TheNewsGuru

Tag: Investment

  • SEC warns Nigerians against investing in ‘Pro-Vest, My Share’ schemes

    SEC warns Nigerians against investing in ‘Pro-Vest, My Share’ schemes

    The Securities and Exchange Commission (SEC) has warned the public against investing in ‘Pro-vest’ investment scheme and ‘My Share’ operating under UYJ multi trade Ltd.

    SEC in a notice in Abuja on Friday said Pro-vest was being promoted by Promiseland Estates Ltd., and Promiseland Building & Construction Ltd. which called themselves Investment Advisers/Fund Managers in the country’s capital market.

    The commission said that MY SHARE operating under the name, UYJ Multi trade Ltd., was also parading as an Investment Adviser/Fund Manager in the market.

    SEC said both companies were not registered to operate in any capacity in the country’s capital market.

    The commission described the investment schemes as illegal and warned the public against dealings with them.

    ”The general public is advised to refrain from engaging with Promiseland Estates Ltd. and Promiseland Building and Construction Ltd.

    ”The public should also refrain from engaging with MY SHARE and UYJ Multi trade Ltd. or any of their representatives in respect of any business pertaining or relating to the Nigerian capital market.

    ”The investing public is, therefore, reminded about the need to confirm the status of companies and entities offering investment opportunities on the Commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting with them,” the commission said.

    SEC reiterated that transacting in the country’s capital market with unregistered and unregulated entities would expose investors to the risk of fraud and potential loss of investment.

  • SA gets new management, commences payment of claims

    SA gets new management, commences payment of claims

    Following the successful acquisition of 24% controlling shareholding in Standard Alliance Insurance Plc by Endura Investment Global Limited, Standard Alliance has announced a new management comprising Paulinus Offorzor, Managing Director; Tayo Amore, Executive Director, Technical; Michael Owope, Executive Director/Chief Financial Officer; Remigius Oluoma, Group Head, Technical; Uno Abasiene, Group Head, Marketing and Halima Jimada, Company Secretary/Legal Adviser.

    In a New Year message signed by Tayo Amore, the Executive Director Technical, Standard Alliance also announced that payment to annuitants (people who are entitled to collect regular payment of pension or an annuity investment) has commenced and informed policyholders with outstanding claims to visit www.sainsunrance.com.ng or send emails to claims@sainsurance.com.ng for guidance and assistance.

    It will be recalled that Endura Investment Global Limited acquired the controlling stake in Standard Alliance following the divestment and exit of the former strategic and controlling shareholders, Standard Alliance Investment Limited led by the founding Vice Chairman Olorogun O’tega Emerhor from SA.

  • Gov Kefas appoints Senator Manu chairman committee for Mobilisation of Devt and Investment

    Gov Kefas appoints Senator Manu chairman committee for Mobilisation of Devt and Investment

    Governor of Taraba state, Dr Agbu Kefas has appointed a seasoned administrator, Senator Manu Haruna as Chairman Committee for Mobilisation of Development and Investment.

    This was contained in a release signed by the Secretary to the State Government Barrister Gebon Timothy Kataps on Saturday.

    Senator Manu who represents Taraba Central Senatorial District in the National Assembly was a two term deputy governor of Taraba and currently he is the deputy chairman Senate committee on Local and Foreign Debts.

    He is also the deputy chairman Senate committee on Public Procurement and was one time deputy chairman HoR committee on Banking and Currency in the 8th Assembly.

    He’s expected to showcase his vast experience in driving the committee to greater heights of excellence.

    Recall that last Friday, Governor Kefas had convened critical stakeholders in Abuja where a memorandum of understanding was signed with Chinese engineering and construction giant CCECC.

  • Explore investment migration for global opportunities, group tells Nigerians

    Explore investment migration for global opportunities, group tells Nigerians

    A global investment group, Henley and Partners, (H&P) has advised Nigerians to explore investment migration for global opportunities.

    According to (H&P) global mobility and financial stability has become increasingly inter-related, Nigerians are being encouraged to consider investment migration as a pathway to securing foreign citizenship and reaping the benefits of visa-free travel.

    This call to action came during an investment migration roadshow in Abuja, hosted by Henley and Partners (H&P), a leading global investment group.

    The event brought together potential investors from across the Nigerian capital city Abuja, offering them an opportunity to explore strategic financial investments in Europe, America, and the Caribbean that can open doors to permanent residency and eventual citizenship in these regions.

    The managing partner of Henley and Partners, Stuart Wakeling, was at the forefront of this message, urging Nigerians to leverage investment migration as a means of expanding their horizons.

    He emphasized that countries in the U.S., Canada, Europe, and the Caribbean offer programs that allow foreign investors to secure citizenship, which in turn provides access to visa-free travel across the globe.

    This opportunity, Wakeling noted, could significantly benefit those looking for a way to protect and grow their wealth while gaining increased freedom of movement.

    The roadshow, designed specifically for high-net-worth individuals in Abuja, presented a wide array of investment opportunities in regions such as the United States, Canada, Portugal, Spain, the United Kingdom, and the Caribbean.

    During the panel sessions that featured representatives of these regions, Nigerians were advised to consider investing in first-world economies tor as little as $800,000 or €500,000.

    A move the panelists said would not only guarantee them permanent residency in the short term but also citizenship in the long term.
    “Investment migration offers Nigerians a way to secure their financial future while also gaining the ability to travel to multiple countries without the hassle of applying for visas,” Wakeling explained during his presentation.

    “These programs are not just about getting a second passport; they provide an opportunity for Nigerians to diversify their investment portfolios, protect their families, and gain access to better healthcare and educational opportunities.”

    He added that these programs are particularly beneficial for business owners and entrepreneurs who need to travel frequently for work. With a second passport, they can expand their businesses internationally with ease, taking advantage of global markets that were previously difficult to access.

    One of the highlights of the roadshow was a presentation by Mehdi Kadiri, Executive Vice President of Mercan, an investment firm with a special focus on the Portuguese market. Kadiri made a compelling case for why Nigerians should consider investing in Portugal, a country which according to him has one of the most attractive investment migration programs in Europe.

    He reiterated that through investments in real estate, hospitality, and innovative businesses, Nigerians can secure Portuguese residency, which leads to citizenship after five years. He also highlighted that the Portuguese passport is highly sought after as it grants holders the ability to travel visa-free to 188 countries, including the Schengen zone, the United States, and Canada.

    Kadiri explained, “Portugal offers one of the best pathways for Nigerians looking for a secure, affordable, and reliable route to European citizenship. With an investment in real estate or a qualifying business, Nigerians can gain residency in a matter of months, and after five years, they are eligible to apply for full citizenship without having to live in the country permanently.”

    Also speaking , other panelists including Soibhan Lloyd who is a legal consultant for Range development and Fatma Cayir, founder, Bridge & Partners limited emphasized that this is an especially appealing offer for Nigerians looking to retain their Nigerian citizenship while benefiting from the advantages of holding a European passport.

    While much attention has over the years been focused on the opportunities in Europe, the US and Canada, the Caribbean it was revealed also offers a compelling case for Nigerian investors as it has long been known for their its investor-friendly citizenship programs.
    The group noted that the Caribbean programs are particularly attractive for those seeking a more straightforward and cost-effective route to global mobility.

    “For Nigerians who may not have the substantial capital required for European investment migration programs, the Caribbean offers an excellent alternative,” he said.

    “These programs provide citizenship within a few months, allowing investors to enjoy the benefits of global travel and business opportunities almost immediately” stated Wa-ke-ling.

    Real estate and hospitality options presented at the roadshow were diverse and catered to various investor preferences expected to yield significant returns.

    Nigerians were encouraged to consider these sectors, as they offer stable, long-term income streams while also meeting the requirements for residency and citizenship programs.

    As the world becomes more interconnected, the demand for global migration will continue to grow, especially in countries like Nigeria where economic and security challenges often prompt citizens to seek alternatives.

    Investment migration offers a viable solution for Nigerians who are not only looking for a way to protect their wealth but also for opportunities to expand their business networks and provide a better future for their families.

    Chidinma Okebalama, Senior consultant Nigeria Hensley & Partners and also moderator of the panel sessions concluded the event by urging Nigerians to seize the moment and explore the opportunities presented by investment migration.

    According to her the world is changing rapidly, and those who take action now will be the ones who thrive in the future. Investment migration is not just about getting a second passport; it’s about securing your financial freedom and giving yourself the tools to succeed in an increasingly globalized world.”

    As Nigerians begin to explore these options, it is clear that investment migration will play an increasingly important role in the country’s future, providing a gateway to new opportunities and a brighter future for those who are willing to invest.

  • Shettima unveils $4.8bn healthcare investment

    Shettima unveils $4.8bn healthcare investment

    Vice-President Kashim Shettima has announced that the Federal Government’s healthcare reforms have attracted over 4.8 billion dollars in potential investments.

    Speaking at the commissioning of Sahad Hospitals in Abuja, Shettima outlined a comprehensive strategy to address longstanding challenges and propel Nigeria’s healthcare system into the future.

    He emphasised the need for unity in the health sector, stating, “Our health sector calls upon us all to unite. The promise of this day is one we cannot overlook.”

    Shettima highlighted the government’s commitment to revitalising the healthcare system, with reforms anchored on a robust roadmap designed to tackle persistent issues.

    The Vice-President acknowledged challenges in the healthcare sector, including surging medicine costs, long hospital waiting times, and a shortage of health workers.

    He emphasised the importance of private sector involvement in improving access to quality healthcare.

    Shettima praised the Chairman/Founder of Sahad Group of Companies, Alhaji Ibrahim Mijinyawa, for his contributions to healthcare and his commitment to touching lives through his business.

    The Minister of State for Health and Social Welfare, Dr Tunji Alausa, described the hospital as a new chapter in Nigerian healthcare.

    He added that the establishment of the hospital was a vision that exemplified what could be achieved when public-spirited individuals invest in their fellow citizens’ health.

    The Vice Chairman of Sahad Hospital, Dr Shamsuddeen Aliyu, described the hospital as a state-of-the-art facility showcasing their commitment to providing quality healthcare.

    According to him, the hospital represents more than just a physical structure; it embodies the vision for a healthier future where everyone has access to comprehensive and compassionate care.

    He explained that Sahad Hospital has a 200-bedded capacity with seven operating theatres, 13 dialysis machines, as well as 10-bedded ICU units.

  • High monetary policy rate”ll hurt investment decisions – NECA

    High monetary policy rate”ll hurt investment decisions – NECA

    The Nigeria Employers’ Consultative Association (NECA) has said the apex bank’s successive increase in the Monetary Policy Rate (MPR) will continue to hurt investment decisions in the private sector.

    NECA’s Director-General, Mr Adewale-Smatt Oyerinde, expressed the view in a statement on Tuesday.

    The Monetary Policy Committee of the Central Bank of Nigeria (CBN), at the end its 295th meeting that ended on Tuesday in Abuja, raised the MPR by 150 basis points to 26.25 per cent from 24.75 per cent.

    The committee also retained the asymmetric corridor around the MPR to +100/-300 basis points, retained the cash reserve ratio of Deposit Money Banks at 45 per cent.

    Oyerinde said that the cost of borrowing for investment by organised businesses had increased since March 2024 when the policy rate was raised to 24.75 per cent.

    According to him, the new policy rate of 26.25 per cent will further affect private investment negatively.

    “It is implausible to control the current high inflation by continuously raising interest rate.

    “Implementing tight monetary policy stance when firms’ investment expenditure and household consumption is at the lowest ebb may further incapacitate production and capacity utilisation in the already challenged private sector, “ he said.

    The NECA boss said that the persistent high depreciation in the value of Naira would continue to feed inflation, while constraining firms investment and household consumption.

    He said, consequently, raising policy rate would further exacerbate inflationary pressure as growth in factor costs and commodity prices become unbounded.

    Oyerinde attributed the defying inflationary pressure to the liberalisation of FX in the country, notwithstanding that the economy was heavily import dependent.

    He said that before the total floating FX regime was implemented, the economy was better-off with inflation anchoring below 20 per cent mark.

    “Consequently, I urge the government to reconsider the guided FX floating regime, which is a dynamic and flexible FX management regime and has proven to be better than the current regime, “ Oyerinde said.

  • Enugu Government attracts N26b investment, to create employment

    Enugu Government attracts N26b investment, to create employment

    The Enugu State Government has recently attracted investment worth ₦26 billion from foreign and local investors through the transport sector, to grow the economy of the state and also create employment.

    This was disclosed by the  Enugu State Commissioner for Transport, Obi Ozor, who noted that the investment would lead to the revival of the Enugu State Transport Company (ENTRACO) and create over 10,000 jobs for residents of the state.

    Ozor disclosed this while addressing newsmen after the State Executive Council and Enugu State Executive Leadership Retreat, organized for senior government officials on Friday at the Nike Lake Resort, Enugu.

    He said with the investment, the Enugu economy is expected to grow by an additional N26 billion through massive investments by investors. who had already indicated interest.

    Ozor stated that the state was creating diverse opportunities in the economy through intra-state and inter-state Compressed Natural Gas (CNG) -powered buses.

    He added that the investments would further attract assembly plants for buses and other vehicles which would enable efficient and affordable transportation system in the state.

    “This monumental transaction by Gov. Peter Mbah will not only bring efficient transportation but will also move Enugu close to its industrialization goal,” the Commissioner said.

    On the economic impact on the lives of the people, Ozor insisted that the investments would create thousands of jobs for the residents, create skills through the assembly plants and “save over 3,700 tonnes of carbon dioxide per annum”.

  • We’ll remove bottlenecks to investment – Tinubu

    We’ll remove bottlenecks to investment – Tinubu

    President Bola Tinubu on Friday in Abuja assured the manufacturing and service sectors that more reforms would be unfolded to enable efficiency and attract investments to the country.

    He added that the ongoing economic ‘‘revolution’’ would be deliberately steered to capture and favour the teeming youths in the country.

    The president stated this when he met with a delegation from the MTN, led by Group Chairman, Mcebisi Jonas, at the State House, Abuja.

    “We have a responsibility to revolutionise the economy so that our youths can share in the prosperity of the nation, otherwise we are only waiting for the dreams to be charted.

    “If you have any problems or impediments do let us know. We are ready to remove bottlenecks to investments in the economy,’’ the president assured.

    He said that the sweeping changes across the world was largely driven by technology.

    Tinubu said the growing rural-urban migration could only be controlled with more investments in digital technology that would directly improve healthcare systems and education for the poor.

    “I am happy you are moving from Corporate Social Responsibility to be more incisive and inquisitive with technology so that we can see how we can partner structurally.

    “You can do a lot for the economy by partnering with us. We believe no one can succeed alone.

    “The structural adjustments we are making are to ensure we face the right direction and arrive at a destination that caters for our people.

    “You and I will make sure that the people have a share of that prosperity. We will, together, build a well-informed society.

    “We have to re-assess the journey. I am glad that the stock market is responding positively to the structural adjustments,’’ he said.

    Earlier, the MTN Group chairman said the company had a plan of investing 3.5 billion dollars in the economy over the next five years, with a broader vision of becoming a pan-African company.

    He said this would be through moving investments from the Middle East and focusing more on Africa, especially Nigeria, where it gets the highest return on investment.

    Jonas congratulated Tinubu for the upswing of interest in the country within a short period since he assumed office.

    He promised to mobilise other investors with about 1.5 trillion dollars to look towards Nigeria, where reforms had been styled to favour business and encourage inclusive development.

    “The message you have given us is that Nigeria is investible, and with your election, we are seeing decisive, prompt and keen interest in structural reforms,’’ the MTN Group chairman said.

    The Group President/CEO of MTN, Ralph Mupita; Chairman of MTN Nigeria, Ernest Ndukwe; and Chief Executive Officer, Olutokun Toriola, were part of the delegation.

  • Why Nigeria needs help from private sector – Finance Minister

    Why Nigeria needs help from private sector – Finance Minister

    The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, says Nigeria needs help from the private sector to meet its public investment needs.

    Ahmed said this at the presentation of the latest World Bank Nigeria Development Update (NDU): “Nigeria’s Choice” and “Country Economic Memorandum(CEM): Charting a New Course” in Abuja on Thursday.

    The Minister was represented by the Director-General of Budget Office of the Federation, Ben Akabueze.

    “I wish to conclude my address by conceding that we need help. The Nigerian Government at the national and subnational levels cannot provide all the financing required to meet Nigeria’s public investment needs.

    “As stated in the National Development Plan (NDP) 2021-2025, we need the private sector, both foreign and domestic, as integral partners in securing the much-needed financing required to fund both physical and social investments for Nigeria’s overall development.”

    Ahmed said the report noted that under a business-as-usual scenario, Gross Domestic Product (GDP) per capita will continue to decline, however, drastic reforms could change this.

    She said the Nigerian economy had demonstrated considerable resilience in addressing the challenges caused by COVID-19 and the Russian-Ukraine war which were global issues.

    The Panelists at the presentation of the report also agreed that the private sector was needed to help change the country’s economic trajectory.

    Gov. Godwin Obaseki of Edo said the solution was beyond microeconomics but in building a consensus and having an agreement to build the economy.

    Obaseki said the report talked about jobs and the private sector, saying that the private sector accounts for 90 per cent of GDP.

    “So, why should policy not be tuned to support the activities of the private sector so we can create more jobs?

    “There is no alignment of interests for those in government. Look at our budget, up to 70 per cent of our budget is on servicing government and government institutions and much less on providing a supportive environment to allow the private sector.

    “Unless and until we have that alignment in terms of interests and build the political and social consensus we will just keep turning around.

    “I think we must broaden the conversations and understand that there is nothing new. It is either we drive our potential or things will fall apart,” he said

    Gov. Nasir El -Rufai of Kaduna state said the private sector had a major role to play in arriving at a consensus to change the economic trajectory of Nigeria since it accounts for 95 per cent of Nigeria’s GDP.

    “The consensus is that if 95 per cent of jobs are from the private sector and 90 per cent of GDP is from the private sector, the private sector should agree that these things must be done.

    “I have told you the two big elephants in this room are subsidy and exchange rate and those at the receiving end of these are the private sector and the subnational.”

    He said that Nigeria needed a President who would reverse the trajectory of the country permanently.

    “Nigeria’s next President must make urgent and immediate decisions, maybe three to five years of pain to reverse this trajectory.

    “So that President that is ready to change the trajectory will remove the word potential from Nigeria’s vocabulary and we will finally be the country we deserve to be,” he said.

    Dr Sarah Alade, Adviser to the President on Finance and Economy, said the government needs to provide a platform for the private sector to invest if Nigeria is to improve its microeconomic climate.

    Alade said this would be achieved by restoring the confidence in local and foreign investors through restoring microeconomic stability because every market economy thrived on confidence.

    “The way we will do this is through urgent reforms in terms of the fiscal stance, the fiscal stance has to be consistent, and then we talk about removing subsidies, making revenue available and so on.

    “We also must have a monetary policy stance consistent with low inflation. We have to also look at the exchange rate, our exchange rate must be such that it avoids volatility.

    “We cannot grow the economy by ourselves, we need revenue, we need jobs, we need to be able to do things to encourage and motivate the private sector to come and provide all we need,” she said.

    The World Bank Country Director for Nigeria, Shubham Chaudhuri, said the NDU report titled ” Nigeria’s Choice” was not political but referred to the choices in terms of policies and going forward.

    ” The choice we are talking about is that Nigeria stands at a critical juncture with a choice to make instead of floating along.

    “This is a choice that rising to potential is realised going forward, “he said.

    Dr. Alex Sienaert, World Bank’s Lead Economist for Nigeria, who gave a presentation of the report, said the report recommended a set of reform choices Nigeria could make in three key areas in the short and medium terms.

    Sienaert said the first reform was to restore macroeconomic stability through measures to reduce domestic and external imbalances.

    “This will require a coordinated mix of the exchange rate, trade, monetary, and fiscal policies, notably including adopting a single, market-responsive exchange rate, eliminating the petrol subsidy, and increasing oil and non-oil revenues.”

    He said the second thing was to boost private sector development and competitiveness by eliminating structural constraints that hinder productivity, and thirdly to expand social protection to protect the poor and most vulnerable.

    The NDU which is released every six months assesses recent economic and social developments and prospects in Nigeria, and places these in a longer-term and global context.

    The CEM offers key insights into Nigeria’s growth record since 2000 and highlights key policy reforms to chart a new and inclusive growth path that boosts growth and accelerates job creation.

  • Many Nigerians are leaving the country through investment migration – Report

    Many Nigerians are leaving the country through investment migration – Report

    NIGERIA ranks third among Africa’s ‘big 5’ private wealth markets behind South Africa and Egypt and more than ever before, affluent individuals are using the mechanism of investment migration as a hedge against unrelenting currency, market and political volatility on the continent.

    The country which had a projected 15 per cent growth rate in the 2021 Africa Wealth Report, moved up four steps from its 7th position, as both Lagos and Abuja were listed in the top 20 Africa’s wealthiest cities index for this year.

    The report published by Henley & Partners in partnership with New World Wealth, revealed that the total private wealth currently held on the African continent is $2.1 trillion and is expected to rise by 38 per cent to approximately $3 trillion over the next 10 years, while the current cumulative wealth of private individuals in Nigeria stands at $228 billion.

    Africa’s ‘Big 5’ private wealth markets account for over 50 per cent of the continent’s total wealth and there are currently 136,000 high-net-worth individuals (HNWIs) with private wealth of $1 million or more living in Africa, along with 305 centi-millionaires worth $100 million or more, and 21 billionaires.

    The report reveals that wealthy investors from the Africa are futureproofing themselves and their families for whatever might lie ahead through residence and citizenship by investment.

    South Africa and Nigeria are in the top 10 countries globally in terms of both enquiries and applications for investment migration in 2022 and in the first half of the year, had already received 63 per cent of the enquiries received in the entire 2021 year from affluent citizens of African countries.

    Head of Henley & Partners Nigeria Stuart Wakeling, said Covid, climate change and conflict, including the war in Europe, are currently key drivers of investment and wealth migration.

    “In addition to the traditional benefits of enhanced global mobility, for the African investor, residence and citizenship by investment programs offer a proven diversification strategy in terms of wealth and legacy management and domicile optionality, and many programs also include the option to invest in real estate, which itself has multiple yields,” Wakeling stated.

    The appeal of investment migration for affluent families, according to the report, is due to the many benefits, ranging from domicile diversification to global mobility enhancement, accessing world-class education and healthcare, or having a plan B in times of turmoil.

    “As the post-pandemic era commences, African entrepreneurs and investors face new choices about where best to locate their families as well as their headquarters, production, and workforces.

    “Investment migration provides a channel for building a portfolio of multiple complementary residences and citizenship options to enable you to take advantage of opportunities, as well as hedge against the volatility and risks that the new world order might bring,” the report said.

    According to Henley & Partners’ data, the top five programs that African nationals are enquiring about in 2022 are the Portugal Golden Residence Permit Program, the St. Kitts and Nevis Citizenship by Investment Program, the Canada Start-Up Visa Program, the Antigua and Barbuda Citizenship by Investment Program, and the UK Innovator Program.

    European destinations such as Malta, Montenegro, Spain, and Greece are also popular to secure either residence rights or citizenship through investment.

    Commenting in the report, international author and Chief Executive Officer of MyGrowthFund Venture Partners Vusi Thembekwayo, said the ascent of new wealth economies, along with megacities and the diversification of wealth-creating sources are just some of the exciting trends driving the creation and flow of capital across the continent.

    “Africa’s story is one of polar domination, with the largest wealth management centers traditionally situated in South Africa, Egypt and Morocco, but the rise of frontier economies that are attracting new wealth by positioning themselves as preferred investment destinations is challenging this narrative,” Thembekwayo said, noting that Mauritius and the Seychelles have recently been the most deliberate with this strategy.

    Senior Consultant at Henley & Partners Nigeria Chidinma Okebalama, adds that many sub-Saharan countries are most vulnerable to climate change as well as having poor global mobility, with their passports ranking consistently low on the Henley Passport Index.

    She highlights in the report that African HNWIs place a particularly high value on family and leaving a lasting legacy for the benefit of future generations.

    “Most investment migration programs enable investors to include family members in their applications, and some allow qualifying siblings, parents and grandparents as well, making these programs an ideal mechanism for protecting loved ones by ensuring that they have optionality in terms of where they can live, work, study, and retire to in the years ahead,” she said.