With over 20 years of professional experience in managerial capacities cutting across planning, consulting, and business start-up, Rotimi Akindipe, MD/CEO of Groveworld Realties Ltd, is one of Nigeria’s real estate developers that is championing tailored real estate products for Nigerian professionals.
Rotimi, a visionary and an outstanding professional has grown organically in his field breaking every barrier to establishing Groveworld Realties Limited and Urban Dorms Development Company, commercial real estate companies that focuses on building functional and sustainable housing solution for Nigeria’s urban working class.
Passionate about building housing solutions that enhance the physical and psychological wellbeing of the residence, especially in a busty city of Lagos, Rotimi is a member of the Nigerian Institute of Architects and also a member of Project management Institute, USA.
Born and had both primary and secondary education in Lagos, Nigeria, Rotimi holds a Bachelors and Master of Architecture from (University of Ife) now Obafemi Awolowo University and MBA in international Business -Lincoln University, Oakland California, USA.
In his early career days, the Certified Lean Construction Practitioner worked in reputable organizations like Kuramo Industries Ltd, Metro group, Space Online Construction Limited, Beachway developers and Zenith Bank Plc where he gathered experience that has stood him out in the real estate industry.
Apart from the real estate company founded by Rotimi, the serial entrepreneur and business strategist also has to his name, the Groverich Integrated Farms, in the Agricultural sector, and logistics company (Groveline Logistics) among others.
Since establishing Groveworld Realties Limited in 2012, Rotimi has chaired the real estate company to deliver over 12 small to medium size estates in the Lekki phase 1 corridor of Lagos state.
Some of the completed projects by Groveworld Realties Limited include Groveville Estate, off alpha beach, Lekki in 2013, Albertson Place, Ikota, Lekki 2014, Valor Terraces 2014, Oakwood Terraces,Argungi, 2015,Almas Place, IKOTA 2015,Springville Estate, Ikate 2016, Anchorage Place, Ikate 2016, Bouvardia Court, Ikate 2017, Lofty Heights Office Complex,2018, Milledge Terraces,aIkate 2018, Tremont Terraces 2019, with an on-going Ixora Park Estate 1&2.
While integrity, trust, innovation, and sustainability are key business mantras that have abided with Rotimi throughout his career, the CEO and founder aim to re-engineer functional, and sustainable housing products especially as it provides solution to Nigerian professionals.
Meanwhile, Nigeria’s real estate developers are faced with the challenge of constructing affordable housing that can fill the gap created by the country’s non-functioning mortgage system while also managing the high cost of real estate development buoyed by the country’s archaic Land Use Act.
Individual efforts at increasing Nigeria’s real estate properties by way of developing more houses shows offering insights into possible solutions have not helped to reduce the demand-supply gap or increase the ownership level estimated at more than 20 million units.
Despite its large-size population, Africa’s largest economy is crawling behind its peers in terms of homeownership level. Whereas homeownership rate is 84 percent in Indonesia, 75 percent in Kenya and 56 percent in South Africa, Nigeria, Africa’s most populous nation has 25 percent.
But, with the impact of the novel coronavirus which has affected several industries of the Nigeria economy, the property sector is expected to slide further into contraction.
Due to the impact of COVID-19 on the Nigerian economy, industry analysts expect Nigeria’s property market to be hit by the pandemic that has been in the country for more than four months since it was first confirmed on February 28, 2020.
The slowdown in property development due to the difficulty for real estate developers to import building materials and the expected decline in the real estate transactions are catalysts expected to fuel the industry poor performance in 2020.
Nigeria’s real estate industry slowed to its lowest level in two years at -4.57 percent as of March 31, 2020, due to the early impact of COVID-19 on property activities.
The growth in real Gross Domestic Product (GDP) of the real estate sector, a metric which measures the total monetary value of economic activities in the property industry was –5.69 percentage points lower than the growth recorded in the first quarter of 2019, and –1.31 percentage points relative to the -3.45 in Q4 2019.
However, the latest data by the National Bureau of Statistics (NBS) shows that the -4.75 percent growth in Real Estate Services in Q1 2020 was 4.6 percentage points better than Q1 2018 contraction of 9.42 percent, the worse growth recorded so far in the industry.
Gripped by the uncertainty created by the coronavirus pandemic, players in Nigeria’s property industry were forced to adopt the wait-and-see position. As a result, many investment decisions were put on hold pending when there is an ease in the outbreak.
The outbreak of the rampaging virus also restricted both real estate investors and property developers from going on the field for property inspections as many were observing social distancing amid the 5-week lockdown in cities like Lagos, Abuja and Ogun.
Analysis of the first three months GDP report by NBS revealed that the real estate sector contribution to Nigeria’s economy stood at 5.23 percent as against 5.79 percent recorded in the first quarter of 2019 and 6.45percent accounted in the fourth quarter of 2019.
Under the leadership of Rotimi, Groveworld Realties Ltd plans to be innovative and adaptive during the COVID-19 era.
While observing the health and safety measures, the real estate development company plans to optimize both its process and resources, strengthen its customer-friendly payment plan and shore up its reserve through the help of strategic investor and partner bank.
According to Rotimi, his early life was motivated by Chief Engr O.A Gasper- The Jets Master in the 80s/90s. Late Chief Ralph Alabi, the former Chairman, Guinness Nigeria and Mr Koyejo Odulate, Chairman KURAMO Industries limited also made the list of Rotimi’s influencers.
When Rotimi is not building, he mentors budding entrepreneurs in different economy sectors on business management, innovation and best practises.
The Festac raised real estate developer is evidence that hard work and consistency pay regardless of gender, background and religion.
