The Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, Ojaja II on Thursday led crème de la crème to 7th edition of National House Fair organizer BSTAN Homes and properties which took place recently at Oriental Hotel, Lekki, Lagos.
In his welcome address at the event, Ooni Ogunwusi who is the Chairman of BSTAN Group described dead assets as a major bane in the real estate industry, saying that with the increasing rate of dead assets in many A-rated areas in the country, high cost of products, the younger generation will find it difficult to have access to mortgage, let alone own a property.
”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" Ooni said.
Ooni Ogunwusi added that the Lekki-Epe Express corridor in Lagos state is presently the busiest in real estate investment hub in the Nigeria with an injection of over 30 billion Dollars by private sector captains.
Notable among the speakers at the event were the Ooni Of Ife, Oba Adeyeye Ogunwusi, 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, Chief (Dr.) Olisa Agbakoba among others.
In her opening remark, the Managing Director/CEO of BATAN Group, Engr(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, former Deputy Governor of Lagos State, Olusegun Olufemi Pedro added that it is indeed a problematic industry, opining that a 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. Furthermore, Pedro said that to solve the challenges in the industry, the economy has to be fixed, as 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 very short 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, a legal luminary cum real estate investor, Chief Olisa Agbakoba SAN 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, stating that there is a need for social housing.
Commending the Managing Director of BSTAN Property, 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, and I look forward to you organising bigger event next year."
One of the highpoints 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, the Ace Comedian cum real estate investor Alibaba, veteran Nollywood actors Fred Amata and Funso Adeolu, Ayo Adesanya were among several traditional rulers and dignitaries at the event.
Source: Directorate of Media and Public Affairs, Ooni's Palace
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