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Pennak CEO Proffers Solution For Housing Deficit in Nigeria*
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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Lagos State Guber Crown: One Crown, Many Heads, Who Wears The Crown In 2027?
By Prince Adeyemi Shonibare
THE CITY, THE CROWN, AND THE CODE OF POWER
Lagos is not merely governed—it is engineered and meticulously organised. A megacity of over 25 million people, the economic heartbeat of Nigeria, and arguably the most strategic sub- national political ecosystem in Africa.
As 2027 approaches, a familiar but profound question echoes across corridors of influence—from Alausa to Marina, from the five Ibile divisions to the 57 LGs and LCDAs, down to wards and grassroots structures:
Who wears the crown?
Yet Lagos does not answer loudly. It whispers.
“Elections may be public, but power in Lagos is negotiated in private and through caucuses—long before ballots are cast.”
HISTORY: FROM PRIMROSE TO JUSTICE FORUM AND MANDATE — THE MAKING OF A POLITICAL MACHINE
Before the consolidation of today’s political order, Lagos politics was shaped by structured caucuses that defined leadership selection.
At the elite level stood the Primrose Group, a discreet but powerful screening body that assessed aspirants in the early 90s and late 1990s. It played a critical role in screening Bola Ahmed Tinubu for the Senate against political heavyweight Odu Onikosi, in what many described as a David-versus-Goliath contest. Tinubu emerged victorious.
Primrose also screened the 1998 governorship aspirants:
Bola Ahmed Tinubu
Wahab Dosunmu
Funsho Williams
The Primrose circle included:
Prince Tajudeen Olusi
Bushura Alebiosu
Mofutau Olatunji Hamzat
Alhaji Kola Oseni
Dapo Sarumi
Oyinlomo Danmole (the youngest member)
Notably, Mofutau Olatunji Hamzat, father of Kadri Obafemi Hamzat, chaired the screening process that produced Tinubu as the 1998 AD governorship candidate.
Alongside Primrose emerged two other critical blocs:
Mandate Group — the grassroots mobilisation engine
Justice Forum — the stabilising and conflict-resolution bloc
Together, they formed a strategic architecture:
Primrose — elite validation
Mandate Group — mass mobilisation
Justice Forum — internal balance and cohesion
From this convergence, Tinubu emerged—not by accident, but by design.
“He was not elected into power—he was processed into leadership.”
FROM BLOCS TO INSTITUTION: THE GAC EVOLUTION
Over time, these blocs evolved into a more formal structure—the Governor’s Advisory Council (GAC).
President Bola Ahmed Tinubu did not create the GAC; he strengthened, harmonised, and institutionalised these legacy blocs into a central decision-making body.
“GAC is the institutional memory of Lagos politics.”
THE DOCTRINE OF SUCCESSION IN LAGOS
Lagos has developed a predictable pattern of leadership transition:
Babatunde Fashola — technocratic consolidation
Akinwunmi Ambode — performance with political rupture
Babajide Sanwo-Olu — consensus restoration
Each transition reinforces a central doctrine:
“The primary is the battlefield. The structure is the judge. Consensus is the verdict.”
And more fundamentally:
“The candidate will always come from within.”
THE INVISIBLE CABINET: GAC AS POWER SOVEREIGN
At the centre of Lagos political architecture sits the Governor’s Advisory Council (GAC)—a body that does far more than advice.
Chairman:
Prince Tajudeen Olusi
Key Members Include:
Babatunde Fashola
Femi Gbajabiamila
Mudashiru Obasa
Adeyemi Ikuforiji
Senator Anthony Adefuye
Tokunbo Abiru,
Musiliu Obanikoro
Oluremi Tinubu
Sarah Sosan
Idiat Adebule
Femi Pedro
James Faleke
Adeseye Ogunlewe
Demola Seriki
Adejoke Adefulire
Kadri Obafemi Hamzat.
Other Influential Figures Within the Structure:
Henry Ajomale
Ganiyu Solomon
Rabiu Oluwa
Muraina Taiwo
Abdul-Wahab Ogundele
Sunmi Odesanya
Kaoli Olusanya.
In addition, almost all former governors, deputy governors, senators, and selected members of the House of Representatives and Primrose, mandate Group and justice forum are embedded within or aligned to the GAC structure.
“At critical moments, the GAC does not merely advise—it decides.”
CRACKS, CONFLICTS AND SYSTEM DISCIPLINE
The political history of Lagos has consistently demonstrated one principle: discipline within the system is non-negotiable.
The experience of Akinwunmi Ambode remains instructive.
“Performance alone is not enough—alignment with the structure is critical.”
In Lagos:
“No individual is bigger than the system.”
THE ASPIRANTS: POWER, PEDIGREE AND POSITIONING
The 2027 governorship race is no longer speculative—it is crystallising into a layered contest of insiders, technocrats, institutional loyalists, and strategic actors. Beneath the surface, resumes are being weighed as much as relationships; pedigree is being measured alongside perception.
Key Aspirants Include:
Kadri Obafemi Hamzat — Deputy Governor; perhaps the most deeply embedded institutional actor in the race. A technocrat with academic depth and governance continuity credentials. Notably headhunted from the United States banking sector by Bola Ahmed Tinubu, his return to public service reflects longstanding trust. His father, Mofutau Olatunji Hamzat, chaired the screening process that produced Tinubu in 1998—placing him at the intersection of legacy and continuity.
Femi Gbajabiamila — Chief of Staff to the President; former Speaker of the House of Representatives. A consummate legislator with vast national reach, elite networks, and deep understanding of federal power dynamics. Bridges Lagos structure with Abuja influence seamlessly.
Tokunbo Abiru — Senator; former Managing Director in the banking sector. Represents fiscal discipline, financial system credibility, and investor reassurance. A technocrat-politician hybrid with strong appeal to the private sector and global investors.
Tokunbo Wahab — Commissioner for Environment. A bold regulator and reformist voice, known for enforcing urban order and environmental compliance. Projects decisiveness, discipline, and administrative courage.
Mudashiru Obasa — Long-serving Speaker of the Lagos State House of Assembly. A master of grassroots politics with deep control of legislative structures and ward-level mobilisation. Represents structure from the ground up.
Olajide Adediran (Jandor) — Media entrepreneur and political mobiliser. Built his base through grassroots engagement and alternative political messaging. Represents outsider energy attempting to penetrate a deeply structured system.
Akinwunmi Ambode — Former governor; technocrat with a proven governance record. His tenure still resonates in infrastructure and public sector efficiency. Carries a redemption narrative, but must reconcile history with structure.
Mojisola Lasbat Meranda — Legislative figure and symbol of gender inclusion. Represents institutional evolution and the expanding role of women in Lagos power architecture.
Kayode Egbetokun (speculative) — Security chief; represents discipline, order, and enforcement capability. A potential “stability candidate” in uncertain times.
Samuel Ajose (speculative) — Former Head of Service; experienced bureaucratic strategist with deep knowledge of Lagos governance machinery. Represents administrative continuity and institutional memory.
Tayo Ayinde (speculative) — Long-serving Chief of Staff in Lagos; a quiet but powerful insider with proximity to executive decision-making and operational governance.
“Some are building alliances. Others are building acceptance. A few are building inevitability.”
THE REAL TEST: CRITERIA FOR THE APC TICKET
Beyond ambition, the Lagos APC operates a strict, unwritten checklist for candidate selection:
Proven Loyalty to the Party
A party defector stands little chance.
Product of the System
The candidate must come from within.
Alignment with the Lagos Master Plan
Continuity over disruption.
Investor Confidence
Lagos cannot risk economic instability.
Political Discipline and Temperament
Arrogance and lawlessness are disqualifiers.
Ibile Balance and Broad Acceptability
Zonal sensitivity remains critical.
Ability to Work with the Structure
Collaboration over confrontation.
Presidential Trust Factor
National confidence is key—but not absolute.
Electoral Value and Grassroots Reach
Structure must meet the street.
Importantly, this will not be a solo decision.
A former, widely respected governor and former minister is expected to play a critical role as the eyes and ears of the President in determining the most suitable candidate.
A reliable source revealed that the President held a private meeting with this former governor and minister in Lagos during the Easter break—signaling early alignment consultations ahead of 2027.
UNDERCURRENTS: SILENT MOVES AND STRATEGIC HEDGING
Quiet political movements are already unfolding beneath the surface.
There are strong rumours that:
One top aspirant is in talks with the ADC to fly their fly.
Another is exploring alignment with the Accord Party.
“Those who sense resistance within the structure begin to shop for alternatives.”
Beyond party alignments, another layer of activity is emerging.
It is widely whispered in political circles that:
Some bank accounts of PR operatives, journalists, and lobbyists have begun to quietly interface with key GAC members.
Certain aspirants are already patronising columnists to shape favourable narratives.
Billions of naira have allegedly been earmarked for lobbying, influence, and perception management.
A reliable source suggests that the real contest has already begun—not on the ballot, but in boardrooms, private residences, and media corridors and newsrooms.
Yet history cautions:
“Breaking away from the Lagos APC structure rarely guarantees victory.”
THE CALCULUS OF POWER
Five decisive variables will ultimately determine the outcome:
GAC consensus
Presidential trust (shared, not unilateral)
Party loyalty
Economic confidence
Public acceptability
Notably, the private sector remains a critical stakeholder. Lagos, as Africa’s commercial nerve centre, cannot afford political uncertainty that threatens capital flow. Investors—local and international—are watching closely.
The international community is equally attentive. Lagos is no ordinary state—it is a golden economic enclave, a city of compounding value and strategic global interest.
The Presidency too cannot be indifferent—notwithstanding that Lagos is its political base. Stability in Lagos is stability in the broader national equation.
THE CROWN AND THE SYSTEM
Lagos does not gamble with leadership,it engineers and groomed it.
No emergency leader in Lagos.
From Primrose…
To Mandate…
To Justice Forum…
To GAC…
The philosophy remains unchanged:
“Power in Lagos is not taken. It is processed.”
As 2027 approaches, one truth stands firm:
The crown will not go to the loudest.
It will not go to the most desperate.
It will not go to ambition alone.
It will go to the most acceptable aspirant.
And in Lagos:
“Acceptability is not declared,it is decided by all the variables and joint gatekeepers before the general public cast their votes.”
Politics, in the end, remains a temple of many tendencies—
the good, the bad, the pretenders, and the presumed righteous.
All contending for one crown.
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FCMB Limits Exposure in Fraud Attempt
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
….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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