Lagos is future of real estate in Nigeria – Entrepreneur Omoha Nduka
Nigerian real estate sector recorded the fastest growth yet since 2016 at -2.36 percent for the year ended December 2019, the fourth-quarter report by the National Bureau of Statistics (NBS) shows. The growth reported by the property sector this year was 4.5 points better than the -6.86 percent recorded in the comparable period of 2016, the year NBS started collating data for the industry.
The adjustment to the new balance between property buyers and sellers was one of the factors why the property industry outperformed its growth performance in the last three years, as compiled from an industry survey. For real estate entrepreneur/investor and Group Chief Executive Officer of Prince Luxury Groups, Omoha Nduka John known a.k.a “Prince Omoha” the growth will continue at a faster rate given the rising population of Lagos and the available housing per the population which is still in a huge deficit.
According to him, “Lagos is an incredible city with inspiring people and wonderful places. The likes of Banana Island, Lagos Island, Ikeja, Gbagada, Ajah and others make it a unique city. Statistics say that there are over 20 million people living in Lagos today. 20 million people? How many households are available for these 20 million people? Let’s do some calculations : There is an average of about 2.5 persons to one household, with over 20 million people we should have about 8.4 million houses but unfortunately this is not the case.
“In Lagos today, there are about 4.75 million houses available. Look at that wide difference, the deficit for housing is too much and this is why the demand for good housing is increasing and the real estate business is growing richer. Statistics also projects that in the next few years, the Lagos population would double. How wonderful is that? I can say the best thing you can do to accumulate wealth is to work with the best Realtor with enough experience and the right knowledge on the best places to invest and establish a rich future. And also Nigeria government should consider investing in real estate as well to be able to provide a household for homeless Nigerians who we can simply see under the bridges and the motor parks.”
“Real estate is a form of investments and business as well. I see it as a generational wealth and the passive income and cash flow makes it a business. Investing in real estate does not require any particular entity, and some people even begin a real estate investment company simply in their own name as a sole proprietorship. Once you find financing and purchase your first property, you have the beginnings of a real estate investment company,”Omoha Nduka John added.
Omoha Nduka John (Alias Prince Omoha) began his entrepreneurial journey back in his hometown of Ezzamgbo area in Ohaukwu local government area of Ebonyi State as early as 2008. He was much like an apprentice back then assisting his father in his motorcycle parts business. He later took over the business but didn’t last as the father transited to other businesses.
Prince Omoha, as he is fondly called , started his own formal business by selling recharge cards. It was not until he came to Lagos to visit his elder that his business life took a dramatic turn for good. After learning under his brother for two years he ventured into mining.
“I kept advertising all kinds of solid materials on my Facebook page till I met one Chinese investor who was interested in my products. I invited him to Nigeria after he sent me money to supply a ton of lead to him as samples. Thereafter, I invited him to Nigeria and he came over with his partners to buy lead, oxide and other precious stones in Nigeria. I took them to different States in the northern part of Nigeria where we went into mining. The business kept flourishing until they traveled back to Hong Kong for Chinese New Year festival. I later visited them in Hong Kong, that’s when I fell in love with the Hong Kong city and decided to find opportunities around while controlling my business in Nigeria. Though because I was too far from home the business failed and I moved into real estate in 2016,” he said.
Omoha Nduka John established his Prince Luxury Groups company in 2016 after having experienced failure in other businesses. His company has undertaken many projects which are basically residential homes.
He is a native of Ezzamgbo in Ohaukwu local government area of Ebonyi State. He did his primary education at Practicing School and secondary at Victory comprehensive Secondary School, both in Ezzamgbo before proceeding to Ebonyi State University (EBSU) where he bagged a Bachelor’s degree in political science.
No comments yet