•VICTOR MADUFORO, ODOGWU Of Real Estate
Victor Maduforo is a big brand in real estate. He is the guy behind the brand that many don’t joke with in the sector. Many call 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 knwledgeable 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. https://www.washingtonpost.com/world/interactive/202//africa-cities/
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 downtum.
