The new Chairperson, Afriland Properties Plc, Dr. Agatha Obiekwugo, believes the real estate market in Nigeria comes with challenges, but remains a market of enormous opportunity. She also speaks of the future of the market in Nigeria and the company’s drive to bridge housing deficit. Kayode Tokede brings the excerpts:
With high construction costs, changing financing conditions and evolving consumer demand, what do you believe will be the key to maintaining growth and competitiveness in Nigeria’s real estate market?
I believe the answer is discipline, adaptability and a very close understanding of the market and the customer. The economics of real estate have changed considerably. Construction costs, financing costs, foreign exchange pressures and inflation all affect the feasibility of projects. At the same time, customers are becoming more discerning. For us, this means becoming better at making decisions based on real demand rather than assumptions. At Afriland, we believe the long-term winners will be companies that can combine financial discipline with development creativity. You must understand the numbers, but you must also understand people and how they want to live, work and invest. The market is challenging, but Nigeria remains a market of enormous opportunity. The important thing is to pursue that opportunity intelligently.
Nigeria’s housing deficit remains significant, even as affordability and construction costs continue to present challenges. Where do you see the most compelling opportunities for Afriland to contribute to addressing this need while maintaining a commercially sustainable business?
Nigeria’s housing challenge requires more than simply increasing the number of units available. We have to consider where people need to live, what they can afford, and the infrastructure and services required to make those communities genuinely liveable. We also need to recognise that affordability is not only about the selling price. Financing, transportation, power, water, security, and access to employment all affect the true cost of housing. So, how truly affordable is affordable for all involved? Afriland has an opportunity to contribute by bringing together development expertise, investment discipline and partnerships with government and other stakeholders. We can create commercially viable projects while also contributing meaningfully to Nigeria’s urban development needs.
You are taking on the Chairmanship of Afriland Properties Plc at an important point in the company’s growth journey and at a time of significant change in Nigeria’s real estate sector. What are your strategic priorities for Afriland in the first year of your tenure?
For me, this is a significant opportunity to build on the strong foundation Afriland has established and position the Company for its next phase of growth.
Having served on the Board since 2018, I have gained a deep understanding of the Company, its assets, people, opportunities, governance and the markets in which it operates. My approach is therefore not about changing direction for the sake of change, but about building what works, strengthening what can be improved and unlocking the opportunities ahead. Ultimately, the objective is to ensure that Afriland continues to grow as a resilient, competitive and value-creating real estate institution. I see my role as Chairman as one of stewardship: Providing strategic direction, ensuring effective governance and working with the Board and Management to unlock opportunities that will position Afriland for short and long-term success.
Afriland Properties has built a diverse portfolio across residential, commercial and mixed-use developments. How do you see the company growing its portfolio while continuing to deliver sustainable returns and long-term value to shareholders?
Growth, in my view, should never be measured simply by the number of projects a company has. It should be measured by the quality of those investments, the returns they generate and the value they create. Afriland will continue to take a disciplined approach to portfolio growth. This means being selective about location, demand, development partners, funding structures and the eventual economics of each project. We also see considerable value in the balance between development income, investment income and recurring income. Development creates opportunities for capital growth, while income-generating assets provide us stability and resilience across market cycles.
Ultimately, our objective is to build a portfolio that is valuable today, resilient tomorrow and capable of compounding value over time.
Looking across the Nigerian real estate market today, which segment do you believe offer the strongest opportunities for Afriland, and why?
I would be careful about identifying only one segment because Nigeria’s real estate needs are diverse. Residential real estate remains fundamental, particularly well-planned developments that respond to the needs of the growing middle and upper-middle segments while also addressing the broader affordability challenge. We also see significant opportunity in income-generating commercial assets, particularly in locations where there is strong underlying economic activity. Mixed-use development is another area of interest because it reflects the way modern cities are evolving. People increasingly want environments where residential, commercial, retail, leisure and essential services are integrated. Beyond the physical assets, however, I believe there is an important opportunity in real estate services and asset management. The ability to manage properties efficiently, improve occupancy, enhance asset performance and create recurring income will become increasingly important. For Afriland, the opportunity is to participate across the real estate value chain in areas where we can deploy capital and expertise intelligently.
Afriland has developments in some of Nigeria’s most strategic locations, including Lagos and Abuja. How do you see the company deepening its presence in these markets, while positioning itself for opportunities in other parts of the country?
Lagos and Abuja will remain strategically important to Afriland because of their economic activity, population growth, institutional importance and depth of real estate demand. Our approach, however, is not simply about geographic expansion. We are interested in market depth before geographic spread. There is still considerable opportunity to create value in the markets where we already have knowledge, relationships and operating experience. At the same time, we will remain open to opportunities in other Nigerian cities where demographic growth, economic activity and infrastructure are creating compelling real estate fundamentals. The key consideration will always be: Does the market present a sustainable opportunity, and does Afriland have a clear right to win there? We would rather enter a market with a strong proposition and the right partners than expand simply for the sake of having a presence.
Afriland’s portfolio includes several landmark developments across residential, commercial and mixed-use segments. Which projects or aspects of the company’s development pipeline are you particularly excited about, and what do they represent for Afriland’s next phase of growth?
Afriland Estate, Idu-Karmo, Abuja is an important part of our residential proposition and demonstrates our ambition to create more than individual housing units. We are focused on creating well-planned communities where quality homes are supported by the infrastructure, amenities and environment that make everyday living more enjoyable and sustainable. We are also particularly excited about The Residences II, our forthcoming development in Lugard Avenue, Ikoyi, Lagos. It represents a further expression of our commitment to the luxury residential segment, with a focus on sophisticated living, thoughtful design and an exceptional standard of quality. And then there is what I would describe as the crowning jewel of the pipeline: our forthcoming mixed-use development in Falomo, Ikoyi, being delivered through a joint venture between Afriland Properties, the Lagos State Development and Property Corporation (LSDPC) and our development partners, Elalan Construction Company. This is an exciting opportunity to create a landmark destination that brings together residential, commercial and lifestyle uses within a carefully conceived urban environment. What excites me most is the progression these developments represent. From community-focused residential development in Abuja to high-end residential living in Ikoyi, they reflect a broader ambition for Afriland: to create lasting value in the real estate sector while contributing meaningfully to addressing Nigeria’s housing deficit. We want to create assets that are distinctive, communities that function, and investments that generate sustainable value. That, is the direction of Afriland’s next phase of growth.
As the property market evolves, how important do you see recurring income from rentals, property management and other asset-based services becoming to Afriland’s long-term business model?
A strong real estate business should not depend entirely on transactions that happen at a single point in time. Recurring income provides greater cash-flow visibility, resilience, and the opportunity to build deeper, long-term relationships with tenants, occupiers, and asset owners. This is where Afriland’s integrated model gives us an advantage. As a property developer, investor and manager, we are able to participate across the lifecycle of an asset, from development and investment to management and performance optimisation. This allows us to create value beyond the initial transaction and build sustainable income streams over time. Our focus is to continue strengthening this model, ensuring that our assets are professionally managed, and optimised to deliver sustainable value throughout their lifecycle.
Ultimately, it is about maximising the potential of every asset and every part of our business, while creating enduring value for our customers, investors and other stakeholders.
Technology is increasingly transforming how properties are developed, marketed, managed and experienced. What role do you see technology and PropTech playing in Afriland’s future?
Technology is already an important part of how we operate at Afriland, and we continue to see significant opportunities to deepen its role across the business. As the real estate sector evolves, our focus is on setting higher standards for how technology is applied to improve the way we develop, market, manage and experience property. This means using technology and PropTech to strengthen areas such as design and construction management, sales and marketing, property management, customer service and asset performance, while giving our teams better information to make faster and more informed decisions. For our customers, the objective is to make the property experience increasingly seamless and responsive. For business, it is about improving efficiency, transparency, decision-making and ultimately the performance of our assets.
So, our focus is not simply on adopting more technology, but on applying it intelligently to raise our standards, improve outcomes and create greater value for our customers, our business and our stakeholders.
With rising energy costs and increasing expectations around sustainability, how important will energy efficiency, climate resilience and sustainable development be in the design and delivery of Afriland’s future projects?
It is very important, and it is an area where we will continue to raise the bar. At Afriland, considerations around energy efficiency, sustainability and the long-term resilience of our developments are already part of how we think about creating quality assets.
As energy costs rise and expectations continue to evolve, we see an opportunity to deepen this focus across our projects; from design and materials to energy use, water management and the overall efficiency and resilience of our buildings.
Ultimately, it is about creating developments that perform well not only today, but remain efficient, relevant and valuable well into the future. For us, sustainability is therefore both a responsibility and an important part of good development, sound investment and long-term value creation.
What does greater representation of women in the boardroom mean to you, and what more can organisations do to create pathways for women to rise into senior leadership?
To me, greater representation of women in the boardroom is about ensuring that capable women can contribute, influence decisions and lead at the highest levels. We are already seeing women trailblazing across leading organisations, demonstrating that women have the capacity to excel and make a meaningful impact at the highest levels of corporate leadership. Organisations must be deliberate about creating pathways for women to advance. This starts with giving capable women the opportunity to take on meaningful responsibilities, gain exposure to strategic decision-making, and develop through strong mentorship and leadership experience. Where competence, character and other great potentials are evident, these traits should translate into real career progression. My own journey has taught me the importance of continuous learning, adaptability, passion, resilience and the courage to take on new challenges. I believe these qualities, coupled with the right opportunities, can prepare more women to step confidently into senior leadership.
Ultimately, this is not only about women; it is about the strength of our organisations and the growth of the economy.
What advice would you give to young women aspiring to leadership positions in business, particularly those who see the boardroom as a distant destination?
I would encourage them to make excellence the goal.
Believe in yourself, Build your competence. Understand your business, understand the numbers, learn how decisions are made, and put the right structure in place. More importantly, stay abreast of both local and global economies to help you make better decisions. Do not wait until you feel completely ready before taking on responsibility. Growth often comes from accepting challenges that stretch you. Seek mentors, build meaningful relationships and remain open to learning.
Above all, protect your integrity. Your competence may open doors, but your character determines whether people continue to trust you.
The boardroom should not be seen as a distant destination. It should be the result of years of competence, courage, credibility and contribution.
As you begin this new chapter as Chairman, what would you like the company to be known for in the years ahead, and what should shareholders, customers and other stakeholders look forward to under your leadership?
I would like Afriland to be known for quality, integrity and value creation. We have a strong foundation to build on, and our next phase should be defined by ambition, discipline and continued growth. For our shareholders, that means sustainable returns and stronger asset performance. For our customers, it means quality products and experiences that respond to how people want to live, work and invest. And for our stakeholders and people, it means a professional, dependable organisation where talent can thrive and opportunities are delivered. Our ambition is not simply to become bigger, but to become better, stronger and more valuable, while building an institution whose reputation and impact endure well beyond any individual tenure. As Chairman, I see my role as one of stewardship, to respect what has been built, build on its strengths and help position Afriland for the future.