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The outbreak of the pandemic across the globe and its ravaging effects in Africa-particularly Nigeria as recorded in recent times, caused a major disruption of economic activities and performance in most sectors, including trade, aviation, and education. The real estate sector is not excluded.
However, the right business in the right hands definitely makes a lot of difference even during a pandemic. Nigeria’s Olaide Agboola, a seasoned real estate expert, CEO, and co-founder of Purple Group is amongst an emerging set of entrepreneurs giving a facelift to the real estate space on the home front.
With over 15 years of experience in investment banking and wealth management services, Agboola is acclaimed for his cross-industry impact across multiple corporations and in various roles corporate finance, asset management, investment banking, real estate, and now lifestyle development.
These exploits are not new to him. Agboola was the first Nigerian to be elected as International Students’ Officer at the University of Sheffield Students’ Union in 1999 by an overwhelming majority.
He led the University of Sheffield International Students’ Committee; served and represented on the University Senate and served on the Board of SUSU Services Limited – the Union Corporate Entity.
Agboola has a guiding principle and this is the guiding philosophy of the Purple group. It is expressed in these words:
The way people feel when they remember you or come in contact with your service; that is your brand – Create it, nurture it, protect it; It is the most powerful part of your identity.
Agboola is currently the co-founder and CEO of Purple Group-with a portfolio that includes Purple Maryland (formerly Maryland Mall), Purple Lekki, and other residential developments as well as a lifestyle brand and products.
In pushing the company forward, Agboola has strengthened the finance pipeline of talent, capabilities, and culture by pioneering the design and implementation of people development and mentorship frameworks, diversity and inclusion, and culture programs.
His passion led him to communicate impeccably with a crystal clear vision for ‘the future is now’ inspiration for the people across Nigeria.
Speaking about his plans for Purple Group in an interview with African Private Equity and Venture Capital Association, he said:
We plan to raise US$50mn in 2016 for two parallel funds focused on retail properties or mixed-use properties involving retail, in the Lagos urban area. In the first few months of 2015, we focused on our Lagos-registered fund dedicated to domestic investors, but we are snow beginning to market more proactively to foreign investors through a fund domiciled in Mauritius. We will also provide opportunities for institutions that want to co-invest with us outside a private equity fund structure.
The future of real estate development in Africa as made obvious is vastly dependent on the erasure of a long-standing culture of conservatism in its ecosystem.
Looking more broadly at Nigeria as a whole, it makes up more than half of West Africa’s economy, and has the continent’s largest GDP thus, it has become pertinent that we see opportunities in other national sectors, such as infrastructure.
