The Managing Director and Chief Executive Officer of Samitheo Network Company, Samuel Folusho in a recent interview speaks on some salient issues regarding the real estate sector in Nigeria.
With his experience of over four years as a Realtor and facility manager, Folusho sheds light on some common issues around real estate such as what it takes to start a real estate business; the challenges besetting the sector; how lucrative the business is; why more and more estates are springing up and many more.
On what it takes to start a real estate business, Folusho was emphatic and ceremonial in his response. According to him, “To start a real estate business, one should have good knowledge and information in this field. The requirements include: A strategic business plan; building a unique brand; legal business registration and a handsome starting capital.”
Folusho highlights the challenges inherent in the sector as thus: “Economic contraction; rising interest rates, inexperienced management; continued job growth; rising incomes; growing population and continuous access to financing.”
Interestingly, the Samitheo Chief Executive Officer and Founder, posits that the real estate sector is more lucrative than oil and gas which many believe is the most lucrative sector of the economy. But Folusho says otherwise and gives his reason.
“Yes, real estate is more lucrative than oil and gas because the worth of the asset increases exponentially over the years and never depreciates. In contrast, the assets in oil and gas sometimes depreciate.”
On why more and more estates are springing up across the country, he said the reason is simply about security.
“Estates provide land security and also conduct transactions within the confines of the law,” he says.
Folusho who hails from Modakeke Local Government Area of Osun State, Nigeria incorporated his real estate company, Samitheo Network Company in 2016 under the Companies and Allied Matters Act of 1990 of the Nigerian Corporate Affairs Commission.
He was born August 8, 1993. He is an alumnus of the University of Lagos with a BSC degree in business administration.
His company, Samitheo Network Company operates from Lekki, Ajah axis in Eti-Osa Local Government Area of Lagos.