•Certified Real Estate Investment Consultant, VICTOR MADUFORO
Victor Maduforo has become a big brand in real estate. He is the guy behind the brand that many don’t joke with in that sector. Many calls him Odogwu of Real Estate, the No 1 Plug for Everything Real Estate. His job is to advise and provide would-be investors in real estate how to get good returns on their investment. He is quite knowledgable about real estate business and he runs an online page where many go for information.
Victor Maduforo has a lot of information to share. For instance, he would tell you that buying real estate is not only the best way, the quickest way, the safest way, but the only way to become wealthy. Victor says 90% of all millionaires become so through owning real estate. Let’s help you secure wealth and generational legacy through real estate that’s booming now in Lagos.
He also has this story of how in 1990, Sir Shina Peters built a house with N20 million, the same year Jim Ovia started Zenith Bank with the same amount. Today, you and I don’t have a room in Shina’s house, but I have an account in Jim’s bank and you probably do too. And the comparison goes on… Shina’s house was built in Iju, Lagos and remains there till date. Jim’s bank started in a corner and now has over 500 branches in Nigeria, and many international branches. This is the difference between Assets and Liabilities. If you buy a car for N20 million today, in 20 years’ time, you will be ashamed to drive it. On the other hand, if you invest that same amount in a lucrative business or in an asset, it may be worth billions in 20 years, so, spend the little money you have today wisely. Why not start saving and investing today?
A few days back, City People Publisher, SEYE KEHINDE spoke to Victor Maduforo, the Odogwu of Real Estate Visioner. Below are excerpts of the interview.
Congratulations on all you do in the real estate sector. Tell us about the range of services you offer.
Well, one thing with real estate is that there are so many branches under it and part of why I love it is because someone can easily transition from one branch to another seamlessly. One can transition from being an agent to a developer to a property manager without any difficulty
So, for me, I’m currently a real estate investment consultant. I analyze trends and statistics and pinpoint the best locations to invest and strategies to invest in that location, depending on clients’ goals and budget.
You have a brand name that is very interesting. How did you coin the name Odogwu of Real Estate?
It took me a while to coin that name actually. Every other company or individual either has a brand name coined from their own name or they have a generic name, so I decided to name myself after my vision.
It is my vision to be one of the biggest real estate players and movers in the world and I used “Odogwu” to remind everyone of my African roots and Igbo heritage. It was to also prove that we can do great things irrespective of the status quo. So, altogether, the name simply describes my goal as an Igbo man who will be the biggest real estate player globally.
How do you see the state of real estate today in Nigeria?
One thing about the Nigerian real estate market is that people really underrate it based on their assumptions, without making proper research. Coming year 2100, Lagos will be the world’s new center of Urban Attraction and Tourism.
This alone opens the market to so much potential that only those who enter early will be able to position themselves for shocking wealth transfer.
Not only that, the population of Nigeria is increasing exponentially but availability of land is not. This alone is already forcing the value of lands to increase exponentially. Before, it could take years for someone who bought land to make 100% return on investment when he resells, but now, in 5 years, land owners are already reaping rewards.
Though another thing about the real estate in Nigeria is that it is safe for Nigerians to invest because the price will keep increasing and Nigerians will keep making profit but it is not like that when foreigners want to invest in their currency.
I saw a tweet that a US lady bought properties worth $1M (N360M) in 2018 and she sold it in 2022 when the property’s value had moved to N600M but when you convert it, it’s $850k. It is very sad that because of inflation and devaluation, she made a loss of $150k
Those investing in foreign currencies and looking to partake in this massive wealth transfer from real estate should consider the economic trend when investing. They should be buying in bulk when the home currency of their investment is at its lowest value and selling when the value of the currency has improved, hence they will make more profit
For instance, if that US lady I made reference to in the tweet waited for the election of 2023 to be concluded on a positive note and held her investment for one or two more years, the naira would have gained more value and her investment would have been worth $4M (N2B). So, in other words, the best time for Nigerians to buy is now because they will always make profit and the property will keep appreciating while the best time for foreigners to buy is in an economic downturn.
I have noticed that many rich people have gone into real estate business, owning prime properties across Nigeria? What is the attraction?
Rich people understand the value behind real estate.
Besides the Almighty, there are two with “Lord” attached to their name. That is a Judge and the owner of a property (Landlord)
When you own land in bulk in an area, you literally “lord” over the area. You have power and control there. You literally become one of the major decision makers in that location. So, beside the power and control that comes with being a landlord, it also positions them for more business opportunities and generational wealth
I made a tweet some days back about Pastor Paul Adefarasin who bought 10 acres of land in Lekki Peninsula, 14 years ago, to build House On The Rock, for 25 Million Naira. 4 years ago, those same acres without the brick and mortar was valued at about 3 Billion Naira, “Which means that, without any extra effort or even building anything, Pastor Paul Adefarasin was already a billionaire purely on passive income A fellow student of one of my coaches, Dr Stephen Akintayo bought a plot of land beside House on the Rock few years later for 12 million naira and in 2019, he sold that same plot for 220 Million Naira. The thing about real estate is that this kind of wealth accumulation is predictable.
Real Estate is the only form of investment that guarantees predictable appreciation which means you can already predict your wealth status in 10 years’ time from an investment you make today. No other form of investment can give you such certainty. And the best part about this is you don’t even need to make additional effort. Just put in your money and watch it turn you into a billionaire and give you access to sit with kings.
So, billionaires and many rich people who are going into real estate business understand the power behind this generationally Wealth maker. Even in the Bible, when God wants to bless someone, he blesses the person with Land and causes development that will force that land to appreciate
God gave the land of Canaan to Abraham and his descendants. So because of this massive potential and many more reasons, rich people go into real estate business. It is one business that will never die and will always be in need as people will always need where to sleep or live.
Which are the 2 best locations to invest in Lagos and why?
When it comes to location, I always say that the best location depends on how you are investing and the type of investment you are doing and the strategy you are using.
The best location for land banking is not the best location for rental investment. The best location for retail real estate is not the best location for industrial real estate. But for those looking to position themselves for generational wealth and invest for land banking, these are 2 places I will recommend:
Especially around the Lekki deep sea port , Lekki Free trade zone and the Dangote Refineries. Before you do anything right now, make sure to have at least an acre or two there. In 2018, a plot of land in that location was selling for 1.5 Million Naira but as we speak, a plot of land is selling for more than 15 Million Naira which is a whopping 900% return in just 3 years. By the time 10 years elapse, that land would have already crossed more than 2000% return. Whatever you choose to invest, make sure to invest there first
(2.) LEKKI EPE
One thing you should know is 1000 different people investing in a particular location can never be wrong. Because of the new airport proposed for building to commence in 2023, demand for land in Lekki Epe axis are very high. And we already know what happens when demand is high and supply isn’t also high, price and value follows it.
People are buying lands in bulk there and I will recommend anybody to invest there if not because of the demand, because of the proposed airport.
These are two I will strongly recommend for now because they have the highest potential so far.
Another location to look into is Ikorodu because of its fast development.
I am Victor Maduforo, a certified real estate investment consultant.
I am on a mission to create the next set of billionaires and trillionaires through real estate investments by showing those who will like to partake in this mission, the best places to invest and strategies to invest to get them to that desired goal in a minimum of 10 years.