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RICHARD NYONG: BUILDING A LEGACY FROM OBSCURITY TO RELEVANCE

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4 years ago

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Sometimes, life starts out in a way that makes it seem like being born without a silver spoon isn’t enough setback. While some seemingly have a head-start by being born into an already laid out plan, others have to wander, thread the thorny path, and figure things out on their own through the wilderness of life. However, in the words of Dieter F. Uchtdorf, “It’s your reaction to adversity, not adversity itself that determines how your life’s story will develop.” Inspiring stories aren’t fun for the subjects to live through, but coming out on top is what makes them motivational. This can be said of the inspiring story of Lagos-based billionaire CEO – Richard Nyong, who is the founder of the fastest-growing real estate company in Nigeria – Lekki Gardens Estates. The man who came from practically ground zero, to helping average investors build legacies in form of homes, while also building a timeless legacy for himself.

 

Richard’s entire world came to a quick halt when he lost his father at the tender age of 13 for several reasons. It was not only humiliating, but also inexplicable that they couldn’t get their hands on any of the properties his father had invested in before passing. He had started out life, squatting in a distant relative’s house and that had formed the foundation of his ideology – “No parent should die without leaving a home for their children to either live in or profit from.”

 

Allanah Hunt once said “It is only when you take responsibility for your own life that you realize how strong you really are”. Richard had to take responsibility at a young age and despite his early life challenges, he was self-assured. He acquired a B.Sc. in Economics from the University of Port Harcourt for nearly nothing by demonstrating his ability via hard work and rigor. The foundation had been laid, even though the stage had not yet been prepared. He was adamant about finding his way.

 

A decade ago, the young and audacious real estate giant was still in total oblivion in the Nigerian real estate sector, but little did the sector know that a gamechanger would burst into the scene like a meteorite, and totally rewrite the narrative of the country’s multi-billion Naira property sector. Not only that, but also like a phoenix, pass through the flames to test his rite of passage and emerge on the other side to the adulation of many.

 

Richard Nyong’s story would easily remind any conversant real estate enthusiast of Sam Zell (Chairman, Equity International), the 79-year-old American real estate billionaire worth well over $4 billion. As a son of immigrant parents, Sam started out helping students secure accommodation, coming from the fact he had experienced homelessness himself, as a child. His Jewish immigrant parents hardly had anywhere to stay when they initially moved into the US.

 

When Richard started, even though he had nothing, all he wanted to do was to help people secure the best-landed property deals that afforded them the opportunity to maximize their profit. He raised N7 million in 2011 to this effect and was defrauded. He tried again and once more; he was defrauded. This experience was painful but as someone who had rewired his mind to see the opportunity in every problem, he saw a prevalent problem in the sector and decided to be the answer to an age-long question.

 

The constant increase in Nigeria’s population makes housing a very dicey conversation and has resulted in a surge in property demand and a corresponding rise in price. As a result, developers and agents were swiping the pockets of investors, and some were getting outrightly defrauded. The priority for Richard then became how to provide investors a fair chance to invest in real estate without palpitations and with almost any available budget, for their own and their children’s benefit – especially their children. This gave rise to the payout line – “luxury you can afford.” This is the backstory to the birth of Lekki Gardens Estates.

 

Richard’s brainchild, Lekki Gardens Estates, sold over 350 housing units in the first year which was way above the projections, and 2000 in the second, helping real estate investors save hundreds of millions of Naira on their investments. He opened the eyes of several investors to the hacks and tricks that had been labelled as “trade secrets” and pushed the option of a flexible payment plan to help investors own homes without going broke.

 

From setting up several affordable estates like Meridian Park in Ajah where one could become a homeowner with less than 9 million naira, to penetrating the billionaires’ hub – Banana Island with outfits like Foreshore Waters, where a property can be acquired for less than 100 million naira, bringing about a 30% drop in the prices that were previously labelled to the location. Little wonder his 28-Storey IME Heights is aptly described as “The Pride of Banana Island”.

 

Quite a number of things that Richard Nyong did as signs of goodwill, and in the best interest of investors, surely did not go down well with several selfish frontrunners in the sector. However, as someone working with a mindset of service to humanity and posterity, all the oppositions, challenges and hate didn’t only leave him unperturbed but became additional building blocks to the legacy he was building. In his words, “…with every new project, we ask ourselves – What will God like us to do? What is the best way to serve people and provide relevant solutions?”

 

Thousands of housing units and hundreds of happy investors later, Lekki Gardens Estates has successfully established itself as a major player in the Nigerian real estate sector. There is no such thing as a smooth entrepreneurial journey without its setbacks, and adversity would always be the true test of character. Richard understood this better than anyone, and handled it with grace and dexterity when they came. This solidified Lekki Gardens as a fantastic humane business, at the top of investor’s minds.

 

Across several locations like Port Harcourt, Lagos, Abuja, and so on, Lekki Gardens Estates has supplied over 14,000 affordable housing units to date and is still going strong, assisting real estate investors in the management of over 9 billion Naira in assets, while delivering happiness and financial security to over 3,000 families from around the world. Richard’s Lekki Gardens Estates has also created employment opportunities for thousands of young people, flattening the country’s unemployment curve.

 

For Richard, it’s not only about building residences for clients; it’s about allowing them to leave a legacy for their children. The purpose of resolving the real estate crisis has always been for parents to be able to leave their children a concrete legacy – literarily. It’s to give kids a leg up on one of life’s most pressing issues: housing.

 

Richard Nyong, with zeal and laser focus, did take up the housing challenge in Nigeria and did tackle it to magnificent revolutionary standards.

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Lagos Shopping Festival ends on high note with Teni, Young Jonn delivered unforgettable experience

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3 weeks ago

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December 27, 2024

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The inaugural edition of Lagos Shopping Festival – an amazing Africa’s first-of-its-kind 72-hour non-stop shopping and entertainment fiesta – ended on a high note on Thursday, December 26, 2024 with incredible musical performances by some of Nigeria’s A-list artistes including Young Jonn, Teni The Entertainer, and EmmaOMG.

Hordes of shoppers and fun seekers thronged the iconic Mobolaji Johnson Arena in Onikan, Lagos to experience a shopping and partying fiesta that exploded beyond their expectations. They braved the chilly weather, sang and danced along to the performances of some of the best Nigerian acts, leaving indelible memories etched on their minds.
The Festival – with free gate fee – turned out to be the biggest event in Lagos this December. Powered by the Lagos State Government in collaboration with Chain Reactions Africa, a frontline PR firm – together they made the Christmas holiday truly magical for Lagosians from December 23-25 with non-stop vibes and unforgettable shopping experiences.

Teni Tainer Performing at the Lagos Shopping Festival

The organisers pulled off three consecutive nights of concerts parading the likes of Adekunle Gold, Wande Coal, BNXN, Ayo Maff and other A-list artistes who lit up the stage with electrifying performances. However, Young Jonn, Teni and EmmaOMG rounded off the festival with classic performances, with DJ Neptune, D’Incredible DJ, DJ Dips and DJ YK Mule wrapping up on decks.
While attendees savoured the music and enjoyed shopping from various vendors, the Lagos State Governor, Babajide Sanwo-Olu lauded the staff and management of Chain Reactions Africa, organisers of Lagos Shopping Festival for creating an unforgettable blend of entertainment and commerce.


While praising Chain Reactions Africa, the governor commended the PR firm for reigniting the culture of strategic scaling and optimisation of small businesses. The Lagos Shopping Festival is the first that brings and connects shoppers with Micro, Small and Medium-sized Enterprises (MSMEs), providing opportunities, value-driven collaborations and growth with innovators, entertainers and creative industry, as well as the food industry and everyone at appreciably discounted deals.
According to Sanwo-Olu, the fact that the 72-hour non-stop event was concluded without any hitch or medical emergency was a testament to the organisers excellent organisational skills and event management capability.
The governor emphasised that the festival has demonstrated its ability to drive collaboration and business connectivity, while advancing the collective aspiration for a thriving, inclusive and resilient Lagos, which stands as Nigeria’s commercial hub and model for other states.
Indeed, the festival was a success story, with commendations also coming from several vendors as well as lead sponsors and top brands such as Zenith Bank, Tolaram Group, First Bank Plc and Guinness. These iconic brands brought unmatched energy and creativity to the festival, reinforcing their shared dedication to promoting Nigeria’s vibrant culture, heritage and national pride.

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Wema Bank awards N145 million to Seven Outstanding Innovators At The Hackaholics 5.0 Grand Finale

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2 months ago

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November 29, 2024

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Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the 5th edition of its Hackaholics initiative, a premier ideathon designed to empower and support the nation’s brightest tech innovators. The grand finale, which took place recently in Lagos, witnessed a remarkable showcase of ingenuity and problem-solving prowess, culminating in seven startups sharing an impressive N145 million in prize money—nearly double the initial prize fund of N75 million.

This year’s Hackaholics stood out with a record-breaking 3,500 applications from across Nigeria. From this pool, 10 finalists showcased innovative solutions addressing real-world challenges, ranging from education accessibility to sustainable agriculture, healthcare, and more.
Feegor, the overall winner, was awarded the top prize of N50 million for its innovative B2B wholesale marketplace and SaaS platform. Feegor empowers SMEs to discover, negotiate, and source goods from verified suppliers while accessing credit through a Buy Now Pay Later (BNPL) model. This groundbreaking approach is set to drive growth and create significant economic impact.
The first runner-up, Empayment AI, received N35 million for its AI-powered invoice discounting platform, revolutionizing how businesses manage payments. Bloom Beauty, the second runner-up, was awarded N20 million for its personalized, AI-curated solutions that are transforming the beauty industry.
In the women-led category, MyTherapist secured the position of first runner-up, earning N12 million. MyTherapist connects users with mental health professionals, providing accessible and affordable therapy solutions for emotional well-being. Meanwhile, MyItura, an innovator delivering remote healthcare services, clinched the position of second runner-up in the women-led category, receiving N8 million.
Both Northino and University X earned honorable mentions at the grand finale, each receiving N10 million. Northino was recognized for bridging traditional knowledge and modern technology through digital skills training for African native speakers, while University X impressed with its transparent, all-encompassing platform for tertiary education management.
The significance of these groundbreaking innovations was highlighted by Wema Bank’s CEO, Moruf Oseni, who shared his vision for the initiative. In his words, “We are delighted to celebrate the brilliance of our youth through the Hackaholics initiative. At Wema Bank, we are more than a bank; we are enablers of dreams and drivers of transformation. When I stood here earlier, the total prize money was N75 million. But, inspired by the potential we saw, we decided to increase the total prize pool to N145 million. Wema Bank’s legacy of 79 years remains rooted in innovation, and with initiatives like Hackaholics, we continue to empower lives and shape the future.”
Ugonna Ginigeme, CEO of Feegor and the overall winner, expressed heartfelt gratitude for the recognition and support. “I feel very grateful to God, my team, and everyone who has been part of this journey. Winning among so many great startups and entrepreneurs is humbling. I sincerely thank the MD, Wema Bank, and its management for this incredible opportunity. These are still early days, but we are determined to keep working, building, and creating a positive impact for SMEs and the Nigerian economy while building an all-around successful company.” Ginigeme said.
Hackaholics 5.0 not only underscores Wema Bank’s legacy of innovation but also sets the stage for further technological advancements, fostering a generation of problem-solvers poised to reshape Nigeria’s future.

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ZENITH BANK EXPANDS GLOBAL FOOTPRINTS WITH PARIS BRANCH OPENING

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2 months ago

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November 29, 2024

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Zenith Bank Plc has expanded its global footprints with the opening of Zenith Bank (UK), Paris Branch. The official commissioning, which took place on Wednesday, November 27, 2024 at 21 Rue de la paix,Paris, France was performed by the HonourableMinister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The opening of Zenith Bank, Paris, a Third-Country Branch (TCB) of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank Plc, represents a key milestone in the bank’s global growth strategy and underscores its commitment to serving clients in the European region.

Dignitaries at the ceremony include Governor, KwaraState & Chairman, Nigeria Governors’ Forum (NGF), His Excellency, AbdulRahman AbdulRazaq; Governor, Lagos State, His Excellency, Mr. Babajide Sanwo-olu; Governor, Ogun State, His Excellency, AdedapoAbiodun, CON; Governor, Enugu State, His Excellency, Dr. Peter Mbah; Chairman, BUA Group, Abdul Samad Rabiu, GCON; Honourable Minister ofState for Finance, Dr. Doris Uzoka-Anite; Chief Executive Officer/Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Aisha Rimi and Executive Director/Chief Executive Officer, Nigerian Export Promotion Council (NEPC) NonyeAyeni, who joined Zenith Bank Executives in celebrating this significant milestone. The event highlighted the bank’s commitment to delivering exceptional financial solutions and fostering economic growth across the globe.

In her welcome address, the Group Managing Director/Chief Executive of Zenith Bank, Dame (Dr.) Adaora Umeoji, OON, thanked the Founder & Chairman, Dr. Jim ovia, CFR, for his inspiration and vision in setting up an award-winning and record-breaking brand. She also highlighted the rationale for the bank’s strategic move to Paris. According to her, “The opening of this Paris branch is part of the broadstrategy of the Bank to extend its footprints across the major global financial centres and our efforts at following our customers’ businesses. Paris branch opening underpins the need to serve our customers and bolster trade and finance relationship between our customers in France and other countries. Zenith Bank’s expansion into France is a very strategic move as Nigeria accounts for 20% of France’s trade with Sub-saharan Africa according to the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) Having successfully dominated large parts of Anglophone Africa, we will leverage Zenith Bank Paris operations to lead the Francophone market starting from Ivory Coast and Cameroun where we will be establishing subsidiaries very soon. This will facilitate business and trade flows between the African region and France, which is a major business partner to several African countries.”

Speaking at the ceremony, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said, “I feel that one of the dividends of building trust for Nigerian institutions around the world is this event today, the opening of Zenith Bank in Paris. The presence of Zenith here can only but help to engender trust of the French business community. They can learn about the opportunities in Africa, and of course, the entry into Nigeria can be facilitatedWe are happy and we are glad that we are all here to participate in this historic occasion.”

President and Chief Executive of Dangote Group,Alhaji Aliko Dangote, congratulated the bank for the milestone achievement. Expressing his optimism for this strategic initiative, he said, “I really want to congratulate Zenith Bank for achieving this feat by opening a branch here in Paris. I can guarantee you, without the likes of Zenith Bank and other Nigerian banks, we as a group, wouldn’t have been where we are today because there is no country that can grow without a very strong banking sector.”

Director General of the Treasury, France, Bertrand Dumont, commented, “This is a crucial asset when it comes to doing business between our two countries, or when it comes to doing business between our two continents. So, I would like to wish you the best in this endeavor, in this creation, and I hope that in the coming months or the coming year, you will invite me again for the integration of larger buildings as a sign of the success that you would have encountered.”

The Chairman, France-Nigeria Business Council (FNBC), Mr. Aigboje Aig-Imoukhuede, CFR, during his remark said, “15 years ago, Dr. Jim Ovia, then as the CEO of Zenith Bank welcomed me as CEO Access Bank into the UK to join him and other banks that had blazed the trail in opening banking businesses in the UK. 15 years later, to the glory of God, your young brother in banking welcomes you to Paris with pride on the significance of this occasion. Such intentional leadership, such partnership and collaboration speaks to the nature of endeavor that we at the France-Nigeria Business Council are trying to drive. So, on behalf of the French people, I simply say to Zenith – Bonne Arrivee!”

The opening of Zenith Bank, Paris followed the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), in September 2024, allowing the branch to commence operations. Earlier in November 2023, Zenith Bank strengthened ties with France by signing a Memorandum of Understanding (MoU) with the French Government to establish a subsidiary in France. The MoU was signed in Lagos by the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, and the French Minister for Trade, Attractiveness and French Nationals Abroad, Mr. Olivier Becht during the French envoy’s visit to Nigeria.

Zenith Bank, Paris is positioned as a global financial hub for strengthening trade, accelerating trade flows and facilitating connectivity between Europe and Africa. The branch will provide a wide range of services currently being offered by the UK home-office including corporate banking, trade finance and treasury services to individuals and corporate clients in France and the wider European market. The branch will also leverage the bank’s strong global network and expertise to provide tailored solutions to its clients.

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