Nigeria - Business creation project

Describe your project or startup in a few words

Ekodayo is a one-stop app that will allow millions of property seekers in Lagos to access verified listings, titles (Deed of Assignment, Survey Plan, CofO), property details, and agent information, with the goal of reducing stress and fraud in the city.

01.01 Describe your project in more detail

Lagos is experiencing a booming population. Depending on whom you ask, roughly 18 to 20 million people currently live in the city. The population has been gradually increasing, with hundreds of thousands of people flocking to the city every year. It has been projected that by 2035, over 25 million people might be dwelling in Lagos, making it one of the largest cities in the world. With the influx of people into the city come the challenges of housing. Getting a property in Lagos today involves a cumbersome and often risky process plagued by disputes and fraud, due to unclear land titles. Many properties lack proper documentation, leading to multiple claims on the same parcel of land. Fraudulent individuals often sell land they do not own, or land that is under government acquisition, leveraging forged documents and exploiting buyers' ignorance. These issues are exacerbated by fraudulent agents and developers, making it difficult for potential buyers to verify legitimacy

01.02 What is the main problem you are trying to solve?

Lagosians have lost 1.5 trillion naira in 4 years to real estate-related fraud. It’s estimated that this number will double by the second quarter of 2028. Ekodayo is a one-stop solution app for Lagos's property challenges. It intends to combat fraud with verified listings and reviews of agents and developers while empowering users with granular search filters to find their ideal property. By connecting users with affordable housing initiatives and streamlining regulatory hurdles, the app will bridge the gap between Lagos residents and their dream homes. Also, it will foster communication between tenants, landlords, developers, and agents, providing a platform for dispute resolution and promoting a more harmonious property market.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

1. Increasing Transparency: Reducing fraudulent activity and improving trust in the Lagos real estate market. 2. Effortless Navigation of Regulations: By connecting to the Lagos state government database, the app will simplifies building permit applications and land registry procedures by providing a platform for easy access and status updates. 3. Explore Affordability Options: Get connected with government-backed affordable housing schemes and initiatives, and access mortgage products and financial tools through partnerships with micro-financing institutions.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

• Property seekers (renters & buyers) • Real estate agents & developers • Government agencies (urban planning, land registry)

01.05 When did you start working on your project?

2024-03-01

01.06 How many other partners are associated with your business venture?

2

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Moshood Adedapo is a Seasoned entrepreneur with a proven track record of success across various industries, including agriculture, real estate, and mining. Adept at identifying opportunities, developing strategic plans, and leading teams to achieve profitable growth. Highly motivated and results-oriented, with a passion for innovation and building sustainable ventures. Gloria Uzorue, a biologist and co-founder of Toria Fashion, exemplifies passionate entrepreneurship. Her vision extends beyond the realm of fashion, aiming to empower African women to discover and fulfill their life's purpose.

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

k) Property (real estate)

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

• Increasing Access to Safe & Affordable Housing: By connecting users with affordable housing initiatives and streamlining rental processes, the app can make finding a decent and secure place to live more achievable for low-income residents. This contributes to SDG target 1.1 (eradicate extreme poverty) and 1.4 (access to basic services). • Boosting Economic Opportunities: A more efficient real estate market attracts investment and development, potentially leading to job creation in construction and related sectors. This tackles SDG target 1.2 (reduce poverty by half) by fostering economic activity that benefits low-income communities. • Financial Inclusion: Integrating micro-financing tools within the app empowers users to explore mortgage options and potentially achieve property ownership. This contributes to SDG target 1.4 (access to financial services) and promotes wealth creation, a key factor in poverty reduction.

02.02.01 My project contributes to the Zero hunger goal

2

02.02.02 Zero hunger - Justification

02.03.01 My project contributes to the Good health and well-being goal

2

02.03.02 Good health and well-being - Justification

02.04.01 My project contributes to the Quality education goal

2

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

My project contributes to gender equality goal by encouraging women's participation in the real estate market as agents or developers. Our company when formed will ensure at least 40% of our workforce are women.

02.06.01 My project contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification

While the primary focus is on improving real estate accessibility, ekodayo app's influence on urban planning and user awareness can contribute to a more sustainable Lagos in the long run.

02.08.01 My project contributes to the Decent work and economic growth

5

02.08.02 Decent work and economic growth - Justification

By fostering job creation, entrepreneurship, and fair labor practices, ekodayo app intent to contributes to a more dynamic and inclusive economy in Lagos, aligning with the goals of SGD 8.

02.09.01 My project contributes to the Industry innovation and infrastructure

2

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification

By providing greater access to housing, financial tools, and ensuring equal opportunity through technology, we believe ekodayo app will contribute to a more equitable and inclusive Lagos, aligning with the goals of SDG 10.

02.11.01 My project contributes to the Sustainable cities and communities goal

6

02.11.02 Sustainable cities and communities - Justification

By promoting smart urban planning, sustainable living options, and a more connected citizenry, we are convinced that ekodayo real estate app will contributes to a more ecologically sound and resilient Lagos in the long run.

02.12.01 My project contributes to the Responsible consumption and production goal

3

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

3

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

2

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

2

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

2

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

3

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

05.02 The product/service we envision creating represents an entirely new type of product/service.

3

05.03 The product/service we envision creating could be described as a new technology.

4

05.04 The product/service we envision creating is an improvement on an existing product or service.

6

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

1 - Strongly Disagree

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

4

05.08 Justification

We believe ekoday is unique because of its catering specifically to Lagos' unique neighborhoods. Integrate Lagos geo-spatial data to overlay listings on a map with details like traffic congestion, flooding zones, or proximity to social amenities and implementing a rigorous verification process for real estate agents, ensuring legitimacy and building user trust. Go beyond basic reviews - allow users to rate agents on specific aspects like responsiveness, communication, and local knowledge.

05.09 Who are your main potential competitors and what makes you stand out from them?

Ekodayo have several competitors, including: • Traditional Real Estate Agencies: These established agencies have a strong presence and network of agents, but often lack transparency and user-friendly technology. • Online Listing Platforms: Platforms like PropertyPro.ng or Nigeria Property Centre offer property listings, but may not have functionalities like advanced search filters, agent verification, or dispute resolution. • Social Media Groups: Facebook groups dedicated to Lagos rentals or property sales can be a source of listings, but lack the structure and security of a dedicated app. Here's how ekodayo will differentiate itself: • Hyperlocal Focus: Cater to specific Lagos neighborhoods with details like traffic data, flooding zones, and proximity to amenities. • Verified Agents & Reviews: Implement a rigorous verification process with in-depth agent reviews highlighting responsiveness, communication, and local knowledge.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes. I have actively contributed to fostering women's entrepreneurship within my community. Through my efforts, Waterbed Farm Ltd and Dah Creative Agency Ltd, both women-owned businesses, were successfully registered with the Corporate Affairs Commission (CAC) in Nigeria. Additionally, Toria Fashion, a startup co-founded with a female colleague, exemplifies my commitment to this cause. Furthermore, I have established a dedicated WhatsApp group to provide ongoing coaching and support to aspiring women entrepreneurs.