In Monday’s newsletter, I asked “what’s happening with Fibre?” after a few of the proptech’s tenants received notices terminating their leases. It was one of the few times that Fibre, Nigeria’s premier proptech company has been in the news in recent times.
I spoke to the company’s director of operations, Munachi Ogbonna to clarify the situation and provide some context. It turns out that those moves are essentially about the company’s bottomline.
The company said it is auditing its portfolio and moving away from properties that are unprofitable.
From the horse’s mouth: We are not asking people to leave some of these properties because we’re not in the business of providing a service. The properties that are non-performing, we’re simply not renewing our lease there. We are getting into an arrangement with property owners of those buildings for those tenants who want to continue to stay there.”
If you still have doubts, Munachi says, “we’ll have this conversation in 2022 and it will be about what Fibre has been doing. We’re very much around for the long term.”