Reveals How He Runs EUC Homes Ltd.
Uchenna Ben Odunzeh is the Chairman/CEO of EUC Homes Limited, a real estate company. Two years ago, he left the United States (US) for Nigeria to float one of the most patronised and best real estate firms in Lagos, called EUC Homes Ltd., Now, it is one of the fastest growing property companies in Nigeria. Today, EUC Homes is one of the few companies in Lagos that give 15 per cent commission on property sold by its consultant and marketers. EUC Homes also has dredging equipment. A forthnight ago City People’s Senior Reporter, ISAAC ABIMBADE, spoke with him at his head office at Ikota Shopping Complex.
Let’s get to meet you.
My name is Uchenna Ben Odunzeh. I am the CEO EUC Homes Limited. EUC Homes is one of the fastest growing real development marketing companies in Nigeria. We look for affordable properties to showcase to our clientele, at home and abroad. We have strong partnership with royal fathers in the areas that we develop. All our properties are free from government acquisition. We have strong ties with registered estate surveyors. All our properties are open to immediate physical allocation after purchase.
EUC Homes is where to invest when you are looking for landed properties or any kind of real estate property. We are available everyday and our site inspection starts from 9 a.m. to 6 pm. EUC Homes is a young company, about 2 years old. It is a new company but fast growing.
How affordable are the properties and how could they be accessed?
Most of our properties are in the Free Trade Zone here in Lagos. We have them at different multiple locations, locations that are dry land. We have Wolverton Courts, Victoria Sprink Courts, Rockville Courts, White Oaks, Wood Courts, Cherry Wood, Courts, Oceanwood Courts, Edgewood, Uptown Courts, and so on. You can visit our website and see what we have.
We also empower the youth owing to the economic situation of the country. As you can see, the National Association of Nigerian Students (NANS) confered an award on me as the man of the year 2016, for our outstanding accomplishment in the economic envelopment of the country. This is what we do, we transform and we create wealth for middle class and upper middle class citizens of this country.
For an average Nigerian, how affordable are your properties and what is the mode of payment?
We have consultancy that has come up with packages for low middle class and low income earners and even acquire land without spending a dime. If you register as a consultant with EUC Homes Limited, you are entitled to 15 per cent commission. I can confidently say that, EUC Homes Limited Company is the first real estate company to introduce 15 per cent commission because we believe that our workers, marketers and consultants deserve to earn enough money. Transferring and creating wealth is critical in this country to take us to greater heights. Eliminating poverty is what we do, that is why we have increased our commission rates. Low income earners can also key into our properties. We have different structures, such as payment by installment. This is available. So, with those kinds of structures, it is very easy for people to key in.
Can you share with us how you found yourself in real estate?
I schooled here in Nigeria, I completed it in the US. I schooled in Imo State University in the mid 90’s. Early 2000, I relocated to the US, I got more education there. I went to the University of District of Colombia to study Economics and to the University of Maryland for MBA in Business Management/e-commerce. I ran a small business in the United States as well. I decided to come back to my country 2 years ago. Here, we are at EUC Homes Limited! I love my country and I take it very personal.
When you came back from the US, was real estate your first option?
I must confess to you, I have always been in the real estate. I started getting myself into real estate since I was 19-20. I started acquiring property years old. I started marketing and development 2 years ago and went over to the Free Trade Zone and many people don’t understand what the Free Trade Zone means, I looked at it and I saw it is a place that has Free Taxes. Being a capitalist, I have no option but to take advantage of it and with that being said, we are one of the first companies that went into that area.
We acquired landed properties and here we are. It is now thriving since Mr. Dangote and the Dangote Group started their project, which I know is not going to fail because it has attracted many foreign investments and private investments as well and that had sparked up the area and improved development. We as a company, we are able to set up different sites in different areas where we acquired properties. We also carry along the youth, and indigenes of those areas. We are highly respected as a company.
Another thing we are trying to do is showcasing our great country, Nigeria, to the world and make it marketable. The only reason many western countries are popular is because they are marketed very well. For example, the US and the UK. are always portrayed positive light, even if there is any negativity about the countries. We must always be positive. And that is what we are doing as a company, we are showcasing the company to the world.
When you started 2 years ago, the price of land then and now would have changed. What do you say about this?
I don’t know if I can show you a flyer on when we started. We were literally begging people to buy then. Here we are now everybody wants to be in that area, that is how real estate is. With patience, belief in God and perseverance things could changes, that place now has exploded when it comes to pricing and evaluation. As at that time you can get a property less than a million naira. Now it is between the range of 3.5 to 5 million. Our own still remains very affordable because we have been able to acquire a large expanse of land earlier.
What distinguishes EUC Homes Limited from other real estate companies?
What differentiates us from the rest is first, we are EUC Homes and being EUC Homes is a brand. We are able to be a pacesetter in everything we do.
How do you compare Nigerian real estate sector with that of the US?
I would say that here in this country, we don’t have much land compare to other western countries. I am talking about population density. With that being said, this country still remains more profitable in real estate compare to the West. Probably the only set back we have now is Forex and once the Forex stabilizes I think this place is more profitable.
Is EUC Homes also into development of property?
Have you been to our site before? Well, we are developers. As we speak right now, we are reclaiming more than 5 hundred plots in Brooksville Courts, we have our dredger there. We are also fencing and building gates for each of our 17 estates. I believe that is development.