When the news filtered out last week that Lagos real estate player, Kelechukwu Mbagwu was turning 50, it came as a pleasant surprise. This is because a lot of people didn’t know that this ruggedly handsome and easy going gentleman was going to join the golden club pretty soon. Not only does he look refreshing, he has maintained a very trim look for years, thanks to regular excercise and good diet.
Popularly called Kele, this jolly good fellow has also told all his friends that he does not feel 50 in any way. He is also not a regular birthday person. But this being a landmark birthday he has to celebrate it big in a few days time.
He deserves it. Kelechukwu is an accomplished fellow. He runs a flourishing real estate firm called CMB Building Maintenance & Investment Co. Ltd, which has now transformed into The CMB Group as a result of the company’s phenomenal growth. It now has 3 subsidiaries CMB Vertical Construction, The OYSTER Management Company and The Steel Guardians, all of which handle various aspects of property business.
But CMB still handles its core Estate/Property Development, Real Estate Business Plan & Evaluation & Real Estate Advisory.
He has put in over 20 years practice in the industry, starting off from the scratch as an estate agent and graduating into a big property development.
Many people don’t know Kelechukwu’s impressive story in the industry and how he weathered many storms at the early stages of the business. He has today made a name for himself with CMB Building Maintenance & Investment Co. Ltd. becoming one of the leading real estate firms in the industry, with several projects to show for it.
It is also one of the few real estate companies that are doing really well despite the recession. All through 2016 it was busy with projects and went into partnership with a polish company to even deepen the business. His famous quote sums it all up: “In these times of uncertainty and predicted recession, shares become worthless, Oil becomes less relevant and even forex is a stretch…it is comforting to know real estate remains the one bit of solidity upon which you can continue to rely.
For 2 hours last Thursday, Kele revealed how he never planned to go into real estate when he was young but ended up there. It is interesting.
You will be 50 in a few days, what’s on your mind as you turn 50?
To be honest I just look back and thank God for my life. I know when I was younger and you think of the age of 50, you imagine that gosh, you are very, very old.
By then you will pray that to some extent you have accomplished a little in life, you are comfortable with yourself, you understand where you have been, and you don’t have any serious regrets or hangup. To be honest I don’t think I have any regrets as such in my life.
At 50, I am still thinking that there is a lot I can do in future. Almost coincidentally, I am at a point in the life, of my company. There are major expansions and innovations being put in place. So I am looking at my next decade with a lot of excitement although I don’t think I will work throughout the next decade.
Will you say you have accomplished what you set out to achieve when you were young?
No. I definitely haven’t accomplish everything I set out to do. When you are young your ambitions are limitless.
As you get older you learn to manage them. You learn that somethings you want to do are not even worth doing. Work wise, I am quite happy with where I am.
But I know that in terms of contributions to the nation, I can do a whole lot more in my own little way.
Looking back, did you set out to be a real estate practitioner when you were younger?
Actually, no. That is the truth. It was the first job I got, and that was what introduced me to real estate. At that time people actually used to look down on the job. We laboured under quite a few harsh conditions but I always knew that if I was to remain in the sector the most important thing I could do would be to go into development because that is the only place I could make an impact on the whole sector. I always had that as a target. I am very thankful to God that I succeeded because it was actually 50-50.
It is such a capital intensive and legally constricting area, that getting it right is sometimes a hit or miss situation. Thank God I hit, I didn’t miss.
What was the attraction that real estate had for you? How many years ago?
That was about 27 years ago. I got into the real estate sector 27 years ago. I was a Realtor like most people, a letting agent, a sales agent. We chased properties all over the place. We kept out 5%, atimes we managed to make it 10%.
All the while, my mind was focused on development. I watched a movie that featured some real estate workers which showed what they were doing and my imagination got fired up.
I saw them collecting commissions, engaging Mr. A with Mr. B. I said to myself this is what I will like to do. This is what I ought to be doing. That was it. I dreamt of doing that.
To God be the glory. I went into it. We are there and we are one of the largest in the country. And right now, we have the opportunity to be the undisputable number 1. And that is where we are heading.
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