The Chairman/CEO of Iloshe Properties and Investment Ltd, Engr Mike Gbenga Fabiyi has revealed the aim of Iloshe homes and properties in building properties for low income earners in Nigeria, in this interview with Christian Izuchukwu Ahuchaogu, He enumerated the achievements of the company in the last 6 years.
“My name is Engr Mike Gbenga Fabiyi , the CEO Iloshe homes and properties Precisely April 13th Iloshe clocked six and we look back to where we started, the ups and downs and here we are stronger and better.”
By the special grace of God we are looking at when we clock 7, the company will be on the global stage, we also use this opportunity to check our achievements for the last six years.
To the glory of God we have done so well beyond our expectation, We started this company with great minds, you don’t just come into the industry because others are into it, I came into the industry because of my personal past experience, that is just the fact.
My parent trained us as tenants and I could recollect then that one of the old tenants asked me a question exactly when I was 27, “we were told that you were born in this house and you still in this house, can’t you people even change house?” You should just change house so you won’t become a chief tenant in this house.
Then I started asking my father why are we still in this house, definitely we are the oldest tenants in this house, what are we still doing here. Then I decided that day that I had to change the story. I didn’t have to do it for me alone I had to change it for all.
I studied accounting in school, Chartered in economics, we came into the industry to change the narrative coupled with the kind of environment I grew up in and a lot of stories around about land grabbing, just like my dad would say, it’s not as if I don’t have land, about three land he bought was taken over by “Omoniles”.
Now listening to some people who believe that buying land is like war, you have to be prepared so that the land will not be collected from them. One day I was in the seminar and the convener said you can start the real estate business without having capital. I was wondering, how is this possible?
Then I got employed one of the real estate companies in Nigeria, one day my MD called me and said “if you work for me for 5yrs and you are not able to stand on your own, I will personally sack you” it was shocking for me.
But that helped me to take up the challenge to know more about the industry and was able to meet everybody in the industry.
Word Iloshe means the will of God has been made manifest, When I was in school, I got the name in my dream after a lot of prayers and since then God has been faithful to his word.
The company was officially registered 2013, by now we have close to 15 estates across the country, it is our goal that every year we most lunch a new estate, our aim is to make it easy for people to access and buy properties, you know my parents hard issues of buying and losing it to the omoniles.
So we thought, how can we fill the gap whereby the people will not be facing the challenges they have been facing in getting lands, how do they buy land and get the benefit of their investment without panic, So that is the mean reason why I came into this industry to change the narrative, in a way that even if the other real estate companies are doing otherwise, we will do it right, we will make sure that the less privileged no matter the level of their income can become land owners, what many people don’t understand is that your first house does not necessarily mean your dream house. Everybody have a dream you can just get one first and start.
With N200,000 you can get a land, there was one time we sold a land for N100,00 at magboro, what we advise people is no matter the distance just get the land first, it will definitely develop in time. Things that determine the development of an area, one is road, electricity and government intervention. We have over 20 to 30 people who are already building their house there. Some have moved in already.
Our vision is to become a great real estate whereby everyone will be a home owner no matter the class in the society, they can participate either through investment or through land ownership.
That have been our focus and as a company we will say that we have been working so hard towards achieving these target.
So looking back to the last six years at least about 500 people have been partakers of this benefits provided by us, either those got it at the cheaper price or those who got it at the middle or at the highest price, they were all satisfied and we don’t have any issue of allocation or problems that comes with buying lands. Because we know the reason why we are into this industry and we want to give the best standard of service to our customers.
I know what my parents face and I don’t want anybody else to face such challenges in getting a land.
We are in partnership with the federal mortgage bank because buying land alone is not enough but you becoming a landlord or house owner is the most important thing. Looking at the gap in Lagos state housing demand and supply, we might not be able to provide solutions to all the housing challenges in Lagos or Nigeria but if we can tackle a percentage.
We will definitely be adding to the economic value.
So we have decided that if we can come on board to provide a percentage to the housing issues in Nigeria we have added more to the economy and betterment of life for people who are really in need of house.
Some people on the street and sleeping under the bridge, they have the money but issue is how they can have the knowledge to put their money into good use.
We are working at no matter the level you are, whether you are a government worker or not, you will be able to get a house, we will build the house and the low income earner can pay through the years.
I believe by the time we are 7 we will be able to say that God have helped so many people through us.
Our goal is to make 5000 to 10000 Nigerians become house owners and the reason why we are targeting our estate to have about 10000 hackers, we arelooking at providing 10000 housing units in for both low income earners, middle and first class in five years.
What is the Selling Point of this investment?
We majorly work on Cooperatives, we educate them on the reason why they should have their own house and how to go about it. We have been moving from one cooperative to the other both government and private owned.
You have been talking about low income earners which of these estate has 80% of these facilities, so that people that interested can come and invest?
We have one in Ikola and its 15million and we want to build and sell, definitely I know is not for low earners but at least the low income earners in this country can get that, we have spread the payment to Six months to One year to make it very easy for them to pay.
We are looking at building a two bedroom for like 7million or 8million and spread the payment for the period of five years.
Locations of most of our properties; Crown Estate Ikola, Awesome Estate Ikorodu, Zenith Gardens Magboro, Wonderful City Atan Ota, Wonderful City, Mokoliki Phase 1 Wonderful City Mokoloki Phase 2, Kings Court, Ibeju Lekki, Kings Court, Epe.
What is your cooperate social responsibility?
We organize end of the year party for schools in Agege area and any child that emerges winner in the competition gets a plot of land through Iloshe properties.
We organize quiz competition for students any child that wins we pay scholarship for these children, Our CSR have been on children. So far 8 children have benefited from the land gifts from Iloshe properties.
What are your Challenges?
There so many challenges from the Omonile and also unfavorable government policies, the omonile (land grabbers) issues are there, many times we will want to overpay, simply because we want to remain and protect our name because people have already subscribed to the plan. Most times they divide themselves into three just to claim a property, we have to diverse ways to coup with all their strategy.
Most time we have to go to the police to get them to all sign that they will not be disturbing us again.
We don’t buy from individuals we always find the family community heads and chiefs, we bring everybody to get to make sure we settle the true owners of the land. We also offer the youth security jobs and other jobs to secure the properties.
Currently we don’t have any cases of them disturbing our clients in any of our properties, why because we have over seen all these challenges, we act fact before them by bring them together, having a relationship with them and knowing what they need.
Government id the center of every business, if government can release some form of money because the industry needs funds for you to build like hundred housing units, you need money and the procedure of getting those money are very tedious, so if they can make money available I think this industry will be easier.
We have allocated land in 2 to 3 days once the buyers have made the full payment of he DID and survey.
