Nigeria Business Tycoon Building Real Estate Empire

By Cyril Paul

Andrew Lucky Elerewe certainly looks as though his odometer has long since passed 40 years old. But that’s not why the real estate brokers who clamor to meet him take him seriously. He is one of the biggest buyer and owner of land for development in the city. And Abuja isn’t big enough for his ambition.

He was born in Ose, Ondo State, Nigeria, and from a young age, he displayed a natural aptitude for business and leadership. His upbringing instilled in him a strong work ethic and determination to succeed, traits that would shape his future career in the real estate industry.

During when Andrew was in high school, He played football, was good at math and started a business from tutoring kids. At that point, everything was going according to his parents’ plan, and Andrew eventually attended the Obafemi Awolowo University, Nigeria where he studied Management and Accounting. he even won a business case-study competition in OAU. But Andrew was restless and had already started channeling his energy toward real estate. He would spend hours studying foreclosed properties, building data sets that included appraised values and loan balances.

Recognizing the importance of continuous learning and personal growth, he furthered his education by pursuing an MBA (Masters in Business Administration) at the University of Chichester in the United Kingdom. This advanced degree equipped him with the knowledge and skills necessary to excel in the highly competitive business arena.

Mr. Elerewe’s career in the real estate industry has been marked by exceptional achievements and significant contributions. He currently holds the position of Chairman and CEO of AIBEN Investment & Properties Limited, a prominent construction company in Nigeria. Under his leadership, AIBEN has expanded its operations to encompass six African countries, making it the first contemporary Nigerian construction company to achieve such a feat.

Prior to establishing AIBEN group in 2011, Mr. Elerewe served as the Managing Director of Woods and Bricks Ltd., gaining valuable experience in real estate construction and development. His expertise and visionary leadership have propelled him to the forefront of the industry.

Additionally, Mr. Elerewe has been actively engaged in industry organizations, serving as the immediate past Chairman of the Real Estate Developers Association of Nigeria (REDAN). Currently, he holds the position of National Vice-President of the North Central Zone within the association, further underscoring his dedication to promoting and advancing the real estate sector in Nigeria.

Andrew firm (Aiben Group), which he started building in 2015, is worth About 30 billion in assets, according to a document obtained. That portfolio includes 100 properties in 13 states from Lagos to Abuja, but most are in economically vibrant area’s.

Aiben Group owns 10 million square feet of commercial real estate that ranges from office space to retail to self-storage. And although he once bid $100 million for a Plaza and hotels in Abuja.

For good reason. Andrew, who retains 100% of the company, is not overleveraged according to financial documents, and none of his debt is at the holding-company level. Based on his holdings inside and outside the company, we estimates that Andrew net worth is $100 million. If commercial real estate prices stay strong, he could be a billionaire soon.

It’s a particularly impressive trajectory when you consider that real estate is famously a dynastic business and Andrew is the son of a business mogul.

From the beginning, Andrew set out to build his portfolio as an operator and an investor. In order to buy, he hit up his obstetrician father’s buddies, charmed high-net-worth individuals, and then landed pension and insurance money. He raised funds in dozens of partnerships to do deals and kept upwards of 50% of the profits.

Now Andrew is getting ready to double down on his early success. He has spent much of the past year recapitalizing his business, cashing out limited partners and taking full ownership of many partnerships, often using debt and his own accumulated capital.

He has rolled up all the properties he could into his new holding company, which is attempting to raise 10 billion of preferred equity in the coming year.

President of Real Estate Developers Association of Nigeria (REDAN) Ugochukwu Chime, adds, “His general business acumen is unbelievable, and he is always talking about the long term.” Aliyu Wammako, a close friend of Andrew, says, “He is dramatically more mature than I ever was–nobody thought he would achieve this much”

While Andrew may have good timing with the booming economy during president Jonathan era, with a mounting number of high-tech companies and jobs–some initially discouraged Andrew from getting into the real estate business. And after he started doing deals in his early 30s, one prominent local real estate owner told Andrew straight up that he would not do business with him given his ethnicity. And one banker refused to lend to him because of a bad experience she claimed to have once had with his country men.

Mr. Elerewe’s professional memberships reflect his commitment to excellence and continuous professional development. He is a Fellow of Institute of personnel and development (FCIPD and Member Project management Institute and the Chartered Institute of Management Consultants. Furthermore, he is a member of the National Association of Home Builders, the Chartered Institute of Housing (UK), the Board of Trustees of the National Asphalt Pavement Association, and the Gymnastics Federation of Nigeria. These memberships highlight his engagement in various industry-related activities and his desire to contribute to the growth and success of the real estate sector.

In recognition of his outstanding achievements and contributions to the real estate industry, Mr. Andrew Lucky Elerewe has received numerous awards and accolades. These include an Honorary Doctorate Award from the London Graduate School, the Award of Leadership and Excellence from the Chartered Institute for Personnel Management, the Leads Africa Merit Award of Excellence from The League of African Development Students, the Young Entrepreneur of the Year from the Nigeria Union of Journalists, and the Recognition of Excellence in Construction from the Nigerian Society of Engineers. These awards serve as a testament to his exemplary leadership, professionalism, and dedication to excellence.

With his exemplary track record, extensive expertise, and unwavering commitment to the real estate industry, Mr. Elerewe Andrew Lucky continues to be a respected figure and an inspiration for aspiring entrepreneurs and professionals in Nigeria and beyond.