Nigeria’s growing housing demand, rising land fraud and slow government approvals are pushing private developers to fill gaps long left open by the state, according to Dr. CKC Obiekwe (Onwa of Ukpor), managing director of Lagos-based P48 Investment Limited.
Obiekwe said fear of land scams and the lack of affordable housing motivated his entry into real estate. He noted that many Nigerians struggle to own property because of weak oversight, unclear land titles and delayed responses from public authorities. “People are scared of losing their life savings to the wrong hands,” Obiekwe said. “At the same time, the housing shortage keeps growing.”
Industry groups estimate Nigeria’s housing deficit at more than 20 million homes. Developers say this gap continues to widen due to population growth, urban migration and limited access to land, finance and approvals needed to deliver new housing.
P48 Investment Limited began operations by acquiring and reselling land before expanding into rental housing and estate developments. Its projects include New York Estate in Ije-Ododo, Lagos; Sun City in Asaba; Diplomats Estate in Ibeju-Lekki; and Gold City in Awka, Anambra State.
The company is also working in collaborating with the Association of Anambra state development Development Union (AASDU ) in development of AASDU Mega City Awka, which Dr Obiekwe described as a world class planned urban project designed to support organised growth and basic infrastructure in Awka in particular
Beyond P48, Obiekwe is involved in affiliated firms including Green Extract International, Project Handlers Limited and Mega City Awka. He said these ventures share a focus on planned housing, serviced estates and structured development models.
Obiekwe said the main challenges facing developers include sourcing land with clear titles, securing low-interest funding for infrastructure and navigating shifting government policies. He added that land documentation and approval processes can take between six months and one year.
“Policy changes and delays slow down delivery,” he said. “But demand keeps rising.”
He said customer trust has helped his business continue despite economic pressures such as inflation and reduced purchasing power. According to him, many long-term clients continue to invest based on past delivery records.
“Our strength is trust built over time,” he said. “Clients still believe in us, even in tough times.” Obiekwe said the most fulfilling part of his work is handing over land allocations or house keys to buyers, describing the process as a defining moment for families. “That moment matters,” he said. “You see families happy because they finally own a home.”
He described his leadership style as team-driven, encouraging staff to question policies and make informed decisions while maintaining discipline and welfare support. “We grow together,” he said. “New staff learn from older ones, and ideas are shared.”
Looking ahead, Obiekwe said his goal is to develop at least 30 estates across 20 Nigerian states within the next decade. He also plans to establish a mortgage finance bank to support homebuyers.
For young entrepreneurs, his advice is direct: passion, focus, discipline and consistency. “Set clear targets,” he said. “Then work for them every day.”
