Chukwudi Ubosi: Championing best practices in real estate

With over 30 years of professional involvement in the Nigerian and international real estate industry, Chukwudi Ubosi, managing partner of Ubosi Eleh + Co, is one of Nigeria’s real estate professionals championing best practices in the industry.

Nigeria’s real estate challenges border on slow economic growth, lack of liquidity, dampened purchasing power, and poor estate planning and survey.

From entering its worst recession in four years at -21.99 percent in the second quarter of 2020 fuelled by the impact of COVID-19, Nigeria’s property industry which was also affected by the property vandalization from the hijacked ENDSARS protest is one of the sectors of the Nigerian economy that was badly hit by the challenges of 2020.

The property sector, however, beat the norm of being a laggard as it showed signs of rebound in the third quarter of 2020. This was despite the Nigerian economy sinking into recession in the same quarter.

Meanwhile, individual efforts at increasing the stock by way of developing more houses, coupled with talk shows offering insights into possible solutions have not helped to reduce the demand-supply gap or increase the ownership level.

Despite its large-size population and the self-acclaimed biggest economy in Africa, Nigeria is crawling behind its peers in terms of homeownership level.

Whereas homeownership level is 84 percent in Indonesia, 75 percent in Kenya and its 62 percent in Nigeria with the largest population in Africa estimated at 200 million. Going by United Nations projection, the country’s population will be as high as 400 million in 2050.

One of the constraints of Nigeria’s property industry, according to experts is the lack of sincere professionals who do not inculcate global best practices.

Described as a living legend in the Nigerian real estate sector, industry players believe the property market in Africa’s largest economy needs more people like Ubosi to get to its promise land.

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Passionate about helping to solve Nigeria’s housing challenges, Ubosi helps property developers and industry players get involved in building housing solutions that enhance the physical and psychological wellbeing of the residence, especially in a busy city like Lagos. He is often described as a visionary and an outstanding professional that has grown organically in his field, breaking many barriers to set up Ubosi Eleh + Co, a firm of Estate Surveyors & Valuers that focuses on global best practices in providing services like asset valuation, estate agency, facility management and property development.

He is a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), a Member of the International Real Estate Federation (FIABCI), Royal Institution of Chartered Surveyors ( UK), and Member Ontario Real Estate Association (OREA) Canada.

Obosi has been involved with the Commercialization and Privatization of major Federal Government and State enterprises – Nigerian National Shipping Line (NNSL), Unipetrol, Trade Fair Complex, Ikoyi Hotels Limited, Tafawa Balewa Square etc to mention a few.

Born in Ibadan, Oyo State with his childhood education in Lagos, Nigeria, he holds a Bachelors and Master of Estate Management and Construction Management, respectively from the University of Lagos.

His career started in 1986 with Chinwuba Odomodu & Co (Estate Surveyors and Valuers) Enugu, before moving to Diya Fatimilehin & Co (Estate Surveyors and Valuers) Lagos in 1986. He rose to the position of Associate Partners. In 1991 Ubosi founded the firm of Ubosi & Co which later metamorphosed into the firm of Ubosi Eleh + Co (Estate Surveyors and Valuers). Today the firm has over 60 professional staff in its employment and numerous other ancillary and support staff.

The Lagos-based real estate company undertakes valuations covering the following assets amongst others: Land and Buildings, Plant and Machinery, Motor Vehicles, Household and Office Furniture, Fittings and Equipment, and Intangible Assets i.e. Goodwill. A number of the various purposes for which the Firm undertakes valuations include External financing – mortgages, estate agency, investment advice, building surveying, project management, property management, feasibility and viability studies, and financial services.

The Firm, Ubosi Eleh + CO has advised virtually every financial institution in Nigeria in terms of credit to customers by way of its valuation reports. These reports are relied upon to extend credit facilities. Their asset has equally been involved in the sales of real estate assets to the tune of over N125 billion over the last 3 decades. These assets include land and buildings, items of plant and machinery etc. Ubosi was involved in the creation and setting up of new estates royal garden city in Lekki, vintage park also in Lekki to mention a few. Its Facility Management unit oversees numerous facilities across the nation from private to public organization.

In more than three decades in the property industry, Ubosi has contributed his quota to the growth and development of the real estate sector. He is a member of the International Real Estate Federation (FIABCI) a worldwide business networking organization for professionals associated with the real estate industry. The membership is over a million people worldwide. Ubosi has held several positions in the organization – Vice Chairman of the Membership Committee from 2007 to 2009. – Chairman of the Strategic Growth Committee of FIABCI.

These contributions culminated in his being elected President, Africa Region of the International Real Estate Federation (FIABCI) from 2012 – 2018. During the period of his service as President of Africa Region the membership of the organization from Africa and the Middle East increased as, Tunisia, Dubai, Egypt, Lebanon became members. Over the past 20 years of membership, he has attended numerous World Congresses as the Annual meetings are called. These World Congress are held in a different country every year.

For his contribution to the real estate industry, Ubosi has been recognized by different organizations. He is a member of the NIESV Golf Competition Organizing Committee, and was also the Vice Chairman of the NIESV Golf Competition Organizing Committee 2002- 2005, and through to – 2009. He was also a Member of the Finance and General Purpose Committee ( F& GPC) of the Nigerian Institution of Estate Surveyors and Valuers, member, Board of Directors of Safetrust Savings and Loans Limited (Mortgage Bankers) Lagos.

He is also a Member of the Ikeja Golf Club 1993 – Till Date; Member Ikoyi Club 1938 Golf Section 1998 – Till Date; Competition Secretary Ikeja Golf Club 2003 – 2004; Vice-captain Ikeja Golf Club 2006 – 2007; Captain Ikeja Golf Club ViceChairman – Banana Island Property Owners and Residents Association (BIPORAL); and he was also the Chairman – Banana Island Property Owners and Residents Association, 2014-2018.

Ubosi believes the adoption of the real estate best practices is the foundation towards solving the challenges of the sector, which has a housing deficit of more than 20 million units.