By Elizabeth Osayande

Nigerian tech startup, Abode Asset Limited has launched its business initiative aimed to promote wealth creation through fractional ownership of high-yielding assets across Nigeria and the African continent.

The hybrid event tagged ‘The Slice’, according to the founders of Abobe, would address housing deficit issues in the continent.

Speaking at the launch, held at Radisson Blu Ikeja GRA, co-founders of the Abode, Jeffrey Itepu and Damilare Oshokoya, explained that Abode was a community of like-minded individuals who were poised to build wealth by co-owning assets that they ordinarily might not be able to own in whole.

“Today, we launched a movement. A movement of prosperity. The cost of assets is the most significant barrier to asset ownership in Nigeria, but we are using technology to build a community where people can come together, irrespective of their income level, to fund projects, buy assets and earn recurring income from it.
“Just imagine somebody having as little as N20,000 and is able to partake in ownership of a landed property in the prime areas of Lagos for instance. And after a few years, they are able to trade it off or just continue to earn rental income from the property.

“In one 2020 report, it was said that around $4billion of real estate assets were bought in Nigeria in one year, and millions of Nigerians were excluded from it. Why? Because they didn’t have the financial capacity. So we have built a platform where anyone interested in such an investment could partake in their little way.” ” said Itepu.

While noting that over 1,000 persons have joined the digital community in the space of three months, of admitting members into the platform, Itepu explained that Abode was poised to take Nigerian economy from consumption to production. He added that young people would begin to find it beneficial to co-own any asset, whether digital or tangible assets, rather than struggling to own it all by themselves.

On his part, Oshokoya said the partnership with Itepu was born out of a similar collaboration as both of them owned several assets together, and were determined to have other young people see how coming together to own assets could help them achieve more success.

“For us, it’s about democratizing wealth for Africans, and we are using Abode as a tool to fractionalize assets. What we want to do is to have a Pan African movement that allows people to be able to participate in things that they normally won’t be able to afford alone,” said Oshokoya.

“We have several assets which we have listed on our website, myabode.app, and we have simplified the ownership process. We are saying it is possible to own a fraction of an income-producing asset, for the purpose of reselling it at the end of a predetermined period or for the purpose of earning monthly, quarterly or yearly rental income from it.”

Also present at the event were co-founders of Pertinence Group, Dr. Sunday Olorunsheyi and Mr. Wisdom Ezekiel; CEO, Royal Character & Values limited, Mrs. Bosede Olusola-Obasa; as well as representatives from Zylus Group international and the LifePage Group.

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