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Why young Nigerians struggle to own homes – Kennedy Okonkwo
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By Francesca Hangeior
Renowned real estate developer and entrepreneur, Dr. Kennedy Okonkwo, has highlighted the major reasons young Nigerians struggle to own homes, citing high property costs, poor mortgage systems, and financial mismanagement as key barriers.
In an exclusive interview, Okonkwo, who built his real estate empire through Nedcomoaks, said Nigeria’s economic structure does not favour young people in homeownership, but added that financial discipline is a crucial factor in overcoming these challenges.
“Nigeria is not a country that makes it easy for young people to own homes because of how expensive it is,” he said. “Mortgages come with high interest rates, making it almost impossible for many to afford a house.”
He argued that beyond systemic challenges, poor financial priorities among young Nigerians also contribute to the difficulty in owning property.
“A lot of young people are more interested in luxury than investment. You see someone driving a GLE, carrying a designer bag worth millions, but they have not thought about owning a piece of land,” he said. “It’s not always about the government. It’s about what you do with your money.”
Okonkwo, who has been in the real estate sector for over two decades, emphasised the importance of long-term investment strategies. He revealed that he started his journey in construction and later expanded into renewable energy and electric vehicles, ensuring that his wealth was built on sustainable investments.
“For me, I started with real estate and construction, perfected it, and then diversified into other sectors like renewable energy and electric vehicles,” he explained. “You cannot rely on one stream of income. The key is to start with one, master it, and then expand.”
He stressed the importance of investing in income-generating assets rather than spending active income on non-essential luxuries.
“Don’t spend your active income. Invest in assets that generate cash flow, and use only the profits for your lifestyle,” he said.
Okonkwo also pointed out that strategic collaboration has been instrumental in his success, noting that he partners with experts in the construction, energy, and automobile industries to scale his businesses.
“I am not an architect or an engineer, but I understand business. I bring together the best professionals in construction and development to execute projects,” he said.
Speaking on his latest ventures, Okonkwo disclosed that he recently partnered with CIG Motors to introduce 2,000 electric vehicles into the Nigerian market while also making strides in renewable energy with Citadel Power.
Looking at Nigeria’s economic outlook, he maintained that despite challenges, opportunities remain abundant for those who position themselves strategically.
“Forty years ago, where was Aliko Dangote? Where was Femi Otedola? The economy has always been tough, but people find ways to build businesses. There will always be new billionaires because more money is being made every day,” he said.
Okonkwo encouraged young Nigerians to focus on high-demand industries like real estate, renewable energy, and technology, emphasising that wealth creation requires patience, vision, and discipline.
“More people are being empowered, and opportunities are everywhere. If you can think ahead and make the right choices, you will succeed,” he added.
As his businesses continue to grow, Okonkwo remains committed to developing sustainable housing projects and increasing access to clean energy, positioning himself at the forefront of Nigeria’s evolving business landscape.
President of the ANAP Foundation and founder of Stanbic IBTC Bank, Atedo Peterside, has said that Nigerians are monitoring Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, as he oversees the Osun State governorship election.
Peterside made this revelation on Saturday while appearing on an Arise TV programme focused on the Osun governorship election, stressing that the conduct of the poll would be closely watched by Nigerians.
He said the outcome of the election would provide an important indication of INEC’s level of preparedness ahead of the 2027 general elections.
According to him, the Osun election would serve as a “link pin” to the 2027 elections, but Nigerians should not assume that a successful poll in Osun would automatically guarantee a successful general election in 2027.
“Osun will serve as a link pin to the 2027 election, and Nigerians should not go with the notion that because Osun was successful, then automatically the 2027 general election will be successful,” he said.
Peterside also warned against deliberate delays in the electoral process, particularly in areas considered to be strongholds of a particular candidate.
He said any deliberate attempt to delay voting or the transmission of results in such areas could raise serious questions about the integrity of the electoral process.
“In a situation where an election is deliberately delayed because it is a weak area for a particular candidate, clearly, it is a form of rigging,” he said.
He added that claims of technical glitches or other problems during the process should be carefully scrutinised, noting that such incidents could undermine public confidence in the election.
Peterside further expressed the expectation that, barring any unforeseen circumstances, election results should be uploaded promptly after voting and collation.
“All things being equal, by 5pm or 6pm, we expect that all the results must have been uploaded, as we experienced in 2023,” he said.
The Oyo State Police Command has nabbed 10 suspected members of a human parts trafficking syndicate and recovered suspected human remains, including a heart and pieces of a skull, during an intelligence-led operation in the state.
The suspects were arrested at their various hideouts in Iseyin and Saki areas of Oyo State following months of intelligence gathering, discreet surveillance and monitoring by operatives of the Command’s Monitoring Unit.
The suspects were identified as Adam Ibrahim, 42; Nasiru Kabiru, 22; Tijani Wasiu, 54; Abiola Nasiru, 45; Amusa Gbadamosi, 57; Raheem Taofeek, 46; Jimoh Muritala, 35; Suleiman Busari, 47; Ganiyu Nurudeen, 36; and Usman Abdullahi, 52.
According to the police, searches conducted at the suspects’ hideouts led to the recovery of several suspected human parts, including one suspected human heart, human flesh, pieces of human skull and assorted charms.
The Command said the recovered items had been secured as exhibits and would undergo forensic examination as investigations continue.
The suspects reportedly confessed during interrogation to varying degrees of involvement in the alleged trade in human parts for ritual purposes. The police said they were also assisting investigators in tracing the source of the recovered items, as well as establishing how they were procured and their intended use.
The Command added that efforts were ongoing to identify and apprehend other members of the alleged syndicate.
The Commissioner of Police in Oyo State, CP Abimbola Ayodeji Olugbenga, commended the operatives for the successful intelligence-led operation and their painstaking efforts in tracking down the suspects.poli
He assured residents that the Command would continue to intensify its efforts to combat criminal activities and protect lives and property across the state.
Ahead of today’s guber poll, the Police has deployed some of its security dogs to Osun state to ensure seurity is not breeched during and after the election.
The police dogs have been prepared to assist security personnel in detecting and confronting potential threats from violent criminals.
Osun Decides: We’re monitoring INEC boss from all sides— Peterside
Police Bust Human Parts Syndicate in Oyo, Nab 10, Recover Heart, Skull
Osun decides: Ahead today’s poll, police dogs deployed to combat thugs
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