Jemine Adollo

Name: Jemine Adollo
Company: Le'Venue Property Development Co. Ltd.
Position: CEO

1) In what direction is Nigeria's property sector heading?

I must first let you know that the opportunities in the sector are vast and it's the most lucrative sector of the Nigerian economy where you have free entry and exit. Wherever you build in Nigeria, your investment is assured. So I will say the sector is heading in the right direction but needs some form of regulation in terms of quality and who is allowed to undertake construction work. With good and transparent regulation, property developers will not have to cut corners and quality of work will be assured. In the next 5 to 10 years, Nigeria in terms of property development, will be like Dubai where anything is possible.

2) What are the main challenges facing property developers in Nigeria?

There are many challenges facing developers but the most obvious ones are: expensive building materials, high cost of land, processing of title costs, high interest rates by banks, lack of adequate funding and some of the government's policies.

3) Which, would you say, are the areas in Nigeria that have the most potential for successful property development?

The areas that have the most potential will be:

i. Lagos (Lekki, Victoria Island, Ikoyi, Ikorodu, etc.) – because it is a business district and the commercial nerve centre of Nigeria.

ii. Abuja – it is the seat of power.

iii. Port Harcourt – for its oil riches. It is a very variable location and will improve when the problem of militancy is solved.

iv. Ogun State – its proximity to Lagos makes it the next spot for development. A lot of development is already going on as we speak.

v. Kwara State – this state is fast opening-up because of the state government's resolve to transform the area into a business district. Land is being provided for agricultural development and its private sector partnership scheme will cause an inflow of people who will need housing.

4) What need to be done to solve Nigeria's housing crisis?

The first thing that needs to be done is either for the government to repeal or radically amend the Land Use Act of 1978 which vests all land to the government. The second thing should be to provide adequate funding to property developers to provide quality houses for the populace which they can purchase at affordable prices and pay over a long period of time. The third thing that should be done is to grow and fund the mortgage institutions to perform their primary function which is providing mortgages.

5) Describe your Nigerian dream home

My dream home will be a 5 bedroom villa on a private beach with 2 living rooms, a private lounge, a study, game room, mini theatre, granite fitted kitchen, laundry and a 2 bedroom guest house. I love the quiet nature of the beach, the sea and its coolness – luxury at its fullest.