‘Refined Investor Series’ on real estate in Nigeria: Where do skyscrapers come from?


On Friday, the 27th of November, 2015, West Africa’s leading luxury real estate firm, Fine and Country held a Refined Investor Series, which specifically focused on how to improve real estate in Africa. CEO and Vice chairperson, Fine and Country, Mrs. Udo Okonjo described the event as a road-map for real estate investors or intending investors. “The main objective of the Refined Investor Series is to provide accurate and current real estate insight to investors at the emerging urban class to high end of the market”, she said.

The event which took place at the Civic Centre, Victoria Island, Lagos state, was packed with real estate developers, property enthusiasts, astute investors, industry leaders and economic influencers.

Mrs. Okonjo aptly described the importance of the event as crucial as it aims to provide a platform for key stakeholders especially top level investors to connect, discuss and provide strategies and projections for the future of the Nigerian prime real estate.

During the conference, properties like Civic Towers, Eko Atlantic City, Nestoil Tower and Orange Island, all located in Lagos state, were the major focus. Addressing the theme; Where do skyscrapers come from? Mrs. Okonjo said the idea was not just about tall buildings due to the fact that in Nigeria, building of skyscrapers were not really a culture in real estate. According to her, skyscrapers also mean any great ideas that speak of new solutions to Nigeria’s real estate industry.

She went further to state that for Nigeria’s prime real estate to grow even further, the principles of trust, integrity, quality are timeless, citing that within innovation (which is a mark of emerging cities like Eko Atlantic City) is the principle of value. Okonjo cited ‘The One’ which is a residential complex in Eko Atlantic as the Investor pick of the day due to the fact that there are available intra-island waterway links to Lagos and Victoria Island. The apartments feature one bedroom spaces to three bedroom spaces and gives options for lifestyle and business access.

In closing, Mrs. Okonjo posed a salient question to investors: Who will build for the low income earners? Addressing this question, principal partner at leading architectural design firm, Ad Consulting, Mrs. Olajumoke Adenowo said the heat emanating from real estate in Nigeria will be cooled and become affordable for everyone when ill-gotten wealth stops playing a factor in acquisition of property. She insisted that property owners in Nigeria tend to be those who have benefited from several projects where they make money they did not have to work hard for, thereby widening the gap between social classes even further.

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