The African Export-Import Bank (Afreximbank) has appointed Humphrey Nwugo as Regional Chief Operating Officer for its Harare-based Southern Africa Regional Office. Spokesman of the bank, Mr Obi Emekekwue said Nwugo had been serving in an acting capacity in that position since February 2018, following the departure of the previous Regional Chief Operating Officer. Prior to that, he was Senior Manager, Syndications, at the Bank’s Cairo Headquarters from 2011. He joined the Bank in January 2010 as Manager, Banking Operations.bit.ly The new Regional Chief Operating Officer received his MBA from the University of Leicester in the United Kingdom and a Bachelor of Science in accounting from the University of Calabar, Nigeria. He is a member of the Chartered Management Institute, United Kingdom, and the Institute of Chartered Accountants of Nigeria. He is also an Associate Chartered Accountant. In his new position, Nwugo is responsible for driving Afreximbank’s business development activities in trade projects and export development finance at the regional level in Southern Africa. His role includes managing the Bank’s operations in Angola, Botswana, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Zambia, and Zimbabwe.
65.4 million) naira this year through a bond sale to refinance short-term borrowings at its real estate subsidiary, where losses have widened, group CEO Abdul Bello said on Thursday. Bello said the company would restructure its real estate unit UPDC, which is suffering from a current oversupply in the market coupled with a drop in Nigerians' purchasing power. Nigeria has just emerged from its worst recession in a quarter of a century while consumers are struggling with double-digit inflation. UPDC reported on Wednesday that its losses widened to 3.05 billion naira in 2017 from 1.23 billion the previous year. The group reported a pretax profit of 3.25 billion naira for 2017, but this was down 61 percent.
Bello, who took over as chief executive this year, said. Nigeria, home to more than 180 million people, suffers from long-term a housing shortage. Few banks offer long-term mortgages as high interest rates make them unattractive for buyers while lenders worry about the default risk. Officials have said Nigeria needs to build around 17 million houses annually to catch up with a fast-growing population which is set to more than double to 400 million in 2050, according to U.N. Nigeria will be then the third most populous nation after China and India. UPDC cut its debt to 19.3 billion naira in 2017, down 15 percent from the previous year. Shares in UAC, which has interests in foods, logistics and livestock feeds, rose 0.58 percent on Thursday to 17.30 naira while UPDC traded flat at 3 naira.
FMDQ OTC Securities Exchange has admitted two bonds and commercial papers issued by Mixta Real Estate (Nigeria) Plc for trading on the over-the-counter market, paving the way for investors in the debt issues to trade on their holdings. Mixta listed its N2.96 billion Tranche A and N2.32 billion Tranche B Series 2 bonds and N9.84 billion Series 1 and N2.08 billion Series 2 commercial papers. The bonds were issued under the company’s N30 billion debt issuance programme while the commercial papers were issued under its N15 billion commercial paper issuance programme. The listing marked another significant contribution to inspire confidence in the Nigerian markets as housing and infrastructure development progressively takes form.
Managing Director, Mixta Real Estate (Nigeria) Plc, Mr. Kola Ashiru-Balogun, said the issuances played an important role in implementing the company’s business strategy to develop affordable housing units as part of its modest contribution to bridging Nigeria’s significant housing deficit. According to him, FBNQuest Merchant Bank leveraged on its extensive distribution capability to successfully sell the bonds and commercial papers. “This transaction enables Mixta to finance affordable housing projects and extends the tenor of its debt portfolio. Listing and quoting on the bonds and commercial papers on FMDQ will provide investors with a transparent and efficient platform for price determination, liquidity and execution of trades,” Akinkugbe said.
Associate Executive Director, Capital Markets, FMDQ OTC Securities Exchange, Ms. Tumi Sekoni noted that the use of the proceeds of the bonds and commercial papers would help address the nation’s housing and infrastructure gap in a sustainable manner. She added that such debt issues would deliver prosperity to Nigerians and further deepen the domestic debt capital market, thus invariably contributing to Nigeria’s development. She reiterated FMDQ’s commitment to continue to deliver strategic initiatives towards the development of a highly liquid, deep and well-developed debt capital market in Nigeria. Associate Executive Director, Corporate Development, FMDQ OTC Securities Exchange, Ms. Kaodi Ugoji, commended Mixta for achieving what she described as landmark issues.
Empirical evidence suggests that even die hard white collar NRI patriots are tuning out of India. Dang, alarm bells are ringing in North Block. Yes, India has lost its mojo and gone into a deep blue funk. And bit.ly I am not describing the colour of the Prime Minister's turban. As the rupee was smashed around this last week, in my mind's eye I thought why are we so squeamish in appealing to these same NRIs to pump prime the Indian economy in this hour of grave crises? Bringing large dollops of NRI money to prop up the rupee was the obvious thing to do instead of tightening liquidity, tinkering with gold imports and generally making a hash of things. For some strange reason, we have chosen to ignore non-resident Indians at our own peril.
The Indian diaspora comprises blue collar and white collar workforce with the former remitting money and the latter looking at investment opportunities. The white collar workforce being more discerning focuses on high-value investments in real estate, private equity funds and stock markets. It looks for a different kind of bang for its buck. And this is where the catch is. 5.5 billion year on year. Share Political risk is now being seen as the single biggest imponderable. Poll surveys are showing the two principal political parties as not being able to reach the half way mark together and regional chieftains representing the new Republic of Kichdi appear to be the new power bloc.
In a bid to attract funds, India liberalised bank deposit schemes and some banks raised rates for overseas Indians in August. They could secure interest rates of more than 8.5 percent on one-year rupee deposits and as much as 10 percent on three-year accounts, a relatively high return compared with many other countries where rates remain near historic lows. Unfortunately, with the rupee going for regular bungee jumps, people are now wary of rupee products. Maybe that is why the Government did not connect with the white collar NRI rump. The original idea was to have a section of state owned banks and financial institutions raise quasi-sovereign bonds from NRIs, but while this option was on the table, it was dispensed with quickly. Long years ago when India was still opening up, I was asked to attend a platinum NRI fund raiser event organised by Citibank in Hong Kong.
As a guest of the Harilela family, it made sense to get a feel of how the bulge bracket NRI was being wooed by private bankers. All the razzmatazz and slick presentations aside, the NRIs who had gathered there for a champagne dinner were wowed by the glitz. Citibank was selling India. Remember this was the first flush of a decontrolled Indian economy on offer to NRIs; I can't recall the exact scheme, but the evening involved a lot of hands being pumped. What I saw that evening was the frenetic need by bankers to connect with the NRI diaspora. Now these were true blue wealthy Indians residing in Hong Kong prior to HK reverting to China, so the interest in plugging with the homeland was far greater.
Loyalty: Remittances alone is about four per cent of our GDP now. 21 billion follow India and China on the list. 69.35 billion remittance inflows. Lucre as it is said is the lubricant, but even that is not galvanising the white collared NRI to invest in his own country. Paranoia of a new kind is walking the streets. Funds from overseas Indians have acted as a much needed ballast for a capital starved and deficit economy. The primacy of these inflows is well established because unlike foreign institutional investor money often likened to hot money or fair weather friends, these are permanent inflows and not volatile capital inflows.
200 billion in Indian capital markets. 135 billion came in last year. 35 billion. However, unlike remittances, most NRI deposits are reversible. Remittances are agnostic of political and economic volatility. Migrant workers who make up a large part of the 25 million-strong Indian diaspora have shown unbelievable faith and resilience in their country of origin over time. Remittances from blue collar non-resident Indians have grown thanks to the weakening rupee. The meltdown in the rupee is actually driving this phenomenon, unlike the slowing inflows from white collar NRIs who are concerned about the investment 'risk'. The nature of the beast being that Indian NRIs are predominantly blue collar or migrant workers who send money back to their families.
What is comforting is that the dependence on these ever burgeoning flows is only increasing. Remittances alone is about four per cent of our GDP now. This is much more than the total FDI investment into India annually. 30 million under management, of which more than 60 percent is from Indian clients. After trading broadly at around 45 per dollar in 2010 and 2011, the rupee has dropped more than 30 percent. Lalit Kumar Jain, chairman of CREDAI said property purchases by Indian expatriates were now need-based rather than speculative, Bit.ly reducing what has been in the past a key type of demand. Caught between a rock (white collar NRI) and a hard place (blue collar NRI), the Government of India should have logically appealed to the diaspora. Perturbed with the hesitancy shown by the white collar NRIs who have given up the ghost on their country of origin, finance ministry mandarins may have thought that they should desist from making such a move. In the past though India Millennium Deposits and Resurgent India Bonds have succeeded with NRIs coming forward and bailing out the country. 7-8 billion from dependable NRIs and calm the negative sentiment.
Private equity fund Novare Fund Manager, which invests in retail and commercial real estate in sub-Saharan Africa, excluding South Africa, opened over 34 000 m2 of prime retail space over the last two weeks in Nigeria and Mozambique. Sub-adviser to Novare Fund Manager Novare Equity Partners CEO Derrick Roper noted that the projects contributed to infrastructure development and sustainable job creation in these countries. 47-million, Novare Matola is home to 50 stores, anchored by a 6 000 m2 Premier Superspar store. The mall has the potential to be expanded to 50 000 m2 during future development phases. Novare Gateway is located on the main ten-lane highway between Abuja's Nnamdi Azikiwe International Airport and the central business district. With modern infrastructure and facilities, and Shoprite as the anchor tenant, the centre is well situated to meet the needs of the growing Abuja community. 68-million. The centre also includes a second phase that will in future see another 10 000 m2 added to accommodate 33 more shops.
It's several things. First, there's a lot of poverty in Nigeria and the yearly wage is about 3000 USD. A lot of the work is manual or hard labor, with people making very little. If you had the opportunity to send a couple emails, live a lavish life and be able to buy cars for all of your friends, AND help your community, wouldn't you do that? Some (not all) of the rappers out of Nigeria sing praises of “yahoo yahoo” and talk about how much money they made, and many young people cling to that. Another problem is corruption within the government, so many of the scammers will actually pay officers off to continue operating.
Did they get busted? They can just pay their way and get out of jail. Many of them feel like they have the home team advantage in Nigeria, which is why many of them stay there. FinCEN is an organization in the US that tracks money lost to many different types of threats, and they just published numbers that talk about money lost to a form of crime called Business Email Compromise, or BEC for short. BEC is an email scam where they send an email to a company and ask for money, and more times than not money gets wired out. For BEC losses the most recent number is 300 million dollars lost per month in 2018. That's not an estimate, that's “there is concrete numbers to support that”. As someone who tracks / works a lot of the BEC threats in the industry, 300 million lost per month / 3.6 billion dollars lost is a low number. That wouldn't include romance scams, check fraud, real estate scams, non-delivery scams, work from home scams, W2 fraud, and a billion other things that the same BEC / Nigerian actors are dabbling in.
He laments that more needs to be done for Ghana to maintain this position as the best Real Estate investment opportunity in West Africa. Mr. Bediako, the man to watch out for in Ghana’s real estate sector, insists that there persists a perception that investing in property in Ghana must be a strenuous administrative process. In some cases, this view is justified, but buying a new build property can be a straightforward and low risk investment if the process is managed efficiently. The perceived difficulty of doing business in Africa as a whole is a key challenge that the continent must overcome in order to encourage greater levels of investment. 5,000,000 within its first year of operation.
Mr. Bediako also holds impressive project management record, with a string of successful completions in the financing, construction and management of commercial and residential real estate calls for a radical shake up of the Ghanaian real estate sector. He further states that the government needs to consider policy reforms to bolster real estate support and investment. Ghana’s infrastructure development is lagging behind he says and this view is supported by the World Bank. According to the World Bank, some of the limiting factors with regard to Ghana’s infrastructure development relate to corruption, insufficient government spending on roads and a balance of payments deficit.
600 million) loan loss provision last year, but will limit lending growth to boost capital, its CEO said on Wednesday. Urum Kalu Eke said 2015 was a difficult year for the banking group due to weak economic growth in Nigeria, rising inflation and dollar shortages in the currency market, which made it hard for customers to service their loans. He said the bank holding company, with interests in insurance, commercial and merchant banking, would keep loan growth this year around the four percent it achieved last year. Eke told Reuters in a phone interview. FBN on Tuesday reported an 18 percent drop in first-quarter pretax profit to 22.1 billion naira after profits fell 77 percent in 2015 due to higher provisions for loan losses. Eke said about four or five oil firms accounted for some of the loan charges, in addition to real estate and telecoms businesses.
He said the bank would restructure the loans or ask customers to beef up collateral and make repayments. FBN's stock, down 34 percent so far this year, gained 5.3 percent on Wednesday to close at 3.57 naira, recovering from a 20-year low hit in February when the bank first warned of the charges. The yield on its seven-year dollar bond due 2021 has hovered at record levels above 19 percent for most of April after starting the year just above 16 percent. Eke said FBN had no plan to ask shareholders for fresh funds because its capital ratio was higher than the regulatory minimum and also partly because of depressed equity markets. He said the bank would retain profits to boost capital. Tumbling oil markets in the past year have forced Nigerian banks, which have long thrived on loans to the energy sector and government bond investments, to adapt their business models at short notice. Eke said the bank was overhauling its credit model to avoid future loan losses and would diversify towards retail customers. FBN expects its insurance and merchant banking units to contribute 10-15 percent to group pretax profits within three to five years, from 8-10 percent now.
Now that Nigeria has ratified the African Continental Free Trade Agreement (AfCFTA), the Nigeria Employers’ Consultative Association (NECA) has urged the federal government to re-assess its economic strategies and tailor its policies and reforms toward radical industrialisation of the country. “We have consistently taken the lazy path of tax increases that stifle and further burden businesses rather than the ingenious way of promoting and stimulating production, ” he said. The NECA boss also said, “government should take a bold attempt to industrialise the country and take it out of the woods by embracing a major policy shift from focus on taxation to production.
He argued that VAT on small traders should be reduced to three per cent, while also calling for the abolition of import duty on machinery and raw materials amongst many others. If all these are implanted, the NECA boss said it would directly stimulate production and create wealth for the nation and its citizenry. Olawale stated that, “production and productivity induced policies focused on the rapid development of our industrial base is the only sustainable option for our national development. “We commend government for the efforts made in the last four years to stimulate the economy and support the real sector.
“However, the contradictions in the regulatory environment has consistently negated these efforts. “If government can muster the political will to take expected radical bold steps, Nigeria in no time might become the industrial hub of the African continent,” he said. On the other hand, it pointed out that the main threat to Nigeria signing the agreement was loss of government revenue through the reduction and eventual elimination of tariffs. “Another risk is that the country may be turned into a dumping ground for sub-standard goods and increased competition, which would negatively affect the domestic industry,” it stated. The goal of AfCFTA is to create a single integrated market, which would increase trade across the continent and lead to free movement of goods and services. 2.6trillion, the trade agreement will cover the largest market in the world. “Africa is a continent rich with diverse raw materials ranging from minerals to agriculture. “The trade agreement would help change the continent’s narrative from being just a source of raw materials to a destination point for high quality finished goods and services,” the report added.
They say because more stable investment is real estate, politicians and those with money looking for viable business ventures to invest in, will channel their money into real estate sector thereby causing boom in the sector. “Also, because of the uncertainty in the capital market, most shareholders will prefer to withdraw their investment in shares to invest in real estate which is more stable than any other investment. In addition, we expect the Nigerian housing market with its vast potentials, anchored on rising population, growing urbanisation and expanding economy, to present continuous opportunities to players in the sector. “Our politicians will begin to look for where to invest in, and real estate sector being a very viable business venture, will be first choice for them. With politicians as sure market for the sector, real estate will be a big bang in the year 2019,” Garuba noted.
“The capital-intensive nature of real estate development means the sector will naturally struggle under a hostile lending climate. “The age-long red tape in land administration and planning permits and other structural challenges are still undermining the sector, affecting development take-offs and delivery, and business performance. “At the macro-economic level, operators should be vigilant as there remain concerns that political activities will have a drag on the economy and more pronounced in 2019, judging by historical antecedents. “As a company, we are aware that the operating environment, including our sub-sector remains fluid and dynamic. A continuous understanding of the fundamentals shaping the industry, anchored on knowledge and experience is crucial to business continuity. We must show leadership in innovative solutions, sound management and strong corporate values. In his contribution, Mr. Peter Folikwe, a Non-Executive Director of the company said: “The real estate industry is capital-intensive. This is impacting on the earnings of the companies in the sector. Propertygate has a focused board and management.
DUBAI, June 15 (Reuters) [August 2019] - Real Estate Tycoons In Nigeria Saudi Arabia's stock market led falls in the Gulf on Wednesday after MSCI decided not to consider the country for emerging market status, while Egypt fell sharply as blue chip Orascom Telecom Media continued sliding. In its annual classification review, MSCI praised market reforms announced by Saudi authorities but did not set a date for a review that could place the country in its emerging market index. It said that once implemented by mid-2017, the reforms would “bring the Saudi equity market closer” to inclusion. This appeared to suggest that the Saudi market was unlikely to be included before mid-2018 at the earliest.
In a research note, investment bank EFG-Hermes noted that if MSCI followed its standard time frame - which it does not always do [August 2019] - Real Estate Tycoons In Nigeria May 2019 would be the earliest possible inclusion date. Investors had not been betting heavily that Saudi Arabia would be placed on the review list, fund managers said, but MSCI's decision was nevertheless disappointing and the index dropped 0.9 percent. MSCI is an international compiler of equity indexes and inclusion in its emerging market index would draw billions of dollars of passive funds [August 2019] - Real Estate Tycoons In Nigeria those that track benchmarks [August 2019] - Real Estate Tycoons In Nigeria to Saudi Arabia. Dar Al Arkan, which soared last week on hopes it would benefit from a house building programme in Saudi Arabia's economic reform programme, fell back 5.7 percent and was the most heavily traded stock.
93 million), fell back 7.3 percent. But Saudi Electricity, which has surged this week on news of a novel financing method for two planned solar power plants, gained a further 1.0 percent. MSCI also decided on Tuesday to delay including Chinese A-shares in its emerging markets index. This was modestly positive for the United Arab Emirates and Qatar, since Chinese inclusion would have diluted their weightings in the index. With MSCI's decision to remove Pakistan, and possibly Nigeria and Argentina, from frontier market status, “Kuwait and the Middle East and North Africa could dominate the benchmark (60 percent), potentially prompting more MENA allocations by frontier market managers”, EFG-Hermes said. However, on Wednesday investors in the Gulf focused mainly on weak oil prices and global markets, and most regional bourses dropped.
Dubai's index slipped 0.2 percent as Emaar Properties lost 0.6 percent. However, smaller real estate developer Deyaar climbed 3.0 percent as it posted the market's largest volume. Abu Dhabi's index fell 1.0 percent as blue-chip banks sagged, with First Gulf Bank down 2.9 percent. Qatar's index edged up 0.1 percent as Mesaieed Petrochemical , the most heavily traded stock, jumped 8.5 percent. Egypt sank 2.1 percent as billionaire Naguib Sawiris's Orascom Telecom, the most active stock, dropped 3.2 percent, bringing its losses this week to 15 percent. The slide was triggered by the decision of Orascom subsidiary Beltone to drop its effort to buy the investment banking arm of Commercial International Bank , after the deal failed to win regulatory approval. The regulatory debacle was seen by some investors as a blow to Sawiris and the investment environment in Egypt in general. Commercial International Bank dropped 3.5 percent on Wednesday. The index dropped 0.9 percent to 6,567 points. The index fell 0.2 percent to 3,325 points. The index slid 1.0 percent to 4,341 points. The index edged up 0.1 percent to 9,769 points. The index sank 2.1 percent to 7,415 points. The index retreated 0.4 percent to 5,390 points. The index lost 0.2 percent to 5,826 points. The index dropped 0.5 percent to 1,118 points.
Lagos — Not too long ago, Deloitte, one of the largest global professional services network, published that in 2014, Nigeria attracted N780 billion in real estate development. Corroborating this statistics, the Africa Housing Finance Yearbook of 2014, recorded that Nigeria represents a potentially huge market for housing developments and mortgage. But according to statistics and glaring evidences, despite accounting for more than 50 per cent of the population of the country, the percentage of women keying into this progressive development as against their male counterparts is unimpressively low. Though not limited to real estate investment alone, women are said not to be aggressively brazing up to the much publicized marginalization outcry in their favour. You have selected an article from the AllAfrica archive, which requires a subscription. For more information about subscribing to allAfrica, please read the subscription and contribution overview. If you're ready to subscribe, please go directly to our secure server.
2billion tripartite Memorandum of Understanding with Shelter Afrique, and Real Estate Developers Association of Nigeria (REDAN). 2billion construction finance towards housing provision in Nigeria. The Acting Managing Director of the Federal Mortgage Bank of Nigeria, Mr. Richard Esin, said the collaboration was a “proactive step taken in recognition of the opportunities that would arise from the launch of a National Housing Model. 2 billion construction finance towards housing provision in Nigeria. “The development is coming at an auspicious time in the life of the bank when it has moved from a deficit position to operating surplus in 2016, creating 736 individual mortgages up to the tune of N5.4billion within the period.
“We are optimistic that the partnership would result in the growth of the sector and lead to an increase in the contribution of the sector to the nation’s Gross Domestic Product. He called for the commitment of all parties to the successful execution of the programme. The President of the Real Estate Developers Association of Nigeria (REDAN), Rev. Ugo Chime commended all the parties involved. He called for immediate recapitalization of the Federal Mortgage Bank of Nigeria (FMBN) by the Federal Government, to ensure that it has the capacity to finance mortgages. 200million construction finance injection. The Managing Director/Chief Executive, Shelter Afrique’, Mr. James Mugerwa, said the occasion was a turning point for the housing sector in Nigeria.
Nigeria has long been regarding as a powerhouse in the African economy and a leader in the ECOWAS region with growth far exceeding the capacity of its current infrastructure. The convener of the conference, Ms Ummahani Ahmad Amin, the CEO of Metropolitan Skills Limited, is convinced that Sukuk will contribute significantly to infrastructure development in the region. The Sukuk concept differs from the conventional bond in that each Sukuk-holder holds an undivided beneficial ownership in the underlying asset.tinyurl.com As such, holders are entitled to a share in the revenues generated by the assets rather than interest on the capital as is the case in conventional bonds. Ummahani states that “Sukuk is a necessary instrument for development in Nigeria, as it leaves little or no room for corruption or siphoning of funds, ultimately making the citizens of Nigeria the main beneficiaries”.
Islamic Capital markets have over the years indicated positive contribution towards the sectors they operate in, both from the perspective of return as well as robustness in regulation. Interestingly, emerging markets in general have been benefiting from the non interest banking as a result of financial inclusion and more robust regulation. 360 billion, thus Islamic capital market solutions become ever more attractive. Islamic financing techniques through Capital market instruments are expected to reduce this gap once embraced constructively. So far these techniques have succeeded in projects ranging from power generation to aeronautics, shipping ports, expressways and hospitals to vaccine programmes. The conference will provide opportunity for presentation by globally renowned professionals and experts in the fast growing Islamic Finance Industry (with specific reference to Sukuk) and discussions by key industry players, policy makers, regulators, bankers and investors.
Thus, participants will be exposed to alternative (Islamic) source of financing Infrastructure in Africa and Nigeria in particular. Mr Godwin Emefele, the Governor of Nigeria's Central Bank. Dr Umaru Muttalab, Chairman First Bank of Nigeria Limiteda and Nigeria's Jaiz Islamic Bank, will chair the conference. Mr Munir Gwazo, the Director General, Nigeria's Security and Exchange commission, will deliver the keynote address. Shaikh Dr Ziyaad Mahomed who is an International expert in both the practical and academic areas of Sukuk, Non-interest banking and ethical investment. Dr Michael McMillen an expert in Islamic Banking Legal Issues. Muhammad Khalid Khnifer- will bring Sukuk global experience to bear.
Dr Aishath Muneezah is an expert on the Maldives experience of Sukuk. Islamic Capital Markets in Nigeria: Regulatory perspectives, market appetite and tools for growth. Sukuk Structures: A new path for the growth of Islamic Capital Markets, funding infrastructure projects and attracting direct foreign investments. Islamic Asset Management: Exploring market appetite and demands, opportunities for banks and asset managers, core asset classes, how they work, emerging markets dynamics, local and global view with detailed analysis on equities, fixed income/Sukuk, real estate. Assessing the African Sukuk Market and investigation the future market trends. Wealth management and the saving needs: International trends in asset management, driving social and financial returns, shared values and ethical investing. Understanding the regulatory requirements to facilitate to the increase the Sukuk issuance. Takaful, Pension and the Capital Market: Issues and challenges for Takaful/PFA operations. Content provided by Metropolitan Skills Limited via Reuters.
This announcement contains price sensitive information. Mansour Group, announced today their first investment in Nigeria's promising healthcare industry. The transaction will see Dynasty acquire a majority stake in Echo-Scan and assume management control of the company, while both Dynasty and the IFC will invest USD 25 million to expand Echo-Scan's nationwide service offering, footprint, and quality standards. Over the coming year, Echo-Scan will refurbish and upgrade existing locations as well as significantly augment its number of branches. Echo-Scan's growing network of medical diagnostic laboratories is currently spread across 12 locations in six states. The investment from Dynasty and the IFC will help bring best-in-class medical diagnostic practices and technology to Nigeria, ensuring Echo-Scan delivers global-standard pathology and radiology services across Nigeria.
Dynasty will help service the significant demand for healthcare equipment and services in Nigeria, which is driven by increasing urbanisation and evolution of disease patterns in Africa's most populous country. Dynasty's strategy is to build a leading diagnostics platform across the Middle East and Africa. IDH operates 377 branches across Egypt, Sudan and Jordan and served 4.7 million patients in the first nine months of 2017 with a comprehensive range of medical diagnostic services. The company serves both individual “walk-in” patients and patients on corporate and insurance contracts. The Mansour Group and Man Capital have a significant presence in a dozen Sub-Saharan African countries, employing thousands of personnel and operating across multiple industries. The Group has maintained operations and investments in Nigeria for more than two decades and employs close to 1,000 people.
Its investments span multiple industries across the entire country, including the heavy machinery, power, mining, oil and gas, tobacco, telecoms infrastructure, real estate and logistics sectors. Dynasty Group was advised on the transaction by Stanbic Nigeria, UUBO Nigeria, KPMG Nigeria and Hogan Lovells. IDH is the largest fully integrated private-sector medical diagnostics services provider in Egypt, Jordan and Sudan, comprehensively offering pathology and molecular diagnostics, genetics testing and basic radiology. IDH's core brands include Al Borg and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan). IDH is listed on the London Stock Exchange (ticker: IDHC) and was founded in 2012 by the merger of Al Borg and Al Mokhtabar, the most established diagnostics services brands in Egypt.
Man Capital is the Mansour Group's investment arm and is headquartered in London. IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. 19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. Echo-Scan is a network of medical diagnostic laboratories, providing radiology and pathology services, through more than a dozen branches distributed across Nigeria. Echo Scan has service locations in Kaduna, Abuja, Karu, Lagos, Asaba, Benin and Mararaba.
15 billion, according to TheMarker, an Israeli financial newspaper. 1.2 billion loan payment but wants the unit's debt restructured before it starts the sale process, two sources told Reuters. Canada's two biggest pension funds have agreed to partner with LOGOS, a real estate logistics operator, to invest in warehouses in Singapore and Indonesia. Kazkommertsbank (KKB), Kazakhstan's biggest lender, will sell half of its assets to a state-run “bad bank” before its proposed takeover by Halyk Bank, the country's central bank said. Bahrain-based Investcorp said on Sunday Abu Dhabi state investment fund Mubadala Development had completed a deal to acquire a 20 percent stake in the alternative investment firm's parent, Investcorp Bank. British homebuilder Bovis rejected a bid approach from rival Galliford Try but remains in talks about a possible deal, the company said on Sunday, adding it had also rejected a proposal from another suitor, Redrow.
The importance of housing as a basic need to man, cannot be over emphasised. But to make housing available to people requires an effective mortgage system for funding housing in any country , just as the country’s economy must be sound to support the country’s housing needs. In other words, lack of adequate or poor housing facilities are a reflection of poor state of any economy. In Nigeria, mortgage system has been grossly ineffective, hence the issue of housing finance has remained a major constraint to housing delivery. Speaking to Vanguard on the sidelines of Annual General Meeting of Propertygate Development and Investment Plc.
A former bank chief executive, Mr. Jim Ovia, has deplored the meager contribution of the real estate sector to the Nigerian economy in spite of its huge potentials. Ovia asserted that the potentials of the industry are huge, considering Nigeria’s land mass of over 970,000 square kilometres and a population of 150 million people and rapid urbanisation. He remarked that the potentials of the sector will remain untapped for as long as titling of properties remain problematic, thus making it almost impossible to monetise. “It costs much more to register property in the country unlike other emerging markets of Malaysia, Singapore and South Africa.
Ovia also said that efforts must be made to reform the process of property registration in the country, for which Nigeria was recently ranked 178 out of 183 in the ease of registering properties. “This is where the problem is; we need to focus on why is it difficult to register property within reasonable period in Nigeria. We should monetise real estate and collateralised mortgages,” he added. Nigeria’s performance in this crucial sector is largely lamentable. A former bank chief executive, Mr. Jim Ovia, has deplored the meager contribution of the real estate sector to the Nigerian economy in spite of its huge potentials. Ovia asserted that the potentials of the industry are huge, considering Nigeria’s land mass of over 970,000 square kilometres and a population of 150 million people and rapid urbanisation.
He remarked that the potentials of the sector will remain untapped for as long as titling of properties remain problematic, thus making it almost impossible to monetise. “It costs much more to register property in the country unlike other emerging markets of Malaysia, Singapore and [August 2019] - Real Estate Trends In Nigeria 2019 South Africa. Ovia also said that efforts must be made to reform the process of property registration in the country, for which Nigeria was recently ranked 178 out of 183 in the ease of registering properties. “This is where the problem is; we need to focus on why is it difficult to register property within reasonable period in Nigeria. We should monetise real estate and collateralised mortgages,” he added. Nigeria’s performance in this crucial sector is largely lamentable.
LAGOS, Oct 20 (Reuters) [August 2019] - Real Estate Tycoons In Nigeria A property market crash in Nigeria offers opportunities for brave investors betting that Africa's most populous nation will deliver high returns when it climbs out of recession. Investing in Africa's largest economy requires a willingness to navigate opaque land laws, corruption and the prospect of having money held up in the bank due to currency restrictions. The central bank has made it difficult to repatriate profits as it seeks to avoid a collapse of the naira due to a slump of oil revenues, which has pushed Nigeria into its first recession in 25 years. Some private equity funds, mostly from South Africa, are investing in Lagos and the capital Abuja, betting the spending power of the country's 180 million people will grow. Jan van Zyl, head of Nigerian property development at South African fund Novare Equity Partners.
But investors can take advantage of their purchasing power as the country is desperate for dollars to replace oil revenues which account for almost all the hard currency income it needs to fund food and other imports. Jonathan Millard, Lagos-based chief operating officer at Troloppe Property Services. He said there were also opportunities in residential property, whose rents had, in dollar terms, fallen by up to 70 percent since 2009, which was driving down prices. The southern megacity of Lagos has seen a building boom in the last few years [August 2019] - Real Estate Tycoons In Nigeria[August 2019] - Real Estate Tycoons In Nigeria real estate is a favourite destination for those who get their hands on oil money.
Two shopping malls were completed within the last three months, bringing to eight the total of such retail hubs in the city. With the central bank imposing hard currency curbs and construction activities slowing in a dollar-starved economy, foreign capital flows into Nigeria fell by 61 percent, year-on-year, in the second quarter. 116 million from the IMF. Its power supply improved last year while Nigeria endures frequent blackouts. Ivory Coast and Senegal are also seen as attractive investment destinations, property analysts say. Property consultant Cluttons estimates that Lagos retail yields stand at around 7.5 percent, compared with 8 percent in Johannesburg, 9 percent in Accra and 10 percent in Nairobi but have the potential to rise once the economy improves.
In the last few months it has become common for retailers and service sector tenants, squeezed by the economic downturn, to negotiate lower rents with landlords who are keen to sustain occupancy levels. Lower rents have pushed down yields in Lagos. Lagos office yields have dropped to around 8 percent from 9 percent in 2014, making them the same as in Johannesburg and Nairobi, but less than the 10 percent found in Accra. But investors say Nigeria's size, with one of the world's fastest growing populations, means it has better long-term prospects than the rest of Africa. Lagos has a population of around 21 million, whereas Ghana's entire population is 26 million. The Nigerian city is vastly under-served by shopping malls, experts say.
Erejuwa Gbadebo, who heads Cluttons' Nigeria office. 83 million project with 22,000 square metres of retail space. Construction on two projects in Abuja [August 2019] - Real Estate Tycoons In Nigeria a mall and an office park [August 2019] - Real Estate Tycoons In Nigeria began this year. Zyl, adding that the fund had reduced its debt component, using more of its capital, as a short term measure during the downturn. Funke Okubadejo, real estate director for Actis, another South African private equity fund, said Nigeria provided “a compelling market opportunity”. Actis has completed two shopping malls in Lagos, another was completed in Abuja in December 2015 and construction is scheduled to begin on a fourth, in Lagos, early next year. 500 million fund to invest in real estate, mainly office towers and commercial real estate. There is still no shortage of risk in a country famous for corruption.
Nigeria's land laws are opaque, with landlords in dispute with tenants often bribing police and local officials to demolish buildings. And while a small number of funds [August 2019] - Real Estate Tycoons In Nigeria[August 2019] - Real Estate Tycoons In Nigeria taking a long-term view – are unfazed by the difficulty in repatriating profits in Nigeria's current climate, local businesses they hope will populate their malls and offices are struggling to stay afloat. The FX restrictions mean retailers who cannot access the dollars needed to import a wide range of goods are closing. Many that survive would struggle to pay the rent for a mall unit and companies across the service sector are laying off staff intended to populate offices.
A real estate company, Diaspora Lakeview Estates Limited, said it is partnering with Thesaurus Gardens Limited to co-develop ‘Diaspora Lakeview Estate’ which is the first CCTV powered estate of its kind. The estate is located within the Caribbean Lake City, along Lekki-Epe Expressway, opposite Crown Estate, and situated in the neighbourhood of other estates namely Emperor Estate, Fara Park and Novare Mall. According to the promoters who spoke to the The Nation they revealed that the Lagos State allocated to Thesaurus Gardens Limited 51 hectares of land, from which Diaspora Lakeview Estates Ltd derives its title. They said the joint venture would seek to improve and restore confidence of Nigerians abroad who have always wanted to invest in landed properties but have fallen victims to land grabbers popularly referred to as ‘Omo-Oniles’.
The Managing Director of Thesaraus Gardens Limited, Bolaji Olasode, said the collaboration with Diaspora Lakeview Estates Limited is strategic for both companies geared towards giving prospective land owners a peace of mind in acquiring property. According to the Chairman of Diaspora Lakeview Estates Limited, Prince Williams-Joel said the innovation in real estate will seek to provide an outstanding level of service, excellence, expertise, and security in securing real estate investment and development. He said: “We act in the best interest of our clients who are domiciled abroad by offering unquestionable ethics on all land transactions. Through this joint venture, we are restoring people’s confidence in investing in Nigeria, having fallen victims of fraudsters in the past.
French car giant Renault plans to assemble two low-cost vehicles in Nigeria via a joint venture with the local conglomerate Coscharis, a Renault statement said Thursday. The Logan and Duster models are to “be assembled in the existing Coscharis assembly facility in Lagos starting October 2019,” Renault said. Coscharis is active in several sectors of the Nigerian economy, including autos, information technologies, logistics, agriculture, food, real-estate and health. It began to assemble vehicles in late 2015 and has created a sales network across the country that includes five dealerships in Lagos. Renault plans to import two other models, the entry-level crossover Kwid, and the Oroch pickup that is based on the Duster, from Brazil. All are to be distributed by Coscharis, the statement said. Renault is aiming initially for a five-percent share of the Nigerian market, or around 900 registrations a year, a spokeswoman told AFP. The French group already has a strong presence in Algeria, Egypt, Morocco and South Africa.
Refin Homes Limited, a real estate development company established with the aim of constructing and creating affordable housing units for Nigerians from low income earners to middle class professionals was recently awarded ISO 9001:2015 certification. The ISO 9001:2015 certificate which was awarded to REfin Homes on July 12th, 2019, is an internationally recognised standard that ensures the organisation meets the needs of its customers through effective quality management system. This makes REfin Homes the first indigenous real estate company to be ISO certificated in Nigeria, in less than two years of it existence. Supporting an organisation’s aims and objectives, an ISO 9001 Quality Management System (QMS) documents the processes, procedures and responsibilities for achieving quality policies and objectives.
ISO is one of the most rigorous and well-regarded standards in the world. Addressing pressmen in Lagos, REfin Homes Managing Director, Mr. Olatunde Macaulay said the company’s decision to work towards ISO9001:2015 accreditation demonstrates its commitment to continually improve on its products and services. “To be ISO 9001:2015 compliant, the REfin Homes team who are based in Nigeria, underwent an excessive company-wide audit that induced quality management system development, a management system documentation review, pre-audit, initial assessment, and clearance of non-conformances. This reinforces REfin Homes relentless focus on creating industry-leading products and services, measured against global benchmarks of industry excellence.
Lagos — Success Digest holds her 16th Business Opp-ortunity Expo at SADC multipurpose centre situated at 28 Esuola Street Off Ago Palace Way, Okota Lagos State. Between August 9-13th, 2005.The Business Expo, the second this year is aimed at raising and nurturing entrepreneurs and making available proven skills that will enable those already in business and those preparing to start one to excel. You have selected an article from the AllAfrica archive, which requires a subscription. For more information about subscribing to allAfrica, please read the subscription and contribution overview. If you're ready to subscribe, please go directly to our secure server.
In its latest report released recently, the Nigeria Employers' Consultative Assembly (NECA), expressed concern over the slowdown of Foreign Direct Investment (FDI) inflow into Nigeria, last year. 2.2 billion in 2018, representing a reduction of 36 per cent in the previous year. Surprisingly, Egypt, South Africa, Ghana and Ethiopia experienced positive inflow and, now, fast becoming the preferred destination for FDI in Africa. 7.4 billion received a year earlier. 3.1 billion. According to UNCTAD, major investments in the country were in petroleum refining, mineral extraction, real estate, manufacturing and renewable energy. 1.3 billion in 2017. FDI inflow which had fallen since 2014, recovered in 2018, with large investments in mining, food processing, petroleum refining, information and communications technology, as well as renewable energy.
While some policy decisions were blamed for Nigeria's poor FDI inflow in 2018, UNCTAD expects 2019 to be better for the country, especially due to some significant Greenfield project announcement in the oil and gas industry. 99.6 billion in 2018, the total stock of FDI represents 25.1 per cent of the country's Gross Domestic Product (GDP).tinyurl.com The slowdown in FDI was blamed partly on the 2019 elections, which inevitably heightened risk in the economy. And this had all manner of implications for the macro economy. Market capitalisation was reported to have haemorrhaged up to N1.9 trillion last year alone, depicting the extent of loss on investors' assets.
…With its scenic splendor and ancient tradition, the home of Blessed Fr. As the plane descended, signaling the end of the 40-minute flight from Lagos to Asaba, the aerial view of the Delta State capital spoke volumes of the real estate boom in the city. Some 15 years before it was designated state capital, Asaba, on the bank of the River Niger, was a swampy, backstreet town. The dingy bungalows and old storey-buildings here and there have given way to beautiful, modern architectural masterpieces. It was my first time in the Eastern Heartland through the Asaba Airport. Thanks to then governor of Delta State, Dr. Emmanuel Uduaghan, who (until the airport was shut down recently) did what successive governors could not do, provide an airport for travelers who have business in Onitsha and its environs.
Although the Asaba Airport is not as big busy as the Enugu, Abuja or Lagos airports, it would be the envy of some smaller countries of West Africa with small “international” airports. One good thing about the airport is its proximity to town. A less than 15-minute ride on a chartered, air-conditioned bus found us in Onitsha. Onitsha wore a new, refreshing look. I do not know the exact turning that got us to Aguleri, home of Blessed Fr. IweneTansi, the Nigerian-born Catholic priest on the way to being canonised as saint by Rome. Aguleri shares borders with Kogi State (the Igala people), Enugu State (Nsukka area) and former Bendel State. Agulerians are mainly farmers and fishermen but due to modernisation some have embraced oluoyibo (white collar jobs) or are involved in Izuahia (trade and commerce).
We were later to find spots where a few women and children were collecting and breaking rocks (a natural endowment) for sale at a place close to the Aguleri jungle. Aguleri people are predominantly Christians (mostly Catholic), with a sprinkling of animists or people who mix both religions. A small rustic church building in the heart of the town, side-by-side with a modern one at St. Joseph’s Catholic Church, Aguleri, was our first port of call. The church was the second berth East of the Niger after the first Catholic Church sited in Onitsha by the white missionaries. According to Rev Fr.
Christopher Odina, the Parish Priest of St Joseph’s Catholic Church, Aguleri, the missionaries came to Aguleri in 1880 at the invitation of a man known as Idigo. “Onitsha was there when the white men came to Aguleri at the invitation of Idigo. People fled because they thought they were spirits,” corroborated Onanze, one of the high chiefs of the town. The one-storey building with architectural design and furnishing that depicted royalty, overlooked Obuga (sacred grove). As with the wailing wall of Jerusalem, both indigenes and visitors go to Obuga to pray to Chukwu. According to an indigene of the town, Mrs. Anne Ifedigbo, Obuga shrine, also known as Obu-Gad (meaning Obi Gad in Central Igbo dialect, that is, Gad’s lounge, is the temple of Ofo, where sacrifices are made to appease the gods. Besides Idigo’s Palace, most Aguleri meetings are held there.
Obi-Gad alludes to Gad, the son of the Biblical Jacob. “Any real Igbo traditional ruler, not these autonomous community chiefs, goes to Obuga to perform necessary rites before going to the confluence of Ezu and Omabala to be given the Ofo or Odudueze,” Mrs. Ifedigbo said. We sat in the Obi of Ezeora Chukwuemeka Eri, which is on the ground floor of the storey building, waiting. Before long, a palace hand heralded his royal presence with praise-singing followed by a coterie of chiefs and palace hands.tinyurl.com We stood until he sat on the royal stool, a wooden art piece, distinct from other chairs in the lounge. Soon, prayers started with the breaking of kola nuts. “Na mbidouwa, oyibo adirona be anyi,” the royal father said as he beckoned on Onanze to interpret what he said.
“In the beginning, English was not our language,” the interpreter translated. Ezeora continued: “In the beginning of the world, kola was the symbol with which we talked to God. God has already known we are here and answers us when we use the kola to call upon Him, even before the coming of the white man. “When I pray, respond, ‘Ise or amen,'” he said. “Voice of God is the voice of man,” he continued. “May good happen to Nigerian Breweries Plc. May God help them. May God of Gad help them. May God of the whole Igbo help them.
Their coming to Enugwu Aguleri, to Aguleri, to Anambra will bring good to them and their families. “Evil spirits will not see them as they go into the jungle. Evil people will not see them. It shall be well with them in the name of Jesus. They have been going to other places but their coming here will be different. It will bring them good. Those who were not having promotion will get promotion. Those childless will conceive. After breaking the kola, it produced seven lobes. According to the royal father, that showed that “God has answered the prayers.” He explained that when a kola nut produces seven lobes, a live chicken is presented to the guest. Nigerian Breweries Plc got one at the snap of a finger.
The kola and alligator pepper were passed round for the guests to eat. More prayers followed at Obuga. We proceeded to the popular Otuocha market, which sits on the banks of the Omabala River, the river from which Anambra State got its name; Anambra is white man’s corruption of Omabala. Otuocha is a typical rural market, where people from the two rival communities, Aguleri and Umuleri, trade. Due to frequent clashes between the two communities, the market does not belong to any one, rather both control sections of it. Spontaneously, our august presence attracted spectators, including a mad man that locals called Paul Okeke, who stole the show with his acrobatic military display.