Mr. Patrick Agbaza, the Managing Director and chief Executive Officer of Pazino Engineering and Construction Company, discusses developmental issues in the nation’s real estate sector
Tell us about Pazino’s real estate portfolio and who drives the firm
The company has many estate schemes in Ibeju Lekki expressway, and in other areas of Lagos, as well as in some states. We have offices throughout Nigeria, and in South Africa, and besides real estate, we play a major role in the engineering, construction and dredging space in Nigeria. The firm is managed by Mr. Patrick Agbaza, an alumnus of the University of Benin. I’m an innovation-driven CEO and this has manifested in the unprecedented growth of the company in the last decade. My career in real estate spans over 18 Years and I’m not just a businessman but one that is very passionate at what he does.
What is new in real estate that can be so appealing for people to want to invest or create investment portfolios?
The real estate in Nigeria, especially that of Lagos has taken a new dimension and a positive one at that, as it has enhanced the investment angle and the gain and profitability aspects of the business. Hitherto, the industry was not that rewarding, but all that has changed, as the agency fees and commission system of real estate products and services have increased and that area has opened up. Let us look at the commission earning system; you have first, second and third generation of earnings. In the past, there was no structure like that in the real estate industry, and secondly, there is so much awareness about the real estate business now unlike in the past, when a lot of people didn’t really know about the benefits of investing in real estate, but now people know that the safest area to invest your money is in real estate.
What is your advice for an investor that wants to come through Pazino?
My advice for an investor is for them to invest through Pazino’s well-structured estate schemes, as a gateway to real estate, especially in the Ibeju Lekki axis of Lagos state. I will tell you a short story; Ibeju Lekki is where we have the free trade zone project, the Dangote refinery, the fertilizers plant, the deep sea port project, the cargo airport, just to mention a few. With the ongoing projects what does that portend for an investor? In one word, It is a cash cow, because of the developmental strides that is going on in this area. It simply means that when you invest in this area your return on investment (RoI) will be higher and faster.
In the last eight years the Ibeju Lekki axis has been tested and has proved to be the number one in terms of investment in the long and short term. When you invest in real estate through Pazino your investment will count; Pazino has been tested and proved over the years, we are not omonile or a hustle-round company. Some of the people who invested through the Pazino platforms in the last three or four years are smiling now because of higher returns on their investment; at Pazino we guarantee your investment. We take it even higher than that, as our clients are more like our partners in progress. We came into the business, because there was public yearning for things to be professionally done. We are to do real estate investment as professionals and we will give you consultancy advice on areas to invest, we are not selfish, we will give you the ABC in real estate investment, end to end.
What is your take in real estate business in Nigeria, and Africa?
I will say these, we are not there yet, but there is tremendous improvement, as compared to the business in the past, say 20 or 30 years ago. Today, there are structural designs and a lot of investment opportunities have been opened up in real estate, the list is endless. There are professionals handling various aspects of real estate. In the past people were not serious about real estate, as it was just in the hands of a select few; people didn’t think deeply about the sector but all that has changed at least in the last 15 – 20 years. Some of us are doing well in that sector, you will agree with me, that when professionals come into an industry they take it to the next level.
Why should investor not worry or have sleepless night over their investments?
Yes, once you have invested in a professional like Pazino Estate you don’t need to worry because we have everything planned, you go to sleep knowing that your investment is secure, unless when you invest in shoddy schemes or omonile. For us at Pazino we are trained professionals in the business, and our core value is to deliver the required services in real estate.
What should be the strategy should Ibeju Lekki become over populated?
In the area of population explosion, we will have a dual plan for the government. The traffic congestion from Lekki Phase I down to Ajah has been there for years, and I will expect the government to look into it critically to reduce the sufferings of the people by coming out with more positive plans. The government is the major regulator of the real estate, and they need to come up with plans to expand the road networks, build more overhead bridges in this axis, they should as well partner with private organisations and private individuals to carve out a more robust contemporary city plan. They should encourage people to do businesses from their homes and by so doing they will stay off the roads and there will be less congestion on the road.