Novarick Homes Partners Kolanut Africa to Strengthen Buyer Protection Amid Housing Risks

Fadekemi Ajakaiye

Property Development Company, Novarick Homes has entered into a partnership with Insuretech firm, Kolanut Africa, as part of its broader effort to strengthen buyer protection and rebuild confidence in Nigeria’s real estate market, following persistent housing challenges in Lagos and Abuja.

The collaboration comes against the backdrop of recurring incidents that have unsettled property buyers in recent years, including building collapses, fire outbreaks, flooding, and government-led demolitions affecting residential developments across major urban centres. These events have raised concerns about safety, documentation, and the long-term security of property investments.

Speaking on the partnership, the Chief Executive Officer of Novarick Homes, Noah Ibrahim, said the current realities in the housing sector have had a direct impact on buyer confidence and demand a more responsible approach from developers.

“The truth is that buyer confidence has taken a hit, and it is understandable,” Ibrahim said. “When people see reports of collapsed buildings, fire incidents, flooded estates, or properties marked for demolition, it creates fear, even for genuinely well-planned developments. As developers, we have a duty to acknowledge these concerns and respond with structures that prioritise the safety and long-term interests of our clients.”

“This partnership is about looking at the bigger picture,” he added. “It is not enough to sell property. We must also address the anxieties around what happens if unforeseen events occur. By working with Kolanut Africa, we are putting an additional layer of protection in place that reassures buyers that their investment is being treated with seriousness and foresight.”

Providing insight into how the partnership will work, the Chief Operating Officer of Novarick Homes, Collins Oforgu, explained that the collaboration is designed to integrate buyer protection into Novarick’s client engagement process.

“The concept is simple but powerful,” Oforgu said. “Through this partnership, clients can opt into a protection coverage that safeguards their property purchase against specific risks. While the coverage is optional at this stage, we are actively encouraging both new and existing clients to consider it because the cost is relatively low compared to the value and peace of mind it provides.”

According to him, the initiative will apply to new property purchases going forward, while existing clients will be gradually engaged and migrated to the coverage through structured communication and onboarding.

“Our responsibility does not end with signing contracts,” he said. “We are deliberately engaging our existing client base to ensure they also benefit from this arrangement. From a client’s perspective, the benefit is extremely high, especially in a market where uncertainties still exist. From an industry perspective, it sets a standard for how developers should think about client protection.”

Oforgu added that the partnership with Kolanut Africa aligns with Novarick Homes’ longer-term plan to institutionalise best practices that go beyond compliance and address systemic issues in the real estate sector, describing it as one of several steps in the company’s drive to explore smart and strategic collaborations that support its promise of delivering better living experiences for Nigerians.

“This is part of a broader plan to build trust, improve transparency, and contribute to a more resilient property market,” he said. “If developers consistently take responsibility for risk management, buyer confidence will improve, and the industry as a whole will be healthier.”

The partnership points to an evolving industry approach in which strategic collaborations are becoming central to how developers respond to regulatory pressures, growth demands, and shifting buyer expectations. As challenges persist across the housing value chain, such partnerships are playing an increasing role in reshaping real estate development practices.