Ayobami Alo is the Founder of Elan Orris Real Estate Company. In this Interview with Josephine Okojie, he speaks on the reasons for building collapse in Nigeria and the need for private and public partnership to provide citizens with affordable housing.
The population of Nigeria keeps increasing daily with a housing deficit. To address the gap, what are the solutions and possible threats of population explosion to the housing deficit in the country?
Increasing population is what every growth-intended country prays for because it helps boost the economy. Housing being one of the three most important things to human beings must always be on the budget and there must be improvement every year. However, the challenge with Nigeria is the fact that only a few states are improving in this regard while others are lagging. The government should make life most interesting in this country by committing more to low-cost housing.
With the continuous collapse of building structures, would you say the sector is filled with quacks? What are professionals doing to salvage this issue?
The solution is simple. As a country, we must stand for quality and it cuts across the chain. From government policies and approvals, checks and balances, higher institutions, and types of engineering graduates to owners of these buildings and professionals on site. Everyone on the chain must stand for quality. Quality is quality anywhere in the world because these so-called quacks are being encouraged by some owners who do not want to spend good money and some fraudulent people who should ensure the quality of work on site.
Housing units seem to be quite on the high side in terms of cost and the Lagos state government is trying to provide affordable housing to over 20million occupants in the state, how can we achieve affordable housing for low-income earners looking at the economic situation in the country?
The truth is that the state government cannot do it alone. It was quite achievable during the regime of late Lateef Jakande but the population of the state has gone high massively; therefore, partnership with genuinely reputable private estate developers is a subtle way of achieving this feat.
The number of realtors in the country is increasing and we have people who don’t have the educational background and are still in the business flooding the market. Does this call for concern?
It is worrisome I must say. However, one of the ways to ensure the quality of education in this vast industry is for the government to create a short course for whoever is interested in playing in the industry, no matter what level and which aspect of real estate.
What is the National Association of Realtors (NAR) doing to prevent any threat to the business, especially with the increasing activities of fraudsters in the industry?
REDAN and LASRRA are working jointly to ensure real estate practice is done the right way in Lagos. REDAN is doing the same in Ogun and Oyo State, Abuja as it has a chapter as well. With the right support from the federal government in terms of awareness and sanctions, we will strike fraudulent acts in the industry.
Read also: Mixta Africa launches ‘Rent-to-Own’ scheme to promote affordable housing
In what way do you think the government can address the real estate sector challenges in Nigeria?
Through the provision of land by a partnership or outright sale to estate developers, easy access to mortgage facilities, industry education and quality control.
Tell us about your journey into the real estate industry?
After being in life and general insurance sales and ICT sales for about two years, I wanted something more challenging, and then I began to seek opportunities in the oil & gas, real estate and agricultural industries. Real estate came first and I grabbed it. I started pitching the properties the company I worked with had in the portfolio (without any prior knowledge) and I made my first sale one month after I joined in 2011.
I knew nothing could scare me anymore. I mounted my confidence on that first sale (a 4 bedroom duplex somewhere in Lekki Phase 1) and I became unstoppable. The thirst for making more sales gave me sleepless nights so I changed jobs and I had the room to learn more while selling. In the new company, I made my first sale before I was handed my employment letter. I was moved to a new subsidiary and I performed even better. I rose to the position of head of sales, then, head of products before I resigned to begin Elan Orris Real Estate Ltd. In these ten years of selling as an employee, I enjoyed and endured the process. It was tough, rough but educational. My love for real estate and the act of selling keeps waxing stronger by the day.
How has your organization supported bridging Nigeria’s house deficit?
We are building about forty units of two and three-bedroom bungalows in Epe City. We are building about twenty units of four bedroom terrace-duplexes in a part of Lekki. We are building twenty units of three and four-bedroom terrace duplexes in Arepo in Ogun State. We are also strategically moving this idea to Abuja, Ibadan, and Ilorin among others.
How has your organisation used innovation to reshape the real estate industry in the country?
As young as we are in business, we have gone to places nobody dares go to, emerging locations to actualize the same luxury concept that bigger and older companies are doing in high-brow places.
What would you like to be changed in the real estate sector?
We are doing reasonably well locally but I believe Nigerians can go to foreign cities in the world to erect Nigerian concepts. Nigerian architecture, structures, and finishing among others.
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