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Nigerian Startup Plans to Transform Property Ownership in the Country
Nigerian prop-tech startup has taken the market by storm with the aim to transform the way people buy, sell, and own property.
The platform launched by the prop-tech startup Vank Wallet (www.vankwallet.com ) will evidently deregulate ownership structure of property giving everyone an opportunity to have a slice of the prop-cake has been described as nothing but revolutionary by market watchers.
The startup deploys a state of the art digital wallet built on Blockchain technology that allows users to buy, sell, borrow against and manage vetted real estate.
Founded in 2021 by Daniel Essien, Vank Wallet is a one-stop shop for users to do everything real estate, including pooling resources to buy property as a group.
The platform is designed in such a way that users who cannot afford outright purchase of property can buy only a fraction of real estate with friends or members of our cooperative to get all the benefits of property ownership without breaking the bank.
The startup appears to be the answer to many Nigerians who worry over the preponderance of quack estate agents, and criminal elements within the property sector.
To address the rising issues of fraudulent practices in the sector, Vank Wallet works by ensuring the legal details of property ownership are adhered to.
“We basically get a property, get a reputable third-party law firm to conduct rigorous due diligence on it and, when we are satisfied with the documentation and status of the property, we acquire it and make it available for subscribers to buy individually or as a group. Our users can buy every property listed on Vank Wallet with the reassurance that the titles are good and ownership will transfer securely to them.”
According to the founder, Vank Wallet promotes financial inclusion by enabling users to access and manage real estate cheaply using just their mobile phones.
The startup is working assiduously to bring some pipeline features forward to support user’s financial inclusion even more. As a result, a lot of upgrades happened within six months.
“We sold our first project in December and have enabled payment by installment and introduced our Real Estate Virtual Agent programme to empower our growing community of users to earn income with property listed on Vank Wallet. We are now onboarding our Lagos project. Our growth has been rapid. In five years, Vank Wallet would be an established niche leader and expanded to multiple international markets,” he added.
Moreso, efforts are being made to bring some pipeline features forward to support user’s financial inclusion even more through a lot of upgrades which happened within the last six months. The CEO is upbeat about the nearest future as he steers the startup to dream expansion into multiple international markets.
“We will remain true to our vision of being the most trusted, secure, and compliant real estate wallet. But we will continue to innovate as leaders in this niche, helping our users buy, sell, borrow against, and manage secure real estate,” he said.
News
Lagos schedules meeting with owners of distressed buildings.
The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.
This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.
Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.
He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.
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FG threatens contractors over Enugu-Onitsha road delay
The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.
This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.
According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.
“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”
He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”
He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.
“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.
The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.
He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.
“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”
He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.
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Ekiti state government mediates land dispute between traditional ruler and family in Epe-Ekiti
The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.
In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.
Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.
Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.
The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.
Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.
Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.
Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.
Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.
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