By Juliet Umeh

Against the backdrop of crisis being experienced in the energy sector of the nation’s economy, with particular reference to soaring cost of diesel which now hinders regular supply of power in residential estates across the country, Nedcomoaks Limited, a Lagos-based real estate development company, has launched launched a fully solar-powered estate known as Citadel View Estate located in Ibeju-Lekki area of Lagos.

Speaking during the one year anniversary of the estate, founder and Chief Executive Officer of the company, Mr Kennedy Okonkwo, said the project which started a year ago, is geared towards sustainable housing in the whole of Africa.

Okonkwo explained that the solar-powered initiative was borne out of a crisis, pointing out that “Before COVID-19 pandemic, diesel was sold at N165 per litre, today diesel is going for N820 per litre. And so, for every estate, you find out that there’s crisis. Every day people are having meeting with the facility manager, they are quarrelling because pre-covid, power was sold in estate at N70 per kilowatt per hour, But today, most estates are selling N280 per kilowatt per hour and it’s highly unsustainable.

“So, we believe so much that as the wage is not being reviewed and there is high inflation rate in our country and globally, the crisis is moving round and circulating yet, the pockets of the individuals are being drained because people need energy, they need to power their homes and so it becomes expensive for them to power,” he said.

Explaining that solar is durable, he noted that “It is predicted that solar can last for between 15-30 years and that’s why we have partnered with reputable solar companies.”

He said that each of the estates is built with a Compressed Natural Gas, CNG, turbine that comes in handy when when there is low solar energy due to rainfall, and the firm has signed long term contract with their solar suppliers to ensure the solar systems are durable.

Noting that the project’s target audience are young urban professionals, Okonkwo said: “One of the things that make it difficult for people to come into real estate business is entry barrier. So, we have reduced our entry barrier as low as 20 percent initial deposit.

“So, for a one bedroom-room and parlour self contained, the price to enter is just about N6.8m, and we are in partnership with mortgage institutions who are on standby to ensure they support those who are interested in mortgage to ensure that they are able to purchase those houses.

“Even, if you don’t have money but you have a good job, you can buy a property for as low as N6.8m deposit and the mortgage bank will provide the rest”, Nedcomoaks boss said.

Aside from the project launch, the founder said the event marked the launching of their 5000 in five, adding that “Five in five represents our dream to build 5000 housing units across the African continent within the next five years, which is 1000 per year. It’s a very big feat to accomplish but we are dedicated to doing that”, he noted.