In Nigeria, real estate development is predominantly driven by private sector activities, which play a pivotal role in fostering economic dynamism within the housing sector.
However, the country’s housing sector stands at a critical juncture, grappling with a staggering deficit of over 20 million units, according to World Bank estimates.
With a rapidly growing population in urgent need of affordable and quality housing, the sector has long been defined by scarcity, unaffordability, and a lack of innovation.
Despite these challenges, a new wave of stakeholders, policies, and emerging technologies presents an opportunity to change that narrative and deliver tangible value to its citizens.
The entrepreneurial initiatives demonstrated by leading Nigerian developers are commendable and warrant robust support from the government at all levels.
As Africa’s most populous nation, Nigeria faces the daunting task of bridging its vast housing demand-supply gap, fueled by a fast-rising population and increasing consumer demand.
The private sector remains the primary provider of real estate products and services, playing a crucial role in addressing the housing deficit not only in Nigeria but also across other developing economies in Africa.
Among the key players transforming Nigeria’s housing landscape is Veritasi Homes and Property Limited, a leading real estate development company.
Founded in 2017 by Adetola Rilwan Nola, the company’s founder and chief executive officer, Veritasi has consistently redefined industry standards, achieving remarkable milestones and setting a benchmark for excellence.
Since its inception, Veritasi has been at the forefront of reshaping Nigeria’s real estate sector.
Its impact is evident in the tangible improvements it has brought to the lives of investors, the prosperity of the communities it serves, and its significant contributions to the national economy.
With $100 million in capital gains, the launch of 10 development projects, and over 2,500 clients served—including a substantial diaspora clientele—Veritasi has delivered over 60 percent return on investment (ROI) through capital gains and rental yields.
Read also: How Adron Homes is addressing Nigeria’s housing deficits
In 2023, Veritasi Homes was recognised by the Financial Times in its annual ranking of Africa’s Fastest-Growing Companies. This prestigious list highlights top performers in Africa’s private sector, and Veritasi was the only Nigerian real estate company to make the cut that year.
Reflecting on the company’s journey, Nola Adetola, CEO of Veritasi Homes PLC, stated, “when we founded Veritasi in 2017, we were driven by a vision to stand out from the start.”
“Although we were seen as ambitious youths, we leveraged that perception to our advantage. In an industry that demands fresh perspectives, we brought innovation to the forefront.”
Nola attributed the company’s resilience amid Nigeria’s challenging business environment to hard work, team vibrancy, collaboration, and innovation.
Over the years, Veritasi Homes has emerged as a transformative force in addressing Nigeria’s housing demand-supply deficit.
The company has constructed over 1,000 homes, with 300 delivered to satisfied homeowners, underscoring its commitment to delivering world-class, innovative, and value-driven properties in prime locations nationwide.
“Our goal has always been to do real estate differently. We are committed to creating value for every stakeholder and building a brand rooted in trust and credibility. We haven’t just met those goals—we’ve exceeded them, and we’re poised to achieve even more,” Nola added.
Veritasi Homes is renowned for developing innovative, gated communities and residential estates across Nigeria, featuring contemporary designs, robust security, and top-notch infrastructure.
The company’s portfolio includes its latest luxury project, Tinuola Towers in Banana Island, one of Nigeria’s most exclusive and prestigious locations.
This project, which commenced recently, exemplifies Veritasi’s commitment to delivering unparalleled quality and luxury, further solidifying its reputation as a leader in high-end real estate development.
A hallmark of Veritasi’s success is its dedication to stakeholder value. Over the past three years, the company has hosted its annual realtors’ conference, one of Nigeria’s largest, at the Lagos Business School.
This event brings together top realtors for three days of learning, skills acquisition, and networking, having trained over 400 professionals to date.
Nigeria’s $1 trillion economy ambition
Nigeria’s aspiration to achieve a $1 trillion economy is ambitious, and the real estate sector plays a crucial role in realizing this goal.
Over the years, the sector’s contribution to the country’s GDP has been significant, and its growth, if well harnessed, can have a ripple effect on the entire economy.
In the third quarter of 2024, the sector grew by 16.15 percent quarter-on-quarter, contributing 5.43 percent to real GDP, slightly lower than the 5.58 percent recorded in the corresponding quarter of 2023.
However, the real estate sector faces numerous challenges, including accelerating inflation, which has led to a significant increase in construction costs.
The depreciation of the Naira has further compounded these challenges, making it difficult for developers to complete projects on time and within budget.
Read also: REDAN urges developers to embrace ESG for efficient housing delivery
Despite these obstacles and declining purchasing power, the sector holds immense potential to contribute significantly to Nigeria’s economy by creating jobs, stimulating economic growth, and increasing government revenue through taxes and other fees.
The demand for real estate in Nigeria remains robust. While estimates of the housing deficit vary, several experts place the gap at 28 million units, with the nation requiring approximately 700,000 new homes annually over the next two decades to close that gap.
According to Statista, the real estate market is projected to reach a value of $2.61 trillion by 2025, underscoring the sector’s vast potential.
Veritasi Homes is among the top real estate firms leveraging innovation to bridge Nigeria’s housing deficit and contribute to the sector’s growth.
Quazeem Famuyiwa, COO and executive director of construction at Veritasi Homes PLC shared the company’s forward-thinking approach: “Our construction approach has always been about pushing the boundaries of what’s possible in real estate.”
“As we develop more projects, we are focused on integrating innovative construction techniques and sustainable building practices that meet global standards of environmental responsibility.”
International recognition and outlook
Veritasi Homes’ dedication to excellence has earned it international recognition, placing Nigeria on the global map as a leader in real estate innovation.
The company’s achievements have been celebrated with three global awards, reinforcing its position as one of Africa’s fastest-growing companies in 2024—a title it has held for two consecutive years.
This recognition is a testament to Veritasi’s unwavering commitment to quality and its vision of “Breaking into Greatness.”
In 2023, Veritasi Homes was recognized by the Financial Times in its annual ranking of Africa’s Fastest-Growing Companies.
The company achieved this feat by catering to the needs of over 1,000 clients with world-class homes, despite the adverse business climate. That same year, Veritasi became the first indigenous real estate company to earn an international B/Stable rating from Scope Ratings, Europe.
The Financial Times list, compiled in collaboration with Statista, highlights advanced, modern, and thriving businesses in Africa that are fueling the global economy in the 21st century.
It showcases the growth of private companies across various sectors, offering a snapshot of the corporate landscape where technology, fintech, and other industries have had to adapt to a significantly challenging environment.
Veritasi Homes has developed an impressive real estate portfolio, including nine outstanding developments.
These include five luxury residential constructs under the Camberwall Advantage series, two affordable housing projects (Camberwall Court 1 and 2), and two site-and-service projects (ITUNU Residential and ITUNU CITY).
Tinuola Towers, the company’s latest luxury project in Banana Island, commenced recently and is a testament to its commitment to delivering premium real estate solutions in Nigeria’s most exclusive locations.
Within just seven years of operation, Veritasi has established itself as a leader in quality, innovation, and technology in Nigeria’s real estate sector. In the coming years, the company plans to expand its footprint across Africa to serve new markets.
As the company continues its journey, it is poised to make significant strides nationally and internationally, focusing on sustainable business practices, value creation, and innovation.
Veritasi remains steadfast in its commitment to exceeding expectations and redefining the future of real estate in Nigeria and beyond.
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