How I built my real estate brand, devoid of insolvency -Dr Babatunde Adeyemo
Successful People Outstanding Real Estate Entrepreneur Of The Month: DR BABATUNDE ADEYEMO
By: Charles Segun Adegbite
Among the people who have carved out a niche for themselves in Ogun State and Nigeria, Ambassador (Dr.) Babatunde Muritala Adeyemo stands out. A journalist and an outstanding real estate entrepreneur; he is the CEO of Pelican Valley Nigeria Limited and Founder of Oko Opo Foundation.
Although he was born without a silver spoon in his mouth, through his innate capacity to plan well, creative thinking, strong foresight, patience, perseverance, excellent spirit, managerial acumen and God's grace, he has been able to build a successful real estate company, Pelican Valley Nigeria Limited in Ogun State, that has not only earned him the state government recognition but fetched him patronages from Nigerians at home and in the diaspora.
Without getting loans or plunging himself into indebtedness that could be giving him sleepless nights, he patiently established esthetics housing estates from the scratch: Pelican Valley Estate at Laderin, Abeokuta, Pelican Brief at Kobape, in Owode LGA, Pelican Ecostay Apartment and Pelican Greenish Acres Farm Estate.
In recognition of his foresight, perseverance, honesty and integrity, managerial acumen and consistent efforts in addressing the problem of standard housing deficit in Ogun State, he is hereby honoured as our: SUCCESSFUL PEOPLE'S Real Estate Developer Of The Month.For July/August 2024.
How was he able to build such a capital intensive aesthetic housing estates in the Ogun State capital and its environs from the scratch without having some money bags behind him? Well, that is what you will soon find out as you continue to read this article.
Who's This Man?
Ambassador (Dr.) Adeyemo, a journalist and an outstanding real estate entrepreneur, is the CEO of Pelican Valley Nigeria Limited where unusual homes happen. He is a United Nations (POLAC) Ambassador of PEAC, ECOWAS Youth Council Ambassador, ICPC Anti-corruption Ambassador and Founder/promoter of Oko-Opo Foundation that caters for widows and vulnerable people in the society.
His Pedigree & Early Life
An indigene of Ibadan, Oyo State, he was born without a silver spoon in his mouth about 45 years ago, into a modest family of Adeyemo.
He attended Eturenren Primary School in Ikorodu Local Government Area of Lagos State (1983 -1989). He proceeded to Government College, Ikorodu. After his secondary school education, he went to Federal Cooperative College, Eleyele, Ibadan, Oyo State, where he obtained a diploma.
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He thereafter gained admission to the University of Lagos (UNILAG) on merit, where he studied and obtained a degree in Industrial Relations and Personnel Management. After graduation from the UNILAG he embarked on the compulsory national service via the National Youth Service Corp (NYSC).
Life In The Corporate World
After his NYSC programme, with a degree in Industrial Relations and Personnel Management, he landed a job as a news reporter at Murhi International Television (MITV). And, he was posted to Ogun State later as a correspondent.
With his knowledge of Industrial Relations and the exposure to the corporate world that Journalism gave him, he operated with untainted zeal and iron determination to excel in life.
Practicing Journalism With Smartness & Integrity
While practicing Journalism as a TV broadcast correspondent he did evaluation of his background. Being from a modest family, he resolved not to allow his low background to limit him in life. So he resolved to become wealthy, but not through a crooked way.
"I struggled through tough and rough, knowing the sharp difference between hardship and happiness. I was resolute against odds staked against me by my humble background," he told Successful People Magazine in an interview.
"After about a decade spent in the world of broadcast journalism, I transited to the Real Estate Market. Journalism exposed me to diverse shades of high and not-so-high persons in society.
"It exposed me to different sides of the Nigerian economy, by which I built an eclectic intellect and sound confidence for self-employment in Nigeria's tasking estate and likewise earn me a doctorate degree from the European-American University in 2020." He explained.
Why He Opted Out Of Journalism
According to him, he realised on time that journalism does not really pay in terms of salary, "but you have a lot of goodwill." He said.
For him not to be a poor journalist he decided to have another sources of income, which he termed "having a second address".
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Shedding light on this, he said: "My zeal to have a second address as a journalist inspired me to be a real estate entrepreneur. Because I want to be an effective journalist and I don't want to be begging for money or blackmailing people.
"And I don't want some money bags to use me as a tool. The only way they will use you as a tool is when they have the economic power over you. And you are depending on them for means of livelihood.
"But when you have that economic power as a news reporter by having a second address, you will not be vulnerable in the hands of those people". He explained further.
How He Started His Real Estate Business
Through dint of hard work, strong determination to succeed and self discipline, he singled himself out of the crowd and ventured into the real estate world.
Realising he had no money to venture into the capital intensive business, and no one to sponsor him, he started small by buying parcels of land and keeping them to appreciate in value, while continuing with his news reporting job.
Speaking on how he started his business, he said, "I started real Estate business with 2 acres of land 14years ago. I started the business with less than N2Million".
Learning More To Earn More
"In 2008, I returned to the University of Lagos to acquire a Master's Degree in Public and International Affairs. That sojourn lasted two years. In 2010, I had my Masters degree in my kitty and was fully set to venture to higher grounds in the Nigerian economy," he disclosed.
Patience, Perseverance: The Secret To His Breakthrough
By buying those two acres of land in the areas that people never thought could appreciate, and waiting patiently for the land to appreciate, while he was still retaining his paid job, he was able to get enough returns on his investment, which gave him adequate time to prepare well, acquire the necessary knowledge and get proper preparations for better performance later.
"Where I was working as a journalist, I was owned salaries and I didn't even mind simply because I had another alternative job then which is the real estate business," he explained.
Good Business Needs Total Devotion
After almost 16years of practicing Journalism, 14 of which he has been doing this real estate business as part time venture, he resigned from journalism to devote all his attention on the lucrative business.
"I realized that this second address is becoming overwhelming, and it's paying my bills.
"My business was strong before I officially quit journalism. So, it's all about passion and bringing change and hope to the hopeless Nigerian youth. Average Nigerian youth think nothing good can be achieved in this country but this is where we are. And we have achieved this much by God' grace," he said.
Major challenges He faced
Since every business and profession has its hazards and challenges, real estate business is not an exception. Speaking on some of the major challenges he has faced, Dr Adeyemo said: "Most challenges are government policies. There are so many inconsistencies in government policies. When you talk about the Land Use Act, its not favorable to an average real estate entrepreneur. And sometimes government use the Land Use Act discretionaly.
"The second challenge is the ability to get a like-minded work force. You know as a real estate entrepreneur you cannot do it all alone. You have to hire people who share that dream with you.
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"I'm a lover of youth and when we look at the situation in the country now, you realize that most of our youths are yahoo yahoo youths. I've been in this business for 16 years now and when you bring our youths into business, they will want to be like me within One or Two years.
"They want to be the CEO overnight. They don't know that it takes time for one to mature. And, in the process they would want to use your own organization to take the ride, just to get to that level. They would want to kill your organization to establish their own, simply because they are just in hurry to get there. That is what an average Nigerian youth wants to adopt," he explained.
However, "for that not to happen, you have to be on top of your toes, you have to keep on watching, you will be the chief security officer. That is where most real estate companies usually get it wrong.
"Once you establish many estates that you cannot monitor by yourself, those youths you engaged as managers of your many estates would eat and destroy them. And at the end of the day, they will use that money they stole from your investment to start their business," he said, convincingly.
"So, having a workforce of likeminds to paddle the canoe of your organization is always a challenge in a country like Nigeria. Even the good ones may not stay long with you. They want to leave the country.
"So, the inconsistency in government's policy and the troubles of managing disloyal employees are the major challenges in every business in Nigeria, including real estate," he added.
Overcoming Challenges With Proactivity And God's Grace
Real estate business is not a bed of roses or a tea party. It has a lot of challenges. Dr Adeyemo has faced a lot of them and used them as stepping stones for moving higher in the profession.
"Though there are a lot of challenges, but the first major challenge I encountered in this business is that, I started the real estate business in a very difficult terrain. The land that everyone refused to buy, which even the owner were scared of spending the money I paid them then, due to the fear of me asking for a refund later.
"But God eventually helped us to turn what seems to be a rejected stone by the builders to be the head of the corner stone. I also used the media job to buy time for my investment to mature. And God helped us to sustain the growth," he said.
What Keeps Him Going
In spite of the challenges involved in the business, there are things that keep him going, which is his vision and strong desire to address the quality and affordable housing deficit.
"Some of the things that kept me going is to build affordable and unusual homes for Nigerian masses. The nation's high housing deficit is one of the major factors that also propelled me into this real estate business. There are no visible plans and solution on ground. And past administrations at the centre has no visible and effective plan towards addressing or bridging the gap.
Pelican Valley: A Good Brand With Good Corporate Identity
How did Dr Adeyemo get the name Pelican Valley which has become a good brand in Nigeria corporate world today, especially in the real estate industry?
"The spirit behind the name 'Pelican' is the belief in community service. Let's gather it together and we enjoy it together.
"The spirit behind the name 'Pelican' is the belief in community service. Let's gather it together and we enjoy it together. Pelican bird community is all about selflessness most times. And no matter what you are doing either in business or governance, if you are selfless and you are not always looking at your personal interest, God and the people will eventually lift you up".
How He Built The Pelican Estates Without Experiencing Insolvency
Real estate business, according to Dr Adeyemo, requires patience and time, not desperation; for one not to plunge himself into the sea of insolvency. While explaining how he ventured into the real estate business and built a brand that attained solvency, without experiencing any form of insolvency, he said:
"Let me tell you my experience. There was a period several years ago I approached a bank for loan but at the point of disbursing the loan, the bank’s MD called me into his office and offered me a candid and honest advice that I will never forget in my life.
There was a period I used an old model Mazda car for 9 years, changing the engine 3 times just to cut cost and stay in business.
"The man told me in confidence that I would not break even or have a peace of mind if I got a commercial bank loan for a real estate business. He further told me that his advice is offered sincerely simply because of his relationship with my link person. The real estate market is not like rice and beans that customers troop in to buy in droves.
Speaking further, he said: "You can invest millions and not get any return in years. So, what now becomes of the interests and servicing of the bank loans you have got to repay? That is why we see so much desperation on the part of most operators of real estate business in Nigeria of late.
"They can ask you to contribute one naira every day or buy a plot and get this and that. It’s all about desperation. Real estate business needs patience and consistency – you start little if you don’t want to secure a killer loan. There was a period I used an old model Mazda car for 9 years, changing the engine 3 times just to cut cost and stay in business". He disclosed.
Vision"Housing For All": How Realistic Is It?
In 1990 the Federal Government under the then military president, Gen. Ibrahim Badamasi Babangida, IBB, came out with a lot of concepts like: "Housing For All By Year 2000"; just as they came out with "Education For All By Year 2000", Health For All By Year 2000". All these vision and goals became mirages since then till date.
Dr Adeyemo however believes that the Housing For All vision can be achieved when he was asked about how realistic it is.
The nationwide 100,000 housing project by the present administration of Asiwaju Bola Ahmed Tinubu, is one of the best things that ever happened to Nigeria real estate sector.
"Yes ! This kind of vision can be achieved by government if they can think out of the box. The nationwide 100,000 housing project by the present administration of Asiwaju Bola Ahmed Tinubu, is one of the best things that ever happened to Nigeria real estate sector. Many of the past administrations of our government did not put major funds into the real estate industry," he explained with emphasis.
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According to him, the present administration at the centre released N126.5bn to finance housing in the country. "I see that as a good development.
"The proposed 100,000 units, if properly monitored and followed through, will reduce the housing deficit in the country. It is very important that the federal government should look for ways to get people of integrity, who have done it with proven track records, to monitor these projects," he pointed out.
He noted that it's is very important because we have seen it in the past. Most of the past administrations have put funds into the real estate sector but we have not seen the commensurate value for it; simply because they were not properly monitored.
Pelican Brief Estate is the only estate in Ogun state that has full government approved layout in the first four years of the present administration.
"So, I want to implore President Tinubu to follow up this housing project with a very strong monitoring team, strong professionals with good antecedents. People that can deliver. People of high integrity.
He explained that his was very important because once the people to oversee the project are not of high integrity, you would see that at the end of the day, everything goes down the drain.
His Expectations From Government To Make Decent And Affordable House Available For All
For quality and avoidable houses to be available to all Nigerians he believes that governments need to do certain things in collaboration with real estate entrepreneur and operators in the housing market.
"The federal and state governments should encourage and support more people, especially Nigerians who are in the real estate or construction industry.
"Government should make a policy that will be friendly to real estate entrepreneurs. There is need for us to make housing affordable to all. We know it may be difficult, but government still has a lot to do towards the aspect of the increasing cost of building materials," he pointed out in clearly.
Solid Foundation: The Solution To Major Challenges Confronting Real Estate
Looking at the various challenges confronting real estate sector Dr Adeyemo didn't find it difficult to acknowledge how tough they are. He was however quick in proffering solution to them.
"It is very tough sincerely. The reason is that a significant percentage of real estate entrepreneurs in Nigeria don't have a solid foundation. And everything in life is all about foundation.
"Real estate is just like Cumulative Grade Point Average (CGPA) thing in the university. Once you fail in your year one they use that failure and unit to divide your GP till you graduate," he stated.
According to him, "Same thing happens in the real estate business. Once you don't get your foundation right, if you don't do what you are supposed to do and you start selling lands in promo, at the end of the day all those liabilities you will carry it till the end. They will eventually weigh you down," he said convincingly.
He added that at least ninety five percent of the real estate entrepreneurs in Nigeria were carrying such baggages. "Unless we have a new breed of entrepreneurs to merge with the older generations.
"When we have younger people who can do it right, then, the real estate business will have a brighter future. But if we are still doing it like yahoo yahoo estates, you sell lands, make money and disappear, you will only be creating slums instead of having a decent estate," he said with boldness.
How He Runs Pelican Valley And Makes It Unique?
Dr Adeyemo told Successful People Magazine that they run the organization in a unique way that makes it stands out.
"The most unique about Pelican Valley Nigeria Limited is that our landscape is extraordinary. You can't get something like that anywhere around the South Western part of Nigeria.
"We have been adjudged the best real estate company of the year in Ogun State in the last Five Years, and this was born out of our product's goodwill.
"We have the best product in terms of integrity, in terms of passion for what we are doing and all our clients use to be our brand ambassador. Once you buy from us you automatically become our brand ambassador to say good things about our products.
"We have the best product in terms of integrity, in terms of passion for what we are doing and all our clients use to be our brand ambassador
Shedding light on how he runs the company, he said: "We have Certificate of Occupancy on major parts of our all our land at Pelican Valley. However, Pelican Brief Estate is the only estate in Ogun state that has full government approved layout in the first three years of the present administration".
He made it clear thus: "Most of our product in Pelican Valley Nigeria Limited has as high as 300% return on investment within 3years. For example, Pelican Valley Estate started selling Six years ago with the rate of N800,000 but now a plot of land there is about N25Million.
"In Pelican Brief as well, we started about three Years ago with N780,000 but now a plot at Pelican Brief is N7.5 Million. One of the unique selling point of our Estate is that over 90% of our clients are Nigerians in diaspora and it quite evidence.
We have the best product in terms of integrity, in terms of passion for what we are doing and all our clients use to be our brand ambassadors.
To corroborate his point, he pointed out that whenever people go there they always found out that it is a well organized environment. "When you have clients of likeminds, people of likeminds. We have 100% positive reviews on Google, even on most of our social media platforms. Passion has been the one pushing us ahead of others. And we are very attentive to details," he said boldly.
Why They Don't Have Problem of Omo Onile (land grabbers) And Land Dispute At All.
It is good for a professional to know his onions and have good knowledge of his calling. Of course, the mastery of the real estate business is what gave this man confidence to say:
"I have been in this business for almost 14years without a single dispute and no court record case'.
"I don't have any issue with Omo Onile because I know the necessary things to do once I buy land. I do the due diligence on any land I buy and get the government approval. I have been in this business for almost 14years without a single dispute and no court record case.
Taking Pelican Valley to Nigerians in the Diaspora,
After breaking through in establishing a real estate company with a good brand name and esthetic housing estates of international standard, he began to take his success story to Nigerians in the diaspora for international real estate marketing.
"I went there to share my vision with them. To let them understand the uniqueness about our products. Majority of them have been duped in the name of buying lands/houses in Nigeria," he said.
"I am so proud of all my projects, because they all have their own characteristics. In Pelican Valley, Laderin, you will see the landscape. You will see the aerial view that is so unique: Most of the things that people who go to Kenya, South Africa and Dubai to watch with fully energized 33KVA Transformer.
"So, Pelican Valley has its own uniqueness landscape. When you look at Pelican Brief at Kobape, you will see that it is a place that you would want for a man. Within less than 7minutes driving you will get to our estate." He pointed out.
Going by his words, "There is also a fully energized 33KVA Transformer with good road networking and out of government acquisition. For our Ecostay apartments, it is 100 percent Ecostay friendly in Ogun State.
"It has its own unique characteristics as well. There is fully energized 33KVA Transformer and there won't be usage of generator. That is why we have provided Solar System. Pelican Greenish Acres Farm Estate has its own unique characteristics, where there would be fresh vegetables and other farm produce for those living in the estate." He explained further.
The Innate Qualities That Help Him To keep succeeding
Eagles don't soar higher without strength. Lions don't hunt without stamina, bravery and raw courage. The man Dr Adeyemo has some innate qualities that have not only helped him in the past, but enabled him to keep succeeding. Such innate qualit are: patience, perseverance, integrity and honesty.
He told Successful People Magazine "I'm a kind of person that believes in starting small and growing naturally with time. I believe in continuous movement and growth.
"No matter how fast that growth or movement is, and for me to have started the real estate business as capital intensive as it is, with a very small sum of money and nurtured it to become a household name is an attestation to that.
"Another thing is I don't engage in competition, I always want to be working within our projects. So, most of the time, I don't compete at all." He disclosed.
He Has Paid His Dues In The Real Estate World
Looking at how far he has gone and what he has gone through and the price he has paid so far in the last 14 years of being in the real estate landscape, this journalist turned Real Estate Developer said boldly, "I have paid my dues, can because when I started the real estate business from day one, my target was to build affordable home for people, particularly the Nigerian masses.
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"But you know real estate is capital intensive. And if you want to start business you need millions upon millions of Naira. I don't have a supporter and I came from a very poor and humble family. I generated the funds by myself because what kills business easily is financing." He disclosed.
Shedding more light on this, he said: "what I did was to buy time. I looked for a way to generate my own revenue inwardly. And if you want to generate inwardly you have to buy a lot of time. Construction of houses was my first love, but I didn't have the finance to do that. So, that was why I started with selling of land to gather funds bit by bit. And later we moved to be selling houses.
Impacts Among The Practitioners: REDAN
This man with background university training in Industrial Relations and Personnel Management understands the importance of being in a professional association and being relevant there.
To this end, he doesn't just belong to Real Estate Developers Association, REDAN, he makes significant contributions to its growth in Ogun State. "I was one time the General Secretary of the association in Ogun State," he pointed out.
Why Oko Opo Foundation?
Going by the words of late American baseball player, Jackie Robinson, "A life is not important except in the impacts it has on other lives." Without mincing words this Robinson's statement is what Adeyemo strongly believes in and lives by.
This informed the reasons he established a Non Governmental Organisation, NGO, named Oko-Opo Foundation.
According to him, 'I established Oko-Opo Foundation simply because I have had a covenant with God that I want to dedicate my heart and soul towards giving hope to the widows and I have already said it during an interview 10years ago.
"This Foundation is an avenue for me to give back to society. Its not about money; its about making a positive impact on the lives of those who need it the most. We want to understand their strengths, weaknesses, and the opportunities available to them.
"We will offer interest-free loans, allocate land for farming activities, and build low-income houses with modern facilities to address housing challenges." He stated this in the recent interview with Successful People Magazine.
Behold The Beneficiaries Of Oko Opo Foundation
His Social & Marital life.
While he didn't disclose whether he belongs to any social club, he expressed his love for music and delight in touching lives.
Of course, he is happily married. And the marriage has produced good children he is proud of.
Corporate relationship with Ogun State Government.
With the way he runs the business and makes it of good standard, he soon got the recognition of the state government.
Speaking on the relationship between his firm and the state government, the CEO said "Pelican Valley Nigeria Limited is the only real estate company in Ogun State that has been able to acquire full government-approved layout within the first four years of the present administration. And I have been named as the postal boy of real estate sector in Ogun state.
"To the glory of God, our company has energized five communities, including Ijehun Arobiologbo Village, which has been in darkness for over sixty years by connecting them to the National grid. We have done an industrial solar worth over #10m on roads of our Estates host communities, we have built mosques and churches. And we have also set up a foundation to rekindle the hopes of the widows in the society.
"With our government approved layout, Pelican Valley successfully brought over two thousand Nigerians in diaspora into the Ogun State tax drag net." He added.
Awards & Recognitions
Notable American cosmetologist and Founder of Mary Kay Cosmetics, Mary Kay Ash said, "There are two things people want more than sex and money: recognition and praise."
In recognition of Dr Adeyemo's worthy contributions to the growth of real estate business in Ogun State and Nigeria and his immeasurable efforts in making quality residential apartments and esthetics housing estates available to people, many organizations and institutions have bestowed upon this man different types of awards.
The awards, of course, are to spur him to keep going in achieving more goals. Leadership training guru, Dale Carnegie once said, "People work for money but go the extra mile for recognition, praise and rewards."
Among the many awards this man have been honoured with, which he also cherish very well are: "the recognition of Pelican Valley Nigeria Limited as The Best Real Estate Company in Ogun State. The ECOWAS Youth Council Ambassador and ICPC Anti-Corruption Ambassador in 2023. And the United Nations POLAC Ambassador for Peace.
In view of the way he established the company from the scratch, changed his own story from that of a reporter to a real estate CEO,
Ambassador (Dr) Babatunde Adeyemo Is our
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