In a recent conversation with Imasuen Amowie Izoduwa, the Chief Executive Officer of Ughoron Investment Limited, an indigenous real estate development company based in Benin City, he discussed the company’s growth, its innovative approach to the Edo real estate market, and the challenges faced in land administration. Below are key insights from the interview, as Izoduwa shares the journey of his company and the promising future of the real estate sector in Edo State.
Ughoron Investment: Bridging Rural and Urban Development
Ughoron Investment Limited specializes in real estate development, focusing on creating modern architectural properties in rural areas to bridge the gap between rural and urban environments. According to Izoduwa, the company identifies potential areas for growth and develops them into fully functional estates that align with modern living standards, enhancing the overall appeal of these regions.
The Historical Significance Behind Ughoron’s Name
Izoduwa, a historian, explained that the name “Ughoron” was inspired by the ancient guild of wise individuals from Benin, known for preserving and passing down the history of the land. This guild, formed during the era of the Ogisos, the pre-Oba rulers of Benin, was crucial in safeguarding the cultural heritage of the region. Izoduwa chose this name for his company to reflect the ancient traditions and values of the Edo people, linking the modern real estate business to the rich history of the region.
The Growth of Ughoron Investment
In less than four years, Ughoron Investment has expanded significantly. Starting with just N4 million—raised through loans from family and friends—the company began its first project, Ise Estate Phase 1, at Evbuekpen. Over the years, the company grew its portfolio to include multiple estates across Edo State, including Ise Estate Phase 2 and Ere Royal Court, culminating in two major ongoing projects: Ere Royal Estate and Ere Royal Villa. The company’s current project, Ere Villa, is valued at N2 billion, showcasing its remarkable growth and determination.
Challenges in the Real Estate Market
Izoduwa acknowledged the challenges facing real estate developers in Edo State, particularly in land administration. He cited the prevalent issues with communal land ownership and the resulting complexities of land transactions, which have caused many potential buyers to lose trust in the system. However, he remains optimistic, noting that with the Edo Geographic Information Service (EdoGIS) initiative introduced by Governor Godwin Obaseki, land administration in the state has become more digitized, addressing issues such as multiple land sales and encroachment.
Why Edo’s Real Estate Market is Thriving
Despite the challenges, Izoduwa is optimistic about the growth of the real estate market in Edo State. He noted that Edo people, particularly those in the diaspora, have historically been keen land buyers. He also emphasized that, compared to other regions, Edo has the highest percentage of its population investing in real estate. However, the market faced a decline due to the lack of trust in local land administration. Ughoron Investment has been able to gain back the confidence of these buyers by ensuring transparency and offering secure, well-managed land deals.
Security as a Top Priority
Security remains a major concern for property buyers, particularly those living abroad. In response, Ughoron has taken proactive steps to address this issue by incorporating security measures into its estates, including the construction of a police station in one of their developments, Ere Royal Estate. Izoduwa explained that this decision came after listening to client feedback and realizing the need for a visible, on-site security presence to provide peace of mind to residents and investors.
Navigating the Economic Climate
Despite the ongoing economic challenges, Izoduwa believes that housing remains a fundamental need, as shelter is just as crucial as food. He emphasized that many individuals, even with limited financial resources, still prioritize investing in property as a way to secure their future. Ughoron Investment has maintained relatively affordable pricing for its estates, recognizing the financial pressures many Nigerians face, and aiming to make homeownership accessible to a larger portion of the population.
