Dr. Allen Ifechukwu Athan Onyema’s path from lawyer to founder of Nigeria’s largest private airline shows how strategic real estate investing can fund major ventures. In the 1990s, he built capital through property investments that later enabled Air Peace. This post explores how he turned real estate profits into a national airline.
The Foundation: A Legal Career Meets Opportunity
Born in 1964 in Benin City, Onyema graduated from the University of Ibadan in 1987 and was called to the Nigerian Bar in 1989. In 1990, he moved to Lagos and joined Chief Vincent Amobi Nwizugbo’s law firm.
A friend’s real estate opportunity changed his trajectory. He was introduced to land sales in Alagbado, Lagos, where plots were available at N5,000. Onyema sold them at N10,000, earning N5,000 per plot. Landowners noticed his results and let him keep amounts above agreed prices, accelerating his earnings.
The 1990s Real Estate Strategy: Building Wealth Systematically
Early Moves in Alagbado: The Foundation of an Empire
Onyema’s entry into real estate was methodical. He started with small commissions from land sales in Alagbado, Lagos, where plots sold for N5,000. He sold them at N10,000, earning N5,000 per plot. Landowners noticed his results and let him keep amounts above agreed prices, accelerating his earnings.
He reinvested profits to buy and sell more plots, building relationships with landowners and establishing Allen Onyema & Company to manage operations. By age 25, he was a millionaire from real estate.
Expansion to Lekki and Lagos Island: Strategic Geographic Diversification
He expanded to the Lekki Peninsula, an emerging area with strong demand, and Lagos Island, a prime commercial and residential market. His approach focused on identifying undervalued areas, acquiring land during growth phases, developing and selling at higher values, and reinvesting returns to scale.
The 18% Yield Strategy: A Blueprint for Passive Wealth Generation
By 2008, Onyema was earning about 18% interest on deposits and using that income to build estates. This approach generated passive income from deposits, funded new developments, and created a compounding wealth cycle.
The Real Estate Boom of the 1990s: Perfect Timing in a Growing Market
Nigeria’s real estate sector in the 1990s offered rapid urbanization, a growing middle class, infrastructure development, and foreign investment interest. Onyema capitalized on Lagos expansion (Alagbado, Lekki), rising land values, strong demand for residential and commercial property, and favorable financing conditions.
From Property to Planes: The Strategic Transition
Accumulating Capital (1990s–2000s): Building the Financial Foundation
By the early 2000s, Onyema had a diversified real estate portfolio, substantial liquid capital, a track record of profitable investments, and banking relationships built on reputation.
The Vision for Air Peace (2008): Beyond Profit to Purpose
In 2008, he discussed launching an airline with his wife. His goal was job creation and connectivity, not just profit. Real estate profits provided the seed capital.
Launching Air Peace (2013–2014): From Concept to Reality
Onyema founded Air Peace in 2013 and commenced operations in 2014, starting with 3 Dornier jets for charter and expanding to Boeing 737s for commercial routes.
Funding Strategy: Real Estate Profits + Strategic Borrowing
Personal Capital Injection: Demonstrating Commitment
Onyema invested significant personal funds from real estate, demonstrating commitment and reducing risk for lenders.
Bank Financing: Leveraging Reputation and Relationships
He secured loans from Fidelity Bank and Zenith Bank, supported by a strong financial track record, reputation for integrity, existing banking relationships, and a clear business plan.
Financial Discipline: The Key to Sustainable Growth
He managed cash flow carefully, repaying loans daily from sales to maintain liquidity and credibility.
The Numbers: Real Estate Returns to Aviation Investment
Real Estate Investment Returns: The Foundation of Success
Starting capital was minimal (commissions from land sales). Growth in the 1990s moved from N5,000 plots to millionaire status by age 25. By 2008, yields were ~18% interest on deposits, with interest used to build estates, compounding returns.
Aviation Investment Scale: Transforming Capital into Industry Leadership
The initial investment came from personal capital from real estate. Aircraft acquisition totaled millions of dollars. The fleet expanded to Boeing 737s, 777s, and Embraer 195-E2s, achieving the largest private airline position in Nigeria by 2018.
