By Bianca Iboma-Emefu
Adeniyi Adeoye, is the Chief Executive Officer (CEO) of The Drake Woodworks Limited, a multi-faceted company that has fast become a major player in most demanding sectors of the Nigerian economy, ranging from the lucrative real estate to construction, property development, oil and gas, and many others.
Incorporated in 2018, it’s no coincidence that they have won the admiration of top industry professionals and investors alike.
Adeoye is an amazing entrepreneur known for his strategic and focused approach with extensive accolades for limiting risk and marching his company to global prominence.Over time, he has been able to carve an enviable niche for himself as one of Nigeria’s young, bravest entrepreneurs and luxury real estate mogul.
In this interview, Adeoye shared his thought on technology, and how it will take centre stage in the sector this year, with extremely strong growth prospects in the industry.
Would you say your background has a part to do in your career and how?
I lived in the United States of America (USA) for many years. That contributed to the choice and career path. Also, my passion and desire to address the housing deficit in Nigeria gave me the idea to be creative as a young entrepreneur. I was able to carve an enviable niche for my business based on experience and impressive career. I returned home after several years of active practice in the USA. Everyone can be creative. I turned my company to be one of the biggest players of the most demanding sectors of the Nigerian economy, ranging from the lucrative real estate to construction, property development, oil and gas, helping investors maximize their profits in the process, among others.
What inspired you to go into real estate?
My inspiration to solve housing deficits problem in Nigeria and also get the opportunity to meet people you would never ordinarily be able to meet. A career in real estate is the perfect opportunity for being social. I make new connections, and learn about people from all walks of life. I would say that the pursuit of value also inspired me. I was looking for where I could best add value to the lives of people, helping them attain real wealth over time, and in turn, build a career path as a real estate entrepreneur.
Why was it important for you to tackle power in the real estate industry?
As we all know, power is one of the major factors affecting the real estate industry, which makes it imperative to tackle. However, we can decide to tackle power by switching to renewable energy, which is becoming rampant in developing countries, and it seems to be the future. Affordable and clean energy is the 7th UNDP Global Sustainable Development Goals, which makes it important to achieve. We equally considered the health hazards from using power generators, and the noise pollution, we had rather live in an environment that is free from this deadly machine. Energy is tapped from the sun, and it’s never-ending. Base on research, we deemed it fit to position our company and harness the various opportunities available that came from tackling power through real estate.
Do you see yourself doing anything other than real estate. If yes, what would that be. Also, where do you see real estate business in Nigeria within the next five years?
I am very passionate about the real estate industry although I am equally involved in other businesses. The Drake Woodworks Limited is a multi-faceted company that has fast become a major player in most demanding sectors of the Nigerian economy. It was Incorporated in 2018, The firm can boast of an impressive profile in their area of operations, particularly in the real estate industry, which is the flagship company. In the next 5 years, the industry should have been disrupted in a way that mortgage will rule out outright payments, millennials will be able to boast of properties, and there will be serious structures and policies put in place to reduce dubious real estate companies.
Has the real estate industry changed since you started. If yes, how drastically has it changed?
Actually, yes the industry is stablished on the core values of honesty and integrity spiced with an uncompromising stand on professionalism. As a firm we have built a strong reputation as one of the most trusted and most sought after real estate companies in the country. It’s no coincidence that we’ve won the admiration of top industry professionals and investors alike.
Who are your clients and how has the market responded to your services?
We have so many client-based from Nigerians in Diaspora to the Co-operative society and private investors both here in Nigeria and abroad.
What trends are shaping the real estate industry in Nigeria at the moment? Why do you think this is so?
The spectacular finishing, Nigeria real estate has improved 150% compare to a few years ago, ranging from top-notch finishing to smart homes. Real estate thrives off the back of strong macro-economic fundamentals and the 25 per cent home ownership rate in Nigeria reflects the challenging operating environment.There will be regulatory and compliance intensity, with heightened title uncertainty in high profile locations. However, technology can be expected to take centre stage in the sector this year, with extremely strong growth prospects for growth in comfort homes, led by demand from first time home buyers, millennials, young families and empty nesters. Nigeria need to build an additional One million housing units annually. The high cost of construction materials is also a factor, and issues surrounding land acquisition.
What biggest threat or challenge has your business faced, and how you were you able to transform it?
Funding was our challenge initially but we were able to conquer it due to our relentless investors that believe so much in us to make our story a success in the real estate industry.
What kind of collaboration do you expect and need for your company to succeed?
Nigeria has a population of 160 million, it is currently under-housed. Its real estate potential is largely untapped.
At The Drake Homes, we understand the power of collaboration and strategic partnership. We have a working relationship with top real estate companies within and outside the shores of the country. Apart from being contracted by high-profile companies and individuals to handle their major property projects, The Drake Homes Limited has a long list of luxury real estate projects located in strategic locations across the country, and their projects covers Property Development, Construction (Roads and bridges), Property Sales and Facility Management.
The housing industry challenge is enormous and traverses the building materials and mortgage services. What is your advice on how to better the sector, put an end to quackery?
Raising cost of building materials prices is absurd but not enough reason to construct unsafe building. Stability and durability of construction building is what matter to me.
What role can the federal government play in encouraging real estate investment?
Federal government can play a lot of roles to help real estate investment such as road and infrastructure, adequate security and progressive policies.
With everyone venturing into real estate, are there still available lands to be sold especially in Lagos?
There will always be availability of lands and also demolition of old buildings that gives rooms to new and contemporary structure.