Real Estate Needs Strong Institutions to Weed Out Mediocrity — Nze Anosike

Nze Anosike is a real estate developer and Lead Partner at Cribz Apartment and Cribz Construction Nigeria Limited. In this interview, he reflects on a decade in the industry, the structural challenges confronting Nigeria’s real estate sector, and the urgent need for stronger institutional regulation.

Can you introduce yourself and outline the core business of Cribz Apartment and Cribz Construction?

My name is Nze Anosike, Lead Partner at Cribz Apartment and Cribz Construction Nigeria Limited. We operate within the real estate and construction value chain, covering property development and the construction of quality residential housing. Our work spans from conceptual development to the delivery of completed homes.

What core purpose drives Cribz Apartment, and why did you choose real estate?

Our mission is directly linked to Nigeria’s housing deficit. From inception, my intention has been to support efforts—both public and private—aimed at closing the country’s housing gap. Cribz Apartment was established to provide structured, reliable housing solutions that respond to this pressing national need.

As you mark ten years in the industry, how would you assess the evolution of Nigeria’s real estate sector?

The past decade has been a period of intense highs and lows. It has involved setbacks, lessons, and moments of fulfilment when we reflect on what has been achieved. Interestingly, my entry into the sector was driven by frustration—frustration with inefficiency and poor service delivery in housing development.

That dissatisfaction sharpened our resolve to do better. While the journey has been difficult, it has strengthened our commitment. We are optimistic that the next ten years will reflect greater efficiency, stronger systems, and a more meaningful contribution to Nigeria’s housing supply.

What major challenges has Cribz faced over the years?

The challenges have largely fallen into three areas: financing, personnel, and regulation. Access to long-term, affordable finance remains a major hurdle for developers. Managing skilled and reliable personnel in construction is another persistent issue. Additionally, navigating multiple regulatory bodies creates complexity and slows execution. It has certainly not been a smooth journey.

Have these challenges eased with experience?

Not entirely. Growth brings bigger challenges. One key lesson we have learnt is that expansion does not reduce problems—it amplifies them. However, experience has equipped us with better strategies for managing these challenges. While turbulence remains, our commitment to quality and delivery has not wavered.

What advice would you give to property buyers and investors to avoid fraud?

The advice is straightforward: deal only with credible firms that have a verifiable physical presence. Investors and buyers must carry out proper due diligence—visit offices, review project history, and confirm track records before committing funds. Physical visibility and transparency are critical indicators of legitimacy.

What regulatory framework is needed to curb fraud in the sector?

There is a clear regulatory gap in real estate development. While professional bodies exist for estate surveyors, there is no comprehensive institution that accredits and oversees real estate developers.

The government should establish a dedicated regulatory body to vet, accredit, and monitor developers. Such an institution would provide a platform for dispute resolution and significantly reduce the proliferation of fake companies. While some states, like Lagos, have made legislative progress, others must move swiftly from policy drafting to full implementation.

How is Cribz helping to reduce Nigeria’s housing deficit, and what economic pressures are you facing?

We are doing our part within our capacity, but the economic environment remains extremely challenging. Funding constraints, escalating land prices, and rising costs of building materials such as cement and steel severely limit output.

In many cases, the cost of land acquisition alone consumes the bulk of initial investment, even before construction begins. These pressures make affordable housing delivery increasingly difficult.

What policy interventions would help developers scale housing delivery?

The government must actively collaborate with private developers rather than operate in isolation. Certain policies restricting the importation of cheaper building materials need urgent review, as importing cement and steel is often more cost-effective than sourcing locally.

Beyond materials, land access is the most critical issue. Government partnerships that provide ready-to-develop land for mass housing projects would free developers’ capital for construction. Without a significant increase in annual housing output, the housing deficit will continue to worsen.

Which market segment does Cribz primarily serve?

While housing demand cuts across all segments, our primary focus is on low- and middle-income earners. This is where the gap is widest. Rapid population growth, limited supply, and rising demand have pushed rents upward, and addressing this imbalance is central to our strategy.

What single action would make mortgage programmes more effective?

Land accessibility. Mortgage financing is only useful if affordable homes exist. The cost and complexity of land acquisition make housing unaffordable from the outset. Government intervention in land supply and documentation is essential to reducing overall housing costs.

Why is financing from Nigerian banks difficult for developers?

Accessing capital from conventional banks in Nigeria remains extremely challenging, particularly for early-stage and growing developers. The contrast is clear when compared to our London branch, which was audited and quickly deemed eligible for financing within its first year—an efficiency rarely experienced locally.

How does Cribz currently fund its projects?

We rely primarily on private investment. We engage individuals directly, pool funds into projects, and share profits upon completion. This model is built entirely on credibility and trust, which has become our most valuable financial asset.

What are Cribz’s short-term strategic priorities?

Our real estate development arm remains our flagship focus. In the short term, we plan to launch five new projects in the first quarter of 2026.

We are also transitioning into mass housing. For these projects, we are pursuing partnerships where government or international organisations provide land, while we deploy capital and technical expertise solely for construction.

What is your long-term vision for Cribz?

Beyond development, our long-term plan includes diversification into housing finance. Within the next decade, we intend to enter mortgage banking. I firmly believe homeownership should be fundamental to human existence.

Our vision is to build not just houses, but an integrated ecosystem that makes homeownership achievable for the average Nigerian.