By Damiete Bride
Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, recently led crème de la crème to the seventh edition of National House fair organised by BSTAN Homes and properties which held in Lagos.
Oba Ogunwusi, Chairman of BSTAN Group, said: “This is a great time in the real estate industry in Nigeria. We have many dead assets in many A-rated areas in this country. In Lagos here, Ikoyi has many and several high brow areas.
And yet, 25% of Nigerians are without homes. Everything is difficult in this country and it is greatly affecting young people.
“ It is difficult for young people to access mortgage. Young people are afraid to get loans because of the high interest rate.”
Ogunwusi added that the Lekki-Epe Express corridor in Lagos State is presently the busiest in real estate investment hub in Nigeria with an injection of over 30 billion USD by private sector captains..
Notable among the speakers at the event were Dr. Olusegun Olufemi Pedro, former Deputy Governor of Lagos State and Economic Adviser to the Presidential Candidate of the All Progressive Congress (APC), Asiwaju Bola Ahmed Tinubu, Sir Olu Okeowo and Chief (Dr.) Olisa Agbakoba among others.
In her opening remark, the Managing Director/CEO of BSTAN Group, Dr Becky Olubukola described the theme of the programme as a pocket friendly concept for ownership of land and houses, stating that her company was seriously trying to reduce the housing shortage in the country by building affordable houses.
While acknowledging that the real estate sector is lucrative and prosperous, Pedro added that it is indeed a problematic industry. According to him, the lack of long term loan is the bain of the industry.
Further, he stated that the shortage of capital and high rate of inflation is another problem affecting real estate in Nigeria. Pedro said that to solve the challenges in the industry, the economy has to be fixed, it is when money flows into the hands of people that they can think of investing in properties.
In her goodwill message, the Yeye Oodua, Erelu Dosunmu Abiola called on the government to support the real estate so that it can grow. She discouraged dependence on foreign financial support, describing it as fickle. According to her, foreign investors can support and fail businesses.
In his remark, a real estate magnate, Sir Olu Okeowo urged Nigerians not to wait to buy real estate but rather buy real estate and wait. Saying real estate is about the safest investment in the world, which can not be lost or stolen.
Delivering his goodwill message, Agbakoba, who noted that long term finances are not present in the country, called on the government to intervene in the housing situation in the country. He said that there is need for social housing.
Agbakoba said: “I like her faith, she wants to provide land for the masses. Bstan Homes, I wish you the best, and God bless the work of your hand. I look forward to you organising bigger event next year.”
One of the high points of the event was when Benjamin Masebinu was announced as the winner of a plot of land in Ibeju Lekki while about 20 people won other prizes. Masebinu won the land in a raffle draw organised by BSTAN Group for attendees of the event.
President of ICAN, Bashorun J.K. Randle, Alara of Ilara, Lagos, Oba Olufolarin Ogunsanwo, the Oore of Otun Ekiti, Oba Adekunle Adeagbo, the Olofin of Iseri-Awori, Oba Suleman Bangbade, the Oloworo of Oworonsoki, Oba Babatunde Saliu, the Salu of Edunabon, Oba Adesoji Kehinde, ace comedian cum real estate investor Alibaba, Nollywood actors Fred Amata and Funso Adeolu, Ayo Adesanya were among several dignitaries that graced the occasion.