Noah Ibrahim, the MD/CEO of real estate company, Novarick Homes and Properties Limited in this interview with BusinessDay, speaks of his background, aspirations, the future of real estate and how Novarick Homes is tackling the challenge of power supply;
Yes. It has a whole lot to do with it, I’ve been on an entrepreneurial journey since I was a kid, even though I didn’t know at that time. My father always made sure I worked hard for anything I was going to have. Also, I am someone who believes that every penny a man wants is in the hands of others, and he has to give use value to others to be able to earn that money. So for me, value comes first, and that’s why I’m in real estate, the business of value.
What inspired you to go into real estate?
Hmmm. I’ll say pursuit of value. I was looking for where I could best add value to the lives of people, helping them attain real wealth over time, and in turn, make a living for myself. I was inspired through the story of my friend whose dad bought 6 plots of land in Lekki phase 1 about 20 years ago for 30 Million Naira… He built on 2 plots and left 4 plots behind for the family. As we speak, 1 plot of that land is worth about 100 Million Naira! So my friend and his family are sitting on 400 Million Naira worth of land, and that’s over 1000% profit… Now that’s value. Real estate, especially land can never depreciate, so I see it as a solid avenue to generate wealth.
Why was it important for you to tackle power in the real estate industry?
As we all know that power is one of the major factors affecting the real estate industry, which makes it imperative to tackle. However, we decided to tackle power because the switch to renewable energy is becoming rampant in developing countries, and it seems to be the future, affordable and clean energy is the 7th UNDP Global Sustainable Development Goals which makes it important to achieve and we considered the health hazards from using power generators, and the noise pollution, we’d rather live in an environment that’s free from this deadly machine. The energy is tapped from the sun, and it’s never-ending. After much research, we deemed it fit to position our company to harness the opportunities that will come from tackling power through real estate.
Why do you see the need to expand the brand Novarick?
The Novarick brand was borne out of sheer passion for value addition, it stands for a company that puts the customer first. It has subsidiaries in Energy, Agriculture, communications and construction, all being designed to better improve the lives of Nigerians within this sphere. We want to reach out all over Nigeria and Africa, we want to be the pacesetters for green and clean communities and other innovative solutions across the continent.
Do you see yourself doing anything other than real estate and what would that be?
Well, Yes I am definitely going to be doing other businesses, I currently own stakes in five other companies as we speak (Agric, Fintech, Foodtech, Logistics and Fashion) and I want more. On the side, I want to become a farmer and a motivational speaker, and also play golf professionally.
Has the real estate industry changed since you started and how drastically has it changed?
A whole lot, the reception is getting higher every day, there’s more information out there, customers are getting enlightened. It used to be harder for people to invest in real estate, but now there is more room for inclusion of the lower class in getting properties. On the bigger scale, there hasn’t been much change, we still have loads of empty houses that people cannot afford to live in.
Where do you see the real estate industry in the next 5 years?
In the next 5 years, the industry should have been disrupted in a way that mortgage will rule out outright payments, millennials will be able to boast of properties, and there will be serious structures and policies put in place to reduce dubious real estate companies.
