By Ebele Orakpo

Engr. Christopher Uchenna Nwadi is the Managing Director of Abuja-based NCR & Associates Limited, an outfit that specialises in Properties, Estates and construction. In this chat with Financial Vanguard in Abuja recently, the  Property Consultant speaks on why he ventured into the property business, the challenges and says his love for real estate and the desire to provide good and affordable housing for Nigerians made him go into the real estate business.

Excerpts:

According to Engr. Christopher Nwadi, after his primary school education at the Army Children’s School in Yaba, Lagos, he proceeded to CMS Grammar School for his secondary school education. Thereafter, he was admitted into the University of Lagos where he read Mechanical Engineering. Upon graduation, he was posted to Abuja by the National Youth Service Corps scheme for the one year compulsory service to fatherland. On completion of the service year, he started his own business.

“Along the line, I was awarded an honorary doctorate degree in Business Administration by the Commonwealth University, London and I am a United Nations Peace Ambassador. I have received so many other awards,” he said.

Motivation:

*Engr. Christopher Nwadi…Government policies have not been consistent

“I just have this love for real estate. When I realised that Nigeria is lacking in the area of accommodation, housing estates to be precise, I decided to go into the real estate sector. Again, I have been a lover of real estate/property because as far back as 1980; I joined my mother in her real estate business.

She is very passionate about the business. You see, my mother is Yoruba, from Lagos royal family so we have so many family lands that we had to sell and being the first child, I always went everywhere with her to the extent that people called meMummy’s husband.

So  as a young child, my mother took me along while conducting her real estate business so I became a lover of property. “When I came to Abuja for my youth service in the late 90s, I was posted to Abuja Municipal Area Council (AMAC) for my primary assignment.

One of the first jobs I did was construction of corner shops in Wuse Zone 3 and I also designed and constructed the overhead tank at Utako Market. I thank God for where we are today. I have partnered with so many people in Real estate such as Pent House, Platinum Bank, Mortgage Home etc.

Going into business:

“I started this business after my youth service. I started from scratch and gradually built up, building from one house to small estate. I love buying property. I buy land from speculators. I buy land and keep for like 10 or 15 years and sell. I don’t believe anywhere is a bush. I can make a city out of every bush because I have seen it before.

I went to Dubai in the 90s when Dubai was nothing. I saw Dubai grow because I went to Dubai every year so I saw the city coming up. I was part of the people that went to see Living Faith Church, Ota, Ogun State. That place was a thick forest, today, it is a city so I have seen bush turned to city. I was in Kubwa area of Abuja in 1992-93, I saw it grow to what it is now. I saw Abuja grow into a city so there is nowhere in Abuja that is a bush. You know I grew up in Lagos, I lived on the mainland and I saw Lagos expand to where it is today.”

Challenges:

Speaking on the challenges faced in the business, Nwadi said: “One of the problems we have in the real estate sector is government policies. The policies have not been consistent. A new minister will come in and truncate the process that has been on ground and bring up his own team. A land that has been allocated will be reallocated without going through the process of revoking before reallocation; they will just override the previous allocation.

Even when we are able to bring in foreign investors, once they come into the country, before you know it, within a few months, may be the minister is changed or there is a transition of government, the whole thing will be truncated. The only way a common man can own property in a city like Abuja and many places in Nigeria today is through mass housing schemes. For instance, in the  Federal Capital Development Authority  (FCDA) allocations, if you want to buy 100 acres of land now, you will pay about N5 billion.

Without N5 billion, a common man cannot own a house in that place. The minimum price of a house there is about N30 billion,” he stated. “It is now that they have reallocated some places within the area council that people want to key into it and do mass housing. They will tell us they have given us land for mass housing but it is being sold to us. We buy for N3 billion or N4 billion so there is no way we can meet up with the housing challenges in Nigeria. Nobody should deceive us, we cannot meet up.

The only way we can meet up is if government is consistent and is truthful and transparent. That is the only way that gap can be bridged. Only then will we be able to convince foreigners to bring in money. Another challenge is the interest rates on bank loans. They are killing. Interest rate is about 25 per cent from bank to real estate. The Federal Mortgage Bank is trying but they are not doing enough because they do not have the resources.”

It will be recalled that in late 2012, about 500 housing units built by Minanuel Investments Ltd (our clients) for low income workers, was pulled down by the FCT administration over claims that they were built without approval. “We were able to go to court and the judgement was in our favour. The land was restored and that increased our client’s confidence in us,” he said.