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Pennak CEO Proffers Solution For Housing Deficit in Nigeria*

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Mr Tolulope Adepena, a design and building construction expert, is also the CEO of Pennak Nigeria Limited, a leading provider of innovative infrastructure projects and services.He is into design and building of various commercial buildings, residential buildings, hospitals and malls

In this interview, Adepena identified the need for sustainability in tackling Nigeria’s housing crisis. He also spoke on frequent building collapse, sustainable solutions to tackle Nigeria’s worsening housing deficit, among other issues.

Excerpts.

 

What inspired your focus of going into building construction?

What inspired me was the fact that we have a lot of engineers and developers who overcharge and under deliver, so I’m trying to bridge the gap whereby we can deliver something worth the budget to a client within the construction industry in Nigeria. We’ve had serious cases of building collapse in this country, and a lot of people would say that most of the building experts cut corners and keep building materials.

 

Do you agree with that?

I don’t think any building material is that cheap. I just feel like they don’t follow building regulations, and that’s a problem. Most of the materials supplied in the country are well tested, so I think that by not following the regulations, they’re adding more flaws to projects. So we must avoid such kinds of problems. Also, we have some old buildings, many buildings in this country that are supposed to be demolished.

 

How many years do you think a house should be on top of the soil?

It depends on the substructure.Some are built to last for a while, and some are to last for about 25 to 30 years. It depends on the engineer and what they used for the substructure.

 

Can you tell us the major landmark project that your company has done?

As a professional, I’ve been in this business for 10 years. For my company, Pennak Nigeria Limited, we’ve been here for seven years. We have done series of landmark projects. We have the interior design part of our company that does designs for fashion stores, we have our construction projects that are done on Lekki-Epe expressway at the moment. We have some landmark projects in Abuja, we’ve worked with GTBank, we’ve worked with Alat by Wema Bank, and a lot of them.

 

Can you tell me more about the landmark projects?

As a design company, we do some interior design projects, we partner some other parent companies, we come in as project managers for them, So they contract the project to us. We have a series of projects including hospitals and police stations that we’ve carried out.

 

Can you tell me about your experts who help to set the design of the house and implement it?

For execution of projects, we have the main man on site—the project manager, we have subcontractors who handle the mechanical, electrical and plumbing part of each project, we have our interior designers, who position the project from the scratch, paying attention to every detail, we also have the site managers, people that manage; we also have our safety regulatory compliance, and we also have our security in place to make sure that everything is going on well.

 

What are the major mandates you give to clients who intend to carry out building projects?

We’ve worked in about eight states in Nigeria. Let’s talk about working in Lagos. So, you just need to have your land, and your documents in place.

What are your deliverables for your clients, and what are their expectations?

They try to expect functionality in projects. We’re accountable to that aspect, making sure that each segment of the project functions properly, following the expectations of what you have proposed to them in the first place. Our interior designers make sure that the functionality goes in line with the beauty of the place.

 

When you take in a project, what is your approach towards ensuring customer satisfaction?

At Pennak, we call it 4E’s —Expectation, Education, Elementary design, and Execution. We understand the client’s expectations based on the purpose of their structure. We educate the clients on the realities of what they can achieve. We develop the elementary design which gives you a thorough walkthrough. We call it elementary design because it is subject to change during the final stage

 

What do you consider before going into commercial mall construction?

Commercial mall construction is a different type of complex design that you have to consider a lot of things. We work closely with our teams to avoid a lot of mistakes that some companies make in the course of constructing a mall. We’ve seen a lot of abnormalities with a lot of building construction experts. Some are saying that there are lots of people who are not professional, and into building construction, and that is why we have a lot of building collapse records in Nigeria.

 

How do you advise a client who wants to carry out a building project?

They need to do their background check. The client will need to know the right company to work with, depending on their capacity, and what to work with. This is very important because some companies do not have the right team to execute the project for you. It is also vital to procure most of the materials that will be needed for the project before commencing the project.

 

How do you cope with the high cost of materials?

The high cost of materials affects construction projects. Sometimes, we buy most of our materials down before commencing projects because there are very important items. So, when our clients are in need, we resell for the old price, not the current price.

 

What are the amenities that you prioritise in your housing development?

Good road for accessibility is very important. Power and water are also vital. They are the most important amenities, as they engineer the whole house, and make it very functional, especially if it’s a commercial project.

 

What are the key things that attract your customer to you?

I will mention our detailing, good communication skills with our clients, and also the delivery. We work with elementary designs where we give our clients proper walk through of what their expectations should be.

 

Do you see commercial malls playing a major role in community development?

Yes. A commercial mall makes a community more vibrant. There are many activities going on there, people want to see various things. So, I believe it is part of development.

 

What do you see as the biggest challenge facing the real estate industry in Nigeria today?

Inflation is the major challenge. The inflation had caused some level of delays in projects. There’s no stable price, and it is really hindering development as well.

 

How do you cope with the inflationary pressure?

We have our teams, accountants, and proe that can foresee. We have our storage where our clients can buy items at affordable prices which helps to facilitate the execution of projects.

 

Do you handle projects that have to do with international standards such as smart housing?

Yes, we do. We are trying to attain a goal using the international standard. We handle smart housing for most of our residential buildings to ease power challenges, and make life easier for our clients.

 

What is your advice to the government on how to improve the housing deficit issue in Nigeria, and the real estate sector?

I would like to advise the government by saying that they can partner with construction companies like ours to give advice, sustainability, and a better approach to building houses in Nigeria, seeing that we have a beautiful vision for the future of the country.

 

What other things do you bring to play when you’re doing your building projects?

We use up-to-date material, we have the ability to bring something out of nothing, I believe that is why most of our clients love to work with us.

 

Apart from your work as a construction engineer, how do you spend your leisure time? Do you have time for your family at home?

Yes, I do. God first, the family. So, I have to be healthy, and also create time for watching football, that is my hobby. I read also, I study a lot of things, I like to know how things are possible, and how to achieve things.

 

How do you adhere to fire and safety regulations when you are doing your building construction?

We provide fire alarms, and also follow the safety and regulatory system of the building, to make sure everything is safe.

 

Do you compare your projects to the smart house technology, or according to the taste of the clients?

Most of the time, we advise our clients to do it, but most of our residential building projects are smart homes.

 

As a role model to lots of people, what advice will you give to youths on how to improve and impact on their lifestyle?

I will advise the youths to find a passion or a direction and keep working on it. It might not be a passion to you, but if it’s what you can do very well, keep working on it, and with time, you will reap the fruit of your labor.

 

What are your future plans?

My future plans are quite broad. We would like to expand and spread our reach to other African countries. We are trying to build something different in another dimension.

 

When you’re painting a house, what comes into your mind?

What comes into my mind is the quality of the wall; let people see the wall, and smile.

 

Can you compare the wall designs we have in Nigeria to the ones we have in Great Britain, and America?

Yes, and we have good engineers that can do that.We are doing very solid ones in Nigeria with integrity.

 

Do you believe that we can do better furniture than we import from other countries?

Yes. I have seen better designs. We just need people with the right skills with great supervisors to work on it. We are even doing it already. That’s the magic to it.

 

How much do you think is required to build a

standard bungalow of two bedrooms, two sitting rooms, and a bit of spacious garden in Nigeria today?

Considering the state of the economy, let’s say about thirty-something million naira, exclusive of land, to get that done right.

 

How do you convince me to patronize you?

Your building is your investment. Working with us is a way of giving a proper return on investment. You will make good returns because of the functionality. We have done a lot of projects that you can also see through. That’s for the commercial projects. For the residential project, what I promise you is comfortability. You will always look around your house and smile.

 

What can the government do to support people in that sector of the economy?

I will say they should stabilize the economy, because doing so makes it sustainable for all of us. Tell me about the mission and vision of Pennak The mission is to remain a company of integrity, a company that the client can always trust as they have been trusting us for the past years, and also keeping on the sustainability, and up to the world standard. Talking about our vision, at Pennak, we consider innovation greatly, and also a relief factor to culture, and gender inequality. We don’t care about gender or skin colour, we’re interested in the skills.

 

How would you say Pennak has affected lives in their seven years of operation?

At Pennak, we prioritize people, and we do not take lightly the impact we have in all the lives we touch. We make sure that our client needs are satisfied, even before the clients know they have them, with our fully immersive, and ergonomically positive designs. At the end of every project, we make sure we impact the host community of the project with our Community Social Responsibility (CSR) programs. We did a commercial project at Akoka in Yaba, and also one at Owerri in Imo state.

 

Where did you study, and what did you study?

Growing up mostly in the western part of Nigeria. I had my primary school education in Ogun State and secondary education at Mercy College in Ogun State. I studied electrical engineering at the Olabisi Onabanjo University (OOU), and proceeded after a while to acquire my MBA from London Metropolitan School of business.

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FCMB Limits Exposure in Fraud Attempt

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More than ₦3 billion was targeted, but about ₦677 million reached the culprits, with recovery and prosecutions underway, reflecting how banks are responding to more sophisticated fraud risks.

Nigeria’s expanding digital banking sector is facing increasingly sophisticated fraud attempts, as financial institutions adapt to faster transactions and broader online services.

A recent case involving First City Monument Bank (FCMB), linked to fraudulent activity detected in December 2025, has drawn attention to how banks are responding to such incidents, with a focus on limiting exposure, recovering funds and working with law enforcement.

According to findings referenced in proceedings before the Lagos State Special Offences Court, the incident involved unauthorised transactions tied to a digital product. Early reports erroneously suggested more than ₦3 billion was lost. Subsequent clarification shows that over ₦3 billion was targeted, ₦2.4 billion was blocked and recovered, while ₦677 million got into the possession of the culprits. This outcome reflects the bank’s cyber security and monitoring capabilities, as well as improved collaboration among regulated financial institutions and with law enforcement agencies. Several suspects and beneficiaries have been apprehended, while recovery and prosecution efforts are ongoing, led by the Economic and Financial Crimes Commission (EFCC).

Proceedings at the Lagos State Special Offences Court have resulted in convictions, including that of a repeat offender, with restitution orders issued. Related matters are also being handled at the Federal High Court in Lagos, where additional suspects are being tried in connection with the scheme. This process is aimed at ensuring that bad actors are identified and permanently blacklisted from the financial system.

Authorities say recovery efforts are continuing as additional funds are traced.

Analysts note that the pace of legal action reflects closer coordination between financial institutions and enforcement agencies in addressing cyber-related financial crime.

The case comes as banks contend with more complex fraud methods, including social engineering and automated exploitation of system processes.

As digital products and platforms expand, so too does the risk associated with cyber-crime and related fraud.

“The scale of digital banking means risks are evolving alongside the systems,” said a Lagos-based financial analyst. “Institutions are now judged by how they manage these events.”

Observers say the sector is moving toward a stronger focus on response and recovery, rather than prevention alone.

This includes improving monitoring capabilities, strengthening transaction controls and enhancing collaboration with regulators and law enforcement. The FCMB case, with limited exposure relative to the amount targeted and ongoing recovery, reflects that shift.

For customers, the primary concern is the safety of their funds. In this case, there has been no indication of losses affecting customer deposits. Maintaining that level of protection remains central to sustaining trust in the financial system.

Nigeria’s financial sector continues to grow, supported by digital innovation and expanding access to banking services.

However, analysts say fraud attempts are likely to persist as systems become more complex and interconnected.

They say institutions will increasingly be judged not only on their ability to prevent incidents, but on how effectively they respond and recover when they occur.

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Ex-APC Deputy Guber flag bearer, Joshua MacIver backs Tinubu, express fears over implosion in Bayelsa APC

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….congratulates new State Party Chairman, Warman Ogoriba

APC Deputy Governorship Candidate in the 2023 general elections in Bayelsa State, Great Joshua MacIver has declared his total commitment to the re-election of President Bola Tinubu come 2027, declaring that the Tinubu re-election project is non-negotiable.

Great Joshua MacIver, in his statement titled ” BAYELSA APC CONGRESSES: GOING FORWARD, A CALL TO LOOK INWARDS” and made available to newsmen in Yenagoa, warned APC leaders in the state to look Inward and take note of certain factors which may hinder or cut short our victory.

According to Great Joshua MacIver, such noticeable pitfalls include the imbalance in the united front being put up by the State Governor,Senator Douye Diri among various political blocs in the state.

In the statement issued at the weekend. Great Joshua MacIver stated that “First, before His Excellency, Senator Douye Diri, joined the APC in the state, there were clearly two political blocs that made up the party, with the approximate population ratios of the blocs standing at 95% to 5%.”

“After the entrance of His Excellency, Senator Douye Diri, ONLY THE SMALLER BLOC IS BEING CARRIED ALONG IN THE AFFAIRS OF THE PARTY, leaving the greater percentage to their fate, and this situation has the potential to build anger and dissatisfaction in our dear party.”

” The consequence of this has been the high level defection we have witnessed in the party recently and we believe more may likely follow, if we do not put our house in order.”

” If we do not pull together as a party, we may witness a situation where we will lose key stakeholders, especially after the State and National Assembly Primaries as well the Gubernatorial Primaries.”

“Finally, while it is very clear that we are the party to beat in the 2027 elections and that our loyalty to Mr. President IS NON-NEGOTIABLE, we must make haste to say that we cannot afford to create situations or loopholes in our unity which will be exploited by other political interests in the state. We cannot afford to under-rate anyone.”

“Our core interest remains the re-election of Mr. President, a project to which we have committed our all. We also pledge our total loyalty to the party as we have no alternative to the APC. However, our concern is that we must, as a party, look inwards and ensure that we do not create loopholes that can impede our common goal.”

Great Joshua MacIver, however congratulated the newly elected State Executives of the APC in Bayelsà State led by Hon. Warman Ogoriba, saying their emergence is welcomed at this critical time in our national history.

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How Primate Ayodele Foretold Borno Suicide Bomb Attack A Few Weeks Ago (VIDEO)

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“You Can’t Use Primate Ayodele To Score Points For Your Failed Political Ambitions” – Fulani Group Blasts Umar Ardo

At least 23 people were killed in a series of suspected suicide bombings, police in Nigeria’s northeastern city of Maiduguri said on Tuesday.

https://www.stanbicibtcbank.com/nigeriabank/personal/products-and-services/all-loans/stanbic-ibtc-mreif-home-loans

https://www.stanbicibtcbank.com/nigeriabank/personal/products-and-services/all-loans/stanbic-ibtc-mreif-home-loans

 

More than 100 other people were injured in the blasts that took place on Monday evening in the capital of Nigeria’s restive Borno state.

No group has claimed responsibility for the suspected attacks.

The deadly blasts come after a military post was attacked overnight Sunday to Monday, which authorities blamed on suspected Islamist militants.

This sad incident is coming barely two weeks after Primate Elijah Ayodele, the Leader of INRI Evangelical Spiritual Church specifically warned against attacks in some states. He mentioned these states while calling on security operatives to pay close attention to them.

These were his words:

“Another attack is coming up in these following states where the military must watch carefully and intelligently; Kano, Kaduna, Zamfara, Kebbi, Niger, Borno, Kwara and Kogi state. They want to do a deadly attack, it’s preventable but it depends on how they will handle it. I have told you about the danger coming up.”

@primateayodele

#borno #nigeria #fulfillment #security #primateayodele

♬ original sound – Primate Ayodele

Unfortunately, some of our military agencies don’t believe spiritual intelligence can save the country from so much danger hence, their neglect of this prophetic warning but now, it has been fulfilled with the miliary losing credibility by the day while Primate Ayodele continues to gain momentum.

Likewise, At least 26 passengers and crew sustained varying degrees of injuries on Monday following an accident involving the Kaduna–Abuja train, according to the Nigerian Railway Corporation (NRC).

Opeifa explained that the train departed Rigasa in Kaduna at 7:15 a.m. and was approaching Asham station around 9:16 a.m. when a loud bang was heard after the power car and trailing locomotive collided with one of the passenger coaches.

In July 2025, Primate Ayodele asked nigerians to pray not to see train mishap on the Kaduna-Abuja route.

@primateayodele

#nigeriantiktok🇳🇬 #fulfillment #train #abuja #primateayodele

♬ original sound – Primate Ayodele

“Let’s pray not to see train mishap in Abuja-Kaduna, Kaduna-Abuja route.”

This has also been fulfilled.

 

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