Africa's Leading Real Estate Giants

Publisher’s Note

Watch out, Winning Minds Ahead!

I am pleased to present this edition of Business Elites Africa - Africa’s Leading Real Estate Giants. I welcome those of you that are reading us for the first time.

As I reflect on the events of 2022, I can’t help but ask the same question that has perplexed everyone’s mind for ages: “where has the time gone?” As William Penn said, “time is what we want most but what we use worst.” Unfortunately, time will never slow down. We crave and wish for more time every day. “The bad news is time flies. The good news is you’re the pilot,” Michael Altshuler said.

In today’s defining moment, more people predict a global recession in 2023. On the contrary, brave minds see opportunities in the economic outlook. Gems of bright business minds are retooling and strategising ahead of the global economic woes. In my own world and cumulative analysis of the African economy, I boldly project a six per cent economic growth in the continent.

The rise of African fintech and its real estate demands will contribute immensely to economic growth; as venture capitalists double their bets in Africa. The real estate sector continues to experience growth in the region due to the rising population and high demand for housing in major markets.

Contained within these pages are profiles of Africa’s leading real estate giants. These men and women have held center stage for years in redefining the African real estate market and sector.

We prefer to refer to these gems as Africa’s finest real estate business minds. Their stories and aptitude are stirring, never void of heartache and pains as some may think. These success stories have common denominators: insights and compelling mission, strategic road map, vibrant team members and management staff.

We also garnished the pages of this edition with engaging articles and business tips that are incisive and actionable. We’ve always strived to capture the breaking news about the African economy.

On behalf of the team at Business Elites Africa, I would like to thank the business minds featured in this issue for allowing us to tell their stories and participate in our publication.

Many thanks to you, our ardent readers and followers. Our continued existence and relevance is owed to you. Your partnership and support on this journey are greatly appreciated as I welcome you into 2023.

Please send us your thoughts on how we can continue to improve and what you’d like to see in our future publications.

Enjoy the issue!

ETHELBERT NWANEGBO

Publisher/ Editor-in-Chief ethelbert.n@glimpse33.com

Disclaimer: The information on this magazine is for information purposes only. Business Elites Africa Magazine assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon. All information can be withdrawn or changed without notice. Whilst every care has been taken in producing the information on this magazine, this does not guarantee the accuracy of the information. Business Elites Africa is not responsible for any opinion, expressed by its authors. Materials contained on this magazine are subject to copyright and other proprietary rights. No material on this magazine can be reproduced, adapted, distributed or stored in a retrievable system or transmission without a prior written consent from Business Elites Africa Magazine. © 2022 Business Elites Africa Magazine. All rights reserved.

Real Estate Amazon 14

Get Your Mindset Right; It’s Fast and Consistent that Wins the Race - Joseph Nantomah 16

Wumi Jubril: The Hospitality Rock Star Redefining Hotel Experience in Nigeria 18

No Latecomers in the School of Success: Start Small – Dr. Stephen Akintayo 20

Meet Sijibomi Ogundele, the Audacious Founder of Sujimoto - Nigeria’s Luxury Real Estate Company Worth Over $600M 24

The Ultimate Guide To Investing In Africa’s Real Estate 28

Adetola Emmanuel King and his Mission to Give Average Nigerians Access to Decent Shelter 32

Take the Necessary Risks, if You Must Excel in the Real Estate Industry - Mutepa Kamoto 34

Nigeria and the Dollar Storm: The Impact on Local Real Estate 38

Anas Sefrioui Built a Billion-Dollar Real Estate Firm Against All Odds 41

Bamidele Onalaja: The Making of a Real Estate Mogul 42

NIGERIA : 5, Ogusiji Street, off Allen Avenue,Ikeja, Lagos, Nigeria Tel: +234909 943 0429 +234916 473 4106

USA: 6620 Southpoint Drive S. Suite 511, Jacksonville, FL 32216 Tel: +904-240-7044

SOUTH

Africa’s Real Estate Hot Market 48

Ahmed Shalaby: A Teacher Who is Now on a Mission to Make Egypt the Real Estate Capital of Africa 52

Nigeria 2023: Can Peter Obi Survive Tinubu & Atiku’s Cash Game 56

Keji Giwa: Spearheading Innovation In The Short let Property Development Industry With Digital Landlords 58

A Brand Makeover is Sometimes the Best Route to Recovery - Joyce Onyegbula 60

By Dimeji Akinloye

Sanmi Adegoke: From a Menial Job to Closing Million-dollar Real Estate Deals

was able to learn a lot about the franchise of McDonald’s and how it worked. That was the beginning of my passion for real estate.

From there, I went to college and University before I went into real estate. McDonald’s was a preparation for me, which was a process that helped me understand that my purpose was going to be in real estate development.

How did you land your first real estate deal?

That’s interesting. I’m in a very niche market. When I went into real estate, what was important to me was my purpose, identifying what I needed to do. This was because real estate is a massive market in the UK, and I needed to find something unique. So I read about the industry voraciously and got some mentors who advised me on things I needed to do.

Like many young Nigerians, Sanmi travelled to the United Kingdom as a young man looking to make sense of his future, but he had no idea he would become a cornerstone. However, his faith in the transformational power of God was unwavering, thanks to his mother, whom he said instilled solid Christian values in him.

The trailblazing entrepreneur went on to become a force to reckon with in the UK’s real estate space. He’s the CEO of Rehoboth Property International (RPI). He has won two major industry awards in the last 12 months, including Property Developer of the Year and Entrepreneur of the Year, making him the first black person to clinch that honour in the 27 years of the award’s history.

The Business Elites Africa team cornered Sanmi for a quick recap of his success and failure stories as he sat at the edge of his chair, hitching to run to his next meeting.

How did you get started in real estate?

Looking back, my journey to real estate was not by accident. It started when I moved from Nigeria to the United Kingdom. My first job was at McDonald’s, where the seed of real estate was sown in me. There was a secret that many people didn’t understand about McDonald’s, which was that it was in the business of real estate, not the restaurant. I started understudying what McDonald’s was about. It wasn’t just about the fast food or the burgers but was more about the real estate. While researching the company, I

Then, I saw a huge niche market: places of worship. In the UK, there is a massive demand for buildings by the faith community. Unlike in Nigeria or Africa, where you can just take a building and turn it into a church, in the UK, you need to have a class use called the D1, but that has been changed to F1. Therefore, I started researching how big the market was, and I saw that this was a big market, and I said to myself that I needed to do something outside the box.

So, I looked into the church world to understand their needs and that was how I started finding spaces for a place of worship. Before I talk about my first deal, let me state that I have been involved in residential real estate before then, but you know anyone can do that. Buying flats is simple, but commercial real estate is totally different in the UK.

Back to my first deal, I found this opportunity of a church building, and I told the pastor, just believe in me; I will try and sell this building. It was a massive building - about 23,000 square feet of space. I told him to

give me less than a month. That was the beginning for me. I was able to sell the space. I sold the building for about £2.8 million.

What would you say were the factors that made you successful in the real estate business?

The key thing was my faith. When I was at McDonald’s, I always believed it was a stepping stone for me. I held onto the phrase that all things are possible if you can believe it, and I worked with the understanding that I could achieve anything. My favourite scripture also says, ‘as a man thinketh in his heart, so he is.’

Although I was at McDonald’s, I saw myself somewhere way better. I understood that faith is the evidence of what you cannot see, but you can imagine it and know it is possible. So I was convinced McDonald’s was not my destination.

Before you left Nigeria, did you believe you could be this successful?

I was very fortunate to have a mother who brought us up in the faith world, which was the first value a young person needs to have - an understanding of a loving God and the basic fact of growing in Christ. That was the beginning of a seed that was sown in us from a very young age. We were taught that we could achieve anything.

I also remember that after leaving secondary school, my mom used to do many businesses, so I helped her for a year to manage the businesses. I learned a little about how to run a business, even though it was not a structured business.

You are the first black person to win the Entrepreneur of the Year honour at the UK Property Award. How did you establish your network?

There is a saying that says your network is your net worth, and I firmly believe that

if you’d go far in life, you need to see that you explore every opportunity. Building a solid network of agents, developers, and investors worked to my advantage from the start of my business. This helped us grow faster in our niche market.

We were the first company to turn a court building in the UK into a place of worship, we turned a police station into a place of worship, and we have been creative with what we do with old buildings. Usually, old buildings are knocked down to build flats, but we convert them to other uses without

could do with an old police station and the courthouse was a good justification for winning the Entrepreneur of the year award. I was the first black person to win something like that in 27 years of awards history. That was a big achievement for me.

We’re currently doing that. There are many projects we’re going to be doing in not just Nigeria but Africa. People like us in the diaspora are needed to bring about change to the continent, and the time to do that is now because the people are yearning for it. If we have been to maximise this sort of opportunities abroad, there is no reason why we can’t do the same thing in Africa. So, there are quite several projects we’re launching in Africa soon.

demolishing them. The projects that stood out were the former police station and a courthouse we bought and transformed.

The police station was closed down for about seven to eight years. We bought this building and transformed it into an ecosystem of businesses, and the building began to generate a revenue of about £400,000 per annum. The creative mindset of what we

I’m a proud Nigerian, but I have to say that Nigeria is still behind in many areas. However, there is room for many changes. In the UK, things are seamless because there is a system, and I’m always an advocate of building systems. We’re very successful at what we do in the UK because the system works.

In Nigeria’s real estate industry, we need to consider building systems where it’s easy for people to find landowners and for people to know where to search and look for important information about a property. In the UK, within two minutes, I can check the title of a property and understand who owns it, but that’s different in Nigeria. Also, we are controlled by different regulatory bodies in the UK, so you can’t do things outside what you’re regulated to do. Until we start to implement many regulations in Nigeria, the challenges will persist.

Do you plan to invest in Nigeria’s real estate despite the challenges?

How would you compare the real estate industry in Nigeria and the UK? What are the glaring differences?

We have been talking about your success stories. Have you failed anything before?

If you don’t believe in yourself, you will give up when failure comes.

As an entrepreneur, sometimes you’d make crazy decisions that would make you question your ability. Looking back, many of the projects we’ve won awards for seemed almost impossible initially.

If you are in business and have always succeeded, you’re not an entrepreneur. This is because failure is part of the process. Failures are good because you learn from them. If you fail at something, you then go back to understand what you can do better. I failed in business early on. I delved into many businesses in Nigeria, from a printing press to telecommunications.

I set up a printing press about 15 years ago, and we thought we needed to do it. We spent so much money and bought tools from the UK, but it failed. And that didn’t stop me from trying again. If that didn’t fail, I probably wouldn’t have focused.

Again, when Olusegun Obasanjo came into power, I went into the telecommunications business. We would import mobile phones from the UK and sell them in Nigeria, but when other people started importing from China, which was cheaper, the market

became a mess for us. What that taught me was that it wasn’t my purpose. So, failure can always change the way you see yourself. Failure could easily teach you what you’re born for. My failure made me realise that real estate is my purpose.

What are the key lessons you’ve learnt about entrepreneurship?

That’s interesting. Entrepreneurship is like what we’re currently doing:

• having this interview

• knowing you still have four to five meetings after it

• knowing you still have family obligations

You will have to find a way to balance all of this. It’s also about knowing how to manage people because without them, you can’t do much.

So, it’s important to understand that being an entrepreneur is not an easy game. It’s like looking at how successful a footballer or a basketballer is, but you don’t know how they wake up by 5am, go to the gym, and train for hours. A lot takes you into that place of being an entrepreneur. It’s a school that you never graduate from; you keep learning.

What are the qualities of a good entrepreneur, in your opinion?

Firstly, you need to believe in yourself. As I quoted earlier, “as a man thinketh in his heart, so he is.” I was selling burgers and earning about £3 an hour to become someone dealing in the millions. It’s pretty much about having that belief that you can do it.

If you don’t believe in yourself, you will give up when failure comes. As an entrepreneur, sometimes you’d make crazy decisions that would make you question your ability. Looking back, many of the projects we’ve won awards for seemed almost impossible initially, but we achieved them because I believed we could.

Also, leaders are readers. Never stop reading. Give yourself to study more and study market trends. If you’re in Africa, UK, or any part of the world, allow yourself to learn as much as possible so that you can adapt to whatever system you’re in. One key thing that changed my life was a book called ‘rich dad, poor dad’. I learnt what it takes to own stuff, what it takes to invest, and what it takes to go into real estate. I gave myself years to go and understudy experts, to read, and even to work for free to learn real estate.

Another point is that you should not always think the reward for an entrepreneur is money. It comes as a reward for what you do. Just ensure that you’re trying to meet a need.

At our company, when we’re looking for buildings for churches, it isn’t necessarily about the money, it is about meeting a need, and in that need, we’re able to grow a business. We were able to scale from finding places of worship into having an investment firm and having the development arm of the business.

The last one is to find what you represent and who you are. What’s your why? As an entrepreneur, why are you doing what you’re doing? Mine was simple; it’s faith, tribe, and legacy.

So, my three whys are very important in my thought process everyday. It must drive me to my faith, it must drive me to my tribe, which are my people; and it must also drive me to my legacy because if legacy is not factored into what you’re doing, especially in a country like Nigeria where wealth is not passed unto the second or third generation, there is a problem. Legacy is what you live for when you’re gone.

By Dimeji Akinloye

Companies Built Around the Owner

Won’t Last – Olaposi Lawore on Building Organisational Structure

How did your career evolve after graduation?

You are indeed correct, I studied Architecture at the University of Lagos. My career path is dynamic. I am one of those people who, even before I finished, had started working. I was actively engaged in paid employment before graduation, primarily due to internships, then holiday jobs which I took advantage of during the ASUU (Academic Staff Union of Universities) strike at the time. It was one of my longest work periods because the strike lasted over six months. Rather than stay at home, I looked for a job in an architectural firm, which offered services to some of the biggest organisations in the private sector, like banks, fast-moving consumer goods (FMCGs), and quick-service restaurants.

Olaposi Lawore is leading a team of novel thinkers and efficient builders to deliver top-notch experiential hospitality and residential properties in choice areas across Nigerian cities. He’s the Managing Director of HEREL Limited, a bankable real estate development, and investment company.

Olaposi’s keen interest in drawing as a young boy naturally led him to study architecture at the University of Lagos, and he graduated top of his class with distinction. However, architecture was just a means to an end. His dreams were bigger than just drawing buildings. He wanted to own them and be at the centre of the action, real estate development.

When the opportunity came, Posi was ready; he went above and beyond to impress his employers. He led a project team that closed deals valued at over N25 billion and got recognition from the Federal Government for his community-based project, among other feats. His achievements set him up for bigger leadership roles, which he admitted he wasn’t prepared for but had to learn on the job.

The Business Elites Africa team caught up with the eco-friendly entrepreneur. In this interview, he talks about his early days, struggles, and how he’s catalysing HEREL’s growth amid the current economic uncertainties.

Let’s start with your days at the University of Lagos (Unilag), where you studied Architecture.

My career path is somewhat dynamic because I knew from an early age that I wanted to do real estate, so architecture was more or less a means to an end. Architecture gave me the baseline of knowledge that I required to be able to go into real estate actively. I did architectural design and a bit of construction at my first place of employment during my internship at Spaceframes Architect. When I graduated, I went back to Spaceframes and worked there for like a year more. Beyond that, I joined a company known as James Cubitt Development. I worked in the company’s middle-income arm called Previs Development. It was my first experience with real estate. I started working there after my BSc and during my Masters. I was able to work and school simultaneously because the Master’s degree program at Unilag is a bit flexible. So, my schedule was very defined. I did not have that much free time because I was either at work or in the classroom. This was also because I was a distinction student and did not want to be seen as not meeting my academic obligations because of a job. So I tried to balance work and school, and fortunately, it worked out.

So, my first experience with real estate was at the two companies. I later joined Dynasty Real Estate, which morphed into HEREL Limited, the Organisation I currently run.

What sparked your interest in real estate?

Honestly, I have always loved to draw from a very young age. I always found myself drawing houses, rulers, pens, and pencils, but I later realised that it was beyond that because I wanted to create buildings that people could experience. I wanted to create buildings that directly impact people’s lives and go beyond just residential.

When I was in junior secondary school, I had a book where I used to write my future goals and ambitions, and I realised that rather than write ‘I want to design,’ I would write ‘I want to own’ a hotel and different properties. So from there, my interest in real estate started to peak. I moved from designing to fantasising about creating properties that can more or less define people’s lives, either commercial or residential.

Why did you think it was necessary to start HEREL?

Growing up, I planned to work at a design firm to learn the basics and at a real estate development company to understand the process. I also said I would work in a real estate development company with an affiliation with an investment company. Part of the reason I took that decision was that, while carrying out my research on real estate development, I realised that one of the fundamental problems many real estate companies had was financing. I said that if I could understand the technicalities of design and construction and work in an organised real estate development company where I could understand the real estate process, the next step is for me to move to a financing company. And this was how my career progressed.

I joined Dynasty Real Estate, which was the real estate arm of VFD Group, a proprietary investment company, as head of projects.

I grew to become the General Manager/ Managing Director. Within the last 12 months, we had an opportunity to merge and become a significantly larger company, which was what birthed HEREL.

The most important part for me was not just about the transition from paid employment

I took a certification in entrepreneurial management. That was the point at which I started to pivot towards entrepreneurship development.

At that point, I was equipped with business know-how beyond the technicalities. The truth is that technical know-how is different from business know-how. Being an entrepreneur goes beyond just the technicalities. People become a fundamental part of it, financial and risk management has to become part of it, and the list goes on.

What were the challenges you faced when you became an entrepreneur?

One of the key challenges is that nothing ever prepares you for leadership. When you think about entrepreneurship, it is leadership, and nothing ever prepares you for that because you go from reporting to someone to suddenly being in a position where everyone is relying on you to make critical decisions. My most pivotal time was when I was the Managing Director of Dynasty Real Estate. Within the first six months, something that dawned on me was that any decision I took would affect the lives of so many people beyond just my own direct staff.

to entrepreneurship; it was more about the process, which I think, in most instances, people fail to understand. The process in this context is that I learned on the journey. There was a form of stewardship; there was an apprenticeship because many of the things I know today are not because I’m a master of everything. It is because I understudied a lot of people. I understudied a lot of professionals. I also understudied people who are core entrepreneurs. That helped me; plus, when I was at James Cubitt,

I thought about this because in any economy, the activities of any business affect multiple people. Take, for example, a development company like HEREL; the list goes from my suppliers to my artisans. Invariably, my activities will determine whether some people have food to eat. So I started having a dialogue with myself, ‘you need to be very deliberate, you need to be very strategic, you need to be very careful with the decisions you make.’ I told myself that I needed to be able to take responsibility and take the lead in a situation, and that was the first challenge.

Another fundamental realisation was managing investors’ funds responsibly. How you manage investors’ funds differs from how you manage your personal money. You’d have to remember at every point in time

Patience is also essential.

Sometimes, with business, some opportunities take longer than others. When you look at a lot of successful entrepreneurs, like Jeff Bezos, Elon Musk, among others. These guys have created brands or businesses that are conglomerates today. They did not start in one day. Entrepreneurship is a journey.

that you are responsible and obligated to manage the resources judiciously. Beyond funds even, resources generally. I must admit that I struggled a bit in my first year. That’s to tell you that there is no perfect story anywhere.

Within my first year, we made a bit of profit, but it wasn’t significant, and it was because I’m a process person. I tried as much as possible within my first year to build a sustainable brand, and a sustainable brand isn’t just from the marketing perspective. It is also from a structural standpoint, like getting the Organisation’s structure right. That was from human resources to operations to everything you can think of, and once I got that right, the profit margin began to grow from the second year. We were doing about ten times what we did the previous year, which would not have happened if the right process and systems were not in place. It’s that framework that we took into HEREL. We’re further developing that framework because HEREL’s portfolio is significantly larger than where we are coming from and substantially larger than what most real estate businesses are doing today. For you to be able to manage such a structure, you need to have robust processes. You need to have solid corporate governance practices, and you need to have dependable people because you need people to make all of these other things work.

Are you saying the Organisational structure you established was one of the factors that made HEREL successful?

Yes. Our processes are unimaginable. We have a lot of corporate governance practices and processes in the system that check me on certain things, even though I’m the one steering the ship as the Managing Director and CEO. The system is not built around a person. It’s built around progress, delivering results, and attaining a certain level of growth. When you build your processes around result delivery, then you realise that the kind of things you achieve is astronomical, but when it’s built around a person, everything starts falling apart the day the person is unavailable. This is what we call ‘keyman risk’ in business. Let’s talk about the real estate

industry in Nigeria. There has been a lot of sharp practices that have impacted negatively on investors’ confidence. Have you had problems with your properties, ranging from documentation to allocation?

The challenges we have in our sector are quite unending. Business as a whole comes with its own challenges, and real estate has its own superior peculiarities. First is the one you cited, which is documentation.

In this part of the world, documentation still needs to be articulated appropriately, for lack of a better expression. The documentation exists but being able to say that this is the original document and this is where you can get it from, without being afraid that somebody else has a similar document and laying claim to the same property, is difficult.

We, as developers, are gradually looking for ways to mitigate the risk that comes with documentation. Even today, I have received calls relating to documentation of some of our properties. We are trying to perfect it just to ensure that there is no conflict later on in life. As a business, we have tried as much as possible to mitigate it.

As a matter of fact, part of the processes we have is that before any property is purchased, we carry out our due diligence process. This is not to say we have not had one or two situations in the past, but fortunately, we have not fallen victim to any extreme cases.

Another challenge in this part of the world is quality and standard for construction, and it’s a grey area that we suffer. As a development company, the challenge is that we only have a few construction companies or builders, as the case may be, that will deliver value to you at a price that is not cut-throat. The problem in the construction industry is that we have construction companies that are fairly priced, but their qualities may not be the best.

The guys on the other side of the sphere have fantastic quality, but the average real estate practitioner or individual who wants to build his home cannot afford them. So because we’re very passionate about quality

and standards at HEREL, what we have done to mitigate that problem is, we looked for a construction company that has significant potential, O’Spaces Nigeria Limited, and invested it in.

This is in line with the HEREL model which includes investing in businesses within the real estate value chain. O’Spaces was one of the companies we invested in. It’s a company has been in existence for over 30 years, and they’ve done a lot of fantastic projects for GTBank, and a number of multinational companies. We partnered with them and invested in their business, using it as an opportunity to build an indigenous construction company that can deliver the same standard as the top-tier construction companies but at a much lower price.

People say affordability is relative, but it’s still more affordable than that of top-tier construction companies. That’s why people commend most of our developments, such as the one we’re sitting in (Boardroom Apartments). O’Spaces refurbished it. Everyone that has been here or to other facilities O’Spaces has done for us attests to the quality of their work. Arriving at this destination was a painful journey because the challenges we experienced were enormous before we realised that this is the best route. We experienced construction defects and clients calling to lodge complaints months after taking over their building. That was why we decided to invest in a reputable construction company like O’Spaces. They’re in the grade B category when it comes to quality construction, right behind the likes of Julius Berger, who are in the grade A class.

The best practice for documentation is that most of the paperwork regarding property is supposed to be controlled and administered by the government. Part of our challenges is that a palace or the monarchs still administer a good portion of land in a state like Lagos. Honestly, it’s not bad, but administration differs from the right of authority. What I mean by that is we may know that a property

Still speaking on documentation and ‘Omo Onile’ (land grabbers) issues, what is the best global practice, and what is the role of government in all of this?

belongs to a particular royal family but let the administration of it still be domiciled with the government. You see that thin line between who owns the land and whom we speak to? That is where the ‘Omo Oniles’ (land grabbers) come in, and they try to exploit it. It’s because, a lot of the times, when we want to buy a parcel of land, ideally if it’s a privately-owned property, you will be dealing with an individual, but if it’s a property that belongs to a monarchy or a royal family, it goes from dealing with an individual to dealing with a lot of people. Even though there is a king or a monarch at the top, people speak to different parties. You don’t know whom to be talking to, and then you find out that different relatives have even sold the land to other people, and, in most instances, it’s without the knowledge of the monarch.

The government needs to be more active in the administration of properties. Let it be the government that liaises with the monarch, and let’s take out the go-betweens, and I don’t mean the real estate agents; I mean the Omo Oniles. Let’s have direct contact with the government for lands that have yet to be ceded to anyone because it can be very complicated. I have seen an issue

where five different people bought the same property, and it is because everyone was speaking to different parties.

A lot of royal families have tried to create a structure around it, but there are still gaps because they are not regulated institutions.

value are we adding to pass along to the end users? It is an impeccable, unquantifiable, and undiluted experience that you will most likely not find anywhere else.

What are the qualities of a good entrepreneur?

The first thing is that we are very customercentric. We focus heavily on our user experience. Just the hospitality business does not define the user experience because we are both in hospitality and residential real estate; it is about how you feel when you come into our homes. And some of these things are in the simple things like the designs, functionality, and where things should be. Where should the socket be? Where should your switches be?

Many people don’t realise how valuable the spaces they are in are. They just realise they feel comfortable in certain spaces better than in others. It is because the little things like lighting, ventilation, and other things have been considered. For us, your user experience needs to be prioritised.

When you think about the hospitality space, half of the time, if you go into a restaurant, if you get good service and the food is fair, you will likely go back. But if you go somewhere and get bad service, but the food is great, the chances you’d go back there are slim. If you bring that to real estate and what we are trying to achieve at HEREL, it’s the same mindset.

How can we create that user experience that every time you are coming to our buildings, both home and hotel, you just feel that there is something different? You just feel that the experience is different, from the lighting to the ambience. That is the core of what we are trying to sell. That is the actual value we are trying to sell because, as I mentioned earlier, construction-wise, there are lots of buildings that could be more well-built but are being sold at a premium. Even if we want to sell some properties at a premium, we want to ensure that there are some value-adds to them. It’s not just about selling, but what

One is perseverance. I will start with perseverance because no two situations are the same, and you must persevere because you will find yourself in many complicated situations as an entrepreneur. In fact, decisionmaking alone is tough, so you need to be persistent. The goal-getter attitude needs to be there, and you need to set a goal and put all the required resources to achieve that goal. Don’t keep shifting the goalpost.

Consistency is also key. You have to ensure that you don’t fall short in whatever you say you sell, in terms of value or service. Your standard should stay the same. If anything, you should improve on it.

Patience is also essential. Sometimes, with business, some opportunities take longer than others. When you look at a lot of successful entrepreneurs, like Jeff Bezos, Elon Musk, among others, these guys have created brands or businesses that are conglomerates today. They did not start in one day. Entrepreneurship is a journey, and there is no actual destination for an entrepreneur if you ask me. This is because if you set a destination as an entrepreneur, you are not building a sustainable brand. It means that when you arrive at the destination you set, then that is all. You need to understand that in business, you have to evolve continually. Evolution is constant. In business school, they will tell you that sometimes you need to build a new product that will kill your previous product for you to grow.

For example, when you think about Apple, the producer of iPhones. When they introduce a new iPhone, they make it look like the previous iPhone has become extinct. That is what it means to kill your previous brand or product to introduce a new one. It’s the same thing with car manufacturers, you may not be able to take everything off the road, but you need to be able to give people a compelling reason why they should invest in the new one.

There are many real estate companies in Lagos alone; what’s unique about HEREL?

By Dimeji Akinloye

Sade Balogun: Nigeria’s Real Estate Amazon

Women leading the pack in male-dominated industries, like real estate, is not commonplace in Nigerian society. Sade Balogun, CEO of Redbrick Homes/Amen City Ltd., is one of the women making a kill in the property market.

She returned to Nigeria to establish her business after garnering the requisite experience in the UK’s real estate sector. Her overarching goal was to provide quality homes, which was largely lacking at the time. Fast forward to 2022, Sade and her team have built an enviable portfolio of high-flying real estate projects in Lagos, and she continues to outperform her best works.

In this insightful interview, the dogged entrepreneur attributes her key success factors to consistency and focus. “I made sure I did not spread myself too thin,” says Sade. She, however, admits that the lack of funding was a challenge, coupled with the epileptic electricity and the ensuing cost of diesel to generate the power.

Tell us about your journey into real estate in the UK and why you relocated to Nigeria to establish the business.

I am British by birth. Having had a good experience with the buy-to-let and new-build property markets in the UK, I decided to engage heavily in the Nigerian real estate market, which appeared to be crying out for quality.

How did you start your real estate business in Nigeria?

I had bought a few parcels of land, all in the Ibeju-Lekki Local Government Area of Lagos, and embarked on my first project at the current site of Amen Estate phas1, Ibeju Lekki.

What strategies did you first use for marketing the business?

I created fabulous irresistible show homes. People would visit and fall in love with the homes, and I allowed instalment payments for them, making it easy for people to buy their dream homes.

One of your successful projects is the prestigious Amen Estate in Lagos; how did you get the buy-in of celebrities and elites in that project?

The show homes attracted celebrities and elites. They were luxurious and grand and looked good in movies.

How do you deal with failure?

None so far by the grace of the almighty. Instead, we keep moving forward, leaping from grace to grace, from an estate to estate, all by His grace and enablement.

What’s unique about your company, Redbrick Homes International Limited/Amen City Ltd?

Our homes are built with longevity in mind, hence the use of bricks in phase 1. In phase 2, however, due to the need to make a more decent environment available to a broader market, we changed our strategy to allow more people to get on the ladder by providing properly serviced plots and high-standard homes at affordable rates. Amen Estate is more than just a house provider; it is an experience!

Please list out all the Amen Estate Series:

• Amen Estate Phase 1

• Amen Estate Phase 2

• Amen Estate Phase 3

• Amen City FTZ

• Amen Annexe

• Tiara by Amen City Ltd

What are the qualities a good entrepreneur must possess?

Knowledge: You must know and understand your industry. You must know and understand your product and your target Market.

Creativity: Creativity allows an entrepreneur to devise new products for similar markets asides from the ones he’s currently playing in.

Professionalism: An Entrepreneur must be a Professional. With Professionalism comes reliability and discipline.

Passion: Your work should be your passion. Passion acts as a driving force that motivates one to strive for better. It makes you dedicated and put in the required extra hours.

Risks: You must be a risk taker. A risk-taking ability is essential. Without the will to explore the unknown, one cannot discover something unique.

Planning: “If you fail to plan, you plan to fail.”

Get Your Mindset Right; It’s Fast and Consistent that Wins the Race -

Joseph

By Simeon Onaja

Nantomah

Joseph James Nantomah, widely known as The Black Mentor, is a notable Nigerian millionaire and philanthropist in the diaspora. His entrepreneurial exploits in mentorship, investments and real estate have earned him recognition from several institutions, including Who is Who Professionals, the “Who is Who in America”, and even former US President Donald Trump with the Presidential Honours Roll.

Business Elites Africa caught up with Nantomah to gain insights from this trailblazer bringing his highly successful mentorship programme, Wealthflow, to Africa.

What’s your winning recipe for becoming a self-made millionaire?

The notion that anybody’s a self-made millionaire is not always true. Some people will say that, and it turns out the reality is; nobody’s an island. And one tree cannot make a forest except as a spiritual concept.

I can’t say I simply woke up and became a self-made millionaire. No, I had people who helped me along the way. The secret recipe is building relationships wherever you go. You know, just as, you know, both in Africa and here in the United States, we have something in common; it’s called people.

When you go into an environment or a line of business and want to grow, you have to find the people running that show. If it’s in journalism, you need to get into the environment and develop relationships with people who are in journalism. In my own case, it was real estate. When I came here, I had to find my niche. I had to find people

who were doing this thing that I wanted to become successful at doing, whether it meant paying, giving services, or building relationships.

The challenge with a lot of upcoming business people is that they don’t want to be in relationships. They want to wake up, have access to you, and boom, you give them

a million dollars. It doesn’t work that way. So what I did was I had to start building relationships, and some of them cost me money. The first money I used to invest in myself in the United States was $997; for my house rent. All I had in my bank account was $1,050. I took that risk, made sure I paid to get into that circle, and the rest is history.

What would you say is a sign to take a leap of faith?

You have to understand that life itself is so simple. If you cannot explain life to your eight-year-old child, you’ve not really caught it. This is how I explain it to my kids; life is monkey see, monkey do. See what someone is doing and duplicate it. Success is not hidden. Success is in front of us every day.

They are people who have done it, like Aliko Dangote; go and study what they have done, how they did it; the decisions they took. In my own case, real estate. I have great real estate people that I could see doing it in the United States. The likes of Grant Cardone, JT Foxx, Warren Buffet, Donald Trump.

What made my job easier started on the 22nd of May 2017, I was with my immigration attorney to sign my papers for applying for immigration in the United States. I finished signing it, and paid. and asked, “What next; What do I get?” He was like, “Dude; you’re not getting anything. You’ve got to wait for a few months. We’ve got to process this documentation.”

I remember that day because it was my daughter’s birthday. As I was about to step out of his office, he looked at me and said, “Oh, well, Joseph, maybe you qualify for a library card.”

And I held on to that literally. So as I left there and went to the library, I started reading. That year, I read 54 books. Every successful person who has ever written a book has put their secret inside their book. The question is, are you reading it? Are you going for it? What it did was work on my mindset. This pushed me to become inspired and motivated.

How were you able to scale your businesses in 6 years?

This is why I’m called the number one African mindset coach in America. Everything you

want to do in this life starts with your mind, which is why I do not let anyone play with my mindset. They are certain things we used to hear in Africa that get stuck in our minds. You’ll hear that “slow and steady wins the race.” In America, it’s fast and consistent wins the race.

In Nigeria, we market by dropping a letter and following up. In Nigeria, we market by dropping a letter and following up. You don’t do that in America; here, we use a lot of digital marketing. I can sit here and design a campaign advertisement with my team; I’ll target how many people I want to reach by their age bracket, the kind of money they are making, and other demographics. I can do this in less than twenty minutes which is fast, and then I’ll do it every single week consistently.

but they don’t take action. It doesn’t have to be big, because small actions lead to bigger ones. As I was learning within the first 90 days, I made my first $8000. I didn’t use the money to buy a gold chain; I reinvested it in my business.

What mentor programmes do you plan for Nigeria and Africa?

I have 16 businesses that I run; one of them is Mentor America, which I’m using to coach many people here in the United States. Late last year I was on the beach in Tampa, and it came like a breeze. I heard this voice say, “you’ve made a lot of money, but money is not the principal thing, give wealth.” For you to be wealthy, it means you’re ready to build an empire.

When you have a successful business, you can run it on your own, but when you have an empire and build wealth, you need people. So I had to launch a new brand called Wealthflow. This is because people need knowledge. People reach out to tell me that they took a loan and can’t pay it back because they don’t have the knowledge to multiply that money.

What are some of your favourite books?

What helped me was that I got into relationships with people who were already successful. One of my coaches is worth $6 billion. That kind of person teaching you is acceleration. I knew what to do I had the blueprint, and I took action. The reason why people don’t get to where they want is that they keep planning and replanning. They sit and talk,

I like to read books that have stood the test of time. One of my favourite books is over 100 years old. It’s called The Science of Getting Rich by Wallace D. Wattles; it’s a book I’ll recommend to anyone who wants to be successful. Think and Grow Rich by Napoleon Hill, because I’m a huge advocate when it comes to thought and mindset. It’s a book that can change your mindset, and the moment this changes so many things about you will change. How to Invest Like a Millionaire by Bonita Joy Yoder, is also a very good one because in the world we’re living now just working and saving money will not help anybody; you’re not going to get there doing that. But when you invest, and you know how investments work, you become a leader in the industry. Look around you, all the most successful people, the Otedola’s of this world, the Dangotes, and Mike Adenugas; they’re all investors.

The challenge with a lot of upcoming business people is that they don’t want to be in relationships. They want to wake up, have access to you, and boom, you give them a million dollars. It doesn’t work that way.

By Dimeji Akinloye

Wumi Jubril: The Hospitality Rock Star Redefining Hotel Experience in Nigeria

Business School in Budapest, Hungary. She worked at Sheraton hotels in Nigeria and Gambia before moving to Starwood Hotels and Resorts, a leader in the global hospitality industry.

She walks us through her interesting journey in this interview and how she’s curating a rare hospitality experience for leisure seekers at SRS.

How did you get started in the hospitality industry?

It is a long story, but I will do my best to make it as brief as possible. I started twelve years ago. At the time, I wanted to study hospitality at the University in Budapest, Hungary, but we did not have the course in the school of my choice, so I decided to study International Business. With international business, you can work in any industry. My interest in hospitality also comes from my love for hosting people. I enjoyed caring for and looking after people. I come from that background - everybody in my family is *from the medical line.

On the sunny afternoon of Monday, December 5, the Business Elites Africa team pulls into the Seattle Residences and Spa (SRS) premises in Victoria Island, Lagos. It’s a palatial building with 24 apartment blocks, but the absolute beauty lies on the inside. A gentleman welcomes us at the reception area and leads us into the elevator, straight to the fifth floor. He shows us into one of the suites – a spacious 3-bedroom apartment with an ocean view and a sleek minimalist interior design. It immediately feels like a vacation until our host, Wumi Jubril, elegantly struts into the room.

Beaming with an infectious smile, Wumi welcomes us into her ultimate wellnessescape space. She’s the Chief Executive Officer of the Seattle Residences and Spa, flagship of the SRS Collection, a three-yearold hospitality group already in the front row of Nigeria’s luxury hotel apartment sub-sector. Wumi, along with her team has been behind the expansion of the Group. She brings over a decade of her marketing and sales experience in the hospitality industry in West Africa to bare at the company, and she’s making a kill.

Wumi owns an MSc in International Business and a Master’s degree in International Business Management from the International

Before returning to Nigeria, I applied to the Lagos Sheraton hotel and was so excited when they asked me to come and work there. I did that for about two and half years, then I moved to Sheraton Gambia, and then I was offered a role to come and represent the company in West Africa at its sister company, Starwood Hotels. It was a fun and exciting journey, and I have no regrets. That was really how I started. But I started as a core sales and marketing person, and with that, I was exposed to branding, lifestyle, and so many other areas of the Hospitality space.

How did that journey land you in your current role?

After I left Starwood Hotels, I worked for myself for a year and a half, which was

interesting. I was consulting for hotels. That experience exposed me to quite a lot and made me realise I could do it alone. It was scary at the time, but I enjoyed it. Working for yourself makes you hungry, and gives you some push and confidence that makes you feel you could be by yourself and succeed no matter what. Anyway, my track record also helped and it was based on this that I was asked to join the Seattle Residences and Spa originally.

What are the challenges of being a CEO?

Firstly, staff retention, dealing with staff. You need to find out what other hotels are doing to ensure staff welfare is at the optimum standard. It is also essential that staff are comfortable no matter what. It’s important to me because if they are not, they will leave. That is the major thing, and it is something that keeps coming back every single time because of the economy and so many other things. We have to also ensure that our service is at par with all of the other hotels, and then again, you need to make sure that your staff are happy. It’s a learning process and its something we work on everyday as they are our greatest assets.

As a woman CEO, do you feel discriminated against sometimes?

I recently heard a conversation with someone, and she was talking about that subject matter. Yes, it’s an issue for some people but for me, it’s always about who can get the job done. I’m not really interested in whether it’s a man or a woman. I don’t know whether my family background makes me think like that, but I am grateful I think that way. When I have to be in a situation where I have to compete with the opposite sex, honestly, I have never felt intimidated.

There was a time my friend and I submitted a bid to an organisation that was looking for a hospitality company to come and take over their property. The organisation had given us a yes, only for them to turn around and reject us for three reasons – because we were two unmarried women, we were young, and there was no man on our team. I

was so shocked by it, but we weren’t upset; we only felt sorry for them that they felt that way. So that’s how I see individuals who think women can’t execute large projects. I feel people should be able to see beyond gender or relationship status. I think we’ll get way ahead with so many things if people could look beyond things as trivial as the gender or age of a person or what the person even looks like because it does not matter. People take it to heart when these things happen, but it just means there is a bigger opportunity for you out there. I’m a positive person, so that’s how I choose to see things.

We are also working on coming up with a really nice store where you can just go in and buy all that you need without going out.

Covid exposed us to all of that because we found out that most guests in our suites didn’t want to leave. This was when most people in other hotels left and looked for a better place to retire or just hide away. But here, our guests were just extending their stay because it feels like home. That’s why we call it the ultimate wellness escape. It is the actual home away from home. It is large and spacious. If you need a butler to help you do things, he is here. In a nutshell, everything you need to be physically and mentally comfortable is here.

Where your properties located?

There were so many, but first of all, we had to identify our target audience, some of whom are C-level and top executives, the diasporas, the leisure seekers who are mostly expatriates and the locals who are just looking for an escape. One of our marketing mediums was word-of-mouth; it goes a long way. I imagine you would tell someone about this place after you leave.

We also used the mainstream online marketplace platforms for hotels and apartments, and we have a solid sales team with the right contacts and clients they manage relationships with.

We have the Seattle Residences and Spa, Victoria Island; then we have Pier Harbour

By SRS at Walter Carrington, V.I and Clayhall

By SRS at Ikoyi. We plan to expand to other locations as well. Pier Harbour is our latest addition and as you can see, it is going to be one of the most talked about properties by mid January.

What would you say were the factors responsible for your career success?

We are a hospitality group that creates wellness escape, which is very important to me. I think that’s what we’re lacking in many properties in Nigeria. If you look at the properties we manage, at least two have a waterfront. When you stay outside, and you are staring at the sea, it gives you some sense of calm. I have always loved the water, and a lot of people do as well. When guests visit our properties, they don’t want to leave. You get a drink on arrival, and your body will thank you for the kind of food that you’ll eat – it’s wellness personified. We have a restaurant, and a spa, everything is in one building, so you don’t need to go anywhere.

Collaborations. It always works a great deal. It helped us with major events that have been productive, like when we partnered with Whisky companies, Art Galleries, etc. They have, in turn, given us major referrals. So, I believe in collaboration, being open to people, and then giving them a listening ear where necessary.

What are the qualities a good leader must have?

First of all, no one knows it all. However, I would say that what has helped me on my journey has been the openness and willingness to listen, and readiness to accept failure. The fact that you have failed does not mean you should quit; you just need to keep going else you will not even grow as a leader. Also, be ready to listen to your staff because you could learn from them too.

When you assumed leadership of SRS, what were the marketing strategies you first deployed?

Why should anyone choose SRS over other hotel apartments in Lagos?

By Dimeji Akinloye

No Latecomers in the School of Success: Start Small

– Dr. Stephen Akintayo

at 13. It was a huge deal. My siblings and I were practically jubilating; it was new to us. Life was really tough, but we thank God for where we are today.

How did you build your company, GText Homes, into a real estate empire?

The advantage I had was that we started as a digital marketing firm. We knew how to use email marketing, social media marketing, SMS marketing, and that was what we used for other companies we managed, and it was a major game changer for us in the evolution of our brand. Today, I’m grateful to God that we leveraged that technology; we couldn’t have been here without it. I think that was the key edge. I already built a trusted brand in digital marketing, and when moving into real estate, it was easy to use the same strategies.

Dubbed Africa’s most influential investment coach, Dr. Stephen Akintayo’s experience with poverty fueled his resolve to become successful. Growing up, he slept on a bare floor and scavenged to feed while his parents were thrown out of their homes by different landlords because they couldn’t pay rent.

Today, Akintayo is an author, serial entrepreneur, investment coach, property developer, and digital marketing consultant. He is the MD/ CEO of Gtext Global, a real estate empire operating in Nigeria and Dubai.

He shares his story with Business Elites Africa interview and gives invaluable success nuggets every entrepreneur must hold dear.

Tells us about your childhood experience with poverty.

We lived in Maiduguri, Borno State, Nigeria. My mother was a civil servant, and my dad’s business had crumbled before I was even born. We struggled to pay house rent, which affected my education because landlords kept chasing us out due to rent issues, and we moved to different locations. My parents had to move to this house we built, but it had no running water or electricity. In fact, my dad and mum were the only ones with the luxury of having a bed. The rest of us slept on the mat or bare floor. When they travelled, we would experience laying down on a bed. And there was no toilet; we used pit toilets, and, in some cases, we would defecate on our farm, which served as “direct fertiliser.” I saw a WC toilet for the first time

However, the problem we then had was that we didn’t have liquidity when going into real estate. Somebody gave us 50 acres out of the 250 acres of land the person had, which was our first estate. Unfortunately, the property was water locked. We couldn’t even get to where our own land starts from. When we took clients to the location, we would point into a far distance to show them the land they wanted to buy. They could not even see what they were going to pay for. It took doggedness to continually take clients to that location for inspection, knowing nine out of ten people would say no. But we kept at it, and that’s why I always talk about the importance of consistency in business. That played a key role in building GText.

What were the other factors that contributed to your success?

One was exposure. I have had a lot of international exposure. I went to Silicon Valley, Google campus, Facebook campus, Yahoo campus, and Apple campus, and

I saw how all these tech giants have this massive real estate, from lands to buildings. I went to these places thinking I would see one big office, only to see bigger campuses than the University of Ibadan. It dawned on me that real estate is the bedrock of every economic activity. So I had to prioritise real estate. The exposure opened my eyes to many ideas. That’s why we were the first to start building smart homes in Nigeria’s real estate sector. Others are copying us now, and that’s okay. We are the leader as far as smart homes are concerned.

the driver to the Personal Assistant, that the only way you are indispensable is to bring the highest form of sales for your boss, and we saw this happen with Joseph in the Bible. We saw this happen with David and many people in the Bible who understood the key aspect of their bosses’ job that leads to income; they projected that more, making them indispensable.

So, it’s been quite tough with our workforce. Most times, you have to train people and just at the point they get to know the job, they resign. We had to create a structure where we provide accommodation close to our office for staff that needs it. We still train our staff aggressively regardless of whether you will stay or leave. We had to create a

tougher at the top because it’s not about you alone. There are many people involved. When you make one wrong step, it affects so many people in one way or the other. So the higher you go, the tougher it gets.

The most challenging thing about running a business in Nigeria has been the need for access to bank loans. The bank loans available come at ridiculous interest rates, so we had to run away from the bank. Till today, we have not taken any dime from a bank as a loan so as not to kill the business before it gets started.

Another problem is the lack of government support. Even the intervention programmes they claim to run are given to their cliques. You have to be your own power generator, you have to be your own security, and any land you buy, you still have to deal with the so-called ‘omo oniles’ (Nigerian parlance for land grabbers), you have to factor how to take care of them and incorporate them in your development.

We have issues of salary, where the mindset of an average worker is that as long as I show up at work, they have to be paid, regardless if the company makes money or not, as against you asking yourself these questions: what part of my work is actually helping this company make money because it is in the company making money that my productivity lies? How do I make sure whatever I am doing in that company eventually leads to generating liquidity?’

I always tell those who work with me, from

culture where we make all-expense-paid trips and a culture where we share profit with staff just to give them that sense of ownership.

Poverty is hard, and prosperity is also hard, just that it gets more luxurious as you go higher, but it doesn’t change the fact that it’s tough and you will face many battles. For me, it’s worth it because you’re changing lives and impacting society. Ultimately, it’s a worthless life that is just rewarding an individual. Your life has to become a flow like a river that enriches other people’s lives. It gives me joy when I look at the almost 300 staff in our company and over 15,000 independent workers and the impact the company is making. It’s not just a business for one individual, it’s a business that’s adding value to others as well.

How have your priorities changed from when you first started, and also knowing what you know now, is there anything you would have done differently?

Incidentally, my priorities have stayed the same. I knew what I was going into. I knew what I wanted. I had prayed to God to bless me and put me in a position to be a channel of blessing to others and not just me and my family.

Do

sometimes feel so overwhelmed that the thought of quitting crosses your mind?

Of course, I feel discouraged every week, if not every day. It’s funny how people think that because you have offices or live in Banana Island or Burj Khalifa, it suddenly means you are immune to challenges. It’s

This is where Africa needs to make progress because many so-called wealthy people on the continent are just about themselves and their families. There is nothing wrong with giving your family the best, but you have to be a channel of blessing; it has to flow. That’s the joy of being wealthy. For me, I live every day like it’s my last. My only regret is that my mother is not alive to see how her sacrifices paid off. She borrowed money to send us to school and sold her jewellery to prioritise her children’s tuition more than anything else.

property scams in the real estate industry, how

Good question. I have repeatedly said that

What is the most challenging thing about running a business in Nigeria?

With many

does one identify genuine properties?

you

I feel discouraged every week, if not every day. It’s funny how people think that because you have offices or live in Banana Island or Burj Khalifa, it suddenly means you are immune to challenges. It’s tougher at the top.

you can be scammed in anything, but the first ingredient of being scammed is your desire for something cheap. It takes some element of greed to be scammed. Many people are always chasing after cheap properties, which is mainly the number one reason they get scammed: property is not cheap anywhere in the world. However, there can be a flexible payment system that you can leverage. That’s why you see the western world having a mortgage of up to 30 years. If you’re a first-time buyer, they make you pay just 10%, and you can get a loan for the rest. All these are schemes by their government to make accessibility to real estate easy. When people want to get it cheap, they get their hands burnt. So stop looking for cheap properties; look for genuine and credible ones.

The next thing is also that you have to check the track record of the company selling the property. A company starts the business in two, and because they have billboards everywhere, you start buying properties from them. One day, they will pack up and disappear. You need to look at their credibility: who are they? What have they done before now? How long have they existed? Who are the owners?

It is difficult for you to hold a company whose owners are invisible accountable in the future. It would be best if you found out these things to prevent you from being scammed. And, of course, you should do business with Gtext Homes; we underpromise and over-deliver.

How do you deal with failures?

Failure is an experience and not a personality. My attitude has always been that failure is not me. That I failed is not personalised, it is an experience, I learn from it, and I move forward. I have known over the years that success always comes out of failure. Many great innovations today in the world actually came out of failure. Some of the greatest scientific discoveries came from failure – the Law of physics and aerodynamics are some of them. So, you must understand that the best comes out of failure, and you should fail quickly and faster and learn from your failure. Also, you want to get mentorship and training to reduce your failures. That way, you are learning from the failures of others

rather than learning from your failures.

are two ways to achieve that, you either serve the person or pay the person but get training and get a mentor.

Sometimes on my social media platform, you will see me sit down and learn from my own mentors till today. Every father has a father. People have gone ahead of you, and they know it better. They know what you are likely to encounter and can give you so much counsel to give you peace of mind.

What are the qualities a good entrepreneur should have?

Firstly, vision is very key. You should know where you are going because if you don’t, you will not endure the challenges you will face along the way. Once you know that, as you are facing a headache, it will be a lot easier to endure.

GText is a big company with many subsidiaries, but the most popular is the real estate arm. We are into agriculture, technology, eCommerce, logistics, events, etc. But for our real estate, what makes us unique is that we are the pioneers of green and smart real estate in Nigeria. We are the first to do 24/7 operations – so you can call us at 3 am, and someone will attend to you - we are the first to start delivering customers’ documents to them worldwide using DHL and without charging extra.

We are the market leader. We keep innovating, and we keep stepping up. We are the first to have the vision of building 25,000 residential homes in Nigeria.

What advice will you give someone trying to start a real estate business?

Have a unique selling point if you’re going to start real estate. Have something you are bringing to the table that others don’t have. Number two will be to make sure you get training. Not even money is a substitute for training. In other words, coming into a new sector with much money is no substitute for training. Many consultants will just eat your money and leave you hanging there. So personally, for yourself, go and get training. Look for somebody who has done it, even if it is to request one-on-one training. There

Number two, be a doer than a talker. We are in a world where everybody just wants to talk. There are too many talkers and few doers. So make sure you invest so much in execution and be an action person.

The last point is to do everything you can to be consistent. Some people will not even do business with you for the first three years. They just want to check out how consistent you are. There will be a phase of your life when you are not even doing much, but everything will just be working. It will just be as if the universe has compressed all your blessings of over ten years into one year. Stay at that business but keep changing strategies. Don’t jump from one business to the other. When the business you are into has grown big and become a household name, you can start diversifying. But in the beginning, focus on one thing till it’s successful.

So that when you expand, you have enough resources to hire the best set of people for your next venture. But if you stretch too early, you will die so soon. Everything great starts small. So start small, think big, and grow fast. Don’t rush to the top; they don’t catch latecomers in the school of success.

Colonel Sanders, who founded Kentucky Fried Chicken (KFC), started after age 60, and KFC is worldwide now. What is important is how you finish and not how you start.

What is unique about Gtext Holdings in an industry with many real estate companies?

ithin the space of eight years, Sijibomi Ogundele, 41, built his companySujimoto Group - into a Luxury Real estate behemoth in Africa that is now setting global real estate standards. The young entrepreneur, who is very vocal about his dreams was described by Financial Times as one of the leading luxury real estate players in Nigeria and across Africa.

In recent times, Sujimoto Group has embarked on some bold restructuring in readiness for the next big phase of its corporate existence, which is referred to as the Corporate Governance, Alignment, and Expansion Strategy’.

Ogundele’s future and current project portfolios are worth over 1 billion USD as he keeps breaking new ground in the manufacturing, hospitality, and retail industry. “You can’t think locally and expect to play globally,” says the man whose ambition is to have a Sujimoto project in every corner of major cities in Africa.

In this interview with Business Elites Africa, Sijibomi walks us through the Sujimoto journey as the company turns 8. He talks about the recent restructuring and expansion plans, his motivations, innovations, and future projects.

What does attaining 8 as an organisation mean to you?

In a society like ours where too many startups are closing shop on a daily basis, some because of the bad economic situation while others because of unfavorable policies, 8 years in business is worth celebrating. Not too many organisations make it this far. I’m forever grateful to God for bringing us this far and solidifying our foundation through thick and thin.

Though I wasn’t born with a silver spoon, God gave me a jewel in the form of a mother and I’m profoundly grateful to her for taking time to nurture and impact me with life-changing principles that have made Sujimoto what it is today.

For me, the number 8 is significant because it is the end of one era and the beginning of another. In 8 years, we have disrupted the luxury real estate space in Nigeria, injecting quality and value creation, which before now, was a scarce commodity. We are building structures that people once thought were impossible; setting standards, and constantly challenging the limit of height and possibilities in the luxury real estate sector in sub-Saharan Africa and beyond.

Eight years for us at Sujimoto means expansion and restructuring. This year, more than ever before, we have embarked on a strategic internal restructuring as an organisation. I call this corporate governance, alignment, and expansion strategy. This is because we understand that we cannot dream to compete globally and think locally. This new era in our corporate existence gives us the opportunity to see the world as our marketplace, consolidate on our local presence and export our vision to all corners of the globe.

However, we have realised that to compete globally and dine at the table of global leaders, there are certain structures we have to put in place; from setting up a world-class corporate board, to contracting a first-class big-4 accounting firm in creating the necessary internal structures that will become the foundation which will hold our future ambition.

Can you shed more light on the company’s ongoing expansion and restructuring plan?

Like Mark Zuckerberg once said; ‘we are not here to become a local champion; we are here to build something for the long term, anything else is a distraction.’

From my experience as an entrepreneur, I have come to the conclusion that the best strategy for building a long-term business is continuous value creation.

The Apples, Berkshire Hathaway and Amazons of this world did not become great by providing mediocre services. Rather, while their competitors were busy being comfortable with the norm, they were

working on disrupting the system through value creation for all. Today, these brands are miles ahead in their respective sectors.

Just like these exceptional businesses, Sujimoto has been constantly working in the background, creating immense value for our numerous stakeholders through the establishment and expansion of other retail business opportunities, and the foundation of a sound corporate governance structure.

The idea is to create an organisation that everyone - both current and prospective investors can benefit from. Starting out as a luxury real estate construction company, Sujimoto has grown into a Group of companies comprising Sujimoto Residences – the Luxury short-let arm of the business; Sujimoto Readymix concrete and cement business; Suji Water – premium table water company; Mr. Meat – the butchery and abattoir business, which is dubbed the Uber for quality but affordable meat; S-Mart – the Walmart for luxury hypermarket experience and a one-stop-shop where you can buy anything and everything; S-Hotel - a boutique 5-star hotel that blends African luxury hospitality with 21st century architecture, built on customer addiction and corporate house help philosophy; Sujimoto Mall and our numerous luxury residential projects.

To kickstart this transformation process, we have instituted an amazing team of board of directors comprising of some of the best minds in Education, Engineering, Law, Manufacturing, Hospitality Industry and Governance sector, to lead the company into a sustainable and ambitious future.

Not only that, to bolster our management arsenal and support the board with enough firepower, we are bringing in some of the brightest talents and experienced C-level Executives to head our Communications, Human Resource, Finance, Sales and Marketing Team.

We are not stopping there. We have also gone ahead to contract the services of one of the Big Four Accounting firms in the world to oversee the whole restructuring process to fruition and also eventually audit our business processing system and

expansion strategy. The overall goal for us in this restructuring is to create a formidable corporate entity, one that can compete with some of the best brands globally; and also, open up a huge opportunity for millions of Nigerians, who one day will want to own a Sujimoto shares. It is about value creation for Nigerians!

With the current state of the Nigerian economy, would you say there is a market for luxury real estate?

Though it is a niche market of people that understand what true luxury is, it is, however, a little challenging because of the volatility of the forex and instability of the economy. This plays a big role into why we are expanding and pivoting into the retail economy, providing the same luxury and customer addiction philosophy which we brought into the luxury estate.

When it comes to luxury real estate in Nigeria, we own the market. In fact, Sujimoto is the market! I say this because when you buy into our project, you are buying into the highest value money can buy because at the foundation of our project conception, value creation was a fundamental ingredient. When your target audience are the vital few, the 1% of the 1%, the ailing economy does not in affect that market, because it is not a question of whether they can afford our projects, but the availability of top-quality projects.

Like I often say, create sugar and ant will gather. We at Sujimoto understand the desires and aspirations of our esteemed clientele, people who would never settle for less; and our projects are designed not only to appeal to their lifestyle, but also to cater to their voracious investment appetite. People that bought the Lucrezia when we broke ground two years ago have seen their investment grow over 280%. A lady bought the Lucrezia for 1.2 million USD at the foundation level, but today, the same property is now selling for $3 million USD and we are confident that it would sell for $400 million upon completion. That’s over 300% ROI.

More than ever before, we now have a more discerning group of luxury home buyers and investors whose expectations are very much in alignment with global standards - highest quality with the best value - either for live-in or for investment. For us at Sujimoto, we are focused on value creation for our customers.

For our next project - the Leonardo, the 3 Bedroom which is currently selling for $1 million USD, will sell for 1.5 million USD during construction and eventually $2.5m upon completion in two and the half years.

In what way has the Sujimoto brand influenced the Luxury Real Estate sector in Nigeria?

Let me quickly establish that for us at

Sujimoto, we don’t have any competition locally because we adopt global standards in the creation of our projects. This is not some wishful thinking, this is our reality. We have not only shattered the prevailing quick-fix profit-focused standard, we have become the standard for excellence and quality in real estate.

Sujimoto has constantly been challenging the norm and stretching the conversation from building mediocre houses to competing with the best developers in the world in terms of architecture, design, customer service and how luxury is communicated. Eight years down the line, developers now want to build, design, sell and tell stories that connect like Sujimoto.

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The Ultimate Guide To Investing In Africa’s Real Estate

By: Wale Ameen

Over the past decade, Africa has made significant strides in its development. As a result, real estate opportunities are on the rise, shattering the common misconception that Africa is solely a continent of poverty. In addition, the rise in real estate development creates new opportunities for investing on the continent.

There are several reasons for the growth of the African real estate development industry, one being the increase in the number of wealthy people on the continent.

Between 2006 and 2015, there was a 28% growth in this number, giving rise to a

wealthy class that can afford luxury homes. In addition, most parts of Africa now have better internet connectivity, which has boosted e-commerce and digital marketing activity. This has significantly affected real estate marketing, as it’s easier for marketers to reach consumers through social media.

Growth In The Middle Class And Increased Purchasing Power

The demographics of Africa have immensely changed over the past decade, resulting in the formation of a new African society. Population growth and urbanisation have led to a higher demand for housing.

Africa’s real estate development thus is

on the rise due to the growing demand for infrastructure and affordable housing. With a large percentage of young people unable to own a home, there has been an increased need for social housing developments across the continent. This has resulted in a significant expansion of buildings and new developments, contributing to the overall growth of the African real estate market.

The individual economies of African countries are experiencing a period of rapid growth and expansion. As a result, the continent is becoming increasingly attractive to investors, with more people having access to bank accounts and credit cards and a growing middle class. Additionally, more economies are becoming stable.

Projections…

By 2050, the population of Africa is expected to reach over 2.5 billion people, according to United Nations estimates. This would mean a lot of economic development for the continent, which is more than adequate.

In addition, the African Development Bank projects that by 2050, there will be 1.1 billion people in the middle class, up from 355 million today. If these two crucial factors—economic expansion and population growth—occur, the continent will see a real estate boom.

The real estate sector in Africa is a goldmine that realtors and investors should explore. Even though the Covid-19 pandemic has shaken the market, it still exudes many promising benefits.

The Global Perspective

The global real estate industry is set to grow at a compound annual growth rate of 10.5% from US$3.3 trillion in 2021 to US$3.74 trillion in 2022, according to a recent study by the Real Estate Global Market report 2022. This is due to the sector’s operations being reorganized and recovering from the COVID-19 pandemic, which had a negative impact on the industry. Things are developing quite interestingly in Africa.

Looking Ahead

The population growth in Africa is staggering and is already over 2.45 billion people, with a projected increase of 2.8 billion people by 2060. From this perspective, it is crucial to consider the continent’s swift population increase when considering real estate growth.

As African economies continue to develop and diversify, we are seeing a corresponding rise in the number of people in the middle class. This trend is driven by many factors, including population growth and economic expansion. According to the African Development Bank, by 2050, there will be 1.1 billion people in the middle class, up from 355 million today. This presents a significant opportunity for businesses and investors in the real estate market. As Africa’s economy continues to grow and mature, we can expect to see continued demand

for property and development projects that cater to this growing middle class.

The real estate sector is expected to grow along with urbanisation. According to Knight Frank Africa’s commentary on the region’s real estate markets, 60% of Africans are expected to live in towns and cities by 2050, up from 40% today.

The highest urbanisation rates, projected to reach 80% by 2050, are anticipated in Nigeria, Angola, and Ghana. By 2030, at least six of the world’s 43 megacities—Kinshasa, Lagos, Luanda, Johannesburg, Cairo, and Dar es Salaam—are anticipated to be located in this region.

The real estate industry in Africa is growing rapidly due to the region’s expanding economies and rising populations. The market will eventually control the leading markets in the world.

The African real estate market is ripe with potential for those who know how to take advantage of it. With maturing capital markets, securitization, enhanced governance, political stability, and a population of over one billion consumers, the opportunities for increased profits are numerous. Today, Africa is a continent of progress and opportunity.

Samuel Ogbu, Chief Executive Officer of Liberty Properties, believes there is great potential for growth in the African real estate market. With 53 countries currently recognised by the United Nations and South Sudan added in 2011, Africa is a continent on the rise, and this is reflected in the increased awareness of property investment opportunities throughout the region.

What Opportunities Exist In Africa’s Property Market?

There is a strong demand for retail and mixed-use developments across Africa. For example, Liberty Properties is constructing the Levy Shopping Centre in Lusaka, Zambia, the first fully enclosed shopping mall on the continent, valued at US$200 million. Abuja, Nigeria, is another example of Africa’s burgeoning real estate landscape.

In the next few years, the city will attract major investments in property, driven by

increased consumer spending and businessfriendly policies.

The African real estate market is booming, with investors attracted by the potential for high yields. According to Knight Frank Newmark Research, countries including Botswana, Kenya, Tanzania and Zambia have seen yields of over 10 percent in the industrial sector. Across all sectors, many countries have attractive and steadily growing yields.

The research conducted by the European Real Estate Association indicates that real estate is the biggest asset class in the world, with 2.4 percent of global stocks in property and 5.5 percent in listed property. However, while there are thousands of listed property companies in the world, only a handful are in Sub-Saharan Africa. The report reveals that countries such as Ghana, Nigeria, Kenya, and Angola have no listed property companies in Africa.

A report on the state of Sub-Saharan Africa’s listed property market showed that it has a capitalization of $18 billion and that 98% of that is in South Africa. The report went on to say that in the last decade, there has been a ten-fold increase in the market capitalization of South African listed property and that this is expected to grow in the next three to four years.

Many African countries are without stock exchange markets, including Algeria, Libya, Chad, Ethiopia, Sudan, and the Democratic Republic of Congo. However, there are still some sought-after countries in Africa to buy property in, such as Ghana (oil and stability), Nigeria (consumer story), Angola (oil, consumer story and urbanization), Zambia (copper and stability), Botswana (high level of securitization and the CBD shifting towards the airport), South Africa (formal economy and stability), Namibia (oil and stability) and South Sudan (oil, new independence and infrastructure).

It’s projected that African real estate markets will be formalised in the next decade, and we will start to see more listed property companies and investment funds enter the market. This is an exciting time for Africa as the continent grows and develops even more.

Profile

By Simeon Onoja

Kenneth Sharpe is Putting Zimbabwe’s Real Estate in the Global Spotlight

Kenneth Raydon Sharpe is the brain behind Zimbabwe’s leading real estate firm, West Property. The Zimbabwean businessman, philanthropist, and real estate developer is helping to scale the value of properties in the Southern African nation.

Sharpe had quite a rough childhood, growing up in a colonised Zimbabwe (Rhodesia), when he was forced to flee to neighbouring South Africa due to the country’s violent civil

war. He would later return to Zimbabwe after the country gained independence in 1980. Sharpe, a seven-year-old boy, was thrown into a new era of social change, cultural integration, and uncertainty when he returned to his home country.

How he launched his career

Sharpe began his business career in 1991 when he founded the West Group, a confectionary and food distribution firm with operations in Zimbabwe, Zambia, Malawi, Mozambique,

and South Africa. He also established InterAfrica Franchise Bottlers in South Africa. In 2006, West Group was renamed West Properties Zimbabwe in collaboration with Ukrainian businessman Oleksandr Sheremet.

Since then, West Properties Zimbabwe has executed notable projects such as Kuwadzana 4 Extension, a housing project of approximately 4,500 residential homes, and Mainway Meadows, a housing project of 2,300 homes.

The real estate CEO adopted technology far ahead of many of his peers and was already leveraging remote work opportunities to run his business before the COVID-19 outbreak. By the time the COVID-19 lockdowns were in full force in 2020, Sharpe’s firm was in tune with remote work. He credits this in an interview as a major reason why he won the Forbes Africa Best of Africa Most Innovative CEO Award.

Sharpe’s recognition spotlights Zimbabwe’s place on the global map for real estate investments. He said that “with the discretion of allowing US dollar to work with RTGS dollars, I think the economy is beginning to flourish. The international community really needs to know that every dollar they invest in the country can be taken out of the country. It’s always the exit that people are interested in. I believe having the currencies traded together will allow them to have that reassurance.”

This statement follows the Reserve Bank of Zimbabwe’s (RBZ) directive for commercial banks to prioritise 15% of all foreign payments toward disinvestment by portfolio investors on the Zimbabwe Stock Exchange (ZSE).

For years, foreign investors on the ZSE have struggled to withdraw their investments, which was around $120 million by 2019, from Zimbabwe, but the move by the RBZ cames as a major relief.

Support for Green Living

Sharpe’s West Property announced a $100,000 investment in going green with two of its prestigious developments, Millennium Park and Pomona City, in December 2022.

The firms stated that the tree planting would take place on the 1st of December, which is national tree planting day. Trees and shrubs will be planted to create a green zone and visually appealing views.

According to West Property, greening is incorporated into its properties as a key component of sustainable development and response to climate change.

Because of the use of renewable energy, the planting of trees and flowers, and the use of sustainable building materials, West Property’s developments can be classified as garden and smart cities.

West Property is offering serviced and affordable luxury lifestyle housing units, making a huge affirmation on the property scene and helping Harare achieve its worldclass status.

According to Sharpe, the value of the properties will have increased by 2050.

“We are creating this lifestyle estate. When you look at that value today, it is worth $3 billion. This is how much our bricks equate to in the built-up area.

Mark my words, by 2050, the value of property in Zimbabwe today at $3 billion is going be much higher. We are talking about $15 billion to $30 billion of value that we are creating for our nation,” said Sharpe.

Accolades and other ventures

Sharpe’s West Property was awarded Best Residential Development 20+units Zimbabwe and Top Developers Zimbabwe at the African and Arabian Laufen International Property Awards 2022.

The real estate visionary was appointed chairman of the World Economic Forum, Young Presidents Organisation (YPO) initiatives “Doing Business in Africa” and “Family Philanthropy Network” in 2005. He previously served as Chapter Forum Chair, Education Chair, and was the youngest Chapter Chairman in 2008, resigning in 2015.

Sharpe partnered with JW Oliver to co-found Global BP Solutions in 2017, through which he has invested in Solar IPPs in Ukraine. He was admitted to the prestigious HBS OPM 3-year programme in 2019 and will graduate in 2022 as an Alumni. He also graduated from Harvard Business School, and as part of his final dissertation on strategy, he launched the One Billion Bricks by 2050 initiative.

Adetola Emmanuel King and his Mission to Give Average Nigerians Access to Decent Shelter

By Ruth Okwumbu

The general thought is that real estate is for the rich – at least, everyone can attest that they are not the cheapest assets to purchase. However, brands like Adron Homes are dedicating their journey to providing affordable real estate properties with flexible and convenient payment plans for the everyday Nigerian. The man at the helm is one with a very long name – Aare Adetola Olaniyi Olaonipekun Emmanuel King.

A native of Ilishan-Remo, Ogun State, Adetola Olaniyi was born in 1975 in Ibadan, Oyo State, Nigeria. After the basic elementary education at Ibadan Municipal Government (IMG) Primary School, Molete, Ibadan, he attended the Federal Government College, Odogbolu and Remo Secondary School, Shagamu, for his secondary education.

The next stop for Emmanuel King was the Osun State College of Technology, Esa Oke, for an Ordinary National Diploma (ND), after which he proceeded to the Yaba College of Technology, Lagos, for his Higher National Diploma (HND) in Estate Management and Valuation. He proceeded to the University of Ibadan, where he bagged a Master’s Degree in Housing Development and Management. To top the icing with another cherry, King got a Doctorate Degree in Housing Development and Management from the European American University (HONs) and an MBA from the Metropolitan School of Business Management, United Kingdom.

Founding Adron Homes

In 2012, Emmanuel King founded Adron Homes & Properties Limited. He says he was driven into establishing the company by the need to bring affordable houses to the reach of as many Nigerians as possible. This was in full realisation of the fact that there is no housing shortage in the high end of the market, but in the low and middle-class bracket where the deficit is more pronounced.

The goal was to help low-income earners get affordable homes with a seamless payment plan, and so even though the real estate sector already seemed saturated, there was a vacuum for Emmanuel King to fill. Helping more people transit from tenant to homeowners has been a worthy journey for the last decade and has justified the passion that took him into the real estate sector a decade ago.

According to Adetola Emmanuel King, the concept of affordable homes does not suggest that housing can be cheap because housing is not cheap in any part of the world. In fact, he admits that housing is expensive, which may be in agreement with the Nigerian proverb that says a good soup is the product of money.

He says the affordability concept in housing delivery is not all about the cost of a house, but the totality of the whole environment that includes roads, schools, hospitals, shopping centres and, in some

cases, bridges, as well as a flexible payment system that enables the home owner to pay over a period.

The simplified model for low and middle-income earners allows a flexible payment plan that can run for five and ten years, payable daily, weekly and monthly, and the recurrent payments can even be as low as N1,000 daily. For an environment like Nigeria, where a significant part of the population still grapples with their lowincome earnings and daily wages, there is no doubt that this is a business tailored to the needs of the average everyday Nigerian.

Adron Homes has grown into a multi-billion-naira real estate firm with many subsidiaries across the globe. Beyond providing affordable housing for many clients over the years, the company is a leading employer of labour in Nigeria and Africa. In 2018, Adron homes hit N100 billion in assets.

In ten years of operation, Adron Homes and Properties Ltd has over 40 estates to its credit – which can be considered a significant feat even among the big players in real estate.

His wife, Chief Mrs Aderonke Omotola Emmanuel King, is also a co-founder and Executive Director of Adron Group.

Awards and recognitions

Dr Adetola Emmanuel King is a member of several professional bodies, including the Institute of Strategic Managers (FISM) GhanaNigeria, the Institute of Purchasing & Marketing Consultants, Nigeria (IPMC), the Nigeria Institute of Estate Surveyors and Valuers (NIESV) and Estate Developers Association (REDAN) among others.

His input into the real estate sector has been duly recognised and acknowledged over the years. He clinched the City People Estate Awards (The Real Estate Icon of the Year 2018) (Most Innovative Real Estate Company of the Year 2018), (Real Estate Excellence Awards 2018), (Real Estate Marketing Company of the Year 2016, 2017, 2018), African Youth Parliament Platinum Award, National Association of Nigerian Students Awards (Icon of Humanity), among others.

He has also received the Gold Certificate of the Rotary Club in recognition of his financial contribution towards community service projects. He recently emerged as the new national president of the old student association of Remo Secondary School in Ogun State( RSS).

He holds several chieftaincy titles across different communities, including Akile of Remo Land; Bobajiroro of Ode Remo; Borokini of Ilisan Remo; Asiwaju of Makun Kingdom; Otunba Asoludero of Emuren and Babalaje of Simawa Kingdom among others.

Take the Necessary Risks, if You Must Excel in the Real Estate IndustryMutepa Kamoto

Mutepa Kamoto is the founder of Property 6, a trailblazing real estate firm in Zambia. Kamoto’s brainchild has survived tough economic times to continue providing real estate service in the Southern African country.

Business Elites Africa caught up with Kamoto on his entrepreneurial journey and crucial issues in Africa’s real estate industry.

How did your entrepreneurial journey start and why did you decide to go that route instead of paid employment?

With years of experience as a real estate specialist in one of the leading real estate firms in Zambia at the time, I was lucky to have a managing director who believed in me. He always taught me not to jump jobs but to dream of beginning my own journey. I was moulded into an entrepreneur by watching him create

his dream into reality. Once I took the leap of faith, I knew exactly which way to head.

What strategies did you first use for marketing your real estate business?

My strategy was what I called the outside-in approach. Before an office, we set up an impression – a catchy name, a website, personalised emails and most importantly, I understood that an aggressive social media presence was key. This helped us gain grounds in thousands of interactions and gave us good leads at the early start of my business.

What were the factors that contributed to your success in the business?

While they could be many, I will single out two – firstly, my passion for the real estate sector. I have learnt in the last couple of years that passion stays and grows businesses because when the harsh times arrive, that

keeps you going. Secondly, patience and continuous learning. I learnt to trust the process on this journey and always be open to learning new trends in the sector. The truth is, you don’t know it all; keep learning.

Starting a business in the African setup is difficult. Statistics show a high percentage of businesses fail in the second year. The challenges are always interconnected – our African policy of access to capital becomes the biggest hindrance to an entrepreneurial environment across the continent. This was never different for me; it called for sacrifice and disposal of assets to sustain one dream.

I would have definitely taken my chances more. I was too risk averse; if I had been taken back 14 years ago – I would have taken chances as they presented themselves. This journey is about taking chances. Take the risk!

information that will be critical for a better real estate profession and environment. We believe in people.

What advice would you give to someone trying to start a real estate business?

For me, it’s the challenge of keeping that fire burning in you. Entrepreneurship is not a fairy tale story; 9 out of 10 things won’t move as you planned- giving up is always the top agenda. However, keeping that fire burning in you separates you from the dreamers and the doers.

Firstly you need to use a registered property firm. This is not only safer for you, but it gives you a tracker. Every registered property firm is guided on the due diligence they need to carry out before they market any property. In the Zambian setup, the Zambia Institute of Estate Agents is our regulatory body. Any problems you might encounter with a registered real estate company can simply be reported, and the institute will take action immediately. However, if you use unregistered and illegal agents, you stand to lose. The honour is really on you.

How do you deal with failure?

I would like to say if quitting has never crossed your mind, then your dreams might need revisiting. I have quite a plenty of times. However, I quit only for 5 minutes and my brain was quick to make me realise I had come too far to quit.

I personally take failure as a process toward my goals. I have learnt to embrace it when it happens; one sad day is good for the soul. On your second day, get up and make it count. I don’t believe in masking failure; I believe in going through it, in learning and understanding how to do a task better next time.

What’s unique about your company?

Get into this space with a passion for being the difference. This space is not only a million-dollar industry but one where your decision could help a whole family take their children to school or help them get an immediate medical procedure to save their life. I have sold the property for people that are in dire need of funds to get their loved ones an expensive medical procedure. At that particular moment, it was not the money on my mind, but the idea that, if I didn’t sell this in time, a life might be lost. This is an emotional space, as you will be dealing with property that has sentimental value to different people. Be ready to give your best.

What, in your opinion, are the qualities a good entrepreneur must possess?

Absolutely tough question to answer. I can’t run a point by point quality of a good entrepreneur. So I will list some that will work for anywhere on the face of the earth patience, commitment, persistence, and passion! You need them; no matter what field you are in. There’s no hard work without those four!

Having been in this business for over a decade, you begin to realise the true satisfaction in this space, is giving hope to the next generation of entrepreneurs, not only in the real estate space but in any field. I have embarked on giving back to startups by having free talks and interactions. I believe a wealthier generation in both knowledge and resources – is a more free generation. It is not only good for Zambia but Africa as a whole.

Knowing what you know now, is

While everyone is out to monetise their time with the market, our social media platforms give that same information for free. One might ask why? Again, a better-informed generation is a wealthier generation. Our policy is never to manipulate the market by monetising

What are the challenges you’ve had to surmount in your journey?

What’s the most challenging thing about running a business?

Do you sometimes feel so overwhelmed that the thought of quitting crosses your mind?

How have your priorities changed from when you first started?

there anything you would have done differently when you first started?

With a lot of property scams going on in the real estate industry, how does one identify genuine properties to buy?

By Joseph Ekeng

Nigeria and the Dollar Storm: The Impact on Local Real Estate

In 2019, Nigeria’s President Muhammadu Buhari, in his address to the nation, declared that he was going to leave Nigeria better than he met it. At the time, the President had just secured a second term in office after he defeated Atiku Abubakar and was still basking in the euphoria of his victory.

He has reiterated that promise a few times more in the last couple of years. But, with

barely six months to the end of his second term, the economy is in such terrible shape that it will take a miracle to accomplish that goal.

To put things in perspective, inflation which was about 10% before Buhari took office, has now crossed 20%, and unemployment is now 33%, from 8% before Buhari. Youth unemployment is almost 50%. The worst indicator is the exchange rate. Buhari has supervised an unprecedented level of currency

decline. The Naira, which has been on a free fall in the last couple of years, briefly crashed against the dollar to almost N900 last week, before retracting to stabilise at N720 as at the time of writing this article Naira sold for N855.

Weak Naira triggers rising inflation

Being an import-dependent country, the fall in Naira means that companies must spend more to acquire raw materials. And

As the Naira continues on a free fall, the real estate segment is no longer attractive for diaspora investors, and households are groaning in pain.

the extra cost is then passed on to the end consumers in the form of higher prices. Food items, gadgets, and clothes imported into the country have become costlier and almost out of reach to the average Nigerian. For instance, the latest edition of the iPhone series, iPhone 14 Pro, priced at $999, at N720 per dollar, the cost will be N719,280 compared to N564,435 at N565 per dollar at the beginning of the year.

Investors not impressed

Experts attribute the rapid depreciation of the Naira to a lack of confidence in the economy. The liquidity crisis, coupled with repatriation challenges, has become a red flag for foreign investors, thus denying the country forex earnings, which could have reduced pressure on the Naira.

“The Nigerian economy is not attractive to foreign investors because even the macroeconomic indicators show it is not doing well. Also, political instability drives away foreign investors,” Busola Jeje, a portfolio manager in a Lagos-based investment bank, explained.

Households are under pressure

Under the prevailing forex environment, most Nigerian households are being stretched to a breaking point because inflation is on a steady rise while income has been static. Meanwhile, the food budget is taking up most of the income.

A recent study discovered that most households in the country spend about 85% of their income on food consumption. Very little is left to meet other essential needs.

The report titled, “Harnessing food demand systems for improved nutrition in Sub-Saharan Africa,” conducted by the University of Georgia in collaboration with Alliance of Bioversity International, and the International Center for Tropical Agriculture, CIAT, observed that despite receiving monthly credit support of N10,000, over 85 per cent of the income from the poorest households is spent on food and nutrition monthly.

Against this backdrop, the World Bank predicted that 7 million Nigerians would

slip into poverty this year alone, worsening the country’s previously unenviable position as the world’s poverty capital.

The Race Towards Dollarisation

One of the major fallouts from the forex crisis is the gradual dollarisation of the Nigerian economy. Though Nigeria has not officially discarded the Naira, many Nigerians are holding on to dollars as a hedge against a weak Naira. A senior management staff of a first-generation bank told Daily Trust that many government officials in ministries and agencies, captains of industry, among others, spend dollars in Nigeria unhindered.

A Nigerian lady who has been saving in dollars, identified as Bennita, recently told Nairametrics that she decided in 2021 to steadily convert a part of her monthly earnings into dollars to hedge against inflation and depreciation.

“It was like an eye opener for me when the dollar hit N500,” she said. “So I decided to transfer the majority of my savings to my domiciliary account. I also began to buy dollars every month when I get paid.”

The Central Bank of Nigeria indicates that as of December 2021, an estimated $20 billion was held in domiciliary accounts of Nigerian banks. This is worth N14.4 trillion, assuming the exchange rate is N720 to a dollar.

Currently, many analysts allocate risk to holding the Naira due to high inflation and consistent local currency depreciation in the parallel market. The CBN has taken several actions to boost liquidity in the forest market and reinflate the Naira, but they have yet to make any impact.

For instance, on November 20, 2020, the CBN directed that all diaspora remittances be made in dollars to reduce pressure on the Naira. The regulator also blocked the Bureau De Change operators from accessing dollars from CBN. Even these failed to halt the depreciation.

Real Estate is no Longer Attractive

The fear of the weak Naira and a strict repatriation policy has made investment

in Nigeria no longer attractive.

Since March 2020, foreign exchange illiquidity and wide disparity between official and parallel markets have snowballed into a forex conversion and capital repatriation crisis.

However, the real estate sector has taken a heavy hit as the economy grows. The industry appears to have lost its place as the beautiful bride for diaspora investment. Nigerians living abroad now prefer to preserve their funds in dollars against investing in the real estate sector back home, once reputed for its high returns.

A case in point is Anthony Okpara, a NigerianAmerican based in the US who recently said he no longer considers real estate investment as a better store of value. Before now, Okpara used to fund his Naira account in Nigeria to meet family demands back home. But his approach has since changed.

“Why will I exchange my, say, $10,000 to naira just to buy an asset again when I know that if I need money from the same investment to pay my bills, on conversion to the dollar, I won’t have the equivalent of the $10,000 I had exchanged to naira?” he asked.

Okpara stressed that he has since decided to save his money in dollars. So whenever he needs to spend Naira, he exchanges it at the rate obtainable. Interestingly, the rate may even be higher compared to when he did the saving.

Before Naira started tumbling helplessly, Okpara used to deploy his investment in Nigeria to service mortgages in the US. The weak Naira means he had to change strategy.

But it is not just the diaspora that has ditched real estate assets as their favourite store of value. People back home no longer see investment in properties as attractive as they once were.

For now, there is no end in sight for the Naira crisis. And as the nation gets deeper into the political season, things are likely to get a lot worse before they might get better post the 2023 election.

Anas Sefrioui Built a BillionDollar Real Estate Firm Against All Odds

Profile || By Ebube Julius

Anas Sefrioui is the legend behind one of Morocco’s largest building and construction companies, Douja Promotion Groupe Addoha. Born in Morrocco, Sefrioui dropped out to help his father run his skincare treatment business, where they developed the Moroccan SPA clay formula known as Gassoul, which is used for body and hair cleansing.

This experience gave Sefrioui a solid foundation in business and taught him the ropes of managing a company. He remained active in the field until he had amassed sufficient financial resources to embark on the life of his dreams.

Taking the Bold Step

Sefrioui, who decided to start up his own business by venturing into the real estate industry, said, “When I have an idea in my head, I think about it, and if I feel its a good idea, I set a goal and I go for it.” During the planning stage of his new venture, he faced different forms of discouragement from both friends and relatives. They didn’t support his plan to invest in the industry, but Sefrioui still stood his ground and proceeded with his plans.

With his unfailing desire, he mobilised all of the money he had saved up and invested it in his first piece of land at El Oulfa in Casablanca. As he tells, “My very first ground, I bought it in the pain, the one which takes you in the guts because you are perhaps the only one who thinks that it is going to work, and that you put all that you have there”.

His Career as a Relator

His career in the real estate world took off and began to take the turn he dreamed of. At age 31, he founded Douja Promotion Groupe Addoha on the 18th of April in Casablanca, Morocco. The firm deals in a variety of commercial and residential properties, including office and retail spaces, apartments, villas, and land.

At first, he focused on buying abandoned residential structures, renovating them, and then selling them off

at a higher price. From the profits he made, he then increased the housing available on the market for clients that were on a mid-budget, which enabled a good number of Moroccans to have access to housing. It was during the course of creating and developing these residential properties that Sefrioui experienced a breakthrough.

He got a royal recognition form the late King Hassan || and was thus awarded in 1998 with a lucrative state contract to build 20,000 units of government-subsidised houses for the Moroccan masses. With this gig, Sefrioui amassed millions of dollars and was able to deliver the project ahead of schedule. Seeing his passion and specialisation in the real estate industry, Sefrioui was also contacted for a second contract in 2005. This time, it was a $1 billion contract to build more housing units.

Today, his name and real estate company is being recognized as a big player on the real estate development scene. In the course of his company’s history, they had developed over 15,000 acres of land and constructed over 190,000 homes across Morocco. He has also diversified the company beyond real estate development. Douja Promotion Groupe Addoha now has interests in cement manufacturing, financial services, legal advisory services and tourism, new territories he ventured into in rapid succession.

In addition, the real estate tycoon holds an interest in projects such as Casablanca and regions, Rabat and regions, Tangier, Meknes, Oujda and many others. With his ongoing innovations in the real estate sector, Anas Sefrioui has maintained his status as one of the most influential African business leaders with his firm currently being valued at over $444.5 million.

Achievements and Recognitions

In addition to leading one of Morocco’s largest real estate firms, Douja Promotion Groupe Addoha was named one of the top 50 Real Estate Developers in the Middle East and North Africa by Forbes in 2021. In 2012, Anas Safrioui also made an appearance on Forbes’s list of the world’s billionaires.

Bamidele Onalaja: The Making of a Real Estate Mogul

By Ruth Okwumbu

Can any discussion about the Nigerian real estate sector be complete without the mention of RevolutionPlus Group? Hardly! Besides having an international office, and several projects across the country, RevolutionPlus has product offerings that make it relatable to the everyday Nigerian. And the man behind the vision is Bamidele Onalaja, a foremost real estate entrepreneur.

Career

Onalaja’s career started in real estate in 2004 when he joined Agbara Estates Limited as the Marketing Manager to pioneer the sale of the “Vivas Home Project”. The project was a huge success. He later joined the Refuge Home Savings and Loan Limited (Mortgage Bankers) as the Head of Projects and Business Development. He was the department’s pioneer head and led the purchase of several

profitable real estate investments and landed properties, including the “Beaufort Royale Estate”. He launched the Facility Management Department in the bank before leaving for Cornerstone Mortgage Bank.

At Cornerstone Mortgage Bank, Onalaja again had room to show his capabilities as the Head of Mortgage Operations. He moved on to Safe Trust Mortgage Bank (Formerly Sterling Homes) as the Ikeja Branch Manager.

All of these experiences positioned Bamidele Onalaja to take advantage of the opportunities in the sector. In 2014, he resigned from Safe Trust Mortgage Bank.

iHis Building RevolutionPlus

When Bamidele Onalaja left Safe Trust Mortgage Bank in 2014, he had a big dream of what he wanted to do in the real estate sector. His sole focus was providing affordable housing for the masses using a multi-channel approach. He registered the firm even when he had yet to get the capital. Unfortunately, it took work to convince others to see his vision. The banks he reached out to turned down his proposal. Even friends could not seem to get what he wanted to make out of it. He eventually got a relative who believed in his vision, which became the much-needed break to launch RevolutionPlus.

Moving into an industry where many clients had unsavoury experiences with dishonest dealers was challenging. But then, it also presented itself as an opportunity because once Onalaja proved his integrity and delivered his promise to the client, it became a smooth sail.

RevolutionPlus would typically acquire suitable parcels of land for development into residential estates and put general infrastructures such as roads, drainages, fences, water and electricity in place. This immediately improves the allure of the location, and boosts the value of the property. The plots of land are then allocated to those who have completed payments for them for development. As Onalaja stresses, he is not a land seller but a developer that will stand

with the client through the construction works.

When the company clocked three years in operation in 2017, it had hit a billion naira in turnover. Clearly, providing affordable housing for the masses turned out a lot more profitable than many would have thought. Over the years, the company has tweaked and modified its offerings to cater to a broader market. Clients can get packages that allow them to pay for plots of land in instalments for as low as 25 thousand naira monthly. The properties have a price range that cuts across the various income levels in society. With such a package from RevolutionPlus, is there really anyone who cannot become a landowner?

Revolution Plus has grown extensively from just six products at takeoff with several projects now spread across the country. Onalaja is still dreaming big; rolling out new projects and creating the necessary infrastructures that give people descent residential and business environments. RevolutionPlus is one of the biggest players in Ibeju-Lekki, referred to as the ‘new Lagos’ – in reference to government’s development plan and massive investments in that axis. The company also has projects in Ogun State, Federal Capital Territory, Abuja, and Ibadan.

Onalaja attributes many of his successes to the team of hardworking men and women who have stood by his side, particularly the marketing force that has gone all out to sell the company’s products to consumers. With an effective team of staff delivering on its promise and a satisfied customer base, it can only keep improving for RevolutionPlus. Importantly, the business can now run smoothly with or without his direct supervision.

RevolutionPlus has also played a sponsorship role for some widely viewed programmes like the reality TV show Big Brother Naija, which is said to be one of Nigeria’s most popular TV reality shows. This, no doubt, has played its part in making the brand a household name.

RevolutionPlus Property Group now has seven subsidiaries; RevolutionPlus Property Development Company Limited, RevolutionPlus

Constructions and Infrastructure Limited, Remarkable Hotels and Apartments Limited, Remarkable Impact Investment Limited, Remarkable Foods Limited, Chris Bamidele Onalaja Foundation(CBOF) and Angelic Lingerie; and Onalaja is Chief Executive Officer of the Group.

Recognitions & Other Interest

Key among the recognitions Onalaja has received are the “Real Estate Entrepreneur of the Year”, “Real Estate personality of the year”, and “Outstanding leader award, to mention a few. He is also the President of the Real Estate Developers Association of Nigeria (REDAN), Lagos Chapter.

Bamidele Onalaja was, alongside his wife, recently honoured by Rotary International President Jennifer Jones and Rotarian Larry Lunsford. They were also inducted into the Hall of Fame, and their portraits and names were added to the Arch Klumph Society interactive display at Rotary International World Headquarters.

Philanthropy is also one of Onalaja’s interests, and he carries out these activities through the Chris Bamidele Onalaja Foundation (CBOF). CBOF has also conducted free medical outreach in various local communities in South West Nigeria. Among them are COVID-19 palliatives distribution in Lagos and Ibadan, widows empowered entrepreneurship skills acquisition and free distribution of equipment for women to start small businesses.

Free education and scholarships have also been awarded to hundreds of schoolchildren. One of these is a free-education-based primary school named TOLDEL and located in Ikorodu area of Lagos, where indigent pupils attend without paying tuition.

Education

Bamidele Onalaja holds a BSc. degree in economics and a Master’s degree in Business Administration from Lagos State University. He also got an advanced diploma in project management from the University of Lagos and is a member of the Project Management Institute (PMI) in the United States of America.

Did You Kn w?

By Simeon Onoja

The Housing Vacancy Rates is Highest in Nigeria’s Capital - Abuja

• Recent studies claim that the Katampe neighborhood in the FCT has the greatest percentage of vacant residential spaces—nearly 40%—among all areas. Second place goes to Apo, which has a 19% vacancy rate. The areas in Lagos with the greatest vacancy rates are Lekki, Ikoyi, and Victoria Island at 20% respectively.

• In Nigeria, Lagos and Abuja are home to the priciest lands and properties. Banana Island in Lagos has several High Net Worth Individuals and the highest per capita income of any place in the nation. The elite also favour homes in Victoria Island, Ikeja GRA, and Old Ikoyi.

In Scotland, red doors are symbolic

• When you pay off your mortgage, it’s customary in Scotland to paint your door red.

• Nigeria has a homeownership rate of 25%. This is less than comparable figures from other rising markets like South Africa (84%), Indonesia (84%), and Turkey (58%).

Friday is the best day of the week to list your house, and historically t he best selling month of the year is April.

Rent in Lagos is more expensive than in West Virginia and Iowa

• The cost of living is high in Lagos, Nigeria. Some areas had rent that was higher than that of some West Virginian and Iowan apartments. In neighborhoods like Ikoyi, Ikeja, and the surrounding suburbs, the rent for a three-bedroom flat can reach as much as twenty-five million Naira (N 25,000,000) per year.

• If you’ve ever hoped to save money by buying a pre-owned home in Tokyo, you might want to rethink your plan. The country’s construction industry is vibrant that over half of homes in Japan are demolished 30 years after they are built. In Japan, buying a previously owned, resale home is quite challenging.

Abuja and Lagos accounts for over 20% of Nigeria’s total real estate value

Nigeria has one of the lowest rates of home ownership worldwide

It’s difficult to find old houses in Tokyo

Nigeria has a housing deficit of 22 million units

• Nigeria’s real estate industry is large, but it still can’t satisfy everyone’s needs. The Federal Mortgage Bank of Nigeria estimates that Nigeria has a deficit of 22 million housing units. This is more than the 17 million that PwC predicted a few years ago.

Warren Buffet still resides in his Nebraska home which he purchased in 1958 for $31,500.

The best countries for real estate business in Africa

• Before entering the lucrative yet risky world of real estate in Africa, it’s crucial to do your research and understand what to anticipate. Choose nations that are at the top of their game in the real estate industry to make things much simpler. Start with countries like Namibia, South Africa, Angola, Nigeria, Ghana, Kenya, Tanzania, Zambia, and Angola.

There are five times as many unoccupied homes as there are homeless persons in the United States.

Real estate developers are focusing on the middle class

• Only a small percentage of Africans can afford expensive real estate. In addition, the majority of developers focus on the wealthy and middle classes. The later is driving a high demand for office space, which will elicit a response from investors and the government.

McDonald’s has one of the best real estate portfolios in the world— the Burger flipping is delegated to franchises, and McDonald’s is compensated bountifully for owning the best commercial real estate in the world.

It’s better to sell luxury homes in Africa

• Few Africans can afford to buy luxury estates or second residences. The majority of Africans like affordable housing, but when you consider the danger, it is much better to sell one luxurious home than a number of affordable ones.

By Joseph Ekeng

Africa’s Real Estate Hot Market

The Covid-19 outbreak has not had any significant impact on the real estate market in Africa, as many feared. The segment has recorded strong growth post the pandemic, and the pattern has continued despite underlying issues like high cost of living, rising inflation and other macro factors which have posed a challenge.

The growth trajectory is not just limited to Africa, as the global real estate market recovered nicely to accomplish a 54% increase in investment activity in 2021. Experts have predicted that the sector will expand to $3.74 trillion by the end of 2022 (recent geo-political turmoil and supply chain challenges appears to have slightly dampened the optimism).

However, Africa offers a more exciting prospect for investors.

According to Nairametrics, the region’s property sector growth has been impressive, with dominant economies like Egypt,

Nigeria and South Africa topping the chart. Yet ongoing economic diversification programs and growth in the middle-class population of emerging markets like Tanzania, Rwanda, Kenya and Ethiopia have also played a role.

Major drivers of growth

Some of the major factors driving the positive outcomes in the sector are population boom, increase in foreign direct investment (FDI), shifting occupier pattern to e-commerce, rapid urbanisation, increased investment in public infrastructure, and growth in the middle-class population, among others.

Rapid population growth in Africa is expected to hit 2.8 billion in 2050, and the middle class is expected to grow from 355 million to 1.1 billion. So, Africa is well positioned to reap benefits from the market as it develops and expands its economic and population base.

The rapid urbanisation also portends well for the continent’s property market future.

In a report by Knight Frank, the population of Africans living in towns and cities will reach 60% in 2050, up from 40%. That means more investment in real estate will be needed to accommodate the surge. The report also explained that Nigeria, Angola, and Ghana would record the highest urbanisation growth, which stands at 80%.

“In addition, the region is expected to host at least six of the world’s 43 megacities by 2030, Kinshasa, Lagos, Luanda and Johannesburg, Cairo and Dar es Salaam,’ the report stressed.

Investment opportunities

There are myriad ways investors can take advantage of the possibilities in the African property market. In a recent report, Africa Business Insider listed various ways investors can key into the growth opportunities. They include a long-term residential lease, the fastest way for an investor to profit, Real Estate Investment Trust, which provides a pathway for people to make a profit even when they do not own physical properties. Contract flipping, which involves the transfer of the right to purchase a property to another buyer.

Other potentially lucrative real estate opportunities are commercial real estate, lease options and short sales.

Similarly, office residential, rental, and real estate innovations are other profitable ways for investors.

Top real estate markets in Africa and why they are hot

Egypt

Despite being only the third largest economy in Africa behind Nigeria and South Africa, the Egyptian real estate market has been the most active on the continent. The segment has had the biggest growth rate post covid. According to reports, the sector bounced by 8% in 2021, and developers noted that the local real estate market showed stability for the first time in 15 years.

The growth was driven by massive sales of about $10 billion and attracted $500 million

worth of foreign investment. Experts believe that the Egyptian real estate sector remains one to watch for the future, adding that there are opportunities in the residential segment, which is expected to attract an increase in foreign investment while the interest rate is projected to decline. As a result, the growth in demand is likely to continue.

Kenya

The last 10 years have been remarkable for Kenya in terms of infrastructural growth, and this has rubbed off on the real estate market, which grew by 5.2% in 2021. According to the Kenya National Bureau of Statistics, this represents a decent increase of 3.7% compared with its performance in the same period in 2020. Over the same period, Kenya sold 100% more land than in the same period in 2020. According to the Ministry of Land and Physical Planning, close to 1800 land transactions were recorded.

Experts are confident that the growth will be sustained throughout 2022. The growth of the country’s real estate sector has been generally attributed to the government’s sustained investment in public infrastructure.

Earlier in the year, analysts expressed fear that political uncertainties and currency fluctuation could weigh in on the growth momentum. But the general election has passed peacefully and has not dimmed growth projection but has altered the future outlook.

The newly elected President, William Ruto, has promised to continue investing in infrastructure, fueling hopes for sustained growth in the sector.

Nigeria

Following the return to market activity, the Nigerian real estate market was somewhat subdued in 2021. Key segments such as office and hospitality had a vacancy level of 36% for grade B offices. In the hospitality sector, the occupancy level was only 55%. Yet, solid performances from the residential, logistics and healthcare segments have spurred growth, underlining the segment’s resilience. Experts have said that they expect the positive pattern to be sustained. Also,

rapid infrastructural development will result in growth in two emerging hotspots in areas such as Epe and Yaba that are expected to outpace the overall residential market.

These locations recorded a surge in demand over the past year and have seen their overall rental yields track the average market rate of 5% at 4.3% and 5% respectively.

Ghana

Ghana’s economy has been one of the most impressive in the region in the last decade, and investment in real estate has contributed to the growth. The country attracted the highest level of FDI in West Africa, netting $2.65 billion in 2020. The trend continues in 2021 as the $800 million in FDI was recorded in H1 of 2021, underlining investors’ confidence in the country.

With the launch of Ghana’s “Year of Return” campaign, which provides the backdrop for the country’s desire to accelerate FDI from Africans living in the diaspora, the real estate sector has remained strong and attractive. Hence the growth trend is expected to continue till the end of 2022.

Meanwhile, headwinds like riding debt and the Fitch rating degradation to a negative outlook could have a downward impact. But for now, such an impact is yet to be felt as the segment continues to post strong performance on key parameters.

South Africa

According to the IMF, a late rebound in the Covid-19 infection in South Africa and its impact on the economy resulted in the downgrading of the growth forecast to 1.9% in 2022 from 4.6% in 2021. Yet some of the government’s major fiscal and monetary interventions boosted investor confidence in the economy. The optimism may have strengthened the real estate sector in 2022.

The health of South Africa’s logistics sector is critical to growth in the property market performance. According to Rode’s industrial survey, the industry recorded a 3.7% y-o-y increase in nominal rent in Q4 2021 amidst low vacancy levels, ending the year as the top-performing property market.

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She is one of the foremost YouTube content creators in Nigeria and she has remained consistent and grown since then.

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Oladimeji Ajebgile

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ABOVE AND BEYOND

By Damilola Akinlude

Muyiwa Babarinde

Muyiwa is a Marketing Communications Specialist with years of experience in Corporate Communications, Reputation and Strategic Communication.

Muyiwa won the ‘’Rising Star’’ award at Red Media Africa in 2016 and 2017. He was also acknowledged as one of the next generation of (marketing communication) industry players-across the globe by winning the ‘’Young Lion PR Award’’ during the CANNES Creativity week which held in March 2018, in Lagos.

IG Handle: @muyiwa_babarinde

Edidiong Asikpo

Edidiong Asikpo is a Developer Advocate based in Lagos, Nigeria. She is passionate about sharing her Kubernetes and web development knowledge through technical articles, videos, talks, and social media.

Edidiong has given over 100+ talks at tech events worldwide and continues to play a significant role in building developer communities in Africa. She is a Certified Kubernetes Application Developer and Open Source contributor.

IG Handle: @didicodes

Ahmed Shalaby:

A Teacher Who is Now on a Mission to Make Egypt the Real Estate Capital of Africa

Profile || By Joseph Ekeng

Egypt is the third largest economy in Africa, only behind Nigeria and South Africa. But it is home to the fastest-growing real estate sector in the region, projected to record an annual growth of 8% in 2022.

One of the prominent drivers of the transformation in that country’s real estate development is Dr. Ahmed Shalaby, an Egyptian businessman and a Professor of Architecture and Urban Development at the Department of Architectural Engineering at Cairo University, Egypt.

Dr. Shalaby is a rare human because, on one hand, he is praised for his outstanding eruditeness and progress in the academic field and on the other hand, he is globally reputed for his groundbreaking accomplishment in business and the real estate sector. He is presently the CEO of Tatweer Misr and a Founding Member of the company’s Board of Directors which he has led since 2014.

Career

A celebrated architect and real estate expert, Dr. Shalaby began his career in the academic environment in 1993 as a faculty member at Cairo University. At the same time, he was a prominent architectural engineer at a consultancy firm he founded. His job in those early days provided the foundation for his global success in academics and real estate.

Development of El Mostskakbal city

He quickly became famous for his talent and was called upon to serve as Adviser to the Chairman of El mostakbal for Urban Development. Even though he barely spent a year in that company, Dr. Shalaby quickly made his mark.

He led the team that developed El Mostakbal City, a magnificent project that redefined the design and landscape of the new Cairo area. El Mostakbal city is the largest planned mixed-use development in new Cairo.

Al Fawares

Dr. Shalaby has over 20 years of experience as an architecture consultant and in developing and managing major real estate portfolios in Egypt. During his time at Al Fawares Holding, he was put in charge of multi-million-dollar real estate investment. He worked at Egypt’s Ministry of Housing, Infrastructure, and Urban Community as a Technical Adviser to the Minister.

Tatweer Misr

His biggest success has come in his present job as CEO of Tatweer Misr, one of Africa’s most audacious and innovative real estate establishments. The company is reputed for its unique and cuttingedge real estate projects, which have attracted global acclaim.

Some of the major real estate project undertaken by Tatweer Misr since 2014 includes IL Monte Galala in Ain Sokhna, its island-inspired, award-winning development Fouka Bay in Ras El Hekma, Bloomfields, its first home mixed-use development in the heart of Mostakbal City, to its latest coastal gem D-Bay along the North Coast.”

How Tatweer Misr became successful

Even though the company has accomplished a lot under his watch, Dr. Shalaby has stressed that the beginning was far from rosy. “When my company was first founded, and I was made CEO, I didn’t

inherit a large and successful company. The founding team and I started work with a seed,” he said. “We had to be entrepreneurs to turn that seed into what it has become today.”

To become successful, Dr. Shalaby determined that his company would not follow the crowd. Instead, it worked towards being unique and outstanding by continuously innovating and incorporating new ideas and trends into its day-to-day work. This has enabled it to be successful and competitive.

He was also aggressively committed to creating value and building value for its clients, shareholders, and team. He says, “Creating value is the main effort behind our company. We do that by trying to satisfy our clients’ needs and exceed their expectations.”

Support for SMEs

From the beginning, Dr. Shalaby realised that he needed to work closely with small businesses to create a system of shared prosperity. He designed a structure that always engaged small businesses in the company’s supply chain. “We made them our partners as a way to always encourage their growth,” he said.

He stressed that SMEs are the pillars of growth and job creation for the Egyptian economy, and therefore it is imperative for them to be supported.

Another important factor that has accelerated the company’s growth is the ability to incorporate its goals into the larger development plans for the Egyptian economy.

“We felt that for our company to flourish, we needed to support the Egyptian economy and make sure that it flourishes too. That will require that we strategically support entrepreneurship in Egypt from the perspective of new business growth and by drawing importance to the SMEs already existing in our market.

“For us to be successful, we need to make Egypt succeed. This was an intrinsic part of our responsibility.”

These strategies have worked very well for Tatweer, making the Egyptian real estate segment attractive to international investors.

Real Estate FDI

But Dr. Shalaby has stressed that despite what his company and the real estate segment in Egypt have achieved, there is still much room for growth.

For this possibility to become a reality, he advised that three things must be done. The need for public-private sector collaboration in the country to create the right legislative environment for foreign investment. He called for sustained advertisement and campaigns to draw attention to the potential of the sector; he also called for increased participation in international exhibitions where Egyptian real estate projects can be showcased to a global audience.

ODUNAYO ADAMS OYEBOLU

EverythingFashionItem

Just like our name implies Everything Fashion Item is a fashion store that caters to the needs of every woman’s style and needs. We sell mostly bags but occasionally we add other fashion items like fabrics.

What makes us stand out is that we provide the most unique accessories at the best prices possible.

A major goal of our brand is to ensure that women of all classes can slay on a budget with uniquely stylish bags.

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Celeb Beauty Clinic

People have confidence issues for a number of reasons but look play a very big part of it. Our job is to ensure that our clients get the best treatment while ensuring that they look their best at all times. We specialize in teeth whitening, and hair removal. We also offer general spa services.

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OLAWUNMI COLE

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LCC

At the core of our goals is to ensure that women wear good hair on a budget.

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Here at Tutu’s Food we are redefining local food and processing and packaging them in a way that they’ll be able to compete with their counterparts globally.

We started with processing and packaging the best white garri there is and so far the reception in the market has been amazing.

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Nigeria 2023: Can Peter Obi Survive Tinubu & Atiku’s Cash Game

By: Wale Ameen

The 2023 elections is one with so much importance and potentially a landmark one for the nation. For one, it’s one that will herald the hand over to another civilian and democratically elected president, Another importance is that it is an election that will either see the ruling All Progressives Congress (APC) being booted out or re-entrenched as the incumbent president completes his two term tenure as permitted by the constitution.

After years of military rule, Nigeria transitioned to civilian, democratic, and electoral democracy on May 29, 1999. With each successive administration, the drive has been to steer the ship of the nation in the path of success and a proper utilisation of its vast human and natural resources in a bid to restore its lost glory. But that really remains a mirage 20 years on.

Another important aspect is that this is an election that will see a potential third force in the person of Peter Obi of the Labour Party. Nigerians have for long desired a change in the type of leaders the electoral process throws up. This probably has been the reason for a large voter apathy that has been experienced in the past elections.

For the 2023 election, the top two presidential contenders, in addition to Bola Tinubu of the All Progressives Congress (APC), are Atiku Abubakar of the Peoples Democratic Party(PDP), and Peter Obi of the Labor Party (LP).

What Are Peter Obi’s Chances of Squaring Up With The Big Spenders

One question this election continually throws up with each passing day is whether Peter Obi and the Labour Party are successfully squaring up with the big spenders in the electioneering process.

Presidential elections in any country are a huge investment; how much more so in a nation of over 200 million people and a land mass of 923,768 km². To put this in context, Nigeria is slightly twice the size of California, or the size of California, Nevada, and Arizona combined.

Cost of Electioneering Campaigns In

Nigeria

Election campaigns cost billions to successfully run a presidential election in Africa, even though Nigerian law says spending shouldn’t exceed N5 billion ($11.2m). Basically, election is a hugely capital intensive venture and one for only those with deep pockets.

As the third force in the entire setup, many are looking up to Peter Obi to give a good showing at the election, but can he really

muscle up? As an upstart, can he really match up to Tinubu and Atiku’s financial war chests?

Nigerians are increasingly worried about the prevalence of “dirty money” in politics. This term refers to the illicit activities and excessive spending that politicians can get away with due to their high level of impunity. In other words, they are not held accountable for their actions and can rise to prominence and amass wealth without suffering consequences. This creates an unfair playing field for those not involved in politics who want to achieve success through honest means.

Money plays a crucial role in Nigerian elections, as specified in the 2010 Electoral Act. This act is particular about campaign financing, including how much a politician can spend on their campaign, where the money can come from, how much can be contributed by organisations or individuals, and what role money plays in elections overall.

For example, as specified by law, a presidential candidate in Nigeria is only allowed to spend up to N1 billion, a governorship candidate up to N200 million, a senatorial candidate up to N40 million, a candidate for the House of Representatives up to N20 million, a candidate for the State House of Assembly up to N10 million, a candidate for the local government chairman up to N10 million, and a councillor up to N1 million.

However, it’s unfortunately quite common for these campaign finance laws to be broken during elections in Nigeria.

However, it is unlikely that many contestants will abide by this. Moreover, the electoral law itself is fraught with many loopholes that politicians can exploit to side step this rule.

The ‘Dollarisation’ of the Electioneering Process

A quick look at the antecedents of the individuals gives a good picture of what to expect.

Bola Tinubu, the APC presidential flag bearer, received 1,271 votes during the APC’s presidential primary - easily winning

over his 22 rivals. However, we must not lose sight of the fact that he, along with the other 23 candidates, paid a whopping sum of N 100 million to enter the race.

At the same time, the People’s Democratic Party, the main opposition party in Nigeria, from its primaries threw up former Vice President Atiku Abubakar as its standard flag bearer after defeating 14 other candidates. Each candidate paid the sum of N40 million for the nomination form.

In a sharp contrast, Peter Obi was the only presidential candidate for the Labour Party, and he paid N30 million for the nomination form.

An Electioneering Process For Money Bags

Given the reports of vote buying and ‘dollarisation’ of the primaries of both the APC and the PDP, it’s reasonable to conclude that their presidential nominees have an unfair advantage over someone like Peter Obi, who doesn’t have as much money to spend. This is just one example of how money can often decide who wins and loses in an election.

In Nigeria, the monetization of the campaign financing process voids the existing campaign finance law. Therefore, if you wish to run for office and become a councillor, you must raise money to feed the community months before the primary or election.

To successfully process a presidential campaign in Nigeria, a presidential candidate needs to have a party representative in a total of 176,846 polling units on election day to avoid the vote-buying scandal. These gimmicks need a lot of money to be implemented, so how does Peter Obi hope to overcome these challenges?

Already, the other two candidates have begun doling out the cash and spending heavily to put in place structures that will aid their chances to turn the election result in their favour. With less than 100 days to the election, it remains to be seen just how well Peter Obi will be able to raise and drive his campaign and put in place adequate structures and processes that will deliver the 2023 presidential election in his favour.

By Wale Ameen

Keji Giwa: Spearheading Innovation In The Short let Property Development Industry With Digital Landlords

The Nigerian real estate industry has, for a while now, been witnessing a good number of young entrants innovatively shaping the industry. One such individual is Keji Giwa, the British Nigerian entrepreneur and founder of Digital Bananas Technology and Digital Landlords.

Digital Bananas Technology company offers digital solutions, career insights, and an e-work experience platform while Digital

Landlords is a property development company specialising in the development and management of luxury short-let apartments. Giwa has a keen interest and expertise in digital technology strategy and execution. Both companies operate and offer services in the UK and sub-Saharan Africa.

Growing Up

Keji was born on October 28th, 1977, in Hackney, London, but had his primary and secondary school education in Nigeria. At 16, he returned to the UK to finish his studies. There, he attended Kingston University and earned a degree in computer science. The British Computer Society recognises him as a professional member.

Career Trajectory

Giwa has had a long and successful career in business development and project management. He worked as a business development manager at Reevoo.com, as a quality assurance manager at Digivate, and as a project manager for digital media at Moveme.

Giwa also developed the Reeviu app, a social media plug-in for online reviews.

After gaining extensive experience and knowledge across the marketing and management fields, Giwa decided it was time to start his own business in 2008. He subsequently established Digital Bananas Technology, a tech incubator, and has since worked as a consultant in the UK and sub-Saharan Africa.

In 2014, he founded Career Insights, a sister company of DBT that focuses on digital product management.

The Birth of Digital Landlords

Soon after, he moved to the shores of Africa, specifically, his home country of Nigeria, to establish a company known today as Digital Landlords.

Digital Landlord is a property development company specialising in the development and management of luxury short-let apartments. The company also affords residential property owners in prime areas the opportunity to invest in their properties, giving the company the right to manage and maintain such properties. At the same time, they receive income due to their investment.

Interestingly, this move has shown that there is a growing trend among investors across industries leveraging technology to grow their businesses. Nigeria is at the forefront of this trend, with entrepreneurs and established companies utilizing technology to drive their commerce.

Keji Giwa’s Digital Landlord has taken advantage of the evergrowing technological advancements and the increasing number of internet users to grow the patronage of their short-let homes significantly. The firm recently adopted the use of artificial intelligence to drive rentals of its short-let apartments and has seen a significant increase in requests since launching.

Leveraging Technology To Drive Sales

Keji Giwa’s Digital Landlord outfit has shown how much technology can be leveraged to expand business offerings. Its AI-powered chatbots automate responses and go on to act as virtual agents capable of taking bookings and dealing with customer service issues round-the-clock.

According to him, with the help of technology, they aim to increase their short-let portfolio to accommodate the 98% of extra booking opportunities they couldn’t fulfil in previous years. In such a short time, the company has taken bookings from 500 guests out of 25,200 booking requests, which is only 1.98% of total enquiries. The Digital Landlord business model has also seen property owners benefit hugely from the company’s innovation.

In 2020 alone, all existing Digital Landlords received a 17% short let net rental income on all their properties, and the value is said to be on the rise as each year passes by. If you compare this to local rental income rates of around 3%-4% in Nigeria, you’re looking at a difference of 425% – 566% in margins.

As a result, partner digital landlords can expect their return on investment in just 5.8 years, compared to 20 years for local rental income. And then they’ll experience year-on-year profit after each consecutive year.

“These market dynamics suggest a less competitive, untapped market,’’ he said.

Giwa believes that there is an excellent opportunity for Short let homes to succeed because of digitisation and the high cost of hotel rentals.

“It doesn’t make sense to pay so much for a hotel room when I could get an entire apartment in the same location for less money with proximity to bars, restaurants, shopping centres, and beaches.”

He also emphasises how the hotel and tourism sectors are changing to accommodate customers’ needs. With digitisation, automation, and artificial intelligence, digitally focused start-ups in the shortlet rental market can create a tough challenge for large and small hotel chains by using technology to deliver on-the-go instant bookings, convenience, comfort, and the use of virtual booking agents to replace human agents, he said.

A Brand Makeover is Sometimes the Best Route to Recovery

- Joyce Onyegbula

and poetry. Then I will try to write my own stories from my learnings.

As I grew older, I used writing to de-stress. In fact at some point in my life, I wrote more than I spoke. I found it a lot easier to articulate my thoughts on paper than to talk about them.

As I ventured into the world of work, I naturally gravitated to areas that allowed me to leverage my creative side. I also volunteered for causes that strengthened my communication skills. I simply played to my strength.

I honestly do not think being in Corporate Communications is coincidental; rather I think it is answering an innate call.

Its in my purpose, I will say. It allows me to use my natural gift to shape brand narratives, support worthy causes and honour the world with my best self.

Have you had moments you doubted your career choice?

Yes, there have been many moments I thought I was headed in the wrong direction.

Joyce Onyegbula is a seasoned corporate communications strategist who has worked with leading brands such across key sectors like Manufacturing, Information Technology & Services, Aviation and more recently Financial Services.

Her proven ability to deliver commercial and operational goals through integrated communication strategies has made her a notable name in the industry.

How did your career in Corporate Communications begin. Is that what you have always wanted to do?

I have always been a creative at heart. As a child, I would read novels, short stories

Pivotal moments when I felt completely vulnerable and unsure. Points when I even doubted my ability to make a positive impact and lasting change in shaping brand narratives and enabling business outcomes through communication strategies.

What has helped me, though, is that I keep a journal and a gratitude manual.

This helps me keep my career journey in perspective and reminds me of how far I have come in spite of the headwinds.

Business Elites Africa sat with her on career-building and winning communication strategies for scaling brands.

Additionally, I have a close-knit support system that includes family, friends, mentors, cheerleaders and advocates who “have my back” and keep cheering me on even when I literally want to “throw in the towel”.I call them “my tribe”.

They help me remain focused when doubt comes knocking.

All these, plus the undeniable possibilities available to brands when they appropriately leverage communication strategies, keep me persistent in my career journey.

The career journey is replete with its fair share of ups and downs. Mine is no exception.

When I ventured into the world of work, I was very young, and it was quite an issue to a number of prospective employers who felt I was still a tad too “school girly”.......(smile).

I have had the privilege to work across different sectors with their peculiarities. Navigating these sectors provided very unique opportunities to learn, grow and add value.

I have also had a stint as an entrepreneur, and that too came with its fair share of learning opportunities.

Today, even though I am still deeply introverted, I waste no time to express my opinion on issues. I take up my space and give voice to my thoughts persistently but with decorum.

How do you deal with failure?

Failure is a critical part of the human experience that has great lessons to teach us if we pay attention.

For me, I acknowledge the failure and give myself time to process the episode.

I take learnings from it and focus on improving future outcomes.

My starting point will be to re-assess product-to-market fit as well as the timing of product deployment.

This is premised on the understanding that brands exist to offer solutions. So if the proposed solution does not meet a need, then, of course, the brand may fail.

I will subsequently review product differentiation. Important questions will include; how is this product or service necessarily different from the competition and what is the unique value proposition.

Additionally, I will review touch points the brand had previously leveraged. Were those touch points actually in sync with the target demography? I will also obtain market insight/ competitor intelligence to better understand their positioning strategy, which may have given them an edge over the failing brand.

Armed with the intelkigence gathered, I will revisit the overall brand strategy to reposition the brand for enhanced market penetration.

If, however, available information shows the brand has no real sustainable value to the client, my advice will be for the business to pivot and do a complete brand “makeover”.

From sourcing operating capital, prolonged wait for clients to pay for services rendered, finding reliable vendors, obtaining credit to meet clients’ deliverables and of course, manpower gaps.

In all, it’s been a richly rewarding journey, and I remain grateful to have walked these pathways. It has given me depth and a robust paradigm.

Navigating these pathways have also equipped me with knowledge to share with upcoming professions as they find they own peculiar pathways.

Knowing what you know now, is there anything you would have done differently from when you started?

Very early in my career, I was more comfortable with writing than with speaking. So I could sit in meetings for hours without saying a word. Not because I agreed with everything but because I just preferred to write mails than speak up at meetings.

In retrospect, I realize I missed a number of opportunities as my introverted nature was often misinterpreted.

With the benefit of hindsight and given what I know now, I think I would not have missed some of those opportunities if I gave voice to my thoughts in meetings. I should have aired my views at some of those important moments.

What are the high points of your current role?

The opportunity to leverage communication tools to offer financial solutions to a wide audience and, by extension, improve the trajectory of both personal and institutional finance is my greatest motivation.

My current role affords me a unique opportunity to communicate solutions that have far-reaching implications for the financial well-being of Nigerians.

A good entrepreneur must be able to communicate effectively.

To win in business, you need people, and you have to be able to convince them to journey with you by sharing a compelling vision.

A good entrepreneur must also be resilient. Entrepreneurship is replete with twists and turns. However, a healthy dose of resilience is required to surmount the challenges of building a lasting enterprise.

You must also be willing to take calculated risks to push the frontiers of the business.

As a marketing communications expert, what strategies will you deploy for a failing brand?

What are the challenges you’ve surmounted in your career?

In your opinion, what are the qualities a good entrepreneur must possess?