He is the face behind the rave of the moment in Nigeria’s housing sector, AIBEN Group. Nigerians are familiar with the name, AIBEN Investment and Properties Limited, the company that has become synonymous with delivery of high quality and affordable houses in the country. But not many know the man behind the brand that has become a regular feature in the country’s real estate sector. In other words, many Nigerians know the company by virtue of its superior service delivery that is complimented by professionally crafted marketing skills that ensure the company remains in the consciousness of Nigerians, but not its owner. That is the way it should be. The brand should go before the brand owner.
Andrew Lucky Elerewe is the founder of AIBEN Investment and Properties Limited and is also its Chairman and Chief Executive Officer. He says he was driven into establishing the company by the need to bring affordable houses to the reach of as many Nigerians as possible. This was in full realization of the fact that there is no housing shortage in the high end of the market, but in the low and middle-class bracket where the deficit is more pronounced.
The strategies adopted by AIBEN Investments to win the hearts of Nigerians are not marketing stunts. They tell the story of a company that is making significant contributions towards reducing the country’s housing deficit that was said by the World Bank to stand at roughly 17 million as at 2013 (current estimates put it at more than 22 million against the background of a burgeoning population that is now estimated to be up to 200 million).
Challenges of house ownership in Nigeria
Provision of housing has become a more challenging issue in Nigeria today than it has ever been. The reasons are not difficult to fathom. The population is rapidly growing. The cost of acquiring houses is increasingly getting out of the reach of the majority of Nigerians in the face of dwindling income. The situation is not made any better by the high cost of acquiring land and the bottlenecks associated with securing titles and certificate of occupancy. There is also the high cost of building materials, which ultimately make acquisition of houses remain a pipe dream to most Nigerians.
it is against this background that AIBEN Investments appeared on the scene to contribute to the effort to at least reduce the deficit, even it would not be totally eliminated. And in the 8 years it has been in existence, the company has made its presence felt in the sector through provision of homes that have not only provided shelter to many people, but have also enabled them to live in houses that meet their tastes.
Concept of affordable homes
Elerewe Andrew says the concept of affordable homes does not in any way suggest that housing can be cheap, because housing is not cheap in any part of the world. In fact, he admits that housing is expensive, which may be in agreement with the Nigerian proverb that says a good soup is the product of money.
He says the affordability concept in housing delivery is not all about the cost of a house, but the totality of the whole environment that includes roads, schools, hospitals, shopping centres and, in some cases, bridges, as well as a flexible payment system that enables the home owner to pay over a period.
What has constituted a major hindrance to easy access to house ownership in Nigeria are the stringent conditions mortgage or other finance institutions attach to loan requirements. This has to do chiefly with collateral requirements that many prospective house owners cannot afford to provide in order to access mortgage loans. `
A pan-African company
The country has also set its eyes on other African countries, to reflect its pan-African nature, as well as other parts of the world. It has offices in the United Kingdom, Dubai and the United States where it plans to build on five hectares of land to cater for the housing needs of Nigerians in that country. The estate will be a virtual relocation of Nigeria as a country to the United States because everything that is found in the country will be made available there. Nigerian languages will be spoken, and Nigerian foods and delicacies and attires sold there.
In terms of numbers, AIBEN Investments has had an impressive run in the real estate business. As at January, 2011, the company had hit an asset base of more than N20 billion – in just under 3 years. The numbers are rising.
Andrew Lucky Elerewe says the company’s estates are designed to make them have a semblance of such estates In Dubai, with modern amenities that make life comfortable. Those living in it also have the feeling of living in estates outside the country. Its estates are designed to have infrastructures such as good road network compete with good drainage system, adequate security, constant supply of electricity, sports and recreational facilities, restaurants as well as shopping malls for residents.
Who is Andrew Lucky Elerewe?
Andrew Lucky Elerewe the owner of AIBEN Group is a name that resonates with success, ambition and innovation. His journey into real estate began 14 years ago, where he started in regular construction work.
Elerewe Andrew is a graduate of the Obafemi Awolowo University, Nigeria with a Bachelors Degree (Honors)in Management and Accounting. He also holds a master’s degree in Masters (Distinction) in Business Administration from the University of Chichester, UK.
He started the professional journey that would take him to where he is today in 2007 when he joined The Sun Publishing, Abuja. He later moved to Inside-House Communications, Abuja in 2009 as its property manager. He decided to widen his professionalism by exploring other areas of relevance, especially marketing.
He joined the Woods & Bricks, Abuja in 2013 as Manager Director of the company and was there for 2 years before moving to Aiben Properties Limited as CEO/ Manager, a position that afforded him opportunity to turn the fortunes of the Nigerian real estate around, which manifested in increased sales, growth and expansion.
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