Chief Executive Officer of Pelican Valley Nigeria Limited, Babatunde Adeyemo, in this interview with IFEDAYO OGUNYEMI, shares how his life experiences, strides in journalism and real estate inspired him to cater for the needs of the vulnerable.
What was growing up like?
I am a native of Ibadan in Oyo State, but I was born in Ikorodu. Hence, I practically spent most of my life in Lagos. I started my education at Etunrenren Primary School, Ikorodu in 1983 and later proceeded to the Government College, also in Ikorodu for my secondary education. After that, I got admission to a Cooperative College where I obtained a Diploma in Cooperative Studies. Thereafter, I was admitted to the University of Lagos, in 1998 where I bagged my first degree in Industrial Relations and Personnel Management. I subsequently bagged a Master’s degree from the same institution in 2010.
Most people don’t believe me when I tell them that I worked as a barber to finance myself through university education in University Of Lagos. At UNILAG, I learnt from the entrepreneurial strategies of our then vice chancellor, late Professor JeliliOmotola, who pioneered the establishment of UNILAG Ventures. Then, my school was the first university in Nigeria to pay its workforce before the arrival of the Federal Government’s monthly subvention. Such drive by the late VC was a source of inspiration. Today’s youths should always look up to outstanding personalities’ ways of lives – their strengths, weaknesses, opportunities and threats.
You actively worked as a journalist before you transitioned into real estate; how did you come about the change of career?
I practise journalism and real estate simultaneously. I still report for Murhi International Television (MITV). So, journalism is a calling while real estate is my passion. One thing you can’t take away from the management of MITV is that they allow staff development and permit workers that are creative to ventilate their creativity once it does not affect official duties and delivery. Journalism has really given me a leap and it has helped my real estate business in the sense that it opens doors for me. As a journalist that has been practising for close to 15 years, the links and contacts are there for me to explore and leverage. My credibility also helped as I have not been linked to any fraud, falsification or controversy. I am just a gentleman and I will remain so. That name and goodwill in journalism has really helped me towards developing my passion. Although the real estate business has been paying my bills in the past four years, it isn’t a valid reason to abandon journalism altogether. I was not brought up to abandon anyone that once assisted me in life. I do not want to be an ingrate. Rather than abandon MITV, I have been giving back to the company; doing my job almost free of charge and equally contributing to that organisation positively in the last two years. I’ve made up my mind that if they still want my service, I will continue to render my service almost at no cost to the organisation. An African proverb says “A good name is better than riches.”
What did you learn along the line that is now so memorable?
My humble beginning was my greatest teacher. My late dad used to say a Yoruba proverb, “iyako je e; o ni o gbon. Tani teacher e?” This translates to mean “you didn’t suffer, yet you said you are wise. Who, then, is your teacher?” What I have learnt about real estate business is that as an entrepreneur, you must be extremely patient and nurture the business to grow, not in a hurry to get rich quickly. This is what many real estate promoters in Nigeria don’t do. For example, it took us about three and a half years to get a certificate of occupancy of some of our lands, then about two years to prepare our terrace, before we even commenced sales. How many real estate practitioners would wait or be patient that long before selling? Some would even use buyers’ money to pay land owners (omoonile). Real estate business requires patience and time, not desperation. Let me tell you my experience. Several years ago I approached a bank for a loan, but at the point of disbursing the loan, the bank’s MD called me into his office and offered me candid and honest advice that I will never forget in my life. The man told me in confidence that I would not break even or have a peace of mind if I got a commercial bank loan for a real estate business. He further told me that his advice is offered sincerely simply because of his relationship with the person that connected me with him. The real estate market is not like rice and beans that customers troop in to buy in droves. You can invest millions and not get any return in years. So, what now becomes of the interests and servicing of the bank loans you have got to repay? That is why we see so much desperation on the part of most operators of real estate business in Nigeria of late. They can ask you to contribute one naira every day or buy a plot and get this and that. It’s all about desperation. Real estate business needs patience and consistency. You start little, if you don’t want to secure a killer loan. There was a period where I used an old model Mazda car for nine years, changing the engine three times just to cut costs and stay in business.
I also learnt great lessons from my late dad. My dad was suddenly sent on a compulsory retirement from the Lagos State civil service without any offence. He had spent over 27 years in service without having a house of his own simply because of the luxury enjoyed then by senior civil servants. But the whole family was thrown off balance due to his sudden retirement. This eventually made us to stay in an uncompleted building without windows, doors, water or light for over one decade. We thank God that time wasn’t the era of “Badoo.” So, that bitter experience taught me great lessons and propelled me to buy my first land at the age of 26 even though I was earning N19,000 as salary. I also started preparing for my retirement right from my first day of gainful employment. All these propelled and accelerated the birth of Pelican Valley and yet, I still combined it with journalism.
What is Oko Opo Foundation which you recently founded and what do you want to achieve with it?
OkoOpo Foundation is one of my life-long ambitions and dreams. The foundation is a product of my personal experience about life generally. Being a journalist for almost 15 years, and having covered many people, including about four administrations in Ogun State, the rich and the poor, seen the mighty fallen, seen people at the peak and the lowest parts of their lives, I’ve come to realise that life is vanity and I realised also that no matter the amount of money you have, it doesn’t secure the future of your children because money is like spirit which you can’t tie down except you invest it in institutions and people.
Look at the high and mighty in our society many years back, where is their wealth now? When they died, the wealth went with them and you’ll now hear some weird news that you’ve not heard before. So, I realised that the only way you can leave an indelible mark on the sands of time is by building people and institutions. For instance, I’ve told my children that a substantial part of my assets will be bequeathed to the widows, orphans and underprivileged people in the society. Oko Opo Foundation is a step towards walking my talks, and also a reflection of my life experience that life itself is vanity, but while alive, one should build people and institutions which I’ve dedicated my life to do.
Secondly, I’m the type of person that has passion for adding value to people’s lives and this propelled me to establish the foundation. The [foundation’s objective] is to rekindle hope in widows, widowers, orphans and the underprivileged.
How would you advise your colleagues in the media profession today?
Due to poor remuneration of journalists in Nigeria, I believe they must have a second address so that they can be financially independent and stop running after “brown envelopes” which would eventually water down objectivity and balancing in reportage.
How do you unwind?
I love music and have a special interest in highlife music. I also plan to learn private disc jockeying and karaoke just for my private family use and functions. I love to make people happy at leisure.
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