In the highly competitive real estate business in Nigeria, it is difficult to stand out from the crowd. But this is certainly not the case for Adetola Rilwan Nola, founder of Veritasi Homes and Properties Limited.
Nola, 29, is a passionate entrepreneur on a mission to improve people’s wellbeing through the provision of affordable housing for low-income Nigerians.
He was inspired to establish Veritas Homes and Properties Limited in 2017 owing to his desire to help Nigerians own a home.
“I was inspired to start Veritasi Homes and Properties because I felt that we could give people, who never believe they could own properties in Nigeria, an opportunity to do so,” he says.
“We have given market women and other people on the lower rungs of the ladder flexible payment plans that aid them to own properties in choice areas in Lagos,” the young entrepreneur says.
Nola, a graduate of Chemical Engineering from Obafemi Awolowo University, had a shoe factory before setting up the real estate business—a testament to his entrepreneurial prowess at very young age.
With the support of a friend and family members, including the money he made from sales, he was able raise $5,000 needed to kick-start his real estate business.
“Prior to starting the company, I had two cars and a shoe factory at Bajulaiye market. I sold the cars, all the machines, generators, and all the raw materials for shoes I had imported. I also borrowed money from a friend of mine,” the engineer-turned-entrepreneur says.
He had worked for a real estate firm for four years to broaden his sales skills and gain deeper understanding of the country’s real estate industry.
“After I had gained a lot of knowledge about real estate, I started Veritasi in April, 2017,” he reveals.
“My and I friend came to Lagos in 2013 to market the shoes we had produced then. While marketing, I met Hakeem Bakare of Grenadine Homes who was very impressed with my marketing skills and he offered me a job,” he says.
He tells Start-Up-Digest that he later accepted the job offer owing to his interest in the industry, which later translated into passion.
He started the business with a single employee, but Veritasi Homes and Properties now has 18 full-time employees, 12,000 real estate consultants and 1,300 realtors.
With his excellent marketing skills and quality services, Nola was able to scale the business within a short period of time.
“The quality services we provide earned us a lot of referrals from existing clients,” he says.
“We have sold over 1500 plots of land, and there’s no single litigation, court case or controversy. Ninety-five percent of our clients are satisfied and we have a good structure, wonderful products, and our brand is great,” he explains.
He says the business plans to dominate the industry within the next 10 years through the provision of innovative housing packages for clients to enable them easily own their homes.
“In the next ten years, we will have dominated the industry. I believe that if we implement our deluxe strategies and packages, we would achieve this,” he says.
In evaluating the country’s real estate industry, the engineer-turned-entrepreneur says the industry is fast growing and there are still numerous opportunities to be harnessed.
In answering questions on challenges confronting the business, Nola says finance and land ownership system remain the major hurdles.
“It is difficult to raise money due to the risks involved in real estate projects, especially in Africa. People find it easier to invest in trade finance instead of project finance,” he says.
He urges the government to provide adequate financing model for small businesses. He calls for more public-private partnerships in the execution of housing projects across the country.
The young entrepreneur has won several awards since kick-starting his entrepreneurship journey. He has won the most enterprising student of the year award – as an undergraduate at OAU, and several property and investment awards.
On his advice to other entrepreneurs, he says, “Persistence, doggedness and boldness are important. As an entrepreneur, you need self-development to succeed in your entrepreneurship journey.”
Josephine Okojie
