Opinion
TOWARDS DEVELOPING FUNCTIONAL REAL ESTATE BUSINESS IN NIGERIA
TOWARDS DEVELOPING FUNCTIONAL REAL ESTATE BUSINESS IN NIGERIA
By ESV. Isah Adalkhali, ANIVS, RSV
The real estate industry stands out among various other standard business sectors in the globalized world and Nigeria as a nation. This is on account of its high propensity for profit-making, wealth creation and cash flow. For a real estate business to be a potential money spinner, guaranteeing steady profit, it has to be well established and administered in a responsible and strategic manner.
This article therefore serves two valuable purposes: One, is to provide rare insights and specific clarifications to real estate assets business as it is practiced globally. Two, is to offer a stimulating framework on how real estate business can be established and administered efficiently for enhanced business success and gains
It is therefore imperative to provide meanings and perceptions to real estate business. R. U. Ratcliff describes real estate business as a mechanism of matching space users with space providers through market transactions. Alfred Cliff provides a more detailed meaning, noting that real estate business involves the creation, improvement, management, and transfer of real property rights and physical assets in a market.
In a specific term, real estate business essentially encompasses purchasing, retailing, leasing of land resources and building assets. However, critical components that further constitute real estate business, include: legal rights and property assets, in addition to financial investments which help the investor to amass the required funds to run the business profitably
Real estate business is not just about buying and reselling properties and offering rental services, it involves other activities. These include: Property development, management and real estate brokerage and wholesaling. More so, it must be geared towards assets assessments, utilization and capital mobilization.
Global business statistics made available by McKinsey put the world’s real estate business value at over $1 trillion. In its latest rebasing exercise, the National Bureau of Statistics indicated that the contributions of Nigeria’s real estate sector is approximately 10.7 % to 13.4%. This figure places the real estate industry in Nigeria as the third largest economic sector in the country, surpassing oil and gas subdivision of the economy.
Both the global and national figures on real estate business underscore the critical place of the sector in the economies of the world and Nigeria as a nation. This understanding explains the importance of establishing strategic real estate business with all the proficiencies it deserves. It is not in the interest of the investor to establish a substandard real estate business that is, worse still, poorly administered. In the short-run it would certainly be counter-productive.
For a real establish business to be established successfully and strategically, four major steps and mechanisms must be involved. They are: Market survey or investigation, real estate business blueprint, good capital base and networks and partnership plans and willingness to implement it.
The first step a prospective real estate business investor must take to demonstrate urgency is to identify his target clients, their characteristics and psychological attributes. This information is necessary for him to know how to engage them even before the business outfit takes off. It also helps him to establish their areas of interest in real estate sector and therefore whether they would need his line of real estate business or not . This would enable him to take a decision on whether to continue, reshape or drop the business idea entirely
The second step necessary for real estate pre-launch which is the preparation of business blueprint is the most important tool a prospective real estate investor requires to succeed. The blueprint must be strategic enough to engender real estate business goals attainment. Without a strategic business plan, the venture would fail even before commencement.
Real estate strategic business plan therefore encompasses the objectives, mission and vision of the incoming business, the target market and the capital base. It is crucial that the business plan contains roadmap for the launching and effective growth of the venture. It is essentially tailored towards achieving the goals of the venture
Besides, it is important to have adequate capital base before commencing a real estate business. The capital would keep the firm running until profit begins to roll in. The capital would cover start-up costs which include buying of assets for transactions, equipment, renting of office accommodation, paying legal fees and initial marketing expenses.
The pre-launch fund requirement would also cover the operational and logistical costs; personnel salaries, commissions and other remunerations bills. Without desirable capital base, the business won’t be able to take-off effectively and may die soon after taking off.
Besides, an intending real estate business investor must have a functional plan on how to go into partnership with existing estate firms, especially with those that are in the same line of estate business. This would help the new firm to take-off in an effective and profound manner. This is because the new firm would leverage on the cooperation and alliance built to be able to pool considerable resources and unlock property deals that would enable it overcome budding business challenges
Given the nature of real estate business, the industry has quite a number of entry points. These include: residential real estate business, commercial, industrial, short-term rental, property development and management and so on. It all depends on the prospective investor to decide which of the sub-sectors of the real estate business he wants to align.
But then, the decision on the real estate business outlet to establish must be dependent on empirical finding. This underscores the imperative need for a prospective investor to carry out a properly conducted market research before arriving at the decision. It is important to note that a poorly conducted market survey is capable of leading an investor into taking a wrong decision which has the potentiality of ruining the business when established.
Opinion
HURIWA: Petrol Subsidy Removal Remains Unconstitutional, Anti-Poor
By George Mgbeleke
The Human Rights Writers Association of Nigeria (HURIWA) says the removal of petrol subsidy remains illegitimate, unconstitutional and fundamentally anti-poor, despite the Federal Government’s insistence that there will be no return to the subsidy regime.
HURIWA in a statement signed by its national coordinator,Comrade Emmanuel Nnadozie Onwubiko says there was no national debate, broad-based consultation or acceptable referendum through which Nigerians agreed that petrol subsidy should be removed.
The association says President Bola Tinubu announced the removal of the subsidy on May 29, 2023, the same day he was sworn into office, without any prior national consensus on the policy.
HURIWA therefore rejects the argument by the Presidency that the subsidy debate is permanently settled.
The association says the government cannot continue to impose incessant increases in the prices of petrol, diesel and cooking gas while millions of Nigerians struggle with inflation, unemployment, declining purchasing power and worsening poverty.
HURIWA warns that the continued escalation of energy costs is aggravating the cost-of-living crisis and pushing millions of Nigerians deeper into economic hardship.
The association says the Presidency’s declaration that there is “no going back” on subsidy removal should not be used to shut down legitimate public debate over the consequences of the policy.
HURIWA says if the Federal Government insists on allowing further increases in the prices of petrol and other essential energy products, Nigerians have the constitutional right to organise peaceful public protests and demand policies that protect their economic and social rights.
The association calls on Nigerians to peacefully mobilise against the incessant hikes in petrol prices and demand the restoration of an appropriate and transparent form of fuel subsidy or other effective mechanism capable of protecting citizens from unbearable energy costs.
HURIWA says the argument that subsidy removal has generated trillions of naira for the federation does not, by itself, justify the policy if ordinary Nigerians are unable to feel its benefits in their daily lives.
The association notes the claim by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, that subsidy removal generated N15.8 trillion in resources for the federation between June 2023 and December 2025, with N5.4 trillion accruing to the Federal Government and N10.4 trillion shared among states and local governments.
HURIWA asks what measurable improvements in the living conditions of ordinary Nigerians can be directly linked to these enormous savings.
The association also notes the Presidency’s argument, as conveyed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, that restoring subsidy would create legal and fiscal complications and discourage investment in domestic refining.
HURIWA says these concerns should not be allowed to override the fundamental question of citizens’ welfare.
The association further notes that former Vice-President Atiku Abubakar has proposed a controlled intervention in the oil and gas sector rather than a return to what he described as the opaque subsidy regime of the past.
HURIWA says the proposal deserves serious public scrutiny rather than outright dismissal, particularly because millions of Nigerians are currently bearing the consequences of high energy prices.
The association says the debate must focus on how Nigeria can guarantee affordable energy, protect vulnerable citizens, strengthen domestic refining and prevent corruption and abuse in the management of public resources.
HURIWA also agrees that Nigeria must avoid the corruption, smuggling, rent-seeking and fiscal leakages associated with the former subsidy regime.
However, the association says removing subsidy without establishing an effective alternative social protection mechanism amounts to transferring the burden of adjustment almost entirely to ordinary Nigerians.
HURIWA therefore demands full transparency on the utilisation of funds saved from subsidy removal and insists that the Federal Government must publish verifiable evidence showing how the savings have been deployed to improve transportation, healthcare, education, infrastructure, wages, social protection and other essential services.
The association says Nigerians should not be asked to accept permanent economic hardship merely because government describes subsidy removal as a reform.
HURIWA warns that the continued increase in petrol, diesel and gas prices will deepen inflation, weaken local businesses, increase transportation and food costs and further erode the purchasing power of workers, pensioners and low-income households.
The association calls on the Federal Government to urgently review its energy pricing policy and introduce measures that will bring down the cost of energy without creating another avenue for corruption.
HURIWA says the welfare of Nigerians must remain the primary consideration in every economic reform.
The association also urges the government to respect the constitutional rights of Nigerians to peaceful assembly, expression and protest whenever citizens choose to publicly oppose policies they consider harmful to their welfare.
HURIWA maintains that economic reforms cannot be sustainable when the people are excluded from meaningful consultation and are left to bear the heaviest burden of those reforms.
Opinion
HURIWA Rejects ‘Imo Inspiring’ Assessment, Demands Reality Check Beyond Government House
By George Mgbeleke
The Human Rights Writers Association of Nigeria (HURIWA) has rejected as shallow, politically convenient and lacking sufficient grassroots context the reported assessment of Imo State by United Nations Deputy Secretary-General, Amina Mohammed.
HURIWA says the description of Imo State as “inspiring” cannot reasonably represent the reality of millions of residents unless the assessment was based on a much broader engagement with communities across the state.
According to reports of the UN delegation’s visit to Governor Hope Uzodimma at the Government House in Owerri, Mohammed said:
“What I saw in Imo is inspiring,” the UN Deputy Secretary-General stated, expressing optimism over the rapid progress recorded in youth development and technological empowerment.
She was also reported as saying that “Imo State’s strategic investments in education, digital skills, power infrastructure, and administrative reforms are creating competitive enterprises, productive jobs, and resilient communities.” The delegation further highlighted the need to strengthen energy systems, expand access to climate finance and build supply chains linking local producers to broader markets.
HURIWA says these observations make it even more important to establish the geographical and social scope of the delegation’s assessment.
The rights group therefore asks a fundamental question: Did the UN delegation engage directly with ordinary residents in Okigwe, Orlu and Owerri zones before arriving at such a sweeping conclusion about the state?
HURIWA says a visit centred largely on Government House presentations, meetings with government officials and selected beneficiaries cannot, by itself, provide a comprehensive picture of the living conditions of the people.
The association challenges the UN delegation to explain whether it visited rural communities in Okigwe Senatorial District where residents have continued to raise concerns over inadequate infrastructure, access to healthcare, electricity, potable water, rural roads and security.
HURIWA says the development narrative presented to the delegation must be tested against the experiences of people living in communities where basic public services remain inadequate.
Did the delegation visit the rural communities where people struggle daily to access primary healthcare? Did it speak to families who lack reliable electricity and potable water? Did it inspect rural roads and assess the security situation outside the government-controlled urban centres?
The association says these are critical questions that should precede any broad conclusion about the state’s development trajectory.
HURIWA is particularly concerned about the security situation in parts of Imo State and allegations that some communities, especially in parts of Okigwe zone, continue to experience the disruptive presence of armed non-state actors and inadequate governmental and security presence.
The association says development cannot be measured only by digital training programmes, economic initiatives or government buildings when citizens in some communities allegedly remain exposed to insecurity and lack basic social infrastructure.
HURIWA also draws attention to reports and findings by human-rights organisations, including Amnesty International, concerning alleged abuses and violations linked to security operations engagement.
Where exactly did the delegation go in Imo State? Which rural communities did it visit? How many ordinary residents were interviewed independently of government officials? How many victims of insecurity, unemployment, poor healthcare and infrastructure deficits were given an opportunity to tell their stories?
The association says these questions are important because development assessment should not become a ceremony in which government officials present their achievements to international visitors without an equally rigorous examination of conditions at the grassroots.
HURIWA acknowledges that digital skills, youth empowerment, energy projects, healthcare reforms and economic diversification are legitimate areas of development. However, it insists that such initiatives must ultimately be measured by their impact on ordinary citizens.
The association also cautions against allowing carefully packaged government presentations to substitute for independent assessment.
If thousands of young people have indeed been trained, HURIWA says the relevant question is how many have obtained sustainable employment or established viable businesses. If hundreds of enterprises have been created, the question is whether they remain operational and profitable. If healthcare investments have been made, the question is whether rural residents can actually access functional primary healthcare facilities.
Similarly, HURIWA says claims about energy expansion must be tested against the reality of communities still struggling with electricity and basic infrastructure.
The association therefore urges the United Nations and other international development partners to conduct independent, community-level assessments before endorsing sweeping narratives about governance and development in any Nigerian state.
HURIWA warns that international institutions risk losing credibility when their assessments appear to rely disproportionately on official presentations rather than independent engagement with citizens.
“The people of Imo State deserve development, security, healthcare, infrastructure and decent livelihoods. They also deserve to have their realities heard directly, not filtered through official briefings.”
HURIWA calls on the UN to deepen its engagement with communities across Imo State and publish evidence-based assessments that capture both government achievements and the concerns of citizens.
The association maintains that genuine development is not merely what government officials say has been achieved. It is what citizens can see, access, afford and experience in their daily lives.
Opinion
HURIWA Mourns Bello Mandiya, Hourns a Dependable Ally of Human Rights
By George Mgbeleke
The Human Rights Writers Association of Nigeria (HURIWA) mourns the death of former Senator representing Katsina South Senatorial District, Senator Bello Mandiya, who died at the age of 62.
In a statement signed by the group’s ntional coordinator,Comrade Emmanuel Nnadozie Onwubiko, HURIWA extends its deepest condolences to his family, the people of Katsina State, his political associates, former colleagues and all Nigerians who mourn the passing of a remarkable public servant, politician, journalist and advocate of national development.
For HURIWA, Senator Mandiya was more than a politician and lawmaker. He was a dependable ally of the human rights community and a man who consistently demonstrated a genuine intellectual commitment to the advancement of human rights and democratic values in Nigeria.
During his lifetime, Senator Mandiya made it a point to attend several of HURIWA’s national human rights lectures, where he participated actively in discussions on critical human rights challenges confronting the country. He did not merely attend these engagements; he offered thoughtful contributions, proffered solutions and suggested practical ways of strengthening the work and impact of human rights defenders in Nigeria.
His commitment to these issues remained evident even when he occupied public office. Whether as Chief of Staff to the Katsina State Governor or subsequently as a Senator of the Federal Republic of Nigeria, Mandiya brought his intellect, experience and sense of responsibility to issues affecting the people and the nation.
HURIWA particularly remembers him as a public official who understood that governance was not merely about political power but also about protecting citizens’ rights, strengthening democratic institutions and promoting justice and human dignity.
Before his election to the Senate in 2019 on the platform of the All Progressives Congress (APC), Mandiya also had a background in journalism and media management. He published a specialised magazine aimed at encouraging political dialogue and promoting national unity.
He was, in every sense, a media manager of the purest kind — intellectually grounded, politically engaged and committed to using communication as an instrument for dialogue rather than division.
His public service career also included his tenure as Chief of Staff to former Katsina State Governor, Aminu Masari, before his election to the Senate, where he served from 2019 to 2023.
News of his death has triggered tributes from across the political and public-service spectrum. Katsina State Governor, Dikko Radda, described his death as a great loss to Katsina State and Nigeria, while former Senate President, Ahmad Lawan, remembered him as a “thoroughbred lawmaker” who brought diligence, intellect and a deep sense of responsibility to his duties, particularly during his tenure as Chairman of the Senate Committee on Water Resources.
Also mourning Mandiya, founder of Agora Policy and former Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio, recalled that their friendship dated back to 1988.
HURIWA joins Nigerians in mourning this painful loss.
We believe that the best tribute to Senator Bello Mandiya is to preserve the values he represented: intellectual engagement, political dialogue, national unity, public service and the relentless defence of human dignity.
His contributions may have come to an end with his passing, but his intellectual footprints and the memories of his engagement with the human rights community will remain.
May Allah forgive his shortcomings, grant him eternal rest and give his family, friends, colleagues and associates the strength to bear this irreparable loss.
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