Efficacy Development PLC MD, Dr Oyeleke Ajiboye, reveals
Efficacy Development PLC has been in business for 17 years. The company recently celebrated this significant milestone with numerous testimonials, expressions of gratitude, and reflections on past memories.
The Managing Director, Dr. Oyeleke Ajiboye, a young yet highly experienced real estate professional with nearly two decades in the industry, spoke with Isaac Abimbade (08155107955) about the company’s evolution. He discussed how Efficacy Development PLC transitioned from Efficacy Homes Limited in 2008 to Efficacy Construction Limited in 2015, and finally to Efficacy Development PLC in 2024.
Dr. Ajiboye also addressed some of the challenges facing the sector and offered insights on how the government can help overcome them. Below are excerpts from the conversation.
What significant impacts has Efficacy Construction recorded in the last 17 years in real estate?
Over the past 17 years, Efficacy Construction has made numerous impacts on our environment through various projects. We’ve positively influenced the lives of our employees, clients, and vendors. We’ve successfully delivered over 6,000 properties, including both land and housing units. It’s been heartening to see individuals from diverse backgrounds—young couples, fresh graduates, and retirees—become homeowners through our efforts.
In addition to our real estate initiatives, we’ve sponsored numerous students with scholarships in various fields, including fashion design and hairdressing. Our commitment has also extended to our vendors; many who started with us supplying materials worth 50,000 Naira have seen their businesses grow to over 50 million naira and beyond.
We prioritize our employees’ welfare as well. We established a cooperative society that allows them to contribute toward property ownership. For instance, one of our longest-serving staff members, who had been with us for 10 years as of 2020, was awarded a property. We consistently offer financial rewards to our employees to acknowledge their hard work.
Our impact goes beyond our workforce; we have also contributed to the educational sector by building schools and providing free classrooms for public schools in our operating areas. We’ve supported renovations in these schools and worked on building community health centers through partnerships with NGOs. All of these initiatives have positively affected the communities in which we do business, and we are grateful for the progress we have made over the last 17 years.
What has your company done to redefine and remain competitive in the real estate business?
That’s a significant question. Efficacy Construction has actively contributed to the real estate sector and advocated with the government to provide essential support for those genuinely involved in the industry. Real estate can be very challenging, and we’ve taken a proactive approach by starting a comprehensive affordable housing programme in 2020. However, we’ve had to slow this initiative down, as we’ve realized that, as a private company, we cannot sustain it alone without risk of losses.
We’ve learned valuable lessons and are now working with federal and state governments to enhance and expand this model. Our vision is to ensure that every Nigerian has access to housing funds and affordable housing options, even for basic accommodations.
Additionally, we are committed to improving documentation processes within the real estate sector. We continue to engage with the government to establish legislation that will protect industry practitioners and safeguard the interests of those investing in real estate.
As a result of these efforts, Efficacy Construction has transitioned into Efficacy Development PLC.
Have you met your goals?
Reflecting on my journey, when I started Efficacy as a fresh graduate after a few years of working experience, one of my primary goals was to enable people to own homes with ease. I aimed to make properties affordable, allowing individuals to invest in real estate and enhance their wealth over time. Homeownership is a way to grow assets and multiply wealth, and I’m proud to say that this goal has been achieved.
I also sought personal financial freedom to take care of my family. I’m pleased to report that I have successfully helped others grow their real estate portfolios as well. Over the years, we have transitioned from Efficacy Homes Limited, which we started in 2008, to Efficacy Construction in 2015, and now, in 2024, to Efficacy Development PLC. I am grateful for the support and faithfulness we have experienced throughout this journey.
What are the shortcomings of regulators (government) in your 17 years in business, and how can they improve?
You’re asking about the shortcomings, but it’s important to note that both Lagos State and the federal government have regulations regarding homeownership, addressing legal and regulatory concerns. The real issue is enforcement. Enforcement is a significant problem. When you go to court, proceedings can take forever, and if you approach the police, you may find that some officers are compromised. Those who genuinely want to do their job often feel threatened.
This creates a complicated situation. If you were to interview ten real estate practitioners, you’d hear numerous stories about their struggles with police, law enforcement, and legal issues, which frustrate and delay transactions. Many people would think twice about entering the real estate sector if they understood these challenges. The legislation and policies exist; we simply need better enforcement and for everyone to adhere to what’s right.
Consider this: you find a property with all the necessary documentation, purchase it, and begin construction, only to have someone challenge you the next day—despite not having the rightful documents to do so. As the legitimate owner, you may face harassment from individuals who don’t respect the legal process. Their goal is to frustrate you.
It would be beneficial if legislation required that any disputes be resolved within 21 days. If we had such a system, we could effectively eliminate land grabbers. There are far too many land grabbers who jeopardize real estate projects. This situation also leads to these criminals selling fake lands to unsuspecting buyers, creating a dangerous cycle.
Innocent buyers are often lured in by flashy land grabbers who may have police escorts, an imposing office, and everything that seems legitimate. Unfortunately, the buyers often end up purchasing fake property. Once they’ve been deceived, they have little recourse since the land grabbers tend to target multiple victims at once.
If legislation were in place to ensure that land litigation issues are resolved within 21 days, we would see significant improvements. Establishing a special court for these cases would be crucial.
Honestly, I’m exhausted. I don’t want to deal with these issues for the rest of my life. How old am I now? I see the gray hair everywhere, and it’s taking a toll. It’s not easy, but the government must step up to help us eliminate the cycle of fraudsters and land grabbers in this sector.
In the last 17 years, your company, Efficacy Development, has been scandal-free. How have you managed to achieve that?
All glory be to God. God has kept us free from scandals and negativity; He has been merciful to us. It’s not because we are exceptionally smart or intelligent, but one principle we learned early in business is to aim small and miss small. What do I mean by that? I learned this principle from a movie called The Patriot, starring Mel Gibson.
In that movie, he tells his children about a group of soldiers they are attacking, emphasizing that when they shoot a bullet, they must make sure they hit their target. He advised against firing wildly, stating that if you shoot ten times and only hit once, that’s failure. So, our goal has been to ensure that when we aim, we hit our target.
We are careful to ensure that whenever we propose or execute a business venture, we focus on what we need to achieve. Despite this, we have faced challenges and experienced failures in some instances. However, what has helped us is our transparency and honesty with our clients. For example, if we start a project and discover fraud, we inform our clients that we cannot proceed and that we need to relocate the project.
Inflation has also impacted us; when we begin a project and face delays due to various indices, we have to adjust our plans accordingly. We faced a similar situation in the past where we made deposits for houses, but litigation delayed everything for years, causing us to lose money as inflation rose and clients grew impatient. In these situations, we prioritize transparency, explaining the full circumstances to our clients.
We strive to comply with the rule of law to defend our title and protect our clients’ interests. While we are not perfect and have missed timelines and encountered issues, we always try to do the right thing. We don’t shy away from challenges; instead, we face them head-on. Above all, God has been merciful. We have made God the foundation of our business, and He has helped us navigate serious challenges.
Construction is not a business for the faint-hearted; there are numerous pitfalls in the sector. Yet God has been our defender. Staying connected to Him has sustained us, shielding us from all adversities.
How do you feel now, having been in business for 17 years?
Reflecting on the last few days, I feel an overwhelming sense of gratitude. I keep saying, “God, thank you.” As I look back at my early pictures, I remember being a young, single man, trusting God as I ventured into a challenging industry. I held on to my faith, and God did not disappoint me. I recognize the blessings I’ve received—my family, friends, clients, and the first client who believed in me when I started my business. I am grateful for my uncles in business, senior mentors, my dedicated staff, my wife, and children; we pray together for the business.
I am sincerely thankful to God for His kindness and mercy. My heart is filled with gratitude. As the Bible says, “Do your beginning with small, your latter end shall greatly increase.” Looking back at where God has brought us from and where we are headed, all I can say is thank you, God.
Efficacy Development PLC Celebrates 17th Anniversary
Efficacy Development PLC MD, Dr Oyeleke Ajiboye, reveals
Efficacy Development PLC has been in business for 17 years. The company recently celebrated this significant milestone with numerous testimonials, expressions of gratitude, and reflections on past memories.
The Managing Director, Dr. Oyeleke Ajiboye, a young yet highly experienced real estate professional with nearly two decades in the industry, spoke with Isaac Abimbade (08155107955) about the company’s evolution. He discussed how Efficacy Development PLC transitioned from Efficacy Homes Limited in 2008 to Efficacy Construction Limited in 2015, and finally to Efficacy Development PLC in 2024.
Dr. Ajiboye also addressed some of the challenges facing the sector and offered insights on how the government can help overcome them. Below are excerpts from the conversation.
What significant impacts has Efficacy Construction recorded in the last 17 years in real estate?
Over the past 17 years, Efficacy Construction has made numerous impacts on our environment through various projects. We’ve positively influenced the lives of our employees, clients, and vendors. We’ve successfully delivered over 6,000 properties, including both land and housing units. It’s been heartening to see individuals from diverse backgrounds—young couples, fresh graduates, and retirees—become homeowners through our efforts.
In addition to our real estate initiatives, we’ve sponsored numerous students and awarded educational scholarships and vocational skills in various fields, including fashion design and hairdressing. Our commitment has also extended to our vendors; many who started with us supplying materials worth 50,000 Naira have seen their businesses grow to over 50 million naira and beyond.
We prioritize our employees’ welfare as well. We established a cooperative society that allows them to contribute toward property ownership. For instance, one of our longest-serving staff members, who had been with us for 10 years as of 2020, was awarded a property. We consistently offer financial rewards to our employees to acknowledge their hard work.
Our impact goes beyond our workforce; we have also contributed to the educational sector by building schools and providing free classrooms for public schools in our operating areas. We’ve supported renovations in these schools and worked on building community health centers through partnerships with NGOs. All of these initiatives have positively affected the communities in which we do business, and we are grateful for the progress we have made over the last 17 years.
What has your company done to redefine and remain competitive in the real estate business?
That’s a significant question. Efficacy Construction has actively contributed to the real estate sector and advocated with the government to provide essential support for those genuinely involved in the industry. Real estate can be very challenging, and we’ve taken a proactive approach by starting a comprehensive affordable housing programme in 2020. However, we’ve had to slow this initiative down, as we’ve realized that, as a private company, we cannot sustain it alone without risk of losses.
We’ve learned valuable lessons and are now working with federal and state governments to enhance and expand this model. Our vision is to ensure that Nigerians have access to housing funds and affordable housing options, even for basic accommodations.
Additionally, we are committed to improving documentation processes within the real estate sector. We continue to engage with the government to establish legislation that will protect industry practitioners and safeguard the interests of those investing in real estate.
As a result of these efforts, Efficacy Construction has transitioned into Efficacy Development PLC.
Have you met your goals?
Reflecting on my journey, when I started Efficacy as a fresh graduate after a few years of working experience, one of my primary goals was to enable people to own homes with ease. I aimed to make properties affordable, allowing individuals to invest in real estate and enhance their wealth over time. Homeownership is a way to grow assets and multiply wealth, and I’m proud to say that this goal has been achieved.
I also sought personal financial freedom to take care of my family. I’m pleased to report that I have successfully helped others grow their real estate portfolios as well. Over the years, we have transitioned from Efficacy Homes Limited, which we started in 2008, to Efficacy Construction in 2015, and now, in 2024, to Efficacy Development PLC. I am grateful for the support and faithfulness we have experienced throughout this journey.
What are the shortcomings of regulators (government) in your 17 years in business, and how can they improve?
You’re asking about the shortcomings, but it’s important to note that both Lagos State and the federal government have regulations regarding homeownership, addressing legal and regulatory concerns. The real issue is enforcement. Enforcement is a significant problem. When you go to court, proceedings can take forever, and if you approach the police, you may find that some officers are compromised. Those who genuinely want to do their job often feel threatened.
This creates a complicated situation. If you were to interview ten real estate practitioners, you’d hear numerous stories about their struggles with police, law enforcement, and legal issues, which frustrate and delay transactions. Many people would think twice about entering the real estate sector if they understood these challenges. The legislation and policies exist; we simply need better enforcement and for everyone to adhere to what’s right.
Consider this: you find a property with all the necessary documentation, purchase it, and begin construction, only to have someone challenge you the next day—despite not having the rightful documents to do so. As the legitimate owner, you may face harassment from individuals who don’t respect the legal process. Their goal is to frustrate you.
It would be beneficial if legislation required that any disputes be resolved within 21 days. If we had such a system, we could effectively eliminate land grabbers. There are far too many land grabbers who jeopardize real estate projects. This situation also leads to these criminals selling fake lands to unsuspecting buyers, creating a dangerous cycle.
Innocent buyers are often lured in by flashy land grabbers. Unfortunately, the buyers often end up purchasing fake property. Once they’ve been deceived, they have little recourse since the land grabbers tend to target multiple victims at once.
If legislation were in place to ensure that land litigation issues are resolved within 21 days, we would see significant improvements. Establishing a special court for these cases would be crucial.
Honestly, I’m exhausted. I don’t want to deal with these issues for the rest of my life. How old am I now? I see the gray hair everywhere, and it’s taking a toll. It’s not easy, but the government must step up to help us eliminate the cycle of fraudsters and land grabbers in this sector.
In the last 17 years, your company, Efficacy Development, has been scandal-free. How have you managed to achieve that?
All glory be to God. God has kept us free from scandals and negativity; He has been merciful to us. It’s not because we are exceptionally smart or intelligent, but one principle we learned early in business is to aim small and miss small. What do I mean by that? I learned this principle from a movie called The Patriot, starring Mel Gibson.
In that movie, he tells his children about a group of soldiers they were to attack, emphasizing that when they shoot a bullet, they must make sure they hit their target. He advised against firing wildly, stating that if you shoot ten times and only hit once, that’s failure. So, our goal has been to ensure that when we aim, we hit our target.
We are careful to ensure that whenever we propose or execute a business venture, we focus on what we need to achieve. Despite this, we have faced challenges and experienced failures in some instances. However, what has helped us is our transparency and honesty with our clients. For example, if we start a project and discover any form of inconsistency or encumbrance , we inform our clients that we cannot proceed and that we need to relocate the project.
Inflation has also impacted us; when we begin a project and face delays due to various indices, we have to adjust our plans accordingly. We faced a similar situation in the past where we purchased a large expanse of land, but litigation delayed everything for years, causing us to lose money as inflation rose and clients grew impatient. In these situations, we prioritize transparency, explaining the full circumstances to our clients.
We strive to comply with the rule of law to defend our title and protect our clients’ interests. While we are not perfect and have missed timelines and encountered issues, we always try to do the right thing. We don’t shy away from challenges; instead, we face them head-on. Above all, God has been merciful. We have made God the foundation of our business, and He has helped us navigate serious challenges.
Real Estate is not a business for the faint-hearted; there are numerous pitfalls in the sector. Yet God has been our defender. Staying connected to Him has sustained us, shielding us from all adversities.
How do you feel now, having been in business for 17 years?
Reflecting on the last few days, I feel an overwhelming sense of gratitude. I keep saying, “God, thank you.” As I look back at my early pictures, I remember being a young, single man, trusting God as I ventured into a challenging industry. I held on to my faith, and God did not disappoint me. I recognize the blessings I’ve received—my family, friends, clients, and the first client who believed in me when I started my business. I am grateful to my mentors, my dedicated staff, my wife, and children.
I am sincerely thankful to God for His kindness and mercy. My heart is filled with gratitude. As the Bible says, “Thou your beginning be small, your latter end shall greatly increase, Job 8 vs 7”. Looking back at where God has brought us from and where we are headed, all I can say is thank you, God.
