A public servant and journalist, Mrs Adebola Ogunbayo, has disclosed that she ventured into the real estate business without investing any capital of her own and has since earned over N7 million in commission.
Speaking during a tour of one of the Pelican Brief projects in the Kobape area of Abeokuta, Ogun State, Ogunbayo revealed that her journey into real estate began almost by chance in 2014.
The journalist said that she met the CEO of Pelican Valley Nigeria Limited, Dr. Babatunde Adeyemo, who introduced her to real estate business while they both served as members of the Press Week Committee of the Nigeria Union of Journalists (NUJ), Ogun State chapter.
She noted that Adeyemo consistently encouraged her to invest in his real estate projects over the years.
“I couldn’t have believed that I would be called a realtor today, particularly considering the fact that I started with zero capital.
•Mrs Ogunbayo & Pelican Valley CEO
“We met as colleagues under the Ogun NUJ in 2014. We were both members of the 2014 Press Week Committee and up to that point, I didn’t know he was a realtor. I just saw him as a journalist,” Ogunbayo said.
“After the Press Week, he continually sent WhatsApp broadcast messages to me asking me to subscribe to the Pelican Valley Estate project but I couldn’t subscribe then. Still, I kept on following the story even though the cost of property in the estate kept increasing,” she said.
“When he launched Pelican Brief, I made inquiries and expressed interest, but I couldn’t finance it then. I assured him that I would subscribe and own a land and a house in the project.”
Despite being unable to invest personally at the time, Ogunbayo decided to recommend the project to others, a move that truly signalled the beginning of her real estate journey.
“He lectured me on how to canvass for subscription and promised to give me commission, which is even higher than the commission other firms give out. I have brought people to subscribe here and we are presently at one of my clients projects,” she explained.
Having earned more than N7 million in commission, which she has reinvested in a property of her own, Ogunbayo said: “With the N7 million commission I have been able to recoup, I have used it as a full payment for my own project. He usually calls to tell me I have a commission here and there but I asked him to hold on to them. I have now committed the commission into my project,” she said.
Reacting to her story, Dr Adeyemo said her story was a vindication of his long-held belief that anyone can start a career in real estate without capital, as long as they have integrity and goodwill.
“Whenever I get to attend events, I use every opportunity to encourage people to venture into real estate even without capital. But people usually see me as a motivational speaker. Her story has now vindicated me,” Adeyemo said.
He also highlighted the rapid appreciation in the value of Ogunbayo’s investment, saying “She bought her property with in Pelican Brief N6 million but it has appreciated to the value of N15 million.
“That is why I advise undergraduates and recent graduates who are waiting on white-collar jobs to venture into real estate even with zero capital but while banking on their goodwill.”
Adeyemo emphasised that real estate success is anchored on integrity.
“Real estate investment is about integrity. You introduce a project to people and they in turn invest because of your integrity and other values you hold dear,” he added.
Adeyemo also revealed that the property they were in was acquired by a client introduced by Ogunbayo.
“Where we are is owned by one of the clients she brought to us and the apartment has been fully furnished but we are presently using it as a short-let apartment,” Adeyemo said.
He also encouraged Nigerians at home and abroad to consider real estate as a viable investment, saying, “It is not too late to invest and we are envisaging that Pelican Brief will be worth over N70 million per plot in the nearest future. Whether you’re in Nigeria or over in the diaspora, lock in your investment here with us today. This project has full government approval.”
