A Global Renaissance in Real Estate

Author(s): Scott Douglas Jacobsen

Publication (Outlet/Website): A Further Inquiry

Publication Date (yyyy/mm/dd): 2025/07/31

Part 1 of 4

Akin Opatola, President of FIABCI-Nigeria and founder of Olawale Jordan Company, explores the evolving landscape of Nigerian and African real estate. Opatola shares his professional journey from banking to real estate, his global perspective shaped by visiting over 40 cities, and the critical role FIABCI plays in cross-border networking, sustainability, and professional collaboration. Opatola transitioned from banking to real estate, leveraging global exposure from visiting 40+ cities. He emphasizes FIABCI’s role in cross-border networking, sustainability, and professional collaboration, driving Nigeria’s vibrant real estate market, particularly through innovative projects like Eko Atlantic.

Scott Douglas Jacobsen: Today, we’re joined by Akin Opatola, a distinguished Nigerian real estate professional. He serves as the president of FIABCI-Nigeria and is the founder and principal partner of Olawale Jordan Company, a professional real estate brokerage and marketing firm with offices in Lagos and Abuja. Akin is a Chartered Surveyor, Property Valuer, internationally accredited Mediator, and Real Estate Coach. He is also a Fellow of the Institute of Management Consultants and the Chartered Auctioneers of Nigeria.

Akin began his career in banking, spending approximately 12 years in Nigeria’s financial services sector, including a role as Branch Manager at a Diamond Bank branch in Apapa, Lagos State. He later transitioned into real estate, becoming a respected coach and mentor. He contributes to educational initiatives and industry events and has facilitated courses at institutions such as Lagos Business School and the School of Estate. Is all of that correct? Thank you for joining me today.

Akin Opatola: My pleasure. It’s always a privilege to discuss real estate.

Jacobsen: What is FIABCI’s core mission? From your perspective, how has the organization evolved in Nigeria?

Opatola: FIABCI’s core mission is facilitating cross-border business, professional networking, and continuous learning among stakeholders in the global built environment. One of the things that attracted me to FIABCI is its international scope. I’ve had the opportunity to visit over 40 cities worldwide—partly due to my upbringing. My late father was a retired ambassador, so my family lived in different countries throughout my childhood.

When a senior real estate colleague introduced me to FIABCI, I immediately saw it as an opportunity to engage with professionals across borders, deepen my knowledge in real estate, and pursue cross-border transactions. I joined FIABCI about seven years ago, and it has been a very fulfilling journey.

FIABCI-Nigeria has existed for over 50 years—we celebrated our Golden Jubilee in November 2023. We have a strong network of experienced professionals who have made significant contributions to the organization and the advancement of Nigeria’s real estate sector.

Opatola: He was 89—Papa Adegbemile.

Jacobsen: Oh, wow.

Opatola: Yes. So, in terms of demographics, I’m 47 years old, and I’m still considered among the younger members. We have very senior colleagues in FIABCI-Nigeria. The organization has been around for decades, and they’ve done very well.

Initially, the organization tried to keep membership exclusive to estate surveyors, including me. However, a few years ago, they opened it up to professionals across the built environment, and now there is much more cross-pollination.

We have architects, developers, interior decorators, finance professionals, and bankers. It’s amazing. The networking starts even within our national chapter before we can connect internationally.

We have a dedicated WhatsApp group where we share information—not just about real estate. As you may have seen in my profile, I belong to many associations. I enjoy connecting with people and staying informed about developments in my field and related sectors.

We also have another group dedicated to sharing business briefs and ideas. For instance, some of my architect colleagues might message me and say, “Akin, I just designed a building for my client—he’s looking for a good sales and marketing executive,” and I’m happy to step in. Similarly, when a client needs a reputable architect, I’ll recommend someone and share their contact.

So far, FIABCI has been an incredible experience for me.

Jacobsen: Regarding your journey through over 40 countries, what is your biggest lesson from so much international exposure?

Opatola: That’s an interesting question. The most significant lesson is the value of diversity.

I did part of my primary school in Rome. Back then, my siblings and I could count from one to one hundred in Italian, sing songs in the language, read fluently, and perform in stage dramas at school—all in Italian. I can barely count to twenty-five in Italian, and my siblings are in the same boat.

But it was a profoundly enriching experience. Meeting people worldwide gave me a broader view of life, culture, and society. It opened my mind and shaped how I interact with people and conduct business today.

It helped me appreciate the beauty of diversity. I joined the African Real Estate Society (AFRES) a few years ago. From a FIABCI perspective, I noticed that Nigeria is the only chapter currently active in Africa. As I mentioned, I love to travel, explore different cultures and try new foods. I’m adventurous, even with cuisine.

Through my involvement with AFRES, I’ve had the opportunity to travel to Kigali, Addis Ababa, Accra, Cape Town, Johannesburg, Nairobi, and several other African cities. Along the way, I’ve met many incredible professionals. As they say, your network is your net worth.

People often ask me, “Akin, can you recommend a good proptech expert in Kenya?” I can make introductions, and people are surprised by my resourcefulness. Friends and family even ask for travel tips: “I’m heading to Johannesburg or Cape Town—where should I stay?” I’ll say, “There’s a lovely boutique hotel called Little Scottyard, and they have fantastic wine.”

People gravitate toward me not just for real estate advice but also because of my openness and international experience. I am genuinely privileged in that regard.

Also, last year, my wife and I received our Canadian visas. We are planning to visit either next year or the year after. I’ve never been to Canada, but I’m looking forward to it.

Jacobsen: Make sure to visit after our annual frost thaw. You’ll enjoy it more that way.

Opatola: [Laughing] I’ll make a note of that.

Jacobsen: Regarding real estate in Nigeria, people may not realize how dynamic the market is. Nigeria is arguably the most vibrant country in Africa in terms of population size and youthful energy. Considering development, interior design, architecture, and other areas of real estate, which sectors do you see as particularly vibrant and poised for growth over the next five to ten years?

Opatola: That’s a very insightful question. Almost all sectors are vibrant—and I’ll explain why.

As you rightly noted, Nigeria has a very young population. I was experimenting with ChatGPT recently, which confirmed that Nigeria’s average age is about 18 years. That’s significant.

That demographic signals opportunity and urgency for developers, architects, and real estate professionals. These are the young people who, within the next five to ten years, will need housing—and not just any housing, but units that suit their lifestyles: one-bedroom, two-bedroom, smaller, more efficient spaces.

Many consultants are already planning for that future. We also face a housing deficit of about 20 million units across Nigeria. In Lagos alone, the deficit is estimated at 4 million units.

We’ve barely scratched the surface in terms of development. Nigeria produces fewer than 2,000 housing units annually, significantly below what is needed. Given this gap, foreign investors are increasingly entering the market—and they are most welcome.

With the current government’s reform agenda, we’re seeing encouraging signs. I recently read that Fitch Ratings upgraded Nigeria’s credit rating. I’m not surprised, as the government’s business-friendly reforms are starting to take effect. Of course, reforms come with short-term challenges—tightening budgets and some economic discomfort—but there’s now a clear light at the end of the tunnel. This is where FIABCI plays an important role.

Our members benefit significantly from international exposure. When we travel and engage with professionals from countries that are far ahead of us in architecture, urban planning, ESG, and sustainability, we gain insights that we bring back home. This helps us advise clients, private developers, and even government stakeholders more effectively—something colleagues without such exposure may not be able to do as easily.

One exciting development is Eko Atlantic, a sustainable, smart city built on reclaimed land off the coast of Lagos. It’s remarkable—wide roads, integrated infrastructure, and an urban design aligned with the concept of the 15-minute city. Residents can access essential amenities like schools, recreation centers, hospitals, supermarkets, and cinemas within a short bike ride or walking distance.

Eko Atlantic is solving many of Lagos’s long-standing infrastructure issues. It has caught the attention of Nigerians in the diaspora, and rightly so. The United States Embassy announced plans to build what will become the largest U.S. embassy in the world—right there in Eko Atlantic. The area is futuristic, with no flooding, efficient street lighting, and well-planned infrastructure.

Another milestone: FirstBank, one of Nigeria’s oldest and most respected financial institutions, broke ground just three weeks ago on its new head office in Eko Atlantic. At 46 stories, it is slated to be the tallest building in Lagos and will be completed in about four years.

The project involved collaborating with a Nigerian architect and an international firm, underscoring the global partnerships emerging in our sector.

With multinational companies and telecoms now considering a presence in Eko Atlantic, there is an increasing demand for local architects to step up and offer smart, innovative, and future-ready designs that meet the standards and expectations of this new city.

A drone shot of Eko Atlantic looks almost unreal. If you’re unfamiliar with it, you might think it’s in Las Vegas or Dubai. It’s truly remarkable—situated right by the water, with about 25 ongoing projects simultaneously.

Even in my practice, around 60 to 70% of my work involves marketing and sales. My firm has been shortlisted for two developments in Eko Atlantic, handling off-plan sales. I’m very excited about where the country is heading.

A few weeks ago, I attended MIPIM in Cannes, France, arguably the world’s largest property exhibition. It allowed me to network with global professionals and experience cutting-edge trends firsthand.

I’m always seeking to stay on the leading edge—whether it’s AI in real estate, drone technology, LED display screens, or virtual reality tools for immersive property tours. I return to my office and share this knowledge with my team. It allows us to confidently craft compelling proposals for innovative sales strategies in projects like Eko Atlantic.

Jacobsen: What is the significance of FIABCI’s consultative status with the United Nations ECOSOC? How does that status enhance the organization’s role globally?

Opatola: It’s significant in multiple ways. First, it gives us credibility and institutional recognition—we can proudly say we’re connected to the United Nations system.

Second, we gain access to knowledge resources and thought leadership from the UN. At several of our World Congresses, we’ve had representatives from the UN-Habitat address us, especially on topics like the Sustainable Development Goals (SDGs).

FIABCI members are expected to be leaders in conversations around climate change, carbon emissions, and sustainable urban development. This applies even to brokers—how do we advise clients in ways that align with environmental responsibility?

We’ve also been fortunate to have leaders like Claudia Annamuthoni Elisha, the Executive Director of UN-Habitat from Kenya, scheduled to deliver a keynote address at the upcoming World Congress in Lagos.

Beyond that, FIABCI members are sometimes invited to attend UN sessions virtually and in person. We receive newsletters and regular updates from the UN, keeping us aligned with global development conversations.

Last updated May 3, 2025. These terms govern all In-Sight Publishing content—past, present, and future—and supersede any prior notices.  In-Sight Publishing by Scott  Douglas  Jacobsen is licensed under a Creative Commons BY‑NC‑ND 4.0; © In-Sight Publishing by Scott  Douglas  Jacobsen 2012–Present. All trademarks, performances, databases & branding are owned by their rights holders; no use without permission. Unauthorized copying, modification, framing or public communication is prohibited. External links are not endorsed. Cookies & tracking require consent, and data processing complies with PIPEDA & GDPR; no data from children < 13 (COPPA). Content meets WCAG 2.1 AA under the Accessible Canada Act & is preserved in open archival formats with backups. Excerpts & links require full credit & hyperlink; limited quoting under fair-dealing & fair-use. All content is informational; no liability for errors or omissions: Feedback welcome, and verified errors corrected promptly. For permissions or DMCA notices, email: scott.jacobsen2025@gmail.com. Site use is governed by BC laws; content is “as‑is,” liability limited, users indemnify us; moral, performers’ & database sui generis rights reserved.