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His character embodies integrity, his expertise exemplifies efficiency, and his life has become a guide for professionals who still believe that hard work, good morals, and playing by professional ethics are the only ingredients for career fulfilment.

This description is most fitting for U.K Elendu, Chairman/CEO of Nigeria’s fast-growing real estate company, Kerae Homes Limited, a company that has given Nigeria a reputation among other African nations when it comes to luxurious and vintage homes. In this exclusive interview, U.K Elendu discusses the factors that led to the company’s growth, the challenges and what makes the company unique. Excerpts:

What prompted the establishment of Kerae Homes Limited and what are the factors responsible for its growth?

I would have said no if you had told me I would be in Nigeria right now. Having left the country in 2004 and returning in 2007 for only two weeks, I went back and did not return to the country until 2015. When I returned in 2007, I was disappointed with the things around me, which is why I stayed away for seven years, but as we get older, our priorities change. As I get older, I realize there is no place like home, and now that I have children, I want them to know I have a home.

We had difficulty finding accommodation when we arrived; not because there were no houses, but because of how things are done in the real estate sector, we stayed in four different estates over the course of two years. There is much greed in the market, and there are many substandard houses. I’ll use Lekki as an example; some of these things are happening and no one is paying attention.

It’s unfortunate that in this industry, everyone is concerned with price and nobody is concerned with quality, which is one of the reasons I became interested in real estate and said, “I want to live by example, I’ll right the wrongs,” so I founded Kerae Homes Limited (KHL). Kerae Home’s driving force is integrity in housing development; we don’t cut corners and adhere to engineering guidelines.

Again, the desire to give back to the society that has prepared and offered me so much, even though I was outside the country for a long time, so opening up this firm here and having the opportunity to provide jobs for people is an encouraging force.

What are the factors contributing to the growth of Karae Homes Limited?

I always believe that passion is essential in everything you do. I am passionate about what I do; I consider my work to be a hobby; I enjoy being able to create new things, something beautiful, and complete tasks.

Another factor is the fantastic team we have here; while we are not yet where we want to be, I have the best team. We are concentrating on Ibeju Lekki, Lagos’ New Industrial City, which will be the future of Lagos or Nigerian industrialization. We’re concentrating on Ibeju Lekki, which excites me because its future looks promising.

You described Ibeju Lekki as the future of Nigeria’s industrialization. Can you explain that?

Ibeju Lekki has actually been transformed in the last 3 or 4 years, with a lot going on there. Many people don’t know much about Ibeju Lekki, and when you mention the area, many people think it’s in Ogun State.

We are anticipating the opening of the new Deep Seaport, which I believe will be Nigeria’s only Deep Seaport; this is a significant event. I’m not sure what the future is if that’s not it. There is the Dangote Refinery, Africa’s largest, and the Dangote Fertilizer Factory. Then there’s the Free Trade Zone, which many people are unfamiliar with.

People travel to Dubai to enjoy the tax-free shopping that comes with shopping in a Free Trade Zone, which we now have in Nigeria. Many people have not visited the Free Trade Zone to learn more about what is going on. There are over 40 companies operating in that zone, providing jobs for Nigerians. Dangote alone is providing a lot of job opportunities in that area. Many companies are emerging in that area.

I visited the Dubai Free Trade Zone and saw how it was set up; our free trade zone is similar to what they have there, with the seaport on the left and the factories on the right, implying that export and import will be flowing in that area. So when I said it is the future of industrialization, I was speaking from experience.

As an administrator with a proven track record in management, what has been your business management challenges and how have you overcome them?

Every business faces unique challenges. The problem arises when you allow those challenges to define you; I always prefer to look at the bright side. However, one of the issues we face in the industry is that there are many people calling themselves developers who create nonsense and label it as luxury. So when you release true luxury, people think, “Ah! Is this the same as what we saw at Z-Y? However, I believe that there are still people in this market who can recognize a good house when they see one.

Another issue in this industry is the lack of loan instruments; because we lack loan instruments in this country, banks find it difficult to lend you money. I am funding the company entirely, but I am aware that there are other young entrepreneurs who would have loved to get involved if they had access to a loan that would have made business easier.

Is it that banks are not loaning money out or that the amount they loan out is usually inadequate for the real estate business?

I don’t entirely blame them. We lack the infrastructure for banks to lend money to someone and be certain of its return. It is not like in advanced countries where a credit profile exists and a bank knows a person’s credit history before lending money. Again, we don’t have many microfinance banks and mortgage banks in Nigeria. Microfinance banks can help small businesses by providing loan facilities, while mortgage banks can help people who need mortgage loans.

What would you describe as the turning point in your life?

As I previously stated, I left Nigeria in 2004; it was a difficult transition for me until my daughter was born in 2010. That will always be remembered as a watershed moment in my life. She brought my family a lot of joy and blessings. I have two children: a son and a daughter. So, ever since my children arrived, that has been a watershed moment in my life. Apart from that, my wife is a very strong pillar; it is always good to have a woman who is very supportive; it makes a lot of things go right.

Can you share with us how the turning point happened?

As an entrepreneur, you have businesses that open and fail. I had three businesses that failed until the birth of my daughter, when the business opened and everything just fell into place. Aside from that, it takes hard work, dedication, and passion. I remember when we first started; I was the receptionist, Human Resource Manager, Intake, Payroll Person, Marketer, and even ICT Person because I couldn’t afford to hire all of these people. So I did all of that by myself for over six months before hiring and training others. So it was my passion for what I do that pushed me over the edge; I didn’t come from a wealthy family. My father was a primary school teacher and I know how I struggled to grow up, but I thank God today that I never gave up.

What values distinguish Kerae Home Limited as an organization?

Common sense! Doing the right thing all of the time, common sense is what we lack the most in this country; it is not about how many years you spent in school; a PhD holder can still be an idiot, but you can have a Secondary School Certificate and have common sense. It is a lack of common sense that drives us to do what we are doing in Lekki, mass producing houses for people who will not live in them. You spend N20m building a house for a customer but N40m building the same house for yourself because you believe you are a better human being than the person you are selling to.

What advice do you have for aspiring professionals and young CEOs in order to survive imminent challenges?

My advice to young entrepreneurs is to stay grounded; look around and you will see the goodness that this country has to offer. My father used to say that if you don’t like your teacher, you’ll never pass his class. If you are an entrepreneur, consider your industry and how you will distinguish yourself.