Tech & Real Estate


Technology has no doubt revolutionized every industry in the world. Real estate has been no different. The role of technology in real estate in the last few years has dramatically changed the shape of the industry. The real estate industry is one of the significant profit-generating industries worldwide. A significant chunk of revenue in Nigeria depends on the country’s real estate and construction industry. The industry has been changing fast with technology; real estate is no longer the same as decades before, slowly being redefined by ever-changing market conditions and shifts in consumer behaviors.

FACT: The real estate industry will not be replaced by a single technological solution, but rather the changes in the industry will be enabled by technology and the leaders will be those that embrace it.

The Nigerian real estate industry continues to expand as investor appetite grows alongside the customer base. While this is happening, change is inevitable for any real estate company that wants to remain competitive. The shift towards real estate technology cannot be ignored anymore. As the industry evolves, individual companies will fight to become undisputed leaders by offering solutions such as renewable energy and smart homes that are beyond real estate products and services, in order to have a tight grip on customer loyalty. As technology and innovation continue to shape the real estate industry, tech companies are creating an opportunity to become leaders in the new digital real estate ecosystem. Some of the key areas to focus on for Nigeria real estate companies are highlighted below:


Virtual reality, popularly known as VR technology, has proven to be a game-changer. The role of technology in real estate has been dramatically changed with VR Technology. Staging 3D virtual tours help get rid of the problems like buyers can virtually visit the property without going out of the house. VR has become the trendy choice as it helps to sell property developments both off-plan and finished. Through the power of virtual reality, they allow prospective buyers to walk through and experience the space even before construction has started. Virtual Reality has saved site visits, and people can buy houses or apartments without moving from their coach.


From driving business decisions to creating better consumer experiences, big data can have a lot of influence on your business. Many real estate businesses collect a lot of data that sit in silo repositories without any analytics being done to pick out industry trends or behaviors of their consumers. Real estate companies wanting to target the right clients need to know who they are when they want to buy, where they are, and how they can reach them in the most effective manner. Harnessing big data is an invaluable tool in targeting the right buyers and an important element in refining the real estate process.


The Internet of Things (IoT) is a key component of home automation and smart homes. This involves automating the ability to control items around the house from curtains to electricity with a hand-held device or voice command. Smart home technology has started changing the way homeowners view a property. It is becoming a game changer for real estate developers in Nigeria. Instead of selling a shell for a house, developers are enticing buyers with internet-ready homes.


With the increased demand for residential affordable housing with less impact on the environment, most real estate developers in Nigeria are left with no choice but to consider innovative ways of building houses. The areas of focus include using prefab building materials and modular construction where a building is constructed offsite and then assembled onsite.


  • Be intentional about Investing in technologies that make it easier for your potential investors to make decisions about which of your properties to invest in e.g. Real Estate Simulators as well as those that differentiate your properties from the traditional four-wall houses such as Smart Home solutions.
  • As you collect more data, invest in business analytics that will pick out trends in your consumer behavior. This in return enables you to target the client with the right products and services and reduce marketing efforts to the wrong market segment.
  • Embrace the use of CRM; CRM stands for Customer Relationship Management software. Technology provides an online database system to manage contact information and let you enter the data smoothly without any flaws. CRM has become a popular tool for over a few years for its efficiency in tracking and generating leads. With CRM, leads are easily moved to the sale funnel and tracked down. Several CRM software available in the market and new technology has made them more convenient and successful.


As the real estate industry evolves, it is certain that the industry is headed for a revolution. Technology will not necessarily disrupt the industry but will disrupt those companies that refuse to embrace the change. Investing in technology as a real estate company is a key differentiator moving forward and that is the reason Leisure Court Limited keenly looks at using technology to differentiate the various offerings amongst other real estate companies.

Tips for owning your home on a tight budget


Are you dreaming of owning your own home, but do not know how to go about it, or are you worried about the cost? Do not let a tight budget be a setback!

Truly, owning a house can be an exhilarating and fulfilling experience, it can also be a consequential financial undertaking, but it does not have to break the bank. If you are looking to own your dream home on a tight budget, there are several strategies you can use to lower costs and still get the home you want. In this article, we will learn a range of cost-saving strategies, from choosing an affordable design to using prefabricated components that can help you build your home at a lower cost. By following these strategies, you can stretch your budget and still achieve your dream of building your own home.


Effective project planning is key to building a house at a lower cost. By carefully planning each step of the construction process, you can ensure that your project stays on track and within budget. One way to plan your project is to create a detailed schedule that includes all of the tasks that need to be completed and the timeline for completing them. By setting clear goals and deadlines, you can stay focused and avoid unnecessary delays or setbacks. In addition to creating a schedule, it is also important to plan for contingencies and unexpected issues that may arise during the construction process.

By having a clear understanding of your budget, you can make informed decisions about how to allocate your resources and stay on track. In addition to creating a budget, you should also explore financing options to help fund your construction project. There is a range of options available, including traditional mortgages, construction loans, and owner financing. By comparing rates and terms, you can find the financing option that best meets your needs and budget.


Functional design is a concept that focuses on creating spaces that are efficient and effective, with a clear purpose and function. By designing a house with a functional layout and incorporating features that meet the specific needs of the occupants, you can create a space that is both practical and cost-effective. One way to incorporate functional design into your home construction project is to carefully consider the layout of the space. For example, your design can be a cost-effective option for building a house because they are mass-produced and can be assembled more quickly than traditional construction methods.


Prefabricated components, also known as prefab, are factory-produced building parts that can be used to construct a home or other structure. Prefabricated components come in a range of options, including walls, floors, roofs, and complete building modules. They can be made of a variety of materials, including wood, steel, and concrete, and can be customized to meet your specific needs. One advantage of using prefabricated components is that they can be produced off-site, which can reduce construction time and minimize disruptions on the construction site. In addition, because they are mass-produced, they can often be purchased at a lower cost than traditional building materials.


One way to lower the cost of building a house is to shop around for locally-made building materials. By going for locally made materials you will potentially save a significant amount of money on your construction project as these materials can be easily sourced. In addition, most locally made materials are not just cost-effective they are also more durable and efficient. This can be especially effective if you are working with a larger construction project and have more advantages.


Your architect or builder will be key to advising you on the right size home for your budget as well as providing you with a cost to build. Their expert team will be able to understand all the steps necessary for permitting and any added cost associated with the process. Referrals from friends, family, and your realtor are the best sources to find the right builder.


Eight (8) out of every ten (10) average Nigerian dream has long been associated with the idea of owning a home. For many, owning a home represents financial success, stability, and the opportunity to contribute to the community. The benefits of owning a home, ranging from social to financial, have directly resulted in a steady rise of homeowners in Nigeria dating far back to the 1900s. Learn about some of the unique benefits of home-ownership to help determine whether or not owning home lines up with your Nigerian dream.

According to the Real Estate Development Association of Nigeria (REDAN), at the start of the 20th century, less than half of Nigerians owned their own homes. Results from a study by NOI Polls have shown that 51% of Nigerians currently live in rented accommodation, 40% of which are paying between N20,000 and N100,000 yearly (across Nigeria). Only 31% of Nigerians surveyed said they lived in their ‘personal house’ which they may have built, purchased, or inherited. The results also indicate that 85% of people would consider mortgage financing as an option for home ownership. However, when asked why they would not consider mortgage financing, 25% of respondents explained it was because they do not have a stable income.

The Association of Housing Corporations of Nigeria (AHCN) has decried Nigeria’s low home-ownership rate, saying the country ranks lowest at 25 percent, especially when compared to Brazil (74 percent), Kenya (75 percent), South Africa (70 percent) and Indonesia (84 percent). However, in recent times, the benefits of home-ownership are not far from the historical benefits; however, increased education access and economic expansion are credited for the rising trends. Buying a home offers the opportunity to secure a strong financial future and contribute to the community, making this an appealing option for many.

While there are many benefits to home-ownership, one should weigh these benefits with those of renting. There are benefits to either renting or buying, as well as downsides. At the end of the day, the decision to buy instead of rent should be based on your personal and financial goals. Many individuals enjoy renting for flexibility, while those who opt for buying a home prefer the stability involved. If you wonder “why buy instead of rent,” there are several factors to look at.

Benefits of Renting

Flexibility: Renting awards tenants the flexibility to move without penalty. Renters have to wait until a given lease ends to move out. For individuals who frequently move due to a job (or personal preference), renting allows the freedom to pick up and leave more easily than owning a home. While home-ownership does not necessarily mean you are stuck in a given place, more transactional costs are associated with buying and selling a home if you decide to move frequently.

Low Responsibility: As a renter, you are not responsible for property maintenance in the same way that homeowners are. Landlords are often in charge of lawn maintenance, trash picks up, water and sewer services, repairs to the property, and more. While these costs are accounted for in the price of rent, tenants have a low level of responsibility regarding property maintenance compared to homeowners.

Predictability: When you sign a lease, you are agreeing to a set amount of rent for each month. In some cases, your bills and living costs may be included as well. This means that renting comes with a sense of financial predictability, the cost of living will roughly stay the same month to month.

Benefits of Home-ownership

A closeup shot of a person thinking of buying or selling a house

Building Equity: Equity refers to the amount of value you have in a given asset. As you pay off your mortgage each month, you will be building equity in your home. This differs from paying rent because you will be contributing to a physical asset rather than making monthly payments to a landlord. This is why purchasing a home is often thought to be a financially savvy move.

Long-Term Savings: By building equity in your home, you are also setting aside money for your future. That’s because there are several ways to tap into your home’s equity down the road. Studies show that home-ownership rates peak at or near retirement ages, suggesting that home equity contributes to retirement savings for many Nigerians. Therefore, by buying a home, you are promoting financial stability.

Building Wealth: As your property increases in value, so does your equity, allowing you to sell for a profit. You could use that extra money to reinvest in a new home as well as an investment property. Additionally, you could use your home to build wealth right away by using it as a rental property or house hacking.

Control Over Expenses: When you own a home, you can be certain of the monthly payment you will need to make while living in the house. On the other hand, when you rent a home, you are faced with the uncertainty of an increase in rent if your landlord decides to change it. Unless you decide to change your mortgage terms, your monthly payment will remain the same throughout your home’s mortgage. Strong Credit History: Owning a home can help you strengthen your credit over time, as long as you are consistently making your monthly mortgage payment. As you build your credit, it will become easier to secure other forms of financing, for example, if you decide to purchase a new car or finance an investment property.

Privacy: Buying a house indeed becomes a public record. However, living in a home compared to an apartment often affords people more privacy overall. In most cases, you will not share any walls or spaces with other tenants. As a homeowner, you can decide who comes over and when rather than receiving notices from your landlord to enter. Many first-time home buyers enjoy this new level of privacy after buying a property.


While there are several benefits of home-ownership, you may want to assess your situation before deciding to purchase a home.

However, renting a home instead also comes with its perks and may be the better choice depending on your circumstances. Before deciding if home-ownership or renting is the right choice, try asking yourself these questions:

Can You Afford The Property?

Homeowners must be prepared for a down payment, closing costs, and other sudden expenses high in price. You should have money saved well beyond your mortgage in case of any surprise home repairs or maintenance issues. Smaller down payments along with private mortgage insurance only add to your total costs. Needless to say, be sure you are ready for every expense before becoming a homeowner.

How Long Do You Expect To Stay On The Property?

If you intend to break even on a house, you will want to plan on living in the property for more than three years. Closing costs and commissions will be high, and the house may not appreciate within the first three years.

Why Are You Looking To Buy A Property?

If you are an investor, purchasing certain properties may provide you with financial benefits. However, the shorter the time you hold the property, the less likely you are to make money on it due to high fixed costs. If you frequently move in and out of properties, it may cost you more in the end. If you plan to rent out properties once you move, be sure you have a property management plan in place.


MD/CEO Leisure Court Ltd. handing over one of the units of Jason’s Court 1, Ologolo, Lekki to the owner.

As home-ownership rates continue to rise, more and more Nigerians aspire to own a home. If owning a home is part of your dream, taking the time to familiarize yourself with the benefits of home-ownership can help set you up for success as you determine whether or not to one day pursue this goal. If you do think you might be ready to take the first step towards buying a home, check out our estate offers.

Which benefits of home-ownership came as a surprise to you? Let us know in the comments below!

INTERVIEW: How FG can regulate the real estate industry, says Segun Abolaji, Leisure Court MD

With over a decade of experience in the real estate industry, Segun Abolaji, managing director of Leisure Court Estates, has advised the federal government to regulate the sector to make housing affordable for Nigerians. 

In an interview with TheCable’s SAMAD UTHMAN in Abuja, Abolaji said the government has a lot to do in terms of land access for the industry and a working mortgage system for the masses. 

TheCable: How did your background influence your career

Abolaji: I am from Osun state, Ikirun to be precise, Although I was born in Lagos. I grew up in Lagos, my life. Growing up in Lagos taught me a lot of things, including challenges.

I didn’t grow up in a wealthy background. I came from a very humble background. And that has always been a guide in my life. I do tell people, just like Nasir El-Rufai in his book ‘Accidental civil servant’. Coming out from secondary school with very good grades, one of the best in school and then at the end of the day, you find yourself in a very tight corner writing JAMB here and there. At the end of the day, it didn’t scale through. Someone told me, “why not think of this Building Technology course instead of doing Electrical and Electronics Engineering, we don’t even know what those courses entail”.

That’s why I always tell people that mentorship is very important in education. I know that the same thing applies to the business world, where some people jump into a business without knowing about it and the challenges therein.

The course — Building Technology — formed the basis of my career and business from that time, and I’ve never regretted it.

TheCable: How did Leisure Court start?

Abolaji: Leisure Court started after my university education. It started as a result of moving from an agent on the street of Abuja to a professional builder.

As a professional, I infused my knowledge in building construction into the property market and that gave birth to the real estate company.

Talking about Leisure Court itself is a whole different story. From getting an appropriate name for the business, talking to my lawyer and visiting the website of the Corporate Affairs Commission (CAC).

Leisure Court gives a better description and understanding of pleasure and an estate or group of houses where one can come and relax after a stressful working day.

TheCable: What are the challenges facing the real estate sector in Nigeria?

Abolaji: When you’re talking about business environments in Nigeria, we all know what is obtainable. There is no enabling environment for businesses in Nigeria.

Land disputes formed an integral part of our challenges in the real estate sector. If land issues are solved, you have solved virtually 50 to 60 percent of the real estate problem in Nigeria. Most often, the issues in real estate are basically due to enabling government regulations or provisions.

Most real estate companies buy properties from third parties, which involves extra costs. It is also difficult to get loans from the banking sector to grow your business. We cannot do it all alone, we hope government come to our aid and make things easier and better for us in the sector.

TheCable: How do you think government can come in?

Abolaji: As I said earlier, one of the four things is to provide land. The government has done this in the past, but it got into the wrong hands due to corruption and inadequacies.

It doesn’t even get into the hands of developers at the end of the day. And then the developers will have to buy from those appointed homeowners, and then the costs increase. If the government can allocate land to the developers, not politicians, not cronies or families, it would be a lot easier and then give us an enabling environment.

The mortgage bank should function better to provide mortgage loans. It is effective in every other part of the world.

Sometimes we have to take advocacy to some of these civil servants to tell them that they contribute to the National Housing Fund and that the money is there. You know it’s your right to apply for it, and most employees will retire without knowing they’re supposed to benefit.

So we should make it easier. In Nigeria, it looks like the only people that can assess mortgage loans are civil servants, but it should be everybody, every citizen. And if adequate support is given to the developers, it will be a lot easier.

TheCable: What was your share of the COVID-19 pandemic?

Abolaji: The pandemic dealt with everybody, and the real estate sector was one of the worst hit. How do you talk to someone to buy a land or a house when they are struggling to eat or have health concerns?

The sector is gradually picking up. Apart from COVID-19, the country also fell into recession, and we have an economic crisis. So all these are factors affecting the sector.

For us, we do more affordable housing, the kind of housing that goes around and touches ordinary people in society. The affordability of our properties made us cope with some of the economic challenges.

TheCable: Apart from federal mortgages, what is the real sector doing to increase home ownership in Nigeria?

Abolaji: As I said earlier, we’re more into affordable housing. Although affordability is relative but when you’re talking about price, we have landed properties that you can get for even as low as a million naira or even less. We presently have offices in Abuja, Lagos, Osogbo, Akure and some other offices coming up.

In Osogbo, we have land for as low as a million and even less than a million in places. These properties are located in places where people will ordinarily think they would be about 5 million. We have acquired some other properties as low as 400000 where people can easily contribute and pay in instalments.

We also have flexible payment plans within which you can pay. We have some that are six months payment plans, one-year payment, 18-month payment plans and so on. That’s affordability and our ways of helping the government to allow more people to become homeowners.

Yes, we have a total of about over 10 estates in Abuja. We have in Idu, Apo, about five different estates on Airport road and virtually all of them are affordable.

TheCable: So in the next five years, or less, what is the target of the company?

Abolaji: The company’s target is to provide more housing solutions for the Nigerian populace. We are proud to ensure that a lot of people have been taken from the status of being a tenant to landlords. So our target is to build over 10,000 houses — presently, we have achieved about 3,000 in eight years of doing this business.

TheCable: If you have the power to change something about the real estate sector. What would that be? 

Abolaji: Well, if I have the power to change anything, I think regulation. The real estate industry is not adequately regulated.

I will say the government should put proper checks on the activities of real estate companies — in terms of quality, better administration and value for money.

Ibeju Lekki: Lagos hottest real estate investment location

Ibeju-Lekki is the fastest-growing commercial and residential hub located in the Epe Division of Lagos State, Nigeria. Ibeju-Lekki is undoubtedly one of the hottest locations to invest in Lagos as it offers the perfect escape from the rowdy, crowded parts of Lagos. Ibeju-Lekki gives you just the perfect living environment; allowing you to explore and experience a better work-life balance, access to great outdoor activities and, cheaper living costs. Here are some of the benefits of living and investing in Ibeju-Lekki:

  • Beautiful Scenery and amazing beaches

Ibeju-Lekki is home to one of Nigeria’s most palm-fringed beaches. Its beaches, landscapes, and lagoons make this area a prime tourist spot. Most of the indigenous people make a living from fishing. It’s quite common to see children swimming in the ocean or the grown-ups cozying to a bowl of special fish soup.

  • Infrastructure

Most of Ibeju-Lekki is connected to Lekki and other areas of Lagos by the Lekki-Epe expressway. It’s easy to move around Ibeju-Lekki using public transportation or a private vehicle. In the coming years, Ibeju-Lekki is going to be directly opened up to many other parts of Lagos through the 4th Mainland Bridge. With this development, we are looking at the price of properties along the Ibeju-Lekki axis doubling within a year and could cost 5 times more upon completion of the 4th Mainland Bridge.

4th Mainland Bridge: Lagos selects 3 companies in final stage, contract to be awarded in March 2022.

  • Low Crime Rate

Ibeju-Lekki has lower crime rates compared to other areas of Lagos. The possibility of robbery and other crimes is relatively low. Life on this side of town is more peaceful and generally calm. If you intend on raising a family in a serene and tranquility, then this is the pristine region for you.

  • Job Opportunities

Ibeju-Lekki has attracted massive industrial projects like the Dangote refinery and fertilizer plant at the Lekki Free Zone area, a petrochemical and power plant, a deep-sea port, the fourth mainland bridge, the New International Airport, a blossoming tourism sector, and even the Pan-African University all make this area the new commercial hub of Lagos. Ibeju-Lekki is also one of the locations for the Lagos Smart City deal with Dubai. With the actualization of this blueprint, this region would become a central hub for business, manufacturing, warehousing, and logistics and will create many job opportunities.

  • Endless Entertainment and Shopping Options

Ibeju-Lekki is a growing town and has attracted a good number of hotels, resorts, and lounges. This budding town offers you a wide array of fun activities. You can visit the white-sandy Eleko beach or give your family a treat at Funtopia, Tickle Bay, Omu Resort, La Tropicana, and many others. Many shopping centers are located across Ibeju-Lekki to cater to the shopping needs of the residents.

  • Investment Opportunities

Even if you don’t intend on moving to the Ibeju-Lekki region, it is an ideal location for investing. Leisure Court Estate, Ibeju-Lekki gives you a perfect opportunity to own properties in the axis with massive expected return on Investment. Leisure Court Limited also has Estate developments at Eti Osa, Lekki Conservation Centre, Orchid Road, and parts of the Lagos mainland.

READ: Magnificent Off-Plan Property Deals In Nigeria

Mercy Aigbe

Leisure Court Limited Unveils Mercy Aigbe as Brand Ambassador

Award-winning and super talented actress, filmmaker and producer, Mercy Anuoluwapo Aigbe has signed as the new brand ambassador to the renowned real estate firm, Leisure Court Limted. The event which took place at the headquarters of Leisure Court Limited in Abuja saw the award-winning actress signed to one of the fastest growing real estate companies in Nigeria. Speaking at the event, the MD/CEO of Leisure Court Limited, Bldr. Segun Abolaji praised the new brand ambassador for her work ethics and how she is an upright role model to the coming generation. He emphasized on the importance of relationship, how the Mercy Aigbe brand and the Leisure Court brand can both work together to achieve big things. Responding, Mercy Aigbe who was wowed by the reception, thanked the management of Leisure Court Limited for finding her worthy of this feat. She promised to give this new role her all and help showcase the company to the world. She stated the relationship is going to go beyond just business, as she’s now part of the big Leisure Court Family.

Magnificent Off-Plan Property Deals In Nigeria

The term “off-plan” is certainly not alien to smart investors in the real estate industry, especially those with interest in the Lagos and Abuja markets. How are the rich getting even richer? Do you ever wonder how they are making so much money without commensurate stress? You might have heard it said that real estate is the cornerstone of wealth. One of the secrets of the wealthy in major cities in Nigeria is knowing how to work the opportunities they spot to their advantage. And off-plan estate buyers consistently rake in millions as profits within a short period of property appreciation – massive enough to afford them plots of land in other parts of town, flashy cars, expensive trips and even other pricey investments.

An off-plan property (also known as a pre-sale property, a pre-sale or a pre-construction) is a property you buy below the market value, when it is still undergoing development or construction. During the infancy of a real estate project, developers tend to reduce the cost of properties, offering early adopters a great opportunity for gain. Most investors would even want to monitor the projects they are keying into while making their payments by installments, to ensure that building and finishing materials are of Grade A quality and that the blueprint is carefully followed. At this stage, they can also influence the design and style of their choice houses. Only off-plan deals can give clients room for such flexibility.

Buying pre-constructions is about the cleverest way to put money into real estate, as an off-plan property you acquire for ₦35M could eventually sell for ₦50M on completion. Take a moment to consider these investors: Investor A and Investor B both have ₦50M to put into real estate. Investor A gets informed about a newly rising estate in a well sought-out location, with multiple housing units each of which the developer is willing to sell for ₦35M at the stage of development. Investor A quickly seizes the opportunity, keys into the project, and saves ₦15M off his initial budget of ₦50M, while still having the option to gradually pay certain percentages of the ₦35M over a stipulated period for the property. On the other hand, Investor B goes looking for a completely built or developed property and succeeds in getting one for ₦50M, with the condition that he has to pay the total price of the property at once. Being able to afford it, Investor B acquires the property but later finds out that the housing unit or building which Investor A had purchased for ₦35M is similar to the one he bought at ₦50M. What if Investor B also later discovers some building defects in the fully developed property he just acquired? That would mean that he, after spending an extra ₦15M for a property he could have afforded with ₦35M, also incurs additional cost of repair or maintenance of his defective property. Investor A obviously would have more cash flow, the financial capacity for more investments and profits, and less maintenance fees to worry about than his counterpart, who did not even have the opportunity to ascertain the quality of the materials used in constructing his choice property. This is a typical illustration of the difference between someone who understands the potential of off-plan properties and someone who doesn’t. Indeed, when considering what kind of property to buy with certainty about value and huge profitability, the best decision to make as a shrewd investor is to secure an off-plan property deal and monitor the advancement of the project. Provided this sort of real estate investment is undertaken with a developer who has a reputable history and culture of excellence, it is certainly a meaningful venture.

Jason's Court 2, Lekki
Jason’s Court 2, Lekki.

Leisure Court Limited, the developer of Leisure Court Estates & Leisure Lifestyle Homes have their uniqueness in the home market: at the inception of each estate development and off-plan marketing, the company presents a clearly detailed prototype of the estate to buyers, including 3D diagrams, site overviews, site plans, unit plans, and floor plans. The word “prototype” refers to the original sample of the building on paper, which shows the view and vista of both the structure and the environment. The amazing reality is the excellence with which they reproduce prototypes! It goes without saying that their off-plan strategy is rather a goodwill to both investors and householders, not at all an elixir to property development financing.

The Leisure Court Limited’s off-plan sales strategy is a long-term purchase plan which allows investors the chance to make capital gains from their investments by paying for their choice property within a period of 18 months. The payment terms stipulate only 20% of the price of a property as the initial deposit. For instance, if the price of a unit of luxury 2-bedroom apartment in a competitive location in the city is 45 Million Naira (₦45,000,000), the periodic and convenient off-plan payment system requires an early investor to pay only Nine Million Naira (₦9,000,000) as a subscription amount, which is 20% of the price of the property. The balance is spread for one and a half years in this manner: the buyer would pay 20% of the total price after six months, 20% after another six months, and then 40% on completion. This is to the benefit of the buyer, because once there is a signed agreement and a contract of sale, the terms of purchase cannot be compromised by the seller or developer even if the market rises within the period of off-plan purchase. When planning to buy off-plan property, an investor needs to carry out due diligence to guarantee the worthiness of the estate they intend subscribing for. As much as it is certain that a property will appreciate in value with time, there is also a possibility for a market to fall. This is particularly the case when property locations are not well researched to ensure that investors get a huge return on their investments. Location is a major stimulus for choosing an off-plan property, properties do not appreciate at the same level in different communities. For this reason, when purchasing off-plan properties with the aim of making huge returns, the major concern of an astute buyer should be selecting the ones sited in prime locations (and this is ascertained through the landmark facilities within close proximity to it, such as schools, banks, event centres, government offices and agencies, private corporations, parks, and so on; basic infrastructures in the neighborhood of the estate such as airports, seaports, access road into the estate, waste disposal systems, water purification plants, electric utility facilities, etc.; history of the place which tells whether the environment is notable for peace or violence, and several other markers). A property standing in a good location will always rise in value in the real estate market. So, location should be well ahead considered by an investor, while also checking other factors such as the reputation of the developer, trust, and conformity of construction to standard practices.

Jason's Court 2, Lekki
Payment Plan for Jason’s Court 2

Leisure Court Limited is reputable for situating impressive estates in exceptionally strategic locations among which are Airport Road, Lugbe and Dakibiyu in Abuja; Alaka (near Eric Moore Towers, National Theatre and National Stadium Surulere), and Lekki (in the neighborhood of Sky Fall, Lekkki Conservation Centre, Elegushi Beach) in Lagos, with more estates springing up. Because of the high potential of these estates to skyrocket return on investment, there is a torrential demand for them as we have witnessed in both Lagos and Abuja. The quality of the residential developments the company has under way is gaining renowned accolades all over major cities, and raining profits for a wide spectrum of investors within and outside the country. Notable among its achievements is that, without compromising building codes and the standards of materials, the Leisure Court Limited is at the middle point of the realty market, satisfying both high-end buyers and middle-class buyers. The company has thus far stood out and weathered every storm in the industry, having provided a system that has proven to be a reliable investment vehicle to many Nigerians, and above all, having never engaged in any substandard or questionable practices which could undermine its accomplishments of many years.

With a verifiable history, good reputation, and many years of success in the industry, the Leisure Court Limited has the answer to every investor’s need. Buildings are developed in estate communities with gates and perimeter fencing, street lights, good drainage, constant electricity, and recreational facilities and security. Apartments fully fitted with AC, heat extractors, microwave ovens, gas cookers, refrigerators, DSTV dual connections, washing machines, and kitchen cabinets. With these properties strategically located, the appreciation in value will surely be on a geometrically progressive level. Who doesn’t want a house whose value multiplies on a daily basis? Upon payment of only 20% of the property’s price as initial deposit, you are offered a contract of sale that is quite lucid and devoid of loopholes, with legal protection well enunciated and all aspects of documentation taken care of at zero cost to the buyer. And given a flexible payment plan that guarantees your “breathing space” in about 18 months, you can secure the best properties in the major cities, courtesy of the Leisure Court Limited. What a joy and convenience it is to embrace this enriching approach to real estate investment. Buying off-plan properties is a millionaire’s investment strategy. You can access housing funds by joining the Leisure Court Multipurpose Cooperative Society.  Remember: you will never go wrong with the right association.

The BOT Chairman addressing stakeholders


The housing deficit situation in Nigeria is a well-known fact, it needs addressing and it is obvious that only government cannot solve this challenge facing the Nigerian populace. There is need for conscious efforts by organizations and private individuals in Nigeria’s housing sector in order to overcome the challenges we currently face. Innovative methods and friendly government policies towards housing development is a must now, we all need to start working together to build a future we dream of. Actualization of this dream is what gave birth to Leisure Court Multipurpose Cooperative Society. The society is looking to help create enabling environment and also help raise capital for development in housing, businesses and other projects by the members of the society.

Definition of Multi-Purpose Cooperation Society

Housing is a basic need of every human being just as food and clothing. It is very fundamental to the welfare, survival and health of man (Fadamiro, Taiwo and Ajayi, 2004). Owning a home is one of the best ways of improving one’s standard of living and place in the society. A good home can give people physical and financial security, let them care for one another in healthy living conditions and serve as a base for the family which is the foundation of every society.

A cooperative society is multipurpose because capital raised within the society can be deployed into multiple sectors of the economy. It is an organization which is owned and operated by a group of individuals for mutual benefit.  This cooperative attempts to achieve various objectives whereas other cooperatives’ objective is limited. Whenever any cooperative society is established to attain various goals such as production, purchasing, selling, credits sanction, creation and so on this cooperative is called multi-purpose cooperative society. The purpose for which these societies are set up includes; credit procurement, housing, agricultural, health, etc.

Challenges of the Nigeria Housing Sector

There are various challenges mitigating against the housing sector in Nigeria. These challenges are the main causes of serious housing deficit, which the nation has encountered through the years. The challenges include:

  1. Land Tenure system- There is high insecurity in the current land tenure system being operated in Nigeria. With the Land use Act vesting the title to all lands in a state, in the hands of the state Governor who holds same in trust. By this mandate, the Governor reserves the right to revoke title to any land in the state for public purpose. This Act has resulted in low investment on the part of property developers who constantly entertain fears about investing in housing.
  2. High Cost of Infrastructure- high cost of land infrastructure is a serious challenge to provision of housing both by the private and public sectors. This instance is further worsened if the land is located far from other building facilities. In most cases, investors and developers are required to fully bear the high investment cost of provision of water and road infrastructure to the new site. This trend will significantly affect the final price of the land and ultimately the cost of the housing unit, thus affecting the affordability of the facility.  
  3. Bureaucracy in Government- Cumbersome Legal and Legislative frameworks for land acquisition. The housing sector faces numerous bureaucracies in the process of land acquisition and titles, such bureaucracies include availability, affordability and the ease of acquisition. For example, it may take up to four year to acquire a certificate of occupancy (C of O) from the government authorities in charge of issuing such documents.
  4. Taxation- Investors in the Nigerian housing sector are subjected to multiple taxation. These taxes and levies include; income tax development levy, building plan approval levy, land use tax, property tax, etc. These payments act as disincentives for existing and potential investors in growing the sector.
  5. Hight interest rates and Inflation- the high interest rate in Nigeria (16-24 per cent) has deterred to a large extent investment in Nigerian housing sector. High interest rates have discourage potential investors especially those within the low-and middle-income bracket from seeking mortgage loans. This has resulted in such group(s) resorting to personal savings, local thrift societies, friends, etc.
  6. Naira Devaluation– Devaluation of Naira at certain points in the country’s history has not impacted positively on the housing sector, due to dependence on importation of material and equipment. When the Naira is devalued, it raises the cost of imported building materials needed to stimulate the housing sector. This will ultimately affect the affordability of the housing units.
  7. Rural-Urban Migration/Urbanization- One of the challenges facing the housing sector is the imbalance in the distribution of the population due to rural-urban drift and rapid urbanization. The movement of people to urban centres has increased the demand for housing units in these locations. The housing deficit in Nigeria is highly observed in urban centres such as Abuja, Lagos, Kaduna, etc. The main challenge facing the housing sector in this instance is the provision of adequate housing units for the teeming population in the urban centres.  
  8. High costs of property Development- Building a house is highly expensive in Nigeria. The cost of construction is high for three reasons; high costs of building materials, high skilled labour costs, and costs associated with poor roads and sewage systems. The high costs of building materials has negatively affected the rate of building housing units in the country. The main reason for the high cost of materials is the reliance on imported goods. Most of our local building material industries are incapacitated in the operations, hence not meeting up with the demand for the products. This condition is further worsened by lack of public infrastructure such as roads, power supply. Etc.  

Leisure Court Multipurpose Cooperative Society Ltd is the brain child of stakeholders in the Nigeria housing sector. It is set up to help reduce the rate of poverty by increasing the number of house owner or land owner in the country. Statistics shows that 60% of Nigerians are not land owners or property owners, a large percentage are also displaced. Owning a property or land acquisition serves as an asset which keeps on appreciating over the years. This cooperative society is a special type of society, which is established by Leisure Court Limited mainly to achieve progress in the housing sector and it is made multipurpose so as to also help its members raise capital for other businesses. The BOT Chairman, BLDR Segun Abolaji while addressing the first general meeting of the society pointed out that one of the purposes of this society is to help people escape poverty by empowering them through housing development and giving members support in their various businesses. The Secretary of the Society Barr. Seun Adeojo spoke about the society’s drive to cure the deficiency issue in the housing sector. He pointed out that the cooperative is also targeting empowerment for low income earners, where they can show a habit of savings towards acquiring a land or developing a land they own.   

Simply speaking, we know that cooperative means to work together to improve member’s economic condition. This organization is based on “all for each and each for all” So this organization will function under the mutual cooperative of all the members. In this organization, all member will be equal and free for their rights.


The objective of the society is to promote the economic interest of its member and especially;

  1. Any other measures designed on co-operative principles to encourage among its members the spirit and practice of saving, mutual help, self-help and facilitate severance package for members.
  2. To raise capital through share holdings by members in the society to undertake such other activities as are necessary for the attainment of these objects.
  3. Receiving shares, deposits from members and paying dividends and/or interest respectively.
  4. Investing some of our collective monthly contributions regularly and distributing surplus annually as dividend on prorated basis.
  5. To provide credit facilities to members at fair and reasonable rates of interest for provident and productive purpose.
  6. To engage in cassava production, processing and general agricultural activities.
  7. To stock quality seeds, fertilizers and agricultural chemical for sale to members and non-members at reasonable price.
  8. To promote modern poultry keeping by individual or on group basic and to affordable prices.
  9. To acquire access of land for sale or farming activities or Estate development to meet the housing needs of members or for industrial purpose as a form of investment for the economic benefit of members.
Photo of Executive members of Leisure Court Multi-Purpose Society

The housing sector in Nigeria is definitely overdue for different disruptions, we need new and innovative ideas to take center stage. This one of a kind idea from stakeholders at Leisure Court Limited is a step in the right direction. This cooperative has the potential to usher in new and younger generations of Nigerians into the housing sector due to the ease of access it offers. This society is definitely one to look out for and a must for everyone interested in Nigeria’s housing sector.