. UK-based investor expresses delight, affirms company CEO’s integrity
Inspite of the high inflationary trend in Nigeria, the Chief Executive Officer of Pelican Valley Nigeria Limited, Dr Babatunde Adeyemo, says no fewer than 10 sets of Ecostay Apartments will be commissioned by the foremost real estate firm on September 11.
Adeyemo noted that the success of the projects were the combined results of discipline, sacrifice, integrity, prudence and commitment to quality delivery.
The Pelican Valley CEO disclosed this when he led a United Kingdom-based Nigerian and one of the investors in the projects, Pastor Abiodun Adeboye, on a tour of the project site.
Adeyemo while explaining how the company has been beating inflation, said, “When it comes to Ecostay Apartments, it is a place where we want nature to meet luxury and it is very evident that we are a long-distance runner. We believe so much in delivery, we don’t joke with investors’ funds and that is what has been helping us to fight inflation, to leverage in a situation where inflation is affecting all aspects of the real estate sector in Nigeria.
“As soon as the money comes in, we use it to purchase almost 98% of the materials required to do the work. We use our funds to execute development projects, purchase building materials in bulk and store them so that price variation will not affect them.
“Our system is so unique, we don’t collect interest and we don’t do price variation. Buying houses is a long-distance investment, you can’t ask a client to drop N50,000,000 or N70,000,000 at a go. You have to spread it across 12 calendar months in a repayment plan. We don’t collect interest. When the money comes we use it directly for developmental purposes because we have always cut our clothes according to our clothes. We do things the way we are supposed to do it.
“If we say things are bad in Nigeria and all of us are taking advantage of the seemingly bad economy, when will the economy recover? So, it is not about you having the whole world to yourself. The issue is what have you done with the little God has given to you? And that is what we are looking at presently in Pelican Valley Nigeria Limited.
“Presently at Ecostay Apartments, we are set to commission about 10 sets of apartments in the Pelican Ecostay Apartments. Over 90 per cent of the subscribers of those apartments have not completed their payments; some will complete their payments in September next year but we are completing those apartments a year ahead of schedule. We are going to commission those houses, including that of Mr Abiodun Adeboye this September. We are putting all we have to do that.”
UK-based Adeboye, while speaking during the tour, expressed joy that his dream was coming to reality sooner than expected.
The cleric described the Pelican Valley CEO, who he said was introduced to him through his sister, as a “God-fearing man and integrity personified.”
He affirmed that though payment for the project was spread across a period, the overall cost was not affected by the inflation ravaging Nigeria and many other parts of the world.
According to Adeboye, “Inflation is everywhere not just in Nigeria; there is inflation in England, and there is inflation in other parts of the United Kingdom. I can give an example, for a small store item like milk, it was £0.69 but the following week, it rose to £1.16 just within a space of seven days. And that is just milk and prices are skyrocketing everywhere but salaries and wages remain the same.
“So, the inflation is everywhere, it is just that people feel it differently from nation to nation but despite this, there was no price variation for the Pelican Ecostay Apartments to reflect the prevailing inflationary climate.
“I’m highly impressed with that because if Pelican Valley were to go with the rate of inflation (in Nigeria), the current price would almost be double what I paid for. The price remains the same despite the inflation and that is quite an incentive to bring people to subscribe to it. He didn’t collect interest.
“There are so many values in the person of Dr Adeyemo and the name Pelican Valley Nigeria Limited itself. There are so many other developers even in Ogun State and you can see what has happened to some of them, but Pelican Valley remains constant.”
