There is a common notion that the oil and gas sector has produced more billionaires than any sector of the economy, with the hi-tech sector probably being the only exception in the last two decades or so. But the Founder and Chief Executive Officer of Samitheo Network Company, a real estate company, Samuel O. Folusho says it is not true, holding that real estate is more lucrative.
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In a recent interview where he was speaking on the sector, Folusho backs his statement with the simple argument that, “Yes, real estate is more lucrative than oil and gas because the worth of the assets increase exponentially over the years and never depreciates. In contrast, the assets in oil and gas sometimes depreciate.”
The Realtor and facility manager may not truly be off the mark as oil prices have plummeted in recent times while the real estate seems to be enjoying a relative boom. Speaking further Folusho highlights some of the challenges besetting the sector.
“The challenges being experienced by operators in the sector include; economic contraction; rising interest rates, inexperienced management; continued job growth; rising incomes; growing population and continuous access to financing,” he said.
Samuel O. Folusho also posits that the real estate sector is not just a mere business, it is an investment.
“Real estate is more than just a business. Investment in real estate is what helps the company to thrive after a long period,” he said.
Samuel O Folusho is from Modakeke local area of Osun State, Nigeria. He incorporated his real estate company, Samitheo Network Company in 2016 under the Companies and Allied Matters Act of 1990 of the Nigerian Corporate Affairs Commission to undertake the business of estate and facility management, general contracts, general merchandise.
He was born August 8, 1993. He is an alumnus of the University of Lagos with a BSC degree in business administration.
His company, Samitheo Network Company operates from Lekki, Ajah axis in Eti-Osa local government area of Lagos.
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