- Abayomi Onasanya invested his money into providing accommodation to students and he made big profits from it
- Before he came into the business, he was into the venture of building for young and rich professionals in Lagos state
- Seeing that students are faced with the strong problem of shelter, he tapped into the market and built modern and relatively affordable spaces
A Nigerian businessman, Abayomi Onasanya has made a lot of money from tapping into the need for student accommodation.
When he came to Nigeria from the UK 15 years ago, he was not into real estate directed at students as his target markets were young professions. His call centre in Lagos state employs students.
What Abayomi noticed then was that among the many problems his student employees faced was the issue of accommodation. How We Made It In Africa reports:
“I realised the students travel miles to get to university and the accommodation is often overcrowded and lacking in basic amenities; sometimes it’s just a shack. The students had so many challenges that distracted them from their studies and achieving their full potential.”
Earlier in his career, he built 200 homes in Lekki. When the economic recession hit the world hard in 2013, that made him re-strategise.
During his moment of rumination, he birthed the idea for his company called Student Accommod8. The outfit develops and builds student-based hotels.
One of the first projects the company carried out was Pine House. After that, he built another in Ago-Iwoye in Ogun state.
He said that a bed yearly costs $600 (N228,900) and that includes the money for water, lights, and security with the optional provision of wifi in high profile locations.
To combat the electricity problem in Nigeria, he said that his facilities run on solar energy and generators.
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Meanwhile, Legit.ng earlier reported that the story of Paul Orajiaka is another perfect example that Nigerian youths have great entrepreneurial spirits that could turn the least sought-after thing into an empire.
The CEO of four-story Auldon Toys building, Paul has his business situated in one of the busiest places in Lagos state, the nation’s economic valve.
He made millions from selling toys, a business that was once his side hustle before he quitted his daily job.
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