BusinessDay
NigeriaDecides2023

Abode launches initiative to tackle housing deficit

Abode Asset Limited, a Nigerian tech startup, has launched a business initiative aimed at making housing affordable and accessible for Nigerians.

The initiative also promotes wealth creation through fractional ownership of high-yielding assets across Nigeria and the African continent. The launch, a hybrid event tagged ‘The Slice’, held recently in Lagos.

In their remarks, Jeffrey Itepu and Damilare Oshokoya, co-founders of The Abode, explained the firm was a community of like-minded individuals poised to build wealth by co-owning assets.

“Today, we launched a movement. A movement of prosperity,” said Itepu. “The cost of assets is the most significant barrier to asset ownership in Nigeria, but we are using technology to build a community where people can come together irrespective of their income level, to fund projects, buy and earn recurring income from it.”

Itepu added that over 1,000 persons have already joined the digital community in the space of three months since Abode started admitting members into the platform.

He also stated that the movement was looking to take the Nigerian economy from consumption to production, as young people would begin to find it beneficial to co-own any asset, whether digital or tangible assets, rather than struggling to own it all by themselves.

Read also: Land banking, the death of real estate in Nigeria

“For us, it’s about democratizing wealth for Africans, and we are using Abode as a tool to fractionalize assets. What we want to do is to have a Pan African movement that allows people to be able to participate in things that they normally won’t be able to afford alone,” Oshokoya said.

“We have several assets which we have listed on our website, myabode.app, and we have simplified the ownership process. We are saying it is possible to own a fraction of an income-producing asset, for the purpose of reselling it at the end of a predetermined period or for the purpose of earning monthly, quarterly or yearly rental income from it.”

Also present at the event were co-founders of Pertinence Group, Dr. Sunday Olorunsheyi and Mr. Wisdom Ezekiel; CEO, Royal Character & Values limited, Mrs. Bosede Olusola-Obasa; as well as representatives from Zylus Group international and the LifePage Group

Get real time updates directly on you device, subscribe now.