At what point did you decide you were going into the real estate business?
I decided early in life, right from when I was a teenager, that I would go into real estate business. I got fascinated by the idea of doing a business woven around properties. My father was involved in this line of business as well, and I used to be with him developing properties in Benin City, Edo State. Also, I usually got excited whenever I saw new buildings. When it was time for me to go to a higher institution, my immediate elder brother advised me to study Estate Management, which is a discipline that is related to properties. I started reading books and articles on real estate, and I decided to build a career in the field. That was how I enrolled for Estate Management at the Yaba College of Technology, Lagos, where I bagged my Ordinary National Diploma and Higher National Diploma. I eventually graduated as the best student both in the Department and School of Environmental Studies.
Aside from the fact that your father was involved in the business, what were your other reasons for going into this field?
I got to know that real estate guarantees one a good income, a comfortable life and an opportunity to contribute positively and effectively to societal and national development. Real estate is a sure path to financial freedom. Only a few careers can offer what is obtainable in real estate. If one is the type of person that loves flexible schedules, constant acquisition of knowledge, and exposure to opportunities for leadership growth, one would opt for real estate. A career in real estate offers one the opportunity to meet with the who is who in society. This is because, no matter one’s position or status, one needs properties, whether commercial or residential, and these are provided by real estate practitioners. Those are some of the reasons I ventured into real estate.
Tell us about your career trajectory.
My career has been challenging, but interesting. Mine is a confirmation that the end justifies the means. I worked in the firms of two prominent names in the profession— Diya Fatimilehin & Co, and Ayo Otegbola & Co. I really learnt a lot from them. I was exposed not only to the different areas of the profession, but to the nitty-gritty of the practice of real estate. It was challenging as I earlier mentioned, but the goals I envisioned and set for myself informed my strong desire to progress and succeed in my career.
You have been the Principal Partner and Chief Executive Officer of Johnbull Amayaevbo & Co for over 20 years. What are your roles?
By the grace of God, I am the founder of the firm. I have been effective and I am in charge of drawing business plans, taking decisions and ensuring the implementation of the plans for the actualisation of the vision and mission statement of the firm. I oversee the affairs of the firm. I manage clients and the staff. I manage and allocate resources for the smooth running of the firm. Of course, I also hire and fire as the situation demands.
To sharpen my leadership skills, I have attended several leadership training and seminars within and outside the country; including studying policy, strategy and leadership at the prestigious National Institute for Policy and Strategic Studies, Kuru, Plateau State; the popular University College of Estate Management, Reading, United Kingdom; and University of Cape Town, South Africa, among others.
What are some of the challenges you have battled with as the Principal Partner/CEO of Johnbull Amayaevbo & Co?
Real estate practice, and business generally, have their ups and downs. It was particularly tough in the early days. It was challenging to set up the firm and start my practice; it was difficult to secure clients and get briefs. The business comes with huge challenges, ranging from managing clients to some clients being extremely difficult. There is also the challenge of resource generation and allocation of funds.
How were you able to overcome those challenges?
(The late American activist) Martin Luther King, once said, “Our very survival depends on our ability to stay awake, to adjust to new ideas, to remain vigilant and to face the challenge of change”.
The person who doesn’t want to face challenges will always have challenges thrown at them.
Sheer determination, commitment and focus on the goals I set for the firm and myself motivated me a great deal. It made me to be even more prayerful; and to believe and trust totally in God. With determination and resilience, I was able to move forward and break through eventually.
You are also the President of the Nigerian Institution of Estate Surveyors and Valuers. What are your responsibilities in that office?
I am currently the President and Chairman of the council of the Nigerian Institution of Estate Surveyors and Valuers. Basically, I am the Chief Executive Officer of the institution.
I preside over the meetings of the council, including the annual general meeting. These are the organs which take crucial policy decisions and oversee the affairs of the institution.
I am like the pilot of an aircraft, so the buck stops at my table. All the committees of the council report to the council. I also oversee their programmes and activities.
What are the highlights of your time in office so far?
They are numerous, and they are clearly stated in my scorecard for the past year. Under my leadership, we have taken the institution to greater heights, in terms of increase in membership, capacity building, research and development, branding, members’ welfare, advocacy and strategic engagement with policymakers and stakeholders. We have made tremendous progress in the building of our national secretariat, and we would be moving into the building anytime from now.
We have also commenced on giving a facelift to our building in Ikeja, Lagos.
In terms of staff welfare and other areas, we have made significant impact. Our recent 53rd Annual Conference and AGM in Ilorin, Kwara State, which was my first as the president, was a huge success. For the first time in our history as a professional body, a former president of another country (Ghana), John Mahama, was our special guest of honour. Also for the first time, we collaborated with the National Institute for Policy and Strategic Studies, Kuru, to organise a four-day leadership retreat for newly elected public office holders across all political parties in May 2023 at the Presidential Banquet Hall of the State House, Abuja. I am not aware of any professional body that has done that in recent times, or even before.
The event was well attended by some governors, deputy governors, senators and members of the House of Representatives.
In a similar vein, we organised our maiden Merit Award at the International Conference Centre, Abuja. We also signed a memorandum of understanding with the Lagos Business School to hold a national conference on the real estate sector of the economy. This is in addition to strategic engagements with many of our critical stakeholders. My one-year scorecard at our last AGM outlined all. To the glory of God, we have made our mark.
What challenges have you encountered in this office?
A popular adage says, ‘Uneasy lies the head that wears the crown’. Regardless of location, industry or organisational structure, leaders, all over the world, face both internal and external challenges. Managing a team and handling different perspectives, including members of staff and stakeholders, is a big challenge. I have had to manage the financial resources of the institution, and in the course of that, I have stepped on toes. However, I just have to take decisions as a leader for the interest of our institution.
How did you rise beyond those obstacles?
As a leader, one must make decisions based on circumstances and available facts.
Regarding the challenge of finance, I have been able to raise funds from within and outside the institution to finance our projects and run the institution.
When it comes to discipline, we use the ‘stick and carrots’ concept, depending on the circumstances. But in the long run, good reason prevails, and we are often able to reach a common ground in the interest of the institution. In all, I ensure that I am guided by objectivity, and collaborate well with my team.
I face issues squarely, while seeking innovative ways to change, grow and improve; making sacrifices here and there.
Getting land titles in Nigeria is a Herculean task, and many fall into the hands of swindlers. Why is this a recurrent issue in the real estate sector?
The truth is that the Land Use Act is long overdue for review; and the NIESV has been clamouring for that. We live in a dynamic society, and a law which came to effect in 1975, which sought to address certain issues of that year, must be reviewed to align with the realities of the present.
As it is today, the Act is a big hindrance to housing development, as a result of the cumbersomeness of land titling, and the perfection of titles and documents. The Research and Development committee of our institution has completed an assessment of land titling regulations across the states of the federation. The document has been published, and sent to our financial members, investors and other stakeholders. This will assist in facilitating titling, documentation and real estate development, but the fact remains that the Land Use Act needs to be reviewed from time to time. But first, it must be removed from the Constitution to engender easy amendments as the needs arise. As an institution, we would not stop clamouring for a review of the Act.
What is the way forward?
Going forward, the Act should be removed from the Constitution, and allowances should be made for its review and amendment as the needs arise.
However, this must involve the major stakeholders, particularly professional organisations in the building sector. Some clauses in the Act are still relevant but other clauses are hindrances to real estate development today, and they need to be looked into to meet the current realities.
Land management and administration of any nation are critical to its economic development. A law that was enacted over 45 years ago cannot completely be relevant to today’s realities, hence it needs to be reviewed. I hope the current governments, both at the federal and state levels, will have the political will to do the needful.
The number of collapsed buildings seems to be on the rise, and this has been attributed to the use of substandard materials for construction. What can the government can do to solve this issue?
The spate of building collapses in Nigeria in the past 20 years has assumed a very worrisome dimension. Many lives have been lost and investments running into billions of naira wasted. To checkmate its occurrence, the government must ensure that only professionals engage in construction. And, through their monitoring apparatus and agencies, they must ensure compliance by stakeholders in the construction industry to building codes and usage of standard building materials.
Professionals have written a lot on this matter to governments on the way forward. On its part, the government should ensure that those involved in the construction of collapsed buildings should be made to face the wrath of the law.
There is a lot of mistrust in Nigeria’s real estate sector. What can be done to increase investor confidence and position the country as an attractive market to invest in?
The government must solve the problem of insecurity. They should ensure transparency in governance, put in place economic policies which would curb inflation, enhance the local production of building materials, look at the question of real estate financing, create an effective mortgage system, and put in place policies that encourage the production of mass or social housing, and removal of all sorts of bottlenecks in housing development, such as some clauses in the Land Use Act.
The government should also step up investment in infrastructure.
What are the highlights of your career?
My firm is not just one of the leading companies in the industry, it has come to stay with branches in different parts of the country. Through the company, I have contributed my bit to the growth of real estate, and the development of the nation in general, whether through valuation, property and facility management, project development, consultancy services, or other areas of our professional services.
What are some of the qualities one must possess to be successful in the real estate sector?
Training and knowledge are key issues. One must also be focused and determined. Honesty and devotion, which incidentally is the motto of my professional body, are very important requirements. It is also important to develop a comprehensive real estate strategy. Having the ability to identify and key into opportunities and leveraging on technology is essential too.
Who are your role models or mentors that have impacted your life and career in one way or the other?
The two major persons are Senator Ayo Otegbola, and the late Victor Okoh.
What advice do you have for young people interested in real estate business?
They should be focused and ready to acquire adequate knowledge of the profession. They should not be in a hurry to make wealth. Rather, they should submit themselves to walking through the process.
The younger ones need to know that knowledge is key. They need to develop themselves, and while they are still in school, they need to ensure that they understand what they are doing, so that when they graduate, they would be useful to the profession and society.
However, it does not stop there. When you come out of school, you must realise that the acquisition of knowledge is a continuous process. You must continually seek knowledge to be able to practice according to the prevailing ethics and standards of the industry.
Also, you should not be in a hurry to live large. Rather, you must be ready to pay your dues. Meanwhile, paying your dues means making sacrifices to acquire knowledge and expertise.
Basically, my advice to younger colleagues is that they should be patient, work hard, and understand that this is a profession, not a trading venture. It is a profession that operates on rules, regulations and ethics, which all pratitioners must adhere to.
If one observes and internalises the ethics, and conform to the rules, even at the expense of one’s welfare at times, then the future is great.
Aside from real estate, what are your other areas of interest?
I have interest in knowledge acquisition, and any genuine business that reduces the amount of time and effort required to solve problems. Also, to improve the quality of services and solutions to different issues. I also enjoy travelling.
Is any of your children showing interest in real estate?
Yes. One of my daughters is currently studying Estate Management in the university.
How have you been able to balance work and family in a way that none suffers?
It has been easy for me, though I travel a lot, due to the nature of the practice and my current position as the president of my professional body. However, I have an understanding and cooperative family, particularly my lovely wife.
How do you like to dress?
I believe that I dress well. The nature of the practice demands that I dress in a corporate manner. I meet highly placed personalities in the public and private sectors quite often, so I have to always appear well.
Also, as the president of my institution, I must represent our members well in looks and otherwise. It is commonly said that one is addressed by one’s appearance. One must appear in accordance with one’s status and position.
What is your favourite meal?
My favourite meal is oatmeal served with ogbono soup.
