Dr. AdetolaEmmanuelking is group managing director/CEO, Adron Homes and Properties Limited, a multi-billion naira real estate development company he started building from ground zero in 2012. He leads the company’s vision of making housing affordable through innovation.
Devising innovative means of accommodating Nigeria’s growing population is the task on hand at the leading real estate developing companies such as Adron Homes. Emmanuelkingconsiders himself privileged to be in the industry because it directly impacts human lives.
He recounts his track record in the business – having sold and managed properties, built estates, acquired acres of lands, built client profile, set up platforms and teams that have helped Nigerians achieve their home ownership dreams and more.
“I got in early in my career and I have seen real estate’s ability to help both young and old, individuals and corporates maximize their inputs and achieve financial success”, he said. His vision is to maximise that ability by building a leading pan-African real estate development company that will provide the highest number of decent, accessible, comfortable and affordable houses based on global housing standard.
At Adron Homes, Emmanuelkingis on a mission to make that happen for everyone, irrespective of their income level, social class and all else. The company runs on a culture of delivering on promise, which thrives on its continuous building of land bank, expansion of client base and offering of affordable housing products that exceed clients’ expectations.
The company’s target is to reduce housing deficit in Nigeria by 10 percent within the first 10 years of operations and that translates to building about 2 million new homes. Housing deficit isn’t applicable to the high-end market but is a problem that is located within the low and middle ends of the market.
Emmanuelking’s effort to reduce housing deficit in Nigeria therefore focuses on empowering low and middle income earners to own their own homes. His company’s affordability concept is a strategy of paying for housing development over a period of time.
Adron Homes provides a flexible payment plan of between five to ten years which is adapted to Nigerian economic structure of daily, weekly or monthly payments. The concept is that no matter the cost of a house, consistency in paying for it in bits makes ownership possible in a matter of years.
This is the normal role of mortgage institutions but their requirement of collateral which is generally not available is the hurdle for many on the way to home ownership. The business of Adron Homes is to remove the hurdle and fill the gap. Its daily payment plan has been attested to be affordable to a large section of Nigerians, especially those who operate in the informal sector.
Emmanuelking simply picked up Nigeria’s thriving traditional financing system of ESUSU and gave it a new role in real estate development. The informal sector runs on one-day at a time and Adron Homes has taken the people’s income structure to develop real estate products. The result is a large and growing number of subscribers within a short period of its operations.
In essence, he has channeled economic activities that run on a daily basis to build a company that grows from day to day. “On a daily basis, we increase our land bank and our clientele. We sell every day and we have demands for our housing products”, he said.
Adron Homes has estates located in Lagos, Ogun and Oyo states as well as Abuja and is still expanding both southward and northward. The company offers a range of products – flats, houses, commercial properties, land as well as furnished and unfurnished apartments for sale, rent and short let. It also undertakes joint venture property development projects.
Its estates have benchmark standards in property documentations and infrastructures – that guarantee the security of clients’ investments in the present and in the future. These include certificate of occupancy and infrastructures such as good road network, good drainage and security systems, reliable electricity supply, sporting and relaxation centres, restaurants and shopping malls.
The standard rules out completely any form of family issues, land grabbers or touts. This is one big step ahead in letting in sanity in land acquisition and development, which is fraught with the risk of losing duly acquired lands or having to buy them all over again from contending parties.
Adron Homes has successfully carved a niche in the Nigerian real estate industry by developing housing products that are adapted to the conditions of the people. Its flexible payment plan has options as low as N500 and N1,000 on a daily basis. In this way the company has made otherwise expenses houses affordable.
Domestication of products and clients is the company’s winning formula in the marketplace. About 20 percent of Nigeria’s 200 million people are said to be homeless and about a quarter live in indecent environments. To Emmanuelking, that’s huge business and the suitable products his company offers constitute the right therapy for homelessness.