•Realtor, WALE TOMTOM, Tells City People
When loans are taken from banks, collaterals in form of landed property are usually demanded as a guarantee for pay back of the loan. What happens to these property retrieved by banks in cases of bad loans? The banking industry is structured as a standard business organisation that has public relations and marketing departments, but the structure of the banks business mode does not make them a real estate agent, therefore, these items of property cannot be advertised by the commercial banks. How do they dispose these property acquired because of bad debts?
Akinwale Matthew Abidakun is a recognised real estate agent saddled with the responsibility of disposing the property with the best and easy process you can think of. Who is Akinwale Matthew Feyiyemi Abidakun?
Akinwale Matthew Feyiyemi Abidakun a.k.a (Wale Tomtom) is a Real Estate Practitioner and a Founding President/CEO of Bluemart Realty Ltd based in Lagos. Born in Akure in Ondo State;on 12th November, late 1970s into the family of Mr. Olatunde and the late Mrs. Rachael Abidakun. He had his primary education at St. Anthony Primary School, Akure from 1984 to 1989. His secondary education was at Adegbola Memorial Grammar School, Akure, from 1990 to 1995 and he completed his Senior Secondary education, sitting for School Certificate Examination (SSCE) at Agidingbi Grammar School, Ikeja, Lagos in 1998.
Akinwale gained admission into University of Ilorin to study Sociology & Anthropology in the Faculty of Business &Social Science, in the year 2000 and graduated in the year 2003 with Second Class Upper (2.1). He had his NYSC programme between year 2004 and 2005 in Uyo, Akwa Ibom State.
In November 2005, Akinwale got employed by Resort International Ltd & Bi-Courtney Group as the Executive Personal Assistant to the Group Chairman (Dr. Wale Babalakin SAN). In September 2008, he proceeded to the United Kingdom for his Master’s programme at University of Leeds to study International Business Management (2008 to 2009) and graduated with Merit (2.1)
After His MSc programme in the UK, Akinwale returned to Nigeria in year 2009 and worked briefly for 5 years before leaving Bi-Courtney Group in the year 2014 to set up his own firm, Bluemart Realty Ltd & Tomgate Alliance Ltd (a real estate brokerage firm engaged by most of commercial banks in Nigeria to market possessed, classified, recovered and foreclosed collateral assets)
Akinwale is happily married to Oyeteju Abidakun (a Banker by profession) and blessed with 2 boys.
Wale Tomtom being an awardee at the South West awards, revealed more interesting details about his mind-blowing segment in the real estate game, in an interview with City People’s Reporter, DAMILOLA AKANDE. Read excertps.
Can we get to know you?
I am Akinwale Abidakun also called Wale Tomtom. I am the CEO of Bluemarts Realty Ltd. We are into real estate and we offer quality services to our customers.
What is Blue Mart Realty Ltd all about?
Our company renders services to commercial banks across Nigeria to help them dispose of all their seized collaterised assets, foreclosed properties and mortgaged properties. So basically, we specialise in collateral property and institutional assets.
How did it start for you?
It is based on training and passion for real estate imbedded in me over the years. I noticed a gap in this particular sector. Most people didn’t know about it until my company came on board. I can say our company propagated sale of seized collaterised property by banks in Nigeria.
So, I got into this line of business by observing the sector and I decided to leverage on the opportunity that came my way.
I have been in the business for more than 8 years now and I can tell you that we are one of the leading lights serving as property vendor to most commercial banks in Nigeria.
Can you take us through your educational background?
My educational background is very simple. I studied Sociology in the University of Ilorin. After I graduated, I went to the UK where I studied International Business Management at University of Leeds from 2008 to 2009.
Along the line, I did Project Management and worked in a Project Management Company for 9 years, before I set up my company. With all these experiences put together, I leveraged on it to deliver services to commercial banks and our clients.
How does this help Nigeria’s economy?
What we do is to help investors get property at below market value. The property we deal in are the ones that have been foreclosed or released to commercial banks as a result of bad loans or debts. So, once the banks take over the property, they engage our company to dispose of those assets. So, ordinarily, property don’t get sold at market price or at the going rate. So, we sell the property at below market value. For someone, who wants to invest or cannot afford such property can buy into it. This is because the type of property we sell are any irrespective of status in the society. With this, we have items of property across Nigeria. We have in the hinterland, Island and Mainland and they come cheap.
This is because they are already on the table of bad loans and what the commercial banks want is to recover their money.
What process does it entail?
The process is very simple because banks are a financial institution. They are not cut out to sell property, so most people don’t know. It is my company that gets the property from the banks, share the information to customers we have in mind. Ideally, we are not expected to publicise the property because of the victims of bad loans. So what we do is to share it to target customers. For example, if you are on our broadcast list, you will continue to receive updated lists of available property. That is how we push it in the market. Asides, we have other realtors and agents, who work with my company. They also help push the property to customers as they deem it fit.
They are not things you find on pages of newspaper or you can find anyhow, they are things meant to be discreet and for target customers.
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