EXCLUSIVE: Nigerian Property Search Site In Merger Deal With PrivateProperty SA

We’ve just learned that one of Nigeria’s biggest property sites, Propertiesng.com has signed a Joint Venture agreement with PrivateProperty SA, the biggest property website in South Africa.

The merger deal which was finalised in October 2011 birthed PrivateProperty.com.ng, a new property search and listing service for Nigeria, thus making the co-founders of Propertiesng.com shareholders in the new business entity.

Propertiesng.com was founded in August 2009 by Oluwafemi Taiwo and Oluwafemi Badmus, and previously operated by PNG Interactive solutions, a real estate media and advertising firm in Nigeria. As shareholders in the new venture, Taiwo becomes the MD/CEO, while Badmus is the Operations Director.

Oluwafemi Badmus, Oluwafemi Taiwo (co-founders of Propertiesng.com) and Justin Clarke, co-founder and Chairman of PrivateProperty Ltd at the PrivateProperty offices in Lagos, Nigeria. Image via: Facebook

According to a source, the deal fetched Propertiesng.com between $200,000 and $500,000, although Taiwo has declined to comment on this.

Based in Yaba, Lagos, the new property search site allows estate agents to list their properties for sale and rent and also to give buyers and tenants an even wider range of properties to search for.

The site claims to have over 30,000 unique visitors and about 150,000 unique page views in just 3 months of launch. The company currently has 16 staff and revenues are growing.

Founded in 1998 by Justin Clarke, PrivateProperty SA has become the busiest and biggest property website in South Africa, currently ranking number 9 in DMMA’s top web properties in South Africa.