Luck Ikechukwu Ujomu, managing director and chief executive officer of Luckybay Homes Nigeria Limited has identified inadequate funds and damages from unscrupulous land grabbers as the biggest challenges facing real estate operators in Nigeria.
Ujomu who is also the CEO of Luckybay Estate and Properties Limited disclosed that he started as a real estate broker in 2009 and was able to save enough money to start his first project in 2013 but it was very tough because there was no support, as it took him years to complete his first project which was two five bedrooms fully detached duplex.
He added that he sold the detached duplex between 2017/2018 and that was his first major breakthrough.
“So far, with the help of God Luckybay Homes has grown into what it is today as one of the best real estate development companies in Nigeria that specialise in building affordable luxury houses. One of the major lessons for all business owners is; you must be smart and you must have patience,” he said.
The real estate guru, Lucky Ikechukwu Ujomu freely offers counsel about the property business. He recently asserted that “buying land from the wrong source is a big risk that could sink a real estate company.”
Ujomu explained that he tried as much as possible to steer clear of making that mistake when he was still new in the business.
Despite his success with Luckybay Homes Nigeria Limited and Luckybay Estate and Properties Limited, the high-flying real estate entrepreneur claimed that he has no mentors in the business.
“I am driven by my passion for the real estate business,” he affirmed.
Having been in real estate since his days as a broker in 2009, Ujomu has learned the important lessons of the business.
Presently, the Luckybay companies are active in Lagos where they are handling various building projects. “We’re still a growing company, but we have plans to extend to Abuja and Asaba,” he confirmed.
While every business has its inherent challenges that at times could be as overwhelming as to make entrepreneurs want to quit, Ujomu claimed he enjoyed the challenges of real estate.
“There has never been a down moment for me other than the usual issue of raising funds which is one of the major problems we have in real estate in Nigeria,” he stated.