Meet Chief Chukwuma Emmanuel Okafor, Agbalanze Ofunwa Ojoto. The CEO of Rosebank Cottage and Castles Limited.
Mr Chukwuma Emmanuel Okafor hails from Ojoto in Idemili Anambra. He is a philanthropist and a real estate mogul.
Can You Briefly Tell Us About Your Company?
Rosebank Cottage and Castle Limited is a real estate and property developing company that deals in Land and Landed Properties. We Buy, Develop and Resell.
Can You Tell Us A Little About Your Company’s Achievement?
Rosebank Cottage and Castles Limited have sold homes worth hundreds of millions. In the past years, we have been able to create both valuable and affordable homes, giving average families low-cost houses.
Is There Any New Project At The Moment?
Of Course! We have a few projects that are still in the pipeline. We have lots of finished ones. Some started 2 years ago, some 3 months ago. And the list goes on and on. Each one on completion will be publicised.
What Are The Challenges You Face As A Realtor?
There are many challenges faced by real estate personnel in Nigeria. Some of which include:
1. Advancement in technology, Nigeria is lagging in Technological advancement
2. Lack of established sales process
3. The cost of developing a property in Nigeria is very high, especially in cities like Lagos, Port Harcourt, Abuja, and so on and this poses a big problem for the real estate practitioner.
4. Some real estate agents indulge in misconduct by exploiting their clients because of their ignorance of the real estate business.
5. Land Registration doesn’t just take long; it is also very costly. And this is a big problem for the real estate practitioner
6. Real estate practitioners are subjected to multiple taxations in Nigeria, some tax and levies paid by the practitioner include property tax, land use tax, income tax, building plan approval tax, development tax, and so on.
What Are Other Realtors In The Industry Doing That You Think Should Change?
The price. The price is too high, the price isn’t clear, the price is out of budget, and many other price-based barriers. The most successful tactic for overcoming this challenge is to refocus the conversation from price to value. Creating more value for less cost.
How Can The Government Help The Real Estate Industry In Nigeria?
The government can and has the right to issue a demand for bigger taxes such as capital gain tax, stamp tax, and other legal monetary taxes, leading to an appreciation of value for real estate companies and developers. The government can also decide to increase investment in affordable housing. The government should put regulations and policies in place to encourage more private investors while reducing the amount of illegal taxes. The government should make land registration processes less stressful and more efficient.
How Can Realtors Help Young Persons Who Have A Salary Job To Own Homes In Nigeria?
Realtors can help young persons with low-income salary jobs through cooperative arrangements, other self-help projects, or by accepting government support in the form of a mortgage(eg National Housing Fund, NHF) or some form of allocations, with the costs deducted from their salaries.
Where Do You See Yourself In The Next Five Years?
In five years, I see myself as an integral part of the Real estate in Nigeria who has helped contribute to the growth and success of the Industry., I hope to be leading larger projects, or maybe managing multiple project teams both in Urban and Rural areas while planning to launch international investments. Thank you.
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