18th Anniversary: Why many real estate companies struggle — Gtext Founder, Akintayo opens up
By Oluwatope Lawanson
Dr Stephen Akintayo, the Founder of Gtext Holdings, a leading global real estate and technology conglomerate, says liquidity challenges remain one of the biggest threats confronting operators in Nigeria’s real estate sector.
Akintayo said this during a news conference in Lagos as part of activities marking the company’s 18th anniversary celebration.
He said many real estate companies were struggling because the sector tied down capital for long periods.
“Real estate is structured in a way where capital is tied down for a long time. If you don’t trade and have other businesses you can take on, you will have liquidity problems,” he said.
Akintayo, who noted that several operators had faced similar challenges in recent years, said, stated that not every struggling real estate company intentionally set out to defraud investors.
He said, “we have had our own fair share of liquidity issues. A lot of our colleagues also went through those liquidity challenges.”
“Not all real estate companies are trying to play games. Many have liquidity issues and are trying to unlock liquidity in ways that did not work out as planned,” he said.
Akintayo said the anniversary marks a defining shift for the company, noting that while the first seven years focused on bulk SMS and digital marketing and the next ten on real estate, the next decade would center on global diversification.
According to him, the new strategy includes Ginido for green energy and security solutions linked to China, and GText Farms for agricultural land banking and commercial farming.
“The company had evolved significantly since it started as a Bulk SMS and digital marketing business 18 years ago.
“We are responding to the challenge through aggressive diversification into agriculture, renewable energy, e-commerce, security technology and artificial intelligence-driven businesses,” he said.
Akintayo explained that the company was restructuring to attract institutional investments and reposition for global expansion.
According to him, the company had largely grown without depending on bank loans.
“We built this company largely without relying on bank loans. Going forward, we are restructuring to begin attracting institutional investors,” he said.
He disclosed that Gtext was also expanding into private security solutions through partnerships with leading CCTV manufacturers in China.
“We are partnering with major CCTV manufacturers in China. The plan is to begin assembling security cameras locally before eventually producing them in Nigeria,” he said.
Akintayo said the security business would deploy AI-powered surveillance systems, body cameras and emergency response technology to support private security operations.
On Artificial Intelligence (AI), he said the company had already achieved more than 50 per cent AI adoption among its workforce.
“For us, AI is not optional. One person can now do the work of 20 people by leveraging AI,” he said.
He, however, warned that AI could significantly reduce white-collar jobs globally.
“I project that about 70 per cent of white-collar jobs will disappear. That is why young people must embrace practical and entrepreneurial skills,” he said.
Akintayo said the company had trained realtors as part of its anniversary activities to improve professionalism in the real estate industry.
According to him, the four-day training programme focused on digital marketing, land titling, deal closure strategies and global real estate opportunities.
He added that Gtext also carried out Corporate Social Responsibility programmes through fuel and cooking gas distribution to
more than 1,000 beneficiaries in Epe, Lagos, and Abuja, as part of efforts to cushion the effects of rising fuel costs on Nigerians.
“We partnered with Rainoil and Petrocam to distribute fuel and cooking gas. So far, over 1,000 Nigerians have benefited from the intervention,” he added.
Also speaking, the Deputy Group Chief Operating Officer of GText Holdings, Mr Farouq Usman, said a key highlight of the anniversary features the Developers and Investors Conference and Exhibition.
According to him, it is a four-day site training programme for aspiring realtors aimed at raising professional standards and exposing participants to opportunities in property investment and land banking.
Mr Ndubisi Chidomere an entrepreneur, founder and CEO of Pamtech Group, a diversified conglomerate operating in automotive, oil & gas, media, and innovation sectors, urged estate developers to adopt forward-thinking and innovative approaches in property development.
According to him, this will ensure that buildings remain relevant and functional in the years ahead.
Chidomere said developers must build with the future in mind by embracing innovation and modern concepts capable of meeting evolving market demands and lifestyle changes.
He also emphasised the importance of the media in promoting the real estate sector, describing it as a vital tool for visibility, education, and development.
He noted the media served as a form of research and development by educating the public while also helping industry players showcase their products and services to a wider audience.
In his remarks, an industry expert, Mr Eizu Uwaoma, advised aspiring entrepreneurs in the real estate sector against taking loans to start their businesses, warning that excessive bank interest could hinder sustainability and long-term growth.
Uwaoma, however, noted that borrowing could be considered for expansion purposes after a business had attained stability and profitability. NAN
