real estate investor and entrepreneur, Matthew Ashimolowo, and business coach, Olumide Emmanuel, spoke at 2024 Wealth Summit organised by co-founders of Pertinence Group, Sunday Olorunsheyi and Wisdom Ezekiel.

    Speaking at the event in Lagos, with the theme: “The Real Money of Lagos”, Emmanuel spoke on leveraging strategies as key to attaining wealth creation and financial growth.

    He encouraged the audience to make smarter choices, urging them to learn from the past while finding new ways to create wealth.  Emmanuel noted promising business opportunities that could help attendees improve their financial situations.

     “The decisions we make today,” he said, “will shape the financial future of our childrendren. It’s time to move past old ways of thinking, and embrace new strategies for building wealth.”

    The real estate mogul noted   the benefits of co-ownership, where people team up to invest in property or businesses.

    He stressed that in today’s world, working together lead to greater success. “You don’t have to do it alone,” he said. “By joining forces with others, you share resources, reduce risks, and achieve better financial outcomes. Collaboration is the new competition.”

    Ashimolowo outlined 40 ways to magnetise money, providing  steps that attendees could implement to enhance their financial standing.

    “A lizard here will not be a crocodile in London. Your abundance isn’t coming from a place or a government. Be interested in abundance. Change your mindset to align with it. Until your mind is changed, your money cannot change.

    “If all your money is in a savings account, you are not a risk taker. Today, something has to change. Be committed to taking risks. When you prioritise your financial goals, there are things you won’t put money on. You must find goals that boost investment. Solve one problem at a time, and your life will change”, he said.

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    Ashimolowo stressed  importance of investing in real estate, describing it as a reliable way to build long-term wealth.

    He said owning property is not just having land or buildings; saying it is about securing a future where your wealth can grow and be passed down to future generations.

    Ashimolowo encouraged the audience to  change their approach to wealth creation, by  thinking bigger, acting boldly, and pursue their financial goals with determination.

    “If you want extraordinary results, you need to take extraordinary actions,” he said.

    He highlighted the importance of building connections. “Every bit of money you need is in someone else’s pocket,” he noted, “so connect with people.” The Wealth Summit,  sponsored by Eazipay, Makarios Luxury, PettySave Microfinance and Edificio, also featured insight from Pertinence co-founders. They introduced SeedX, a new platform to help parents secure their children’s future by investing in property, and  unveiled their second book:  The Real Money of Lagos.

  • ‘Real estate can solve huge housing deficit’

    ‘Real estate can solve huge housing deficit’

    Chief Executive Officer of Etionary Properties Management Limited, Iviemena Omadevuae, has said real estate has can resolve the huge housing deficit.

    She spoke at the launch of Casa Verde Estate, a luxury estate in Ibadan, Oyo State. Casa Verde provides eco-friendly luxury homes to promote sustainability.

    ‘‘Casa Verde builds sustainable communities. “Nature is the star, and we incorporate eco-friendly features that complement the environment,” she said.

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    She noted Etionary Properties hopes to make every Nigerian a homeowner, adding the organisation is poised to bridge the gap between middle class and elite by providing luxury housing through strategic partnerships and investment opportunities.

    At the launch, Omadevuae noted although most real estate companies aim for profit, they provide genuine and affordable property to clients through highly relaxed payment methods.

      She said Etionary Properties  allows payment in instalments for Casa Verde, while an arm of the company, Etrybe, a brokerage firm partners property owners to list their property and accepy payment in instalments.