60 leading real estate CEOs of 2022 in Nigeria (Part C)
MUIBI KEHINDE HAMMED: Distinguished By Excellent Service Delivery and Professional Competence
In an era filled with lost opportunities and stifled dreams, he believed in the dignity of labour by engaging in menial jobs as a teenager at construction sites, when some of his contemporaries decided to cut corners through illegal means. The story of Dr. Muibi Kehinde Hammed, Founder and CEO, MKH Investment Limited is that of diligence, perseverance and honesty, the virtues that have seen him succeed in life. Young, dynamic, brilliant, resourceful and focused, he belongs to the future of Nigeria; the generation that tells of the great promise and huge potential of the world’s most populous black nation, as he is already making his mark, not just in business, but also by impacting lives positively.
He is also the CEO of Destiny Crest Building Engineering Limited and a certified real estate development, sales, and facility manager. He has a bachelor’s degree in business administration, a master’s degree in project management, and an honorary doctorate in estate management and property development from European American University in the Republic of Panama. In this interview, he discusses why he left banking for real estate and the development of The Wealthy Place, the largest private commercial hub in Lagos, by his company.
Journey into real estate
I’ve been in the real estate business for a long time. My father died when I was young, and the only way I could survive was to work on construction sites. I earned between N100 and N200 per day and was able to fund my university education. I did those jobs throughout my university years and I learned a lot about building construction during those years, because I was involved in every aspect of building a house. Following that, I assisted in the supervision of housing projects before landing a job in banking. I did banking for a few years before I resigned in 2016 to pursue my passion for real estate development. It began as a partnership with a friend, and in 2018, I decided to forge ahead on my own by establishing Destiny Crest Building Construction Limited.
I delivered a lot of projects for developers in Lagos while running the company, which inspired me to establish MKH Investment as a full-fledged real estate development firm. So far, we have completed a number of projects, and we are currently constructing The Wealthy Place, the largest private commercial hub in Lagos, as well as 400 housing units for the middle class, where people can buy a three-bedroom apartment for around N25 million. The first phase will be completed by February 2023, with a total of 1200 housing units completed between 2022 and 2024. We also intend to construct one of the best resorts in Lagos in the near future.
Target market and value proposition
We have developed projects for both high-end and low-end consumers. My first project was a luxury development, after which I moved into retail and sold properties worth less than one million naira. In doing so, I completed four estates in Lagos in seven months: Haven Phase 1, Haven Phase 1 Extension, Haven Phase 2, Haven Phase 2 Extension, Haven Phase 3, Haven Phase 3 Extension, and The Garnet. After that, we moved to Ibadan, where we completed one of the largest real estate projects in eight months. During the same time period, we delivered 56 units of smart bungalows in Ido Local Government Area of Oyo State. We also completed a commercial and residential project called Sight and Service along Moniya road in Ibadan, which is only ten minutes away from the train station. We completed all of this between February and December of 2021.
We pride ourselves as innovators, so we always strive to give our customers the best. We consider global recommendations in all of our developments, which have earned us the trust of our customers. We get a lot of referrals because we never compromise on quality. We are also making it simple for investors to earn good returns on their investments.
The Wealthy Place
The Wealthy Place is located on 450 hectares of land along the Free Trade Zone and has a valid Certificate of Occupancy from the Lagos State government. It is our biggest project and when completed, it will include shopping malls, restaurants, fuel stations, hotels, office complexes, warehouses, schools, banks, and recreational centres. The idea is to bring businesses closer to the free trade zone and the refinery. We are currently constructing six kilometers of rigid roads within the estate, which you would rarely see in a private development due to their high cost. Rigid roads are more durable than asphalt or paving stones because they are made of iron and concrete, they have a minimum lifespan of 50 years. We’ve also included five entry and exit points for easy access.
I don’t see competitors as adversaries; rather, I study them in order to learn from them. I would rather invest in loyal people than in smart people. I admire smart people, but I would rather train loyal people to become smart because smart people tend to betray in the long run, which could jeopardize the survival of the business. Finally, I invest in my workforce by positively engaging them. I consciously work on their orientation and mindset to align with the company’s goals. Some of our top management team have been to the Lagos Business School at various times for training, because I want them to become better managers. Also some have become partners in the business because there is a point where our employees attain and we stop paying them salaries, they earn certain percentage from the profit of the company which has given them a sense of belonging and spur them to add more value to the company.
Building for Nigerians in Diaspora
We have been building for Nigerians in diaspora since the company’s inception. Personally, I have over 100 clients who live abroad, so whenever I travel out of the country, I always have documents to deliver to clients abroad. In fact, 65% of our clients are Nigerians living abroad, and I haven’t met some of them yet because they were referred to us. We have never disappointed them or been involved in any type of litigation.
Pressure from competition
The market is very big, and all real estate companies combined have not completed enough projects to meet demand, because demand outnumbers supply, so we are not under any pressure. Even if 1000 new real estate firms open today, it will not be enough to meet the demands of the market.
Most people might not know, but more than N10billion goes into the purchase of properties in Lagos every week. People are buying clothes and car everyday but the fact that you don’t buy today doesn’t mean that other people are not buying, only the people involved in the business can confirm to you that people are buying cars everyday and same goes for the real estate business, so the market is big for everyone to grow.
Role of government in developing the real estate industry
The government should invest more in the transportation sector. For example, some people live in Sangotedo but work in Lagos Island; however, if a train connects Epe to Lagos Island, most of these people would prefer to buy lands and build houses in Ijebu-Ode because they would arrive in Lagos Island in less than 20 minutes by train from Epe. With a good transportation system, people can live in remote areas without worrying about being late for work or living close to their workplace.
Furthermore, the government should assist the industry in gaining access to funds at low interest rates, as the interest rates charged by banks are not encouraging. There are projects that should take no more than eight months if funds are available, but such projects are taking developers four years to complete. If we factor in the inflation rate, it is not worth it.
The future is big because the goal is clear. We have grown to be worth N10 billion in assets in just two years, and we expect to be worth one trillion naira in assets in the next ten years. We will continue to innovate and provide the best service in our industry.
Bidemi Amusa: Redefining Inspired Living
A product of Harvard Business School, Bidemi Amusa reflects his professional background excellently through his company, Carrillion Consultants Limited. He is an experienced owner with a demonstrated history of working in the real estate industry; skilled in sales, negotiation, business planning and customer service with strong entrepreneurship acumen.
His products and services offer remains in a class of its own and his brand is well-distinguished in the real estate industry. He brings exotic yet functional building designs into reality, adorning the skylines of major cities of Nigeria with buildings for clients with exquisite taste.
Carrillion is an architectural consultant/real estate development company with a primary focus on property development, investment, building construction, design services and facilities management. With each project, they establish lasting relationships with partners who, in turn, become the brand’s ambassadors by reference. The way Carrillion undertake projects is by permanently applying values that reinforce each other: socio-cultural value, experiential value, building-technical value and economical value. This way of working allows them to raise clients’ projects beyond original expectations.
The diversity of Carrillion’s projects plays an important role in the company’s success story. Not only are they experts in estate development, their clients and portfolio of projects reflects competence in all aspects of the real estate development industry. Their promise to deliver excellent service drives the organisation at every stage of its operations, whether it is a building, waterfront, studio apartment, or luxurious five-bedroom houses, they collaborate with some of the industry’s renowned architects to create distinctive homes with a unique attention to detail.
In addition to being a lead development partner with the homes and communities, Carrillion partners with more than 60 registered providers and is in long-term frameworks with more than 40. Their combined strengths in project management and financial structuring with their abilities in design, construction and maintenance develop and operate innovative facilities, serve their users to the highest standards possible while boasting outstanding eco-credentials.
Carrilion’s design team constitute of well-trained and skilful professionals who create masterpieces of design, not neglecting functionality, effective space flow and aesthetic integrity. Detailed attention is paid to every line and curve, ensuring that buildings last into time and seasons while still maintaining their functional effectiveness and aesthetics.
The company is equipped with the manpower and machinery to carry out any level of construction with materials that are carefully selected to ensure structural integrity.
For the interior aspect of Carrillion services, comfort and Luxury are the major factors considered in interior spaces. With the efficient blend of top-notch quality finishes sourced from far-flung places in the world, they give life to every interior space of the projects they handle.
Henry Chimezie Ebulufor, CEO, Henry Montego Homes
A Global Realty Firm with Bespoke Touch
Henry Montego Homes and Industries Limited is one of the Nigeria’s fastest-growing real estate development company, with world-class standard service delivery specialising in luxurious but affordable residential development, working with clients to create homes for the future.
As a growing company, Henry Montego Homes offers to its clients all the benefits of a global organisation with the personal touch of a small firm. Currently, one of the leading estate developers in Lagos State, the company is holding a position at the forefront of the development of luxury, affordable and flexible payment plans for residential projects and plans to expand in the medium to long term, through networking with partners across Africa and the world at large.
The core of Henry Montego’s expertise is the residential real estate market in Lagos State, especially in the boroughs of Lekki and the best areas of Lagos Island. The company has since its creation caused a revolution in affordable homes and flexible payment plans in Lagos. Today, they pride themselves as pioneering structured payment plans ranging from one to eight years towards home ownership as against solely relying on outright purchases.
Henry Montego is the brainchild of Henry Chimezie Ebuluofor, a natural entrepreneur, real estate mogul and industrialist. Ebuluofor has established over 10 different business enterprises, which are proving their worth in their various sectors. He is passionate about individual and nation-building and he is achieving that with over a hundred completed real estate apartments with hundreds of staff and contractors in the value chain.
Ebuluofor is the recipient of the Royal African Medal and Inductee of the Royal Court of the Ooni of Ife. A perfectionist and renowned philanthropist, Ebuluofor’s firm, Henry Montego Homes has successfully utilised innovation, expertise, market skills, and customer satisfaction drive to record a steady and progressive growth since its creation. They have achieved top-notch customer confidence as they keep receiving commendations and referrals.
Henry Montego Homes’ expertise in land acquisitions in choice areas of Lagos, their smart and unique designs and construction of luxury affordable homes, a sales plan basis of flexible payment plans that is structured and accommodating as well as Facility Management services stands the company out in the league of realty firms in the country.
Henry Montego Homes’ offer will make clients tap into the opportunities in the building industry because the client is relieved of dicey land acquisition, registration, perfection and possession issues, the client is relieved of managing several contractors, delivery of modern, world-class designs and perfect finishings. Key points of their services also include the speed of delivery where the projects are completed in record time, maintainability through their facility management services for quality after-sales services and provision of special amenities such as swimming pools, gyms and even a shopping mall in some the projects.
Olumayowa Olurishe: Driven By Integrity, Rewarded with Excellence
Founded by Olumayowa Olurishe, Dynamic Mayor Edge Nigeria Limited, with trade name DME-Estates, is one of the foremost real estate, infrastructure and general construction company in Nigeria. The company operates with high integrity values and extensive property and construction experience. This has made DME Estates to receive numerous awards of excellence from the African International housing show amongst other recognitions from several organisations.
DME Estates conceptualises and delivers top-notch and cost effective building projects that stand out in their uniqueness, functionality and affordability in Nigeria and other parts of the globe without compromise to international best practice and standards.
Olumayowa Olurishe, who is also a director in Multiplelines Realty Limited, is an architect with over 10 years varied experience. He is a CEO with several recognitions and awards attached to his shoulder for excellence, integrity and human development, little wonder he was most recently voted by Nigerians to become the winner of the prestigious Igbere TV Leadership Excellence awards 2022 as youngest real estate personality of the year. Olumayowa is integrity driven and believes in building both human and investment values.
He has spearheaded over 200 construction projects across the country, he was a project manager with brains and hammers Limited for over two years, where he supervised and delivered over 30 units of houses before he moved to Wiser Estate as company architect, where he assisted in developing the concepts and supervising of the company’s projects.
While there with Wiser Estates, he was invited to Amzak Properties as pioneer project manager, for over two years he managed the foundation of the company by spearheading the conceptualization, development and construction of over 40 units for the company.
His brainchild, DME-Estates, also provides unique services for private houses, firms, ministries, institutions and corporate bodies. They do not only develop buildings, the company manages developed properties to keep them in good shape so that owners enjoy their use over time, thereby getting more value for investment. They have a special skill to make clients fall in love with their old, abandoned or obsolete structures all over again by making it fit modern standards that surpasses every imagination.
With DME-Estates, Olumayowa also brings with him an extensive experience in the interior finish which inspired him to establish DME where he can deliver homes with exquisite interiors.
Odunayo Ojo: A Consummate Real Estate Professional
Odunayo Ojo has been involved in property development, asset management, private equity and advisory services for various asset classes including master-planned communities, mixed use schemes, shopping centres, commercial buildings and hotels. He has held several roles such as CEO of Alaro City, Director of Development and Projects at Eagle Hills, Abu Dhabi, and Development Directorate Laurus Development Partners, Vice President at Ocean and Oil Holdings, and Business Manager at UPDC Plc.
A consummate real estate professional, Ojo is a member of the Royal Institution of Chartered Surveyors (RICS), The Nigerian Institution of Estate Surveyors and Valuers (NIESV), and a Registered Surveyor and Valuer (RSV). He holds a Master’s in Business Administration (MBA) and a Bachelor’s Degree (BSc) in Estate Management.
Odunayo has taken UPDC to great heights as the brand to reckon with in the real estate industry with a strong presence in hotel construction, asset and facility management.
“UPDC is one of the largest platforms in the industry and we are interested in matching our resources to the opportunities in the market in a sustainable manner. Traditionally, UPDC has played in the high end of the market. But over the last decade, we have also delivered houses to people who do not yet have the resources to buy houses in Ikoyi or Victoria Island, but who have stable incomes or cash flow and can pay for houses. As a business, we are always studying opportunities to profitably and sustainably work with Nigerians to fulfill the dreams of acquiring their own houses.”
Founded in 1997, UPDC Plc is a seasoned development and investment company in Nigeria with an established record in developing, selling and managing real estate assets across Nigeria. Known for the quality of the products and services they offer, UPDC is the real estate company to have been listed on the Nigerian Stock Exchange and offers the most diversified portfolio of residential, commercial, retail and hospitality assets.
As development Managers of projects, UPDC has strategically overseen the planning, administration, and control of the development life cycle of projects right from planning, conceptualisation, financial feasibility and overall coordination of the built value chain.
The company’s experienced project management team have vast experience in establishing and managing projects from cradle to maturity which includes resource coordination, monitoring and controlling of deliverables/milestones of projects to ensure all stakeholders’ objectives are archived using international best practises and project management tools.
UPDC also offers world-class facility management services to ensure that Estates under their management remain well-maintained, safe and functional throughout their life cycle. The company offers janitorial, security, energy management and services and support for residential and commercial properties across Lagos, Abuja and Port Harcourt.
UPDC boasts of developing the 471 room Festival Hotel in Festac which second largest conference hotel in Lagos with world-class facilities and services and plans to deliver multiple numbers of housing units to the market over the near future.