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.

By Emmanuel Nnadozie Onwubiko

In our contemporary world, professionals are inundated with unending stories about how technological sophistication and advances could take away their crafts, particularly with the emergence of artificial intelligence (AI) and robotics. AI and robotics are sometimes portrayed as the factual Deus Ex Machina—the “god from the machine”—capable of literally multiplying wealth for those who possess these technologies.

We have similarly been inundated with fear-mongering tales that several of the skills we currently possess could be rendered obsolete by these scientifically advanced inventions, to the extent that even journalists and professionals and tradespeople such as chefs, drivers, typists, waiters, waitresses and bartenders have been told to prepare for redundancy. Some of the technology leaders funding these advances have also told us that the benefits of these inventions include the creation of enormous wealth.

As these fears grow over how artificial intelligence could reshape the job market and render many professionals redundant, the world’s richest technology leader, Elon Musk, has offered what one analyst described as a bold and controversial solution. Musk wrote on X: “Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI.”

Responding to one critic, Musk followed up with another claim: “AI/Robotics will mean everyone can have a penthouse if they want.” In the same breath, the technology mogul reasoned that output would be “orders of magnitude” higher, implying that scarcity would therefore cease to be a major concern.

Even the U.S. Bureau of Labor Statistics estimates that the use of generative AI (GenAI) could decrease demand for some occupations, including transcriptionists and customer service representatives, over the decade ending in 2033.

But, as one might expect, the picture is considerably more complicated than that. The Bureau also estimates that the use of GenAI could increase demand for some professions, including software engineering, as workers will be needed to maintain the infrastructure upon which AI systems operate.

Experts, including economists and AI developers, have much to say about AI and the future of wealth. Their opinions touch on how much wealth AI and robotics will actually generate, the plausibility of universal basic income, and the future of employment.

The Catholic Church and the Ethics of Technology

The Catholic Church is obviously a major participant in the global conversation on science and technology, and the universal Church places considerable emphasis on ethics and morality in the evolution and development of science and innovation.

Pope Leo XIV has warned pointedly: “We must remain vigilant in this regard, lest innovation become another vehicle for ideological or economic colonialism.”

He has also warned against a subtle form of domination “when algorithms decide who is seen and who remains invisible, when digital platforms shape public discourse without accountability, and when the dignity of workers is subordinated to the optimization of systems.”

Family at the Heart of Legislation

For this reason, the Catholic Church proposes “the civilization of love” as a response to a “culture of power”, arguing that artificial intelligence should be governed through “charity, compassion and responsibility.”

The family, the Pope has said, is at the heart of this response because it is the first place where people learn “trust before calculation, generosity before competition, dialogue before division, and love before power.”

Pope Leo encouraged Catholic lawmakers to promote policies that “strengthen marriage and families”, support parents in “their educational mission” and enable young people to look to the future with confidence.

“Artificial intelligence must never be allowed to erode this primary cell of society—whether by reducing persons and relationships to data and simulations, by flooding young minds with content that distorts desire, or by economic models that make family life economically precarious,” he said.

The Human Limitations of Artificial Intelligence and Robotics

Recently, something happened in China that demonstrates how AI and robotics can only be as viable and effective as human beings allow them to be. The media reported that a bipedal Chinese humanoid robot, allegedly training for the World Humanoid Robot Games, went viral after losing control during a running test.

In a viral video shared by an X user, the robot can be seen running towards a barrier before crashing into it, with its body bending sharply at the waist and sparks coming from the machine.

The dramatic crash prompted social media users to describe the incident as the moment the “robot dies”. The incident reportedly occurred as robots prepared for the 2026 edition of the World Humanoid Robot Games in Beijing, China. The event, which commenced on August 22, was expected to showcase thousands of robots and hundreds of teams.

According to reports, the humanoid robot was participating in a training session for the running competition when it appeared to lose control. In the video, it can be seen running at high speed and failing to stop before hitting a safety barrier.

The impact caused the robot’s body to bend at the waist, while sparks could be seen coming from the machine. The video was subsequently shared widely on social media and attracted millions of views.

The incident, while amusing to many observers, also provides an opportunity for a more serious reflection. Artificial intelligence and robotics remain human inventions. Their development, deployment and regulation must therefore remain subject to human judgment, ethical considerations and the broader interests of society.

I want to think alongside what the Catholic Church has said about advances in technology, artificial intelligence and robotics. These technologies should be properly legislated and regulated, with family values, human dignity and the common good placed far above the pursuit of technological sophistication and automation.

Fear-Mongering, Ethics and AI/Robotics

An article published online in a journal concerned with digital technologies and law addresses some of the anxieties surrounding the ethics of digital technologies and the legal governance of AI and robotics.

I agree with the author’s central argument that the purpose of AI was never to harm humanity. Nor was it originally intended to replace human beings or take over the human world. Rather, AI was developed to augment human capabilities, assist scientific discoveries, support people during natural disasters and pandemics, and improve efficiency across numerous areas of human activity.

AI already has numerous applications that can benefit humanity. These include medical care, mechanical engineering, semi-autonomous and autonomous vehicles, automated deliveries in difficult environments such as flood-affected areas, intelligent robotics in various industries, textile engineering, aviation, traffic management and space programmes, among many others.

However, the development of AI has now reached an unprecedented level, and it is increasingly capable of performing tasks traditionally carried out by human beings. Many jobs and workflows are already being transformed or displaced by AI. That development, however, should not necessarily become a source of paralysing fear.

Technological development has historically created new forms of employment even as it eliminated or transformed existing occupations. What remains unclear is the precise balance between jobs lost and new jobs created by the latest wave of automation, particularly because the long-term effects of AI are still unfolding.

This is how technological development has progressed since the Industrial Revolution. Moving into a new domain of work after technology has disrupted an established profession is certainly not easy. We can recall the transformation of the textile industry following computerisation, when many jobs disappeared or changed and affected workers had to adapt to new forms of employment.

Once one area of work becomes obsolete or is fundamentally transformed, another area of development often emerges. When mobile phones became widespread, traditional landline telephone services declined dramatically. Yet the mobile communications industry subsequently created employment for millions of people around the world, from telecommunications engineers and software developers to manufacturers, retailers and service providers.

The lesson, therefore, should not be that humanity must fear every technological advancement. Rather, we must insist that technological progress remains subordinate to human dignity, ethical responsibility and the common good.

AI and robotics can become instruments for human development rather than instruments of human displacement. But achieving that objective requires responsible regulation, ethical leadership and policies that ensure that the benefits of technological advancement are broadly shared.

This is where Pope Leo XIV’s emphasis on human dignity, family, responsibility and the common good becomes particularly relevant. The challenge before humanity is not simply whether machines will become more intelligent or capable. The greater question is whether human beings will remain wise enough to ensure that technological progress serves humanity rather than reducing human beings to mere components of an automated economic system.

Emmanuel Nnadozie Onwubiko is the founder of the Human Rights Writers Association of Nigeria (HURIWA) and a former National Commissioner of the National Human Rights Commission of Nigeria.

By Emmanuel Nnadozie Onwubiko

Going by the published timetable of the Independent National Electoral Commission (INEC) for the January 16, 2027 presidential election and the subsequent National Assembly elections, the official campaign period has commenced and will run for a staggering 150 days.

The truth, however, is that political campaigning under the present administration began more than two years ago. Politicians have long been travelling across the nooks and crannies of Nigeria, addressing selected audiences and promoting their suitability for public office.

Indeed, as far back as two years ago, campaign billboards advocating the re-election of the incumbent president had become ubiquitous, with politicians openly canvassing support for a second and final term even when the President had barely completed two years in office.

By and large, Nigerian politicians, particularly during the current political dispensation, have demonstrated little respect for the rules governing political campaign engagements. For the purposes of this discussion, however, let us accept that the official campaign period has now commenced.

Significantly, presidential candidates of some political parties recently participated in the signing of the so-called peace accord, coordinated by Bishop Matthew Hassan Kukah of the Catholic Diocese of Sokoto and former Head of State, General Abdulsalami Abubakar.

The politicians are already talking. But are they telling the electorate what they ought to be telling us? I have my strong doubts.

The National Broadcasting Commission has already issued directives warning broadcasting stations and online publishers, including bloggers, against using their platforms to disseminate misinformation, disinformation, fake news and hate speech.

The challenge, however, is that President Bola Ahmed Tinubu has numerous political aides whose activities appear, at least in the public arena, to be heavily focused on attacking his principal political opponents. The President, therefore, as both the incumbent and a presidential candidate, has a responsibility to ensure that his political supporters and appointees conduct themselves within the boundaries of civility and democratic engagement.

Similarly, opposition politicians and their supporters have also engaged in aggressive rhetoric and personal attacks against the President and members of his administration.

There must be an end to this political acrimony. It must give way to constructive debate about how the various political aspirants intend to address the multidimensional economic and social challenges confronting millions of Nigerians.

The Chairman of INEC has also urged politicians seeking public office to refrain from trading abuses and insults and instead speak to Nigerians about practical solutions to the challenges facing the country.

The Question of INEC’s Neutrality

Professor Joash Amupitan has become a controversial figure in some sections of the Nigerian public because of concerns and questions surrounding his neutrality. These concerns have been fuelled by allegations regarding past social media posts said to have expressed support for the candidacy of the incumbent president, who subsequently appointed him chairman of the electoral body.

Given the enormous importance of INEC and the central role it will play in conducting the 2027 elections, the chairman has a responsibility to address such concerns openly and convincingly.

Professor Amupitan has ample opportunity to reassure Nigerians that he will not act as a rubber stamp or political foot soldier of the administration that appointed him. The office of INEC chairman demands independence, impartiality and public confidence.

As a professor of law, Professor Amupitan would be expected to appreciate the constitutional and institutional obligations attached to his office. The principle is simple: the electoral umpire must remain above partisan interests and must conduct himself, in both appearance and substance, in a manner that inspires confidence among all political parties and the Nigerian people.

The old saying that “he who pays the piper dictates the tune” may have relevance in ordinary circumstances, but it cannot and must not apply to an institution constitutionally entrusted with conducting free, fair and credible elections.

Candidates Must Put the Constitution at the Centre

Coming to the candidates seeking public office in Nigeria, I would argue that every serious political aspirant—and most especially those seeking election as President of the Federal Republic of Nigeria—must be guided by a fundamental commitment to constitutionalism.

The necessity of respecting constitutional norms cannot be overstated. The failure to respect constitutional provisions is one of the principal foundations of bad governance.

I therefore believe that presidential and National Assembly candidates should place prominently before themselves the provisions of Section 14 of the Constitution of the Federal Republic of Nigeria, 1999, as amended.

For those commencing campaigns to persuade Nigerians to entrust them with important public offices, the following constitutional principles should form the foundation of their political philosophy and, more importantly, their conduct in public life:

Section 14(1): The Federal Republic of Nigeria shall be a State based on the principles of democracy and social justice.

Section 14(2): It is hereby, accordingly, declared that:

(a) sovereignty belongs to the people of Nigeria from whom government through this Constitution derives all its powers and authority;

(b) the security and welfare of the people shall be the primary purpose of government; and

(c) the participation by the people in their government shall be ensured in accordance with the provisions of this Constitution.

These provisions should not merely be recited during campaign speeches. They should become the guiding philosophy of anyone seeking to govern Nigeria.

HURIWA’s Challenge to Presidential Candidates

The Human Rights Writers Association of Nigeria (HURIWA), which I founded about 19 years ago, has charged all presidential candidates participating in the 2027 general elections to use the 150-day campaign period to engage Nigerians on ideas, policies, development strategies and practical solutions to the country’s longstanding challenges.

The organisation has urged candidates to reject hate speech, ethnic mobilisation, religious sentiments and divisive rhetoric.

HURIWA said the commencement of the presidential campaign should mark the beginning of a serious national conversation about the future of Nigeria rather than another season of empty promises, political name-calling, character assassination and exploitation of the country’s ethnic and religious fault lines for electoral advantage.

The rights group therefore urged presidential candidates and their supporters to conduct their campaigns with restraint, civility and respect for the constitutional rights of political opponents and other citizens.

In a statement signed by me, HURIWA said Nigerians deserve to know, in clear and measurable terms, what each presidential candidate intends to do differently if elected and, more importantly, how such programmes will be financed and implemented.

According to the organisation, candidates must go beyond attractive manifestos and campaign slogans. They should explain the specific strategies, timelines, institutions and resources that would be deployed to achieve their promises.

HURIWA said the central issues in the 2027 presidential campaign must include national unity, poverty reduction, employment creation, economic stability, industrialisation, human rights, constitutionalism, security and the rule of law.

The organisation maintained that Nigeria cannot continue to conduct elections primarily around ethnic calculations, religious sentiments and regional interests while millions of citizens struggle with poverty, unemployment, insecurity and declining purchasing power.

Economy and Industrialisation

HURIWA challenged presidential candidates to present convincing economic blueprints capable of moving Nigeria from an import-dependent and consumption-driven economy to one anchored in production, manufacturing, agriculture, technology and value addition.

Candidates must explain how they intend to reduce inflation, expand employment opportunities, support small and medium-sized enterprises, attract investment and create an environment in which industries can thrive across the country.

The organisation particularly called for concrete plans for the industrialisation of all 36 states of the federation, stressing that economic development must not remain concentrated in a handful of major cities.

According to HURIWA, every state possesses unique economic resources and comparative advantages which, if properly harnessed, could generate employment, increase internally generated revenue and reduce dependence on federal allocations.

The organisation also challenged candidates to explain how their administrations would attract genuine foreign direct investment, protect investors without compromising national interests, and deploy Nigeria’s foreign policy to advance economic development.

Security and Counter-Terrorism

On security, HURIWA urged presidential candidates to provide detailed strategies for addressing the persistent insecurity affecting communities across different parts of the country.

The group said the next administration must have a clearly defined strategy for achieving decisive progress in the fight against terrorism, banditry, kidnapping and other violent crimes.

It also called for stronger institutional cooperation among the military, police, intelligence agencies and other security institutions.

HURIWA urged presidential candidates to support ongoing counter-narcotics efforts by the National Drug Law Enforcement Agency (NDLEA), stressing that the fight against illicit drugs is directly connected to national security, youth development and the battle against organised crime.

Police Reform and Political Violence

The rights group also demanded that candidates state their positions on the establishment and development of functional policing institutions at both federal and state levels.

It argued that policing must be professional, accountable, adequately funded and insulated from partisan political control.

HURIWA specifically cautioned law enforcement agencies, particularly the police, against allowing themselves to become political instruments or “attack dogs” for politicians, especially those in power.

The organisation warned that the use of security agencies to intimidate, harass or suppress political opponents would undermine public confidence in the electoral process and weaken Nigeria’s democracy.

It called for zero tolerance for armed political thuggery, electoral violence, intimidation and the deployment of criminal elements during campaigns and elections.

According to HURIWA, security agencies must provide equal protection to all candidates, political parties and citizens, irrespective of political affiliation.

Human Rights, Rule of Law and Legislative Independence

HURIWA also challenged presidential candidates to make clear commitments to protecting fundamental human rights and strengthening the rule of law.

The group said respect for constitutional rights must not depend on whether a citizen supports the government of the day.

It also demanded clear commitments to the independence of the legislature, stressing that a functional democracy requires effective checks and balances among the three arms of government.

HURIWA said the National Assembly must be allowed to exercise its constitutional responsibilities without undue interference from the executive, while legislators must equally remain accountable to the Nigerian people.

Gender Equality

The organisation further urged presidential candidates to explain how their administrations would promote equality and equity for all genders in employment, politics, commerce, education and other areas of national development.

HURIWA said women and other historically underrepresented groups must not be treated merely as electoral audiences during campaigns and then forgotten after elections.

It urged political parties and candidates to demonstrate their commitment to inclusive governance through specific policies and measurable targets.

Billboards, Campaign Regulation and Freedom of Information

HURIWA also condemned what it described as attempts by some state governments to impose excessive fees on political billboards in ways that could restrict legitimate political communication.

While acknowledging the authority of state governments to regulate outdoor advertising and protect public spaces, the organisation said such regulations must not be converted into instruments for suppressing political expression or denying opposition parties a fair opportunity to communicate with voters.

It therefore called for reasonable, transparent and non-discriminatory charges for campaign materials.

HURIWA equally urged candidates, political parties and their supporters to respect environmental regulations throughout the campaign.

Political mobilisation, it said, must not become an excuse for indiscriminate dumping of campaign materials, destruction of public infrastructure, obstruction of roads or other activities capable of degrading the environment.

Climate Change and Natural Disasters

HURIWA said climate change and disaster preparedness must also become major issues in the 2027 presidential debate.

The organisation urged candidates to explain how they intend to address flooding, erosion, drought, extreme weather events and other climate-related challenges increasingly threatening communities and livelihoods across Nigeria.

It called for policies covering early-warning systems, flood control, urban planning, environmental protection, emergency response and climate-resilient infrastructure.

HURIWA said the devastating consequences of natural disasters can no longer be treated merely as seasonal emergencies requiring temporary government intervention.

Foreign Policy and Investment

The rights group also challenged presidential candidates to articulate foreign policy positions capable of restoring Nigeria’s influence on the African continent and strengthening its relationships with global economic partners.

Candidates, it said, should explain how Nigeria would deploy diplomacy to attract foreign direct investment, expand export opportunities, promote Nigerian businesses abroad and protect the interests of Nigerians living and working outside the country.

HURIWA stressed that foreign policy should be connected to Nigeria’s economic and development objectives rather than being treated solely as a matter of diplomatic protocol.

A Campaign of Ideas, Not Division

The organisation said the coming campaign period provides an opportunity for Nigeria to elevate its political discourse.

HURIWA therefore appealed to candidates, political parties, campaign organisations and their supporters to resist the temptation to exploit religious, ethnic and regional differences.

“The Nigerian people deserve a campaign of ideas, not a campaign of hatred; a campaign of development, not a campaign of division; and a campaign of accountability, not a campaign of propaganda.”

The organisation maintained that candidates should be prepared to subject their records and policy proposals to public scrutiny. They should tell Nigerians not only what they intend to do, but also how, when and with what resources they intend to do it.

HURIWA further called on the media, civil society organisations, professional bodies, religious institutions and the electorate to demand issue-based debates and hold candidates accountable for their promises.

The organisation said the 2027 election must ultimately be about the Nigerian people and their right to live in a secure, prosperous, democratic and rights-respecting country.

As campaigns commence, HURIWA urged Nigerians not to be carried away by political theatrics, lavish rallies or inflammatory speeches, but to carefully examine the records, competence, character and policy proposals of every candidate.

Nigeria deserves a campaign season in which ideas triumph over insults, policy defeats propaganda, and the interests of citizens prevail over the ambitions of politicians.

Emmanuel Nnadozie Onwubiko is the founder of the Human Rights Writers Association of Nigeria (HURIWA) and a former National Commissioner of the National Human Rights Commission of Nigeria.