It is no longer a secret that real wealth in the real estate industry has long been recognized. This flow of knowledge dates back to ancient times, and the opulence was evident in lives then, as it is now. Real estate encompasses land, buildings, natural resources, fixtures, and other tangible attachments.
The industry includes various facets such as residential and commercial brokerage, property management, development, sales, and financing. These elements, along with the benefits of cash flow, appreciation, control, and tax advantages, are among the teachings of Dr. Joseph James Nantomah, Dr. Stephen Akintayo, and other Nigerian real estate moguls in the United States.
The history of real estate and its management dates back to time immemorial. In Nigeria, before the colonial era, land allocation followed the customs of each tribe and region, with each having its way of leasing, selling, or giving out land properties. This practice changed with the arrival of colonial rulers, introducing the need to register properties with appropriate authorities, different from the cultural institutions known before.
From independence in 1960 to 1980, Nigeria saw immense urbanization and the enactment of various land and property laws and policies. The discovery of crude oil in 1970 led to more policies to address housing issues, such as the National Housing Fund (NHF) scheme, the Federal Mortgage Bank of Nigeria (FMBN), and public-private partnerships for mass housing projects. In Lagos, the Lagos Executive Development Board was established to provide better housing units following the bubonic plague around 1924 and 1930. The housing project in Yaba estate began in 1929. With modernization, the LEDB, IAPA, and ETPA were merged into the Lagos State Development and Property Corporation in 1972. These schemes completed estates in Surulere and Ogba under Lateef Jakande. Real estate has a long history in Nigeria, and some men have taken it to great heights in the diaspora.
Joseph James Nantomah, popularly known as the Black Mentor, is a Nigerian-US-based real estate investor, mindset coach, and serial entrepreneur. He is revered for his impressive career growth. However, he didn’t just start from the top. In 2011, Nantomah started with a launched project management training programme in Lagos. He started this, due to the fact that he noticed some lapses in the Nigeria banking sector. There were no professional training structure, which was an opportunity for him. Joseph Nantomah soon became one of Nigeria’s leading project management consultants, training thousands of professionals in diverse institutions in the country. In 2016, Dr. Nantomah moved to the U.S. and began his real estate investment enterprise in 2018. His ability to reshape his clients’ mindsets has made him an influential life coach. He founded Mentor America, further solidifying his title as “The Black Mentor.”
Joseph James Nantomah left behind excuses, becoming famous for building several businesses from scratch with just $997. His career took a significant turn when he relocated to Wisconsin, USA, and enrolled in a training course offered by a real estate mogul for $997. After that, he closed his first deal, earning $8000, and subsequently millions of dollars. His career soared when he met former US Vice President Mike Pence through Scott Kevin Walker, former Governor of Wisconsin. Since then, he has been the sensation in the Nigerian real estate industry. He got interviewed, and written about by notable media personalities in Nigeria like Daddy Freeze, Reno Omokri, Reuben Abati, among others. Apart from these Nigerians, Jen Gottlieb and Chris Winfield of Super Connector Media both featured him in a session where they discussed with him his journey and insights on entrepreneurship.
Joseph Nantomah gained internet acclaim when he drove seven hours to thwart a $32,000 scam targeting a woman, in 2021. Upon discovering scammers had rerouted the funds to his business account for forwarding, Nantomah promptly alerted law enforcement and personally returned the money from Wisconsin to Indiana to its rightful owner. Also, alongside some Nigerian philanthropists, Joseph Nantomah helped in the return of stranded Nigerians in Ukraine, at the start of the war with Russia. He is a determined goal-getter who showcases his achievements in his daily life and on social media. One of the iconic videos on his YouTube channel is a speech at JT Foxx on November 22, 2022, where he shared his motivation – the sky, even while enduring hardships under his stepmother for fifteen years. He said, “I just knew that with my right mindset (The Sky mindset) and just being grateful was gonna get me there.” The Black Mentor has traveled to twenty-six states, buying properties and giving back to society.
Despite the belief in some African countries that Western media outlets have contributed to the continent’s downfall, these media have promoted Joseph Nantomah. Over the past three years, he has notably gained the support and attention of diverse international media outlets, including US Times, Fox, the Guardian, and even the Wall Street Journal. With assets worth $23 million and cash worth an equivalent amount, Joseph Nantomah is an ingenious asset to the US, even while he flew in from Africa.
Nigeria’s Joseph Nantomah can also be referred to as a real estate prodigy as he has won various reputable awards. He received the Top Inspirational Entrepreneur of the Year 2022 by the International Association of Top Professionals (IAOTP) at the Bellagio Hotel in Las Vegas. He was also named Top Executive Business Coach of the Year by IAOTP for his outstanding leadership and dedication to the industry. Additionally, he was recognized by the Global Who’s Who as a VIP Member and by Marquis Who’s Who as a Top Business Owner.
Another prominent Nigerian who has made a significant impact in real estate and entrepreneurship in the US is Dr. Stephen Akintayo. Born in the Gonge area of Maiduguri, Borno State, he has established organizations worldwide through paid mentorship courses, including real estate. Stephen Akintayo is also the founder and president of the Infinity Foundation, a non-governmental organization that supports over 2000 orphans and orphanages. The foundation also mentors young minds and aids Boko Haram attack victims in Northeastern Nigeria. Ola Dantis, another Nigerian based in the US, shares his knowledge on multifamily properties through webinars, podcasts, and other means. Using Dwellynn, he guides people in real estate investment and similar topics. This patriotic act highlights the love for the country and the abundance of human resources, even amid downturns.
In 2023, headlines announced that Peniel Investment would collaborate with the Nigerian government to tackle the housing deficit. This real estate firm in the US is headed by Ibunkunoluwa Otinwa, a US-based Nigerian real estate mogul. He proposed addressing Nigeria’s housing deficit with a forthcoming five-day conference in Houston, Texas, in August 2024. This is enviable as more US-based Nigerian entrepreneurs see the need to help with the governance of their home country.
Despite the industry being male-dominated, some Nigerian women are making significant strides. Nike Toyin Ojo is one of these women, shining a light in the US real estate market. In 1996, Nike started her corporate career in the United States as a Deputy Clerk at the Harris County Tax Assessor and Collector’s Office. When the real estate market boomed, she joined her husband full-time in 2002. Nike is one of the ingenious mortgage brokers in Houston and surrounding areas, with over 15 years of experience in the mortgage industry.
In Nigeria, the wide margin in the real estate sector between the male and female gender is still too wide. However, it is commendable to see women like Udo Okonjo of Fine and Country West Africa, Onyeka Adibeli, founder of Adibeli Realty Group, and Sijibomi Ogundele of Sujimoto Construction, a luxury real estate company, making strides. These women should inspire and encourage more women to develop, purchase, and invest in properties, bringing a new aura to the industry.
The world recognizes that Nigeria, as the giant of Africa, is blessed with abundant resources capable of addressing its challenges and turmoil, yet current circumstances seem unfavorable.
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