Get Guardian on GoogleThe Chief Executive Officer/Co-founder of Abode, Jeffrey Itepu, has identified lack of trust as a major challenge confronting Nigeria’s real estate sector, calling on operators to strengthen transparency and accountability to attract investments and broaden participation in the industry. Itepu said the failure of some property developers to fulfill their obligations to subscribers had eroded public confidence in the sector, making prospective investors hesitant to commit funds to property transactions.
Speaking at the 2026 Africa Wealth Festival organised by Abode in Lagos, he said the company was leveraging technology to promote transparency in property transactions and give customers greater control over their investments.
He explained that Abode’s digital platform enables customers to monitor payments, track outstanding obligations, access documents and receive payment receipts without relying on physical files or repeatedly contacting company representatives.
According to him, the company also operates a refund policy that entitles customers to a full refund without charges if their properties are not delivered within 365 days of payment.
“If you do not get your property at most 365 days after you make payment, you are entitled to a full refund without any charges,” he said.
Itepu said the policy was part of efforts to demonstrate accountability and rebuild confidence in property transactions, adding that the company also conducts regular property allocations to customers.
He maintained that restoring trust in the sector required developers to honour their commitments and provide customers with clear and accessible information about their transactions.
Beyond addressing transparency concerns, he said Abode was using technology to expand access to real estate investment, with a target of helping one million Africans own, earn and profit from the sector.
He disclosed that the platform had empowered about 10,000 individuals across more than 33 countries to participate in different aspects of real estate within the company’s four years of operation.
According to him, the company’s approach recognises that participation in real estate extends beyond purchasing and owning properties, as individuals can also generate income through agency, investment, professional services and other activities within the industry.
He identified the MyAbode application as the technology platform driving the company’s operations, explaining that it supports property acquisition, documentation, allocation and agent onboarding.
The platform, he added, also facilitates commission payments to agents, with earnings transferred directly to their bank accounts.
For property buyers, he said payment receipts and contractual documents are made available digitally immediately after transactions, allowing customers to retain records of their investments.
Explaining the company’s choice of real estate as a vehicle for wealth creation, Itepu said the sector had the capacity to generate income across several professions and businesses.
He noted that a single property transaction could create economic opportunities for estate agents, architects, lawyers, structural engineers, bricklayers, tilers, furniture makers and interior designers, among others.
“When a real estate transaction is executed, wealth is created for almost 30 other people within the ecosystem,” he said.
Also speaking, the Chief Operating Officer and Co-founder of Abode, Damilare Oshokoya, urged Nigerians to move beyond acquiring financial knowledge and take practical steps towards building wealth.
Oshokoya said access to information alone would not translate into financial progress unless individuals applied what they learnt through disciplined decisions and consistent actions.
He challenged participants to take greater responsibility for their financial future rather than attribute their economic circumstances solely to government policies.
He also urged Nigerians to be deliberate about their financial decisions, arguing that the ability to build wealth depended not only on what individuals knew but also on how effectively they applied the knowledge.
Similarly, Dr Olumide Emmanuel told participants that building wealth required adherence to certain financial principles, particularly in making, managing and multiplying money.
He said achieving financial stability required intentionality beyond hard work, stressing that individuals needed to develop deliberate strategies for managing their finances.
“You cannot work hard enough to become financially stable; you must be more intentional,” he said.
The festival, which began in November 2022, is organised annually by Abode to equip participants with practical information and opportunities for building wealth.
The event brought together business leaders, entrepreneurs and other speakers to discuss wealth creation, investment opportunities and strategies for improving financial outcomes.
A major highlight was the presentation of rewards to some of the company’s stakeholders and members of the investing community who participated in a competition, with cars among the star prizes.
One participant won a 2014 Mercedes-Benz C300, while another received an all-expenses-paid trip to Kenya. Other winners went home with household appliances, including ovens and microwaves, as well as hampers and other consolation prizes.
Participants also heard from panellists who examined different aspects of the real estate ecosystem, with a major takeaway being that virtually every aspect of economic activity was connected to real estate.
The festival forms part of Abode’s mission to democratise wealth creation for Africans through property ownership, financial education and technology.
