By Olusegun Olanrewaju
Economic dynamites sometimes come in larger packages. This aptly sums up the case-in-point of Odumade Yusuf Omotayo, a Jack of All Trades in the real estate, freight forwarding, telecom technology, and farming sectors of the Nigerian economy.
Odumade, the Chief Executive Officer (CEO) of Darryl Homes Nigeria Ltd, a real estate developer, vehemently decries the spate of sharp practices plaguing the industry in the country, alleging that untoward tendencies have become the order of the day.
The University of Ilorin (Unilorin) and Lagos Business School, Lekki-trained multi-talented business guru, in an interview with ThisNigeria correspondent, speaks out against what he considers the ‘old fashioned’ tactics of ‘cutting-corners’, which according to him, have become rampant in the real estate sector, and from which the nation is bleeding from.
The highly successful businessman, however, says he thinks that the obnoxious practice of ‘cutting corners’ is a double-edged undertaking which though could be considered beneficial to perpetrators, sometimes leaves many biting their fingers, blaming themselves in the long run for their sharp engagements.
“Let me give you a practical example,” he says, going down the history lane. “We have properties that stay a year or more in the market before they are sold. For a developer that has cut corners in painting, for example, he will have to repaint and repaint before he gets his property sold out, which means he must have spent three times the initial painting cost as a result of a delay in selling off his property,” he adds.
Citing other examples, he says, “Another example is houses that have cracks. For instance, in the Lekki-Ajah axis, We found out that there was a water-filled land that mostly requires pile foundations; some developers cut corners, and will just raft foundations, neglecting the piling, just because they want to be cost-effective.
“But in the long run, their houses crack, and they have to sometimes demolish or spend extra money to repair what should have been done properly. So, corner-cutting, most times, is also a disadvantage to developers that do such. This is a technology world and I can confirm to you that in Darryl Homes, every stage of our construction work is visually recorded.
To arrest this trend, he advises the government to implement policies that would turn the real estate industry into a revenue-generation sector for all.
His words, “The government has turned the real estate industry into a revenue-generating sector for themselves. The government has made sweet policies and set up regulatory bodies to put developers in check, but in the long run, they still serve as revenue-generating means for them.
“For example, LSTML (Lagos State Material Testing Laboratory) and safety; only come to the site to bill us exorbitant prices without checks. Theirs is just to collect money, they do not check.”
Going down memory lane, the CEO, who describes himself as a work-in-progress businessman, added: “My experience in the business world spans across different sectors, from freight forwarding to technology, to farming and real estate.
On these aspects of business, the award-winning business expert states, “Freight Forwarding has been my family business over decades. My father, Otunba S. Odumade, is a major player in the clearing and forwarding business, with our office in Apapa. I have also had other engagements in farming, with considerable measures of success.”
As a top player in the real estate developing semi-industry, he observes, “At Darryl Homes, we have built a team over the years that work with synergy, and we have never relinquished our promise of delivering the best affordable luxury homes.
“We are affordable Luxury builders and we don’t compromise when it comes to materials usage. We build homes we can live in, and we just don’t build and sell. All our homes come with amazing appurtenances and we don’t joke with aesthetics. We are a capable team to handle your needs.
“This is what we do at Darryl Homes. We invite our clients and show them the building process of their house from the beginning till the end. We have it all video recorded. I am proud to say that, at Darryl Homes, we don’t cut corners, and we don’t use inferior products.”
Odumade describes himself, in glowing terms, as a work-in-progress businessman. My experience in the business world spans across different sectors, from freight forwarding to technology, to farming and real estate.”
With a tinge of sticky memory, he tells the correspondent, “Freight Forwarding has been my family business over decades. My father, Otunba S. Odumade, is a major player in the clearing and forwarding business, with our office in Apapa.
“I worked with him approximately for six years during my post-SSCE, and also when I gained admission into the prestigious University of Ilorin, I spent my holidays working at our Apapa freight forwarding office.
“Upon graduation from the university, I did my youth service in Ibadan, Oyo State. As the business-driven mind that I have been from the outset, I went ahead to set up my first personal business, which was a telecommunications business; Soft Mobile phone gadgets, in Ibadan, in 2010.”
According to him, “Soft Mobile was my entry point into the real business world as an entrepreneur. We sold phones, tabs, wristwatches et al, and this was during the era of the introduction of Blackberry.”
As a major supplier of phones in Ibadan between 2010 and 2014, he stayed back in Ibadan after the National Youth Service (NYSC) programme for another few years. “This business lasted for four years, and I hope we still get to bring it on soon,” he says.
Odumade also recollects venturing into farming and livestock farming. “This gave birth to Darryl Farmville Nig Limited. To broaden my knowledge about farming, I got enrolled at the prestigious Lagos Business School where I studied Agriculture Business Management (AGMP-10). I am a proud alumnus of LBS, Lekki.”
He proudly states, “Farming is a tasking business, and we are still in operation today. Farming is also a part of real estate, and this broadened my knowledge into diversifying our resources full-time into real estate.”
The product of the entrepreneurial spirit, he adds, is Darryl Homes Nigeria Limited, “born with the help of my team and our experience”.
Darryl Homes, he notes, started in the year 2017, “and we started operating fully in the year 2020. In three years, we have built and sold many houses and built for different clientele.
“Our maiden project was Zahra Court, located in the Awoyaya axis of Lekki. This project made history and got sold out in less than one month of listing.
“We started another project named “Pier 6 Luxury Terrace.” Pier 6 was a project that shot our name into the limelight. We sold out on this terrace quickly and at the time it was the most expensive terrace in Ajah. We sold each unit for N70 million, and this was sold out in less than two months.
“To date, we still receive calls from clients asking if we still have an available unit in the Pier 6 Luxury Terrace. We moved into other projects like Kik’s Luxury Residence, which is also sold out. Our present completed projects in the market include: The Bay’s Edge; The Mason Project, and The Paramount, by Darryl Homes all located in different locations in the Lekki-Ajah axis of Lagos State.”
Apart from shrewd business practices, Odumade, who is happily married and blessed with two kids, says he takes his time out with his family.
He adds, “I am exactly who you watch out for in the business world. I am presently a work in progress and the hard work won’t stop.”
On his vision for the future, he enthuses, “At Darryl Homes, we have built a team over the years that work with synergy, and we have never relinquished our promise of delivering the best affordable luxury homes.
“We are affordable Luxury builders and we don’t compromise when it comes to materials usage. We build homes we can live in, and we just don’t build and sell, all our homes come with amazing appurtenances. We don’t joke with aesthetics. We are a capable team to handle your needs.
“This is what we do at Darryl Homes; we invite our clients and show them the building process of their house from the beginning till the end. We have it all video-recorded. I am proud to say that, at Darryl Homes, we don’t cut corners, and we don’t use inferior products.”
