‘Why housing schemes crash in Nigeria’ – Businessday

The real estate industry in Nigeria is said to be highly de-regularised and disorganised. The result is high distrust in the housing sector and regular wailing by those who deposited funds for houses but a crash occurred.
According to My-Ace Chine, also known as Mayor of Housing, who noted this in Port Harcourt, says this is because there is no real estate institution where realtors can get the requisite training and certification to practice.
This is why anybody on the street can claim to be a realtor or an agent without even being in the industry or knowing anything about real estate, he states.
He therefore advocates for professionalism in the industry, and also shares his plans to set up an international real estate institute in Nigeria.
The housing scheme guru spoke in Port Harcourt at the weekend on Real Estate Affiliate Marketing, the theme of an event said to be first of its kind in realtors’ conference.
Read also: Low income earners in focus as FG perfects 10-year housing plan
The seminar was organised by Otonye Global Services Limited (OGSL), a real estate company, in partnership with the Mayor of Housing, who also doubled as the keynote speaker of the event.
My Ace-Chine says instead of realtors waiting for such institutions to be established by government (which might not happen soon), that he is already working with some partners in the Institute of Information Management to set up a world-class institute of real estate in Nigeria, with all the international certifications that allow training and regulations.
He, however, charges the realtors present to work on themselves and create the capacity for them to be professionals and distinguish themselves in the space.
It is not capital or what you have that determines your success in the industry but what you are, “And, what you are is created by your intrinsic capacity.”
He urges all the participants to have the requisite knowledge for them to become world-class professionals by studying relevant materials in their field.
The MD of OGSL, Obinna Tamuno Tonye Okafor, states that meeting the Mayor of Housing was the best blessing in his life because the Mayor of Housing inspired him to start his own company. This, he says, is due to the professionalism he found in the housing scheme expert.
Tonye promised to host more seminars and conferences of such value and impact to educate and give realtors the opportunity to not only get knowledge about real estate but also make money through their affiliation with OGSL.
The highlight of the event was when the company, OGSL, presented an award of honour and patronship to My Ace-Chine, who was recently crowned the Housing King of Port Harcourt.
Experts at the event note that the My Ace-Chine is not only solving the housing problems in Nigeria with his innovative Social Funding real estate solutions but also making sure that the real estate industry is sanitised for better value delivery and standardisation.
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Business Day, established in 2001, is a daily business newspaper based in Lagos. It is the only Nigerian newspaper with a bureau in Accra, Ghana. It has both daily and Sunday titles. It circulates in Nigeria and Ghana
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