Recently, several tenants leasing residential spaces through Fibre.ng, a pioneering Nigerian property technology startup, reported receiving notices of lease terminations. This development raised questions about the company’s future, especially as Fibre has remained relatively low-profile compared to competitors like Muster and Spleet.
Lease Termination and Business Focus
According to Fibre’s Director of Operations, Munachi Ogbonna, the termination notices are part of routine business decisions. The company is auditing its property listings and discontinuing leases for underperforming buildings. “We’re not ending leases to stop offering our service but to focus on more profitable properties,” Ogbonna explained. Tenants interested in staying in these properties can work directly with the landlords under new arrangements facilitated by Fibre.
Ogbonna also emphasized that the move is not a cause for alarm and aligns with Fibre’s ongoing strategy to refine its operations. Earlier this year, he highlighted that feedback from customers prompted Fibre to prioritize backend improvements and align offerings more closely with market demand.
Shifting Market Needs
A significant challenge for property tech startups is bridging the gap between supply and customer demand. Ogbonna noted that the primary issue isn’t a shortage of properties but rather the quality and type of available housing. Many renters prefer compact, one-bedroom apartments, but the market predominantly offers larger three- and four-bedroom units.
To address this mismatch, Fibre is focusing on properties that better align with customer preferences while also being financially viable. “If there’s a high demand for one-bedroom apartments, it doesn’t make sense to maintain unprofitable three-bedroom listings just to expand our portfolio,” Ogbonna explained.
Future Outlook
Despite the lease adjustments and the company’s quieter presence in the market, Ogbonna reassured stakeholders that Fibre remains committed to its mission. The company is also pursuing partnerships to enhance its offerings and meet the needs of its customer base more effectively.
“Our operations haven’t changed fundamentally,” Ogbonna stated. “We’re simply aligning our portfolio with what customers want. Fibre is here to stay.”
This recalibration signals a deliberate shift toward sustainable growth and adaptability in an evolving property technology landscape.
