The United Nations 2019 reports on Sustainable Development Goals (SDG) stated that the impact of climate change and increasing inequality across and within countries on its sustainable development agenda. The report further explained that progress have been recorded in some areas such as extreme poverty reduction, widespread immunisation, decrease in child mortality rates and increase in people's access to electricity. It added that the global response has not been ambitious enough, leaving the most vulnerable people and countries to suffer the most. The SDG has continued to dominate public conversation with a focus to ignite social change and action.tiny.cc That was why at the third edition of the Aspire Coronation Trust (ACT) Foundation forum held in Lagos recently, the issue of SDG was the focal point of discourse.
The dialogue which was themed: 'Social and Global Impact: Engaging for Growth,' was aimed at improved synergy among stakeholders in public and private sectors to engage for sustainable development in Africa. The keynote speaker, and the entrepreneur in residence, Ausso Leadership Academy, Dr. Austin Okere, explained that five forces are responsible for driving sustainable growth and it includes organisations, population, enablers, infrastructure, socio-political environment. He added that the SDGs are about people, planet, prosperity and peace and driving development in an inclusive way that leaves no one behind. He argued that the feisty competitor is more prominent in emerging markets, stating that while companies compete for few people in the consumption pool, and its fiercest competition is the huge segment of society that is not consuming.
He also made the car easier to drive so that owners would not have to hire a driver or need special expertise. Some of Ford's innovations were the assembly line which reduced the Model T chassis assembly from 12.5 hours to 1.5 hours. However, Register.bet9ja.com the 12.5million employed directly and indirectly by the ICT sector and contributing 25 percent of India's export revenue, accounts for only 2.5 percent of the national labour force. On the other end of the chasm, dollar billionaires in India have jumped to 110 in 2015; the third-largest after the US and China, while dollar millionaires have crossed the 250,000 marks. A close examination of those left behind shows that they are mostly the youth of our society.
For example, while the unemployment/underemployed rate in Nigeria is 32.6 percent, the rate among the age bracket of 15-24 years is as high as 58.3 percent. By 2050, Africa's population will double, reaching 2.5billion people just about the current combined population of India and China. It is the pursuit of deterrence that drives developed countries from sparing any high ranking members of the society who fall foul of the law, not least their Presidents, who are held to a higher account. The celebrated case of former American President, Richard Nixon in the Watergate scandal is a good example. The whole society eventually descends into a macabre dance of impunity. Conscience is thrown out, and justice is on sale to the highest bidder. Japan has limited territory, 80 percent mountainous, unsuitable for agriculture or farming, but is the second in the world's economy. The second example is Switzerland; it does not grow cocoa, but produces the best chocolates in the world.
Due to time constraintss, we hurried off to catch our flight back to Lagos and missed going to see other tourist spots in the town like the first storey building in Aguleri, Igboezunu, Register.bet9ja.com the birthplace of Blessed Fr. Iwene Tansi, now a pilgrimage spot for Catholics, the cemetery where over 20 European missionary priests were buried, Isabanka, Idigo’s Palace, where Idigo’s original photos, his ikolo, deeds, trade agreements and treaties with the white men are stored. The exceptional, low-to-high flight path of Dr. Innocent Ifediaso Chukwuma in business and manufacturing is always lauded in various terms by different people. And, recently, at the Nigerian Defence Academy (NDA), Kaduna, an interesting addition was made to his accolades as he was honoured with a honorary Doctor of Science degree.
Such was the atmosphere at the academy’s 37th convocation for the cadets of the 63 Regular Course and post-graduate students, where Chukwuma and two other distinguished Nigerians,, Prof. Grace Alele-Williams and Maj-Gen Paul Tarfa (rtd), received honorary doctorate degrees. While Alele-Williams was recognised for making history as the first woman in Africa to head a university (University of Benin), Tafa had a remarkable career in the military. He held a number of prominent command and staff appointments, including NDA commandant (1984-1988), and upon retirement in 1988 managed the Nigerian Railway Corporation for about one year. The high premium placed on the honorary degrees was underscored when the commandant, Maj-Gen.
M.T. Ibrahim, announced that the three recipients’ names were entering a list of only 21 distinguished beneficiaries of the doctoral honour, including two foreign heads of state, who had been similarly bestowed in the past eight years. It, therefore, did not come as a surprise when Maj-Gen. Chukwuma earned local and global recognition with the production of passenger cars and commercial vehicles (midi, mini and mass transit buses, light trucks and refuse collectors) in Nnewi. This way, he started an industrial revolution in local motorcycle production by crashing the prices of new motorcycles. In doing this, he began to rub shoulders with pioneers like Leventis and Boulos Enterprises. It was the success of the motorcycle business that paved the way for the auto manufacturing plant.
Chukwuma’s citation just before Vice President Yemi Osinbajo decorated his deputy, Air Vice Marshal C. E. Okoye, and Prof. Nwankwo, with the assistance of the NDA commandant, summarised his success story. It read in part: “Presently, Innoson has made inroads into some African countries, such as Ghana, Sierra-Leone, Chad, Niger, and Togo, where the presence of his group of companies is felt. The ceremony reached a climax with the conferment; accolades started pouring in for Chukwuma the previous afternoon when Okoye eulogised him for his unique entrepreneurial spirit. He was the special guest at the Prize-giving/Beating of the Retreat Ceremony that followed thereafter. Maj-Gen. Ibrahim disclosed that, in order to preserve the integrity of the honorary doctorate degree, NDA went in search of Nigerians who had excelled in their endeavours, and when Chukwuma’s name came up, he became the obvious choice. Chukwuma, who thanked the academy for the recognition, pledged to continue devoting efforts to the development of the country.
Porsches and Jaguars are parked in the sand while businessmen and their partners, in high heels and hats, sit in the sheltered grandstands, glass of champagne in hand. The scene could be Dubai or Miami but this is Lagos – Nigeria's biggest city and financial hub – and the first beach polo tournament in Africa. Hundreds of kilometres from fighting between the Islamist group Boko Haram and the Nigerian Army and a week before closely fought elections, entertainment is the name of the game. Teams of three and their mounts, instead of four as in traditional polo, compete on a sandy polo ground slightly smaller than the classic grass version.
Habeeb Fasinro, president of the Lagos Polo Club, which was set up in 1904 under British colonial rule. AFP, still dressed in his white trousers and leather riding boots after one game. The competition, which finishes on Sunday, has been organised on the vast stretch of sand known as Eko Atlantic, which is currently the biggest real estate building site in Africa. Work began in 2008 to drag millions of tonnes of sand from the bottom of the Atlantic Ocean to create a 10 square kilometre (3.86 square mile) city within a city. Developers predict that when it is complete in the next 15 to 20 years it will be “the Dubai of Africa” and accommodate some 250,000 people.
The first two buildings are currently being built. Roads, bridges, street lights and even small palm trees have also emerged on the sand, which is annexed to the upmarket area of Victoria Island. Ronald Chagoury Junior, vice-president of Eko Atlantic, who admits to liking the parallels with Dubai. His father, Ronald senior, and uncle Gilbert -[August 2019] - Forex For Nigeria both of Lebanese origin and well-established in Nigerian business -[August 2019] - Forex For Nigeria founded the multi-billion dollar project through a subsidiary of their company, South Energyx. A beach football tournament, “Copa Lagos”, has been held on the sand of Eko Atlantic for four years. But with polo -[August 2019] - Forex For Nigeria a sport traditionally associated with the elite [August 2019] - Forex For Nigeria- the development's promoters sensed an investment opportunity. Brent Sadler, the project's spokesman. The new city aims to become a hub for business across Africa and the promoters are hoping to bring in international entrepreneurs as well as the moneyed, local elite. In a dark designer suit with round, horn-rimmed spectacles, Chima Anyaso, admits that he knows nothing about polo -[August 2019] - Forex For Nigeria and even less about the beach version. Anyaso, who heads a company in the oil and gas sector.
Other large recipients include Pakistan, Bangladesh, Vietnam and Lebanon. Remittance flows to Sub-Saharan Africa have been recovering from the contraction associated with the global financial crisis, but growth has been modest. Zero growth in flows to Nigeria in 2012 is partly attributable to the feeble labour market recovery of its major remittance source countries in Europe, the UK in particular. 515 billion in 2015.” Given that many migrants send money and goods through people or informal channels, the true size of remittances are much larger than these official figures. 5 billion lower than the estimate we made at the end of 2012, due mainly to a downward revision of inflows to China by the same amount. 40 billion in 2012, partly due to the depreciation of the euro against the US dollar (lowering remittances in dollar terms).
Continued strong growth in oil-exporting Russia underpinned buoyant remittances to Tajikistan and Ukraine, while weak conditions in the Euro Area depressed remittances to Romania, Russia and Serbia. Although Egypt has a large stock of highly skilled expatriates in the US, the UK and Europe, about two-thirds of its migrants are working in oil-rich countries within the MENA region. 109 billion in 2012. This follows growth averaging 13.8 per cent in each of the previous two years. In addition to large numbers of unskilled migrants working mainly in the oil-rich Gulf Cooperation Council (GCC) countries, India also has a large skilled diaspora in the US and other high-income countries. Flows to Bangladesh, Pakistan and Nepal have also been robust, helped by strong economic growth in the GCC and India.tinyurl.com The report said that the high cost of sending money through official channels is an obstacle to the utilisation of remittances for development purposes, as people seek out informal channels as their preferred means for sending money home. KNOMAD was initiated in response to the rapid growth in migration and remittances over the last decade. Nearly one billion people - that is, one out of every seven persons on the planet - have migrated internally and across international borders in search of better opportunities and living conditions, with profound implications for development.
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EMINENT social, political, environmental and human rights activist, Henry Enotiemwonmwan Omoregie has been inducted as a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV). He was one of those inducted at a ceremony in Abuja. Omoregie, FNIVS, RSV, MNIM, is the Managing Partner, Henry Omoregie and Company, a firm of Estate Surveyors and Valuers, Real Estate and Development Consultants, in Benin City, Edo State. 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.
Under a Public-Private-Partnership arrangement, Niger State Government and Happy Home Builders Nigeria Limited, a real estate development firm, have kick-started the construction of 200 units of one bedroom bungalows and two-bedroom duplexes residential housing estate at Rafinsayin. The estate, Abubakar Sani Bello Housing Estate, is named after the state governor and is located along the Suleja-Madalla Abuja Road, Niger State. The estate sits on 33.4 hectares of land and consists of 371 plot of which an average size of 450 square meters. The state Commissioner for Land and Housing, Alh. Isa Musa Kanko, who represented the governor at the flag off ceremony, said that the goal of the estate was to promote synergy between the public and private sectors in meeting the housing demands of Nigerians, especially in the state.
He also described the project as a welcome development. The Consul-General of Nigeria, New York, has concluded its preparations to hold a real estate investment forum at the Nigerian House, Manhattan, New York in April. The proposed two-day event themed, “Real Estate Investment and Mortgage Finance in Nigeria”, comes with the determination to drive investment into the Nigerian real estate sector. The event is being organized by Housing Circuit Limited in collaboration with the Consulate. The programme will empower delegates with the knowledge and tools required to make wise strategic investment decisions with regards to Real Estate. This notice is fuelled by the law signed by President Muhammadu Buhari to create a new lifestyle for Nigerians which protects people living with disabilities from exclusion and discrimination. Fashola made suggestions as regards modification public buildings ought to make to accommodate the demographic and the need to match up with international’s best.
Developers and prospective homeowners have reasons to celebrate as prices of cement produced by major brands have dropped. Sourced from the Guardian market research, it is revealed that Dangote Group, emerges as a market leader in the cement industry and was the first to reduce the price of its Dangote cement. The report has it that other producers under the Cement Manufacturers Association of Nigeria (CMAN) such as Lafarge Cement, toed the same line. Follow the link below for more details. On Sunday, 17th February 2019, the Zonal Director, National Housing Programme North Central, Mr Valentine Nwaimo, has said that the 536 housing units under construction in the zone are ready to be launched and allocated.
The National Housing Programme in the North Central consists of 76 units each in Kwara, Kogi, Benue and Nasarawa states, 72 units in FCT and 80 units each in both Niger and Plateau states, Nigeria. Nwaimo also said that the housing units in Kogi state have been completed and only await inauguration and occupancy. Property Owners Must Obtain Valid Development Permits — Lagos State Govt. The Lagos State Government has instructed all property owners within Federal Government acquisitions to obtain valid development permits. This will prevent their properties from being demolished or sealed by LASPPPA as said by the General Manager, Lagos State Physical Planning Permit Authority, Mr Funmi Osifuye. Osifuye also revealed that the agency had commenced a post-construction audit of existing structures within the state. Through this review, it will be ascertained which structures do not have development permits as well as distressed building. He added that all landed properties and Register Bet 9ja building developments in Lagos state, whether private or Federal Government acquisitions, fall under the state government’s scope and control.
Mr. Bode Adediji who is also a former president of the Nigeria Institution of Estate Surveyors & Valuers, spoke at the presentation of the project in Lagos. The objective he said is to create an exceptional environment where the upper class can live, work and play adding that the master plan reflected some of the ideals of new urban communities worldwide and is gaining international recognition. He said the project is largely a private enterprise with participation of the Rivers State government by way of land contribution and sponsored by the FirstBank of Nigeria. On the composition of the team, he said it is composed of very outstanding and successful Nigerians with enviable track record with the Special Purpose Vehicle (SPV) -the Rainbow Town Development Limited offering impeccable leadership to drive the project. Located with strategic proximity to the robust and vibrant Trans-Amadi business-industrial area of Port Harcourt, the ambitious program was conceived with a range of good quality 1,181 residential units creatively located in terraces, detached houses and 25 high-rise condominium towers. These units, he revealed, will address various lifestyles and family sizes with 2 and 3 bedroom condos, 4-bedroom terraces and 5-bedroom detached duplexes, all en-suite with domestic aid quarters.
The global super-rich are using loopholes to hide up to £20trillion from the taxman, a report said yesterday. The figure is more than the combined gross domestic product of the US and Japan and is a threat to the very essence of democracy, said campaigners. The report, The Price of Offshore Revisited, shows how money is being siphoned into offshore banks instead of being invested at home. Its author, James Henry, a former chief economist at consultancy McKinsey, used data from the World Bank, International Monetary Fund, United Nations and central banks. His report gave a total of at least £13trillion, but said assets he had not been able to identify could make it as high as £20trillion. Mr Henry said the assets of ‘high-net-worth individuals’ are being protected by ‘professional enablers’ taking advantage of gaps in cross-border tax rules.
According to his calculations, £6.3trillion of assets are owned by 92,000 people [August 2019] - Forex For Nigeria or 0.001 per cent of the world’s population. Mr Christensen added: ‘I would say this is a defining moment for democracy, because unless people feel governments are treating taxpayers fairly our faith in democracy disappears. A previous Financial Secrecy Index compiled by the Tax Justice Network ranks the jurisdictions enjoying an influx of capital in a Financial Secrecy Index. In the table for 2011, it suggests that Switzerland, the Cayman Islands, Luxembourg and Hong Kong are amongst the nations where a large amount of the huge sums are heading. And despite the popular perception of tax havens as being small isolated islands, the campaign group says that the biggest players in 'the supply of financial secrecy' are almost all wealthy nations.
250bn is lost in taxes each year by governments worldwide as a result of the wealthiest individuals holding their assets offshore. The total value of the money being leaked from some nations even dwarfs the debts they often owe to the rest of the world. According to the Tax Justice Network, the consequences of this tax avoidance are severe. Secrecy distorts trade and investment flows, and creates a criminogenic environment for a litany of evils that hurt the citizens of rich and poor countries alike. Estimates suggest that if the interest on the huge sums being lost were taxed at a rate of around 30%, around £121bn would be generated for the treasuries around the world.
Wrothams Windsor is an investment and advisory firm, headquartered in London, with offices in Lagos and Abuja, Nigeria. The company has a focus on real estate development in Nigeria, Brazil, the French Riviera and Brazil. In these countries, their properties are located in the areas that are desired by the wealthy, from Ikoyi, Kensington and Royal Arsenal. Richard Vedelago, (of Nigerian descent), the Managing Director of the company provides insights on the luxury properties as his business. For those who frequent Claridges in London, you are likely to find him with his clients. Your company Wrothams Windsor, has excelled in the luxury property market.
Why do you get in to this business? I started the company with Paul Little a few years back after we noticed a gap in the market. There was a need for clients to receive advisory on where to and how to purchase international property. What is the most expensive property you have sold and what was the cost? We have dealt with One Hyde Park where one of the flats sold was £52,000,000 situated in London. Your properties vary in pricing. What are the price ranges of the apartments under your portfolio? We deal with properties starting from £20,000 — £100,000 in our investment portfolio and £300,000 — £50,000,000 in our residential offerings. We try to ensure that we can cater to all our clients’ requests have something for every client.
We are not an estate agent we are property advisors therefore we work hard to getting access to the best possible opportunities for clients to continuously see an upside from their selections. Who are the buyers of the property in the French Riviera,? Yes we have access to properties worldwide and we have some beautiful properties in the South of France, we see a diverse clientele here, from Lebanese, U.A.E. You have expanded into Ghana; why Ghana and what was the objective for you to set up there? Our investment and expansion in Ghana follows our global expansion project where we hope to give numerous markets the same standard of property advice.
With offices in London, Dubai, Lagos and Abuja we are striving to be the leading property advisory firms on the continent and then take that approach globally. What is the value of the luxury property market in Nigeria in 2014 and 2015 and what is driving this market to grow even beyond Nigeria? The Nigerian luxury property market is a multi-billion dollar. And we are seeing clients want to have a diversified portfolio as the main reason for this outward investment. With the many uncertainties we have seen since 2014 with elections and the devaluation of the local Nigerian currency, the Naira, people have wanted to keep some of their portfolio in a less volatile environment. What are the most expensive and exclusive streets in Lagos, Abuja and Accra for property?
Lagos — Banana Island leads the pack in being the most expensive, followed by Victoria Island and Ikoyi are your most expensive areas, Abuja — Maitama and Asokoro. What is the price on a basis of average price per square meter of property on that street in Nigeria (Lagos and Abuja) and in Accra, Ghana? They really all change from the property and property, as the markets here in country are artificial it is hard to give a concise answer. What styles do your clients prefer for their property? Modern, country style, French designs? Do your properties have concierge services?
Most clients like modern and contemporary. Our properties have various facilities. For example the property in 250 City Road, London include spa, swimming pool, hydrotherapy pool, fully equipped gym and a 24-hour concierge service to provide assistance to the clients. We have another property in Miami: The Residences at W South Beach which offers the owners a combination of a stylish one, two, and three bedroom condominiums with all the signature W comforts, services and amenities available to hotel guests. 7,000-plus square foot Bliss® Spa, Sweat® fitness center, Swing tennis court, and basketball court 300 feet of wide, white sand Atlantic beachfront, sleek, rich, contemporary public spaces to mention a few pleasures. Have you had any partnerships with Candy & Candy who are known to be the superstar in London in the lxuury property business? Candy & Candy are one of the top interior and property developers in the world. We had the privilege of working on One Hyde Park and there you saw properties range between £12,000,000 — £100,000,000 plus. What are your philanthropic interests for Nigeria? We have recently setup out own charity called the Invincible foundation which focus on helping orphans and orphanages structure a better life for themselves. We really believe that anyone can achieve greatness through God and self-belief. We want to see more children have a better chance at life and being the best they can be.
10 shares With frozen cranes, deserted construction sites and empty buildings, Lagos is suffering a hangover from a construction binge as Nigeria wrestles to overcome a damaging recession. Look no further than Eko Atlantic, billed as the largest real estate project in Africa, where frenetic construction has slowed to a snail's pace. Dubbed the “Dubai of Africa”, the so-called city within a city is being built over 10 square kilometres (four square miles) on tonnes of sand dredged from the Atlantic Ocean off the coast. Just one year ago, it was a symbol of the promise of Lagos, when Nigeria was still the continent's number one economy. But today it is mostly an expanse of sand, interrupted by two lonely ultra-modern skyscrapers and a couple of roads lined with young palm trees.
It's a humble start. In the long term, the island is expected to house nearly 500,000 people and see 300,000 others visit daily when it is finished in the next 15 to 20 years. Pierre Edde, development director at South Energyx, a subsidiary of developers, the Chagoury group. The first phase of the billion-dollar project is underway, with the construction of a dam to follow. Edde said some 80 percent of the plots for sale had already been bought but investors were still wary and “waiting for positive signals to get started” on building construction, he told AFP. Falling global oil prices and repeated attacks on crude infrastructure in Nigeria's south severely hit the country's economy in 2016, hammering the naira currency against the dollar.
Nigeria, which gets over 70 percent of its revenue from oil, is now suffering from a debilitating shortage of foreign exchange, hitting imports and overseas investment. Roddy Barclay, an analyst at the Africa Practice research firm, in a November report. The extent of the construction freeze is difficult to assess in the absence of official figures. But Dapo Abe, who heads an engineering consulting firm in Lagos, estimated that some 60 percent of major construction projects [August 2019] - Forex For Nigeria- both public and private [August 2019] - Forex For Nigeria- are currently shut down. Now the real estate market is left in an ironic situation: landlords of up-market office blocks and apartments are struggling to find occupants in the wealthy suburbs of Lagos. Yet at the same time, there is not enough housing stock for the city's estimated 20 million-strong population.
According to the Federal Mortgage Bank of Nigeria, 16 million people currently need a house in Lagos. In the past, Nigeria's booming growth attracted real estate developers who scrambled to build high-rise condominiums and modern office blocks catered to the executive class in Lagos. Rich Nigerians and expatriates flocked to the neighbourhoods of Victoria Island and Ikoyi -[August 2019] - Forex For Nigeria two islands of wealth separated from poorer Lagosians living on the mainland by an 11 km bridge. Yet today many of those buildings have “to rent” spray-painted in a red scrawl on the outside walls in a desperate bid to attract tenants. Ade Kunle, a real estate agent. It's unclear when they – and the construction projects [August 2019] - Forex For Nigeria[August 2019] - Forex For Nigeria will come back. Richard Marshall, an analyst at BMI Research, a market research firm. According to Marshall, it is unlikely that the Nigerian economy will whet the “appetite” of foreign investors over the next two years. In Eko Atlantic, a project with a longer horizon, however, the attitude is more optimistic.
The Kings Arms Hotel is a 300-year-old inn next to London’s Hampton Court Palace, once the home of Henry VIII. 318) a night. Guests can dine on traditional fare in the Six restaurant, a reference to the monarch’s many wives, or grab a pint on the terrace. In this most English of settings, it’s fitting the owner is a retired military man still referred to as “General.” But for Theophilus Danjuma, this is just one investment in a network of assets that span at least three continents. 1.2 billion, according to the Bloomberg Billionaires Index, with his family office managing a portion of that wealth, often through low-key holdings such as the 14-room hotel.
“We never tend to look at trophy assets,” said daughter Hannatu Gentles, the second of Danjuma’s five children and chief operating officer of his London-based family office. Danjuma’s new venture is far removed from civil war and deepwater oil fields, the spheres where he amassed his power and fortune. In 2006, his South Atlantic Petroleum Ltd. 1.8 billion. Danjuma was awarded the block in 1998 by the regime of former dictator and fellow army officer Sani Abacha, making him one of a handful of Nigerians made extraordinarily wealthy from the country’s energy reserves. “Basically, these people got winning lottery tickets,” said Antony Goldman, founder of West Africa-focused ProMedia Consulting. Danjuma was born in 1938, the year Royal Dutch Shell received its first oil exploration license for the country and more than two decades before it gained independence from Britain.
He dropped out of college in 1960 to join the army, according to “Nigerian Politics in the Age of Yar’Adua” by Bayode Ogunmupe. He gained prominence after participating in the 1966 counter-coup against Nigeria’s first military dictator. A decade later, he was stepping out of a Rolls-Royce in central London to meet British military officials in his role as chief of staff for Nigeria’s army. He left the military in 1979 and founded his oil firm and a shipping company, NAL-Comet, which now has more than 2,000 employees in Nigeria. 25 million in 1998 for the oil field exploration license that made him a billionaire.
A year later, he became Nigeria’s defense minister as the country returned to democracy. He originally teamed up with Total SA and Brazil’s Petroleo Brasileiro SA on the block. 450 million, according to Bloomberg’s wealth index. While Mayfair is the hub of London’s family offices, the Danjumas chose the city’s southwest suburbs to set up their investment firm a decade ago. They’ve since invested in property in that area, including the 2.5 million-pound purchase in 2010 of the building where their office is now based, according to filings. Beyond the U.K., they own real estate in California and have bought and sold property in Singapore. Their family office also oversees private equity investments, trust funds and a venture capital arm that backs family-run art and film companies. The Danjumas own more than 30 properties worldwide, filings show. “We invest in real estate in other jurisdictions, but in the U.K.
’s stick to areas that we know,” Gentles said. Her father bought a residence in Singapore years ago, “and it made sense then to buy some more,” she said, adding they’ve since sold the properties because of tax law changes. In addition to the Kings Arms Hotel, the Danjumas have developed residential properties this year in Esher and Wimbledon. They also own a boutique hotel in Lagos, serving beef carpaccio and lobster bisque in one of three dining areas and displaying works from the family’s art firm. Nigeria’s leaders have often faced public ire — with good reason at times.
Yet Danjuma was able to avoid much of that wrath because of his role shepherding the nation toward democracy, according to Pallavi Roy, a lecturer at London’s School of Oriental & African Studies. 100 million through his foundation, with recent donations aimed at improving vision care, literacy rates and rural farming. “It might seem contradictory given the extent of his wealth, but he is quite well respected and almost looked upon as an elder in political circles,” said Roy, co-research director of the SOAS-led Anti-Corruption Evidence initiative.bet9ja.com Owning a hotel in Nigeria led the family to look for a similar deal in the U.K. Two years ago, they paid 2.4 million pounds for the Kings Arms. Redevelopment work was expected to end in March, filings show, but the inn’s age and protected status resulted in higher costs and delays. “This is the first, and will possibly be the last, listed building we’ve worked on,” Gentles said. “It’s taken longer than we wanted, but our name is attached to the building and we want to be proud of our work.
Pentagon Real Estate Investment Limited has issued allocation papers to the first batch of subscribers to its Cedar Gardens estate project. Okoye apologised for issuing the allocation documents a month behind the promised date of October. He said that as a result of the delay, subscribers are now expected to take physical possession of their properties as from december ending or early January next year, instead of the earlier schedule date of November. He said the allocation date when they are expected to be on site to take physical possession will be communicated to them. The Pentagon boss said only those who have completed their subscription payments were being issued their allocation documents, advising them to scrutinise the documents for any possible errors that need to be corrected before the final allocation.
He added that subscribers who have not completed their payments could still do so before the allocation on site takes place. Okoye assured all the subscribers that the company will deliver on its promises on provision of basic amenities. “Pentagon will keep the basic promises to the subscribers. He noted that basic amenities promised include provision of paved roads, borehole and bringing electricity into the estate. “We want to maintain our brand. Our goal is to get documents ready for all the subscribers. This partly explains the reason for waiting till December ending or early January before we begin physical allocation,” he stated. Okoye said that to make payment easier for potential subscribers, initial 30%down payment could be made while the remainder can be spread over 18 months, noting however that allocation will only be made upon full payment.tinyurl.com He further disclosed that though the current price of a plot in the estate is N1.5 million, however for the Christmas season, an interested subscriber can get a plot for N1 million. “Initial subscribers have gained over 100 per cent capital appreciation. Property watchers expect this trend to quadruple in the next 12 months. Cedar Garden has secured the mandatory Certificate of Occupancy and Approved Layout, including other regulatory approvals. As a first step, we plan to have about 1000 modern housing units for the middle and low income earners in this estate.
7.2 billion) in 2016 from 17.7 billion ringgit at the end of 2015. It was one of six Islamic banks to launch the first bank-intermediated fintech platform facilitating direct investment. Regionally, Maybank Islamic is expanding. Its focus in Singapore is to position operations as the funding center to support regional growth of Islamic banking business. 32.5 million), up by 62% from 2015, with financing rising by 61% and deposits up by 71% to 11 trillion rupiah. Maybank has long been ranked highly in sukuk league tables. The bank had a strong year in 2016, and in the Bloomberg sukuk league tables it moved to first place in Malaysian ringgit sukuk.
In the global sukuk market, it jumped from fourth to second place. It captured a 13% (100 issues) share of the global sukuk market and 27% (94 issues) in the large Malaysian sukuk market. CIMB Islamic—together with CIMB-Principal Islamic Asset Management—is part of the CIMB Group, which has developed a significant franchise and expertise in Islamic finance. It has worked on some of the largest IPOs in the Asia-Pacific region, as well as international offerings. It has deep expertise in the structuring and distribution of IPOs globally. 16 billion. Samba was also involved in the restructuring of two recent IPP transactions, Dhuruma Electricity and Rabigh Electricity.
4.7 billion for Yanbu Aramco Sinopec Refining Company. All of these deals were structured using a shariah-compliant format. Samba’s treasury and risk management also continues to develop products including wa’ad-based hedging and structured investments. The bank also launched an Islamic cap and floor product, an innovative variant of Islamic structured deposits to replicate periodical coupon payments and incremental payouts. J.P.Morgan offers comprehensive custody and securities servicing solutions to the world’s leading institutional investors, including shariah-compliant mutual funds. Its client offering supports investors, fund managers and distributors globally with services including investment fund compliance, fund accounting and custody, fiduciary and transfer agency services across Europe, the Middle East, Africa and Asia.
Al Rajhi wins the award, as it is one of the fastest growing shariah-compliant asset management houses globally. 10.5 billion in AUM at the end of 2016, growing by 9% during the year, despite the challenging operating environment. Funds offered include commodities mudaraba, sukuk, equity, sectoral, IPO, GCC, MENA, international, multi-asset funds, real estate private equity funds and discretionary portfolios. Two new funds were launched in 2016, including the Al Rajhi European Real Estate Fund. Maybank’s Mudarabah Investment Account (IA) was launched in July 2015 and distinguishes Islamic investment accounts from Islamic deposits. Maybank Islamic is one of the few banks offering the IA. Maybank Islamic holds more than 80% market share of unrestricted investment account balances.
Samba works with most of the large corporates in Saudi and, increasingly, across the Middle East region. An innovative Islamic gold financing product targeted for specialized local corporates was recently added to Samba’s Islamic product suite. 91 billion, Al Rajhi Capital has best-in-class investment advice, product portfolios and insightful research to deliver fully integrated solutions. Operating regionally from 20 offices across Saudi, it has over 250 investment professionals, and 15 funds across various strategies. 1 billion) at the end of 2016, with 23% connected to trade finance. It has the world’s largest Islamic structured trade finance fund. The fund supports growth in emerging markets by providing short-term working capital to SMEs focusing on agricultural commodities, energy and metals.
Kuwait Finance House (KFH) wins as the Best Islamic Project Finance Provider for the second straight year, due to its strong knowledge of market conditions and customer needs. One of the largest Islamic banks in the world, KFH has a strong presence in Malaysia and Turkey as well as throughout the Middle East. Dubai Shariah Asset Management (DSAM) is a joint venture Islamic finance initiative between Dubai Commodity Asset Management, a DMCC division, and Islamic finance provider Shariah Capital. The firm develops shariah-compliant commodity-focused investments. These include an exclusive series of single strategy, transparent hedge funds registered on the Al Safi Trust platform and marketed under the DSAM Kauthur brand. The London Stock Exchange is a key global venue for the issuance of sukuk. 48 billion has been raised through 65 issues of these alternative-finance investment bonds on the LSE.
The exchange offers the choice of two routes to market—the Main Market or the Professional Securities Market. The LSE also has a vibrant market in exchange traded funds (ETFs) including seven shariah-compliant ETFs based on Islamic indexes. The FTSE Shariah Global Equity Index Series covers both developed and emerging markets to create a comprehensive shariah indexing solution. It is based on the large- and mid-cap stocks in the FTSE Global Equity Index Series universe. Screening is undertaken by shariah-compliance consulting firm Yasaar Ltd. 750 million 3% senior unsecured sukuk for Khazanah Nasional Berhad (KNB). This transaction was the first straight USD sukuk issue from KNB.
Earlier, in January 2016, KNB embarked on a road show in Dubai, Hong Kong, Singapore and London to meet key USD sukuk investors. After the road show, other investment banks were not able to provide assurance for the execution at the pricing that Khazanah management was expecting. That said, when DBS came in at a later stage, it was able to secure significant anchor orders and unseat other investment banks to successfully close this USD sukuk transaction for KNB. 871.2 million) rights issue was nearly three times oversubscribed. The rights issue increased the share capital of the bank to 4.9 billion dirhams from 3.95 billion dirhams thanks to the issuance of 988.4 million new shares. 122.6 million) acquisition of a prime landmark building in central London in 2016 was its biggest acquisition to date.
Acquiring the property is a value-added strategy or asset management play rather than a redevelopment or an income-generating investment. S&P Dow Jones shariah indices provide investors with a comprehensive set of shariah-compliant investment solutions. Representative of each market, each index offers a comparable investable portfolio while adopting explicit, transparent selection criteria as defined by Islamic law. The shariah indices include S&P 500 Shariah (all shariah-compliant constituents of the S&P 500), Dow Jones Islamic Market World Index, Dow Jones Islamic Market Titans 100 Index, S&P Pan Arab Composite Shariah and the S&P GCC Composite Shariah, among others. Islamic Arab Insurance Company (SALAMA) wins the award due to its wide range of shariah-compliant takaful products, its geographical diversification and its growth.
326.7 million). It is listed on the Dubai Financial Market and operates in more than 60 countries with six direct takaful companies in the UAE, Saudi Arabia, Egypt, Senegal, Algeria and Jordan. 604.2 million) and assets also rising by 10% to 140 billion riyals. Total income for 2016 was 5.5 billion riyals, up 22% from the previous year. Maybank Islamic is the largest Islamic bank in the Asia-Pacific region and is increasingly widening its footprint in countries including Indonesia and the Southeast Asia area. It continues to innovate and introduce new Islamic investment and financing products to the market. Maybank Islamic’s Singapore entity focuses on providing more funding opportunities, as the bank looks to widen its geographical reach.
In the North African and wider Middle Eastern region, few Islamic institutions have as wide a footprint as the Bahrain-based Al Baraka Banking Group. 23 billion, it is a large Islamic player with a very diversified asset mix. The group has a broad geographical presence in the form of subsidiary banking units and representative offices in 15 countries, which in turn provide their services through over 650 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq and Saudi Arabia, and representative offices in Indonesia and Libya. 7.7 million) on assets of 58 billion afghanis.
The bank provides a comprehensive range of Islamic banking products and services through its wide domestic branch network in the country. Part of the Al Baraka Banking Group, Banque Al Baraka D’Algerie is experiencing good growth in its shariah-compliant banking services and activities in Algeria. 1.8 billion), it has an increasingly large client base within both placements and financing. 2.4 billion), led by investments and musharakah. Al Baraka Islamic Bank operates eight branches in Bahrain and is one of the banking units of Al Baraka Banking Group. In line with its vision and strategy in contributing to the development of housing and real estate projects in Bahrain, the bank established and financed a project consisting of 208 housing units, in partnership with private investors.
2 billion) in 2016. With over 100 branches, Shahjalal Islami Bank is a leading private-sector Islamic bank in Bangladesh. Net profit grew by around 10%, led by solid growth in a wide range of shariah-compliant financing and investment products. TAIB is one of the main Islamic financial institutions in Brunei and is selected for its product offerings, including savings deposit accounts, term deposit accounts and retail financing. It also caters to corporate and business clients. TAIB has eight branches and has a takaful/insurance subsidiary. Faisal Islamic Bank of Egypt, the first Egyptian Islamic commercial bank established is expanding its activities in Egypt, particularly to small companies.
It has recently finalized a plan to increase the percentage of loans granted to micro, small and medium enterprises to 20% of the bank’s total loans. Faisal Islamic Bank also recently obtained approval from the Egyptian Financial Supervisory Authority to use murabaha (non-interest-bearing loan) contracts to finance real estate development. Bank Muamalat is Indonesia’s flagship Islamic bank and the shariah-financing pioneer. 6 million) and with assets of 56 trillion rupiah. Nonperforming financing also declined. The bank launched a number of new products and services in 2016, including new mortgages and mobile banking. The Islamic Development Bank owns 32.7% of Bank Muamalat, while both National Bank of Kuwait and Boubyan Bank also have large stakes.
Jordan Islamic Bank has achieved good growth over the past few years and continues to expand its Islamic banking activities. It is a financially sound bank with a high capital adequacy ratio and good coverage for non-performing financing. Client deposits and financing grew in 2016. The bank is focused on expanding its range of financing facilities to SMEs and individuals and is aiming for financial inclusion in Jordan. Boubyan Bank wins the award for Kuwait due to its significant performance in 2016 and increasing franchise strength. 11.5 billion), deposits increased by 7% and loans by 16% to 2.5 billion dinars.
Personal finance rose by 10%. while Boubyan Bank’s net profit increased by 17% to 41 million dinars. Beirut-based Arab Finance House investments and products are all shariah compliant. Its strategy is to add value to the business and Islamic investment sectors by providing shariah-compliant investment products and banking services to individuals, small businesses and corporate customers. Maybank Islamic is the largest Islamic bank in Malaysia, controlling around 31% of the market in 2016. It is the flagship institution in the country due to its product range, service, innovation and financial profile. The first Islamic financial institution in Nigeria, the bank obtained a national license in 2016 enabling it to expand nationwide. Recently listed on the Nigerian Stock Exchange, the bank’s branch network has grown to 27. Its Islamic services are both deep and broad, and the bank has achieved good annual growth in assets.
In 2016, Oman’s Bank Nizwa recorded its first net profit since inception in 2013 and reinforced its leadership position within the sector. 1.3 billion). Customer deposits rose by 86% to 351 million rials, despite tough conditions. The bank also restructured its wholesale banking operations in 2016 to target corporate clients. Meezan Bank, in its 15th year of operation as a full-fledged Islamic commercial bank, maintained its position as the fastest-growing bank and a dominant player in the Pakistani Islamic banking sector. With a large network of 571 branches in 146 cities, the bank has a significant franchise. In 2016, Meezan Bank saw another year of significant achievements.
66.8 million), growth in financing and passing the 500 billion rupee benchmark in both deposits and trade volumes. Despite the tough operating environment, Arab Islamic Bank continues to invest in technology in order to enhance its product and service offering. As part of the Arab Islamic Bank’s policy of expansion and geographic spread, and to raise its growth capacity, new branches and offices were to be opened in 2016 and the ATM network was expanded and operating systems were upgraded. The balance sheet continues to grow at a good rate, and the bank offers a wide range of Islamic banking services.
Qatar Islamic Bank is the dominant Islamic financial institution in Qatar, with a 50% market share of Islamic banking assets in the country. It has strong operations across wholesale banking and consumer banking. QIB’s financial profile is very good, supported by high capital adequacy. Al Rajhi Banking Corporation and its fully owned investment-banking subsidiary, Al Rajhi Capital, make up the largest Islamic bank globally. 91 billion. This was a good performance against most peer banks in the country, which experienced a contraction in their balance sheets. 2.2 billion and the bank achieved a high return on assets of 2.4%. It has a strong retail franchise, and Al Rajhi Capital is deepening its reach and asset size in the investment-banking arena.
Last year, Maybank Islamic banking in Singapore saw Islamic financing assets grow 61% from 2015, thanks to growing interest in auto finance products and small business segments, and an increase in term financing offered to Singapore corporates. 185.9 million) Islamic financing deal was inked between Maybank and RB Capital, one of Singapore’s fastest-growing groups involved in bespoke offices, luxury retail and lifestyle developments. Maybank Islamic also offers the only shariah-compliant financing tailored for the growing retail and SME segment in Singapore, plus Islamic trade facilities and foreign currency deposits. Al Baraka Bank was established in 1989 and operates as a commercial Islamic bank, with a total of 12 branches.
9.6 million), or 3%, and in a difficult environment. 308 million), and advances by 16% to 38.4 billion rupees. Both assets and customer numbers grew strongly last year. The bank has a dominant franchise in the Islamic banking sector in Sri Lanka. The first licensed commercial bank in Sri Lanka to operate based on an Islamic banking model, it is listed on the Colombo Stock Exchange. In 2010, Banque Zitouna began its activities by offering individuals, professionals and companies an innovative range of products and services in line with the principles of Islamic finance. Banque Zitouna offers individuals a wide range of products and services in deposit accounts, financing, participatory investments, electronic banking and remote banking. It is the largest Islamic institution in Tunisia and has seen growth over the years despite difficult economic conditions.
10.3 billion) at the end of 2016, and during the year the bank increased both its capital adequacy ratio and its return on equity. Net profit for 2016 was L296 million, 13% ahead of the previous year. From a network of 286 branches, it services a broad customer mass in the commercial, SME and retail banking segments. Abu Dhabi Islamic Bank (ADIB) launched a number of new products in 2016, including online digital banking, mobile apps and voice-activation technology. The number of active customers served by ADIB increased by over 42,000 in 2016. The bank achieved a growth rate of 5% in revenue in 2016, one of the highest rates in the UAE. Within retail banking operations, ADIB gained market share in both assets and liabilities. 9.1 billion) in 2016 with profit of 532 million dirham.
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Rice demand in Nigeria hit 6.3 million metric tonnes (MT) in 2015, with 2.3 million metric tonnes produced at home, leaving the country reliant on imports, according to the agriculture ministry. Dangote Group subsidiary Dangote Rice Ltd will launch a pilot project starting with 500 hectares of farmland by Gonroyo Dam, Nigeria's second-largest dam, located in the northern state of Sokoto. The multi-million-dollar project will be expanded to cover a land area of 25,000 hectares across three sites in northern Nigeria by the end of the year, the firm said. Dangote Group has grown aggressively, venturing into cement , food manufacturing , oil, gas and real estate. 100 million truck assembly plant to tap a projected rise in demand for transport as the government boosts agriculture and farmers need to move goods across the vast country. Dangote Rice said it would partner with smallholders and contract farmers to grow paddy rice for milling. It will offer inputs to farmers while the smallholders provide land and labour. At harvest, Dangote will recoup input costs and buy the paddy rice from farmers for processing at market price. The 25,000-hectare land will be cultivated by nearly 50,000 farmers, organised into groups. Dangote will engage with the groups to sign contracts with each farmer.
The African Export-Import Bank (Afreximbank) has appointed Humphrey Nwugo as Regional Chief Operating Officer for its Harare-based Southern Africa Regional Office. 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. 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.
80 million loan, which he lent them. 80 million to Withmore to enable Tinubu, whom he said he trusted at the time, to acquire the 38.10 per cent stake in OODP BVI. 80 million loan, effectively whittling down Tinubu and Boyo's interest in Oando Plc to 1.2 per cent, stemmed from the alleged mismanagement of the company by Tinubu and Boyo. Ansbury, it was also learnt, is said to be alarmed over the alleged “huge financial mismanagement, very high debt and cooked books” of Oando. Ansbury is alleging that Oando is in a very bad shape, despite the official financial communications from the company to the contrary.
So the reality is that Ansbury controls 100 per cent of OODP BVI, that control the 99.99 per cent of OODP Nigeria, that is the main shareholder of Oando Plc. THISDAY further gathered that Tinubu is aware of the plan by Ansbury to remove him and was said to have commenced moves to stop his ouster. Aware that Ansbury is not in a position to take control of OODP Nigeria at the moment, Tinubu was said to have initiated steps to retain his control over Oando. In the first petition to SEC, Ansbury alleged serious financial abuse and accused the management of Oando of gross abuse of corporate governance tenets in its running of the company. Ansbury also informed SEC that Oando's “current liabilities as at December 31, 2016, far exceeds the current assets by N263.7 billion, confirming serious financial imbalance from the previous financial year”.
On the allegation of gross abuse of corporate governance tenets levelled against Tinubu and his management team, Ansbury argued that despite the severe financial situation of the company, the management has kept on increasing the remuneration of directors. Ansbury urged SEC to convene an extraordinary general meeting (EGM) urgently to sack the entire board and management so as to save the company from imminent collapse. In another separate petition dated August 17, 2017, and signed on behalf of Ansbury by Andrea Carollo, the investment firm also urged SEC to postpone Oando's AGM, pending the resolution of the shareholding matter. Ansbury's request to postpone the meeting will effectively constitute SEC into a court of law. The proper thing for Ansbury to do is to seek legal redress in a court of law.