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Zimbabwe’s WestProp lists on Victoria Falls stock exchange

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Zimbabwe’s WestProp lists on Victoria Falls stock exchange

Mr Kenneth Sharpe, Chief Executive Officer, WestProp Holdings, speaking during a news conference held in Zimbabwe

 

By Adebola Adegoke 

 A leading Zimbabwean property company, WestProp Holdings, has announced its official listing on the Victoria Falls Stock Exchange.

Dr Michael Louis, Chairman of the Board, announced at a news conference held in Zimbabwe  that the company would formally be listed on April 29.

He said  the company had received approval to list two categories of share capital namely its ordinary shares and preference shares.

“It is my privilege to formally announce that on the 7th of March, the Registrar of Companies approved West Property Company Pvt Ltd., to become a public company and West Prop Holdings Ltd. was birthed and issued with its certificate of name change,” he said.

Louis said the shares would accordingly be opening an offer for public subscription for the securities from March 27 to April 21, 2023.

He said the decision was in line with the National Development Strategy of ZImbabwe to achieve an empowered upper-middle income society by 2030 to chart a new transformative and inclusive development agenda.

“The board thought of creative ideas to have a participatory inclusive economic model that really can help the poor and give everybody a secure future.

“We are further elated to announce that we have decided to list on the victoria fall stock exchange because of the numerous benefits it holds for shareholders, including but not limited to shares trading in US Dollars, no capital gains and minimum transaction costs.

“If you buy preference shares the company underwrites a minimum return of 7.5 per cent per annum on investments,” he said.

Louis added that WestProp’s IPO is to raise 30 million dollars in capital to accelerate the development of the company’s existing projects such as Pokugara Residential Estate, Millennium Heights, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.

This, he said, was in line with the company’s 2050 vision of one billion bricks resulting in thousands of jobs and a total value of five billion dollars.

“As we have now gone public, the board is convinced the time is now for individuals to be part of a bigger family to start investing in their long-term future and especially encourage the youth to start participating.

“To this end, the board will be investing in educational literacy programmes to transform and educate the public and especially the youth regarding their responsibility of securing a generational future,” he said.

Louis, the new chairman of the board acknowledged the achievements of Kenneth Sharpe, the Chief Executive Officer (CEO) and his team that have led the company to receive several international and national awards.

The awards included Company of the Year 2023 ( Zim land Developments and construction Awards); Property Development Company of the Year 2021. ( Property Magazine); Company of the Year National Awards 2021 (Zimbabwe Business Awards).

Others were Best Real Estate Innovative company of the year 2021 (Zim Infrastructure Investment summit);

Outstanding Property Development company 2022. (Zim CEO Network).

In his remarks, Sharpe announced that the company was offering one million ordinary shares at 10 dollars each and 5.4 million preferential redeemable convertible shares at 5 dollars each.

According to him, the preferential shares allow investors five years to decide to become ordinary shareholders during which time they will benefit from a minimum guaranteed return of 7.5 per cent per year as well as dividends from the company’s profits.

“This is likely to result in over 10 per cent per year being paid out which is an amount that no other listed company or bank in Zimbabwe is currently offering investors.

“We have a goal of taking our company from the current annual sales of 40 million dollars to over 100 million dollars within seven years and to create a balance sheet that will exceed one billion dollars in value which is more than five times the one today.

“All the shareholders will benefit from this growth. We know It is achievable and within our grasp,” he said

He said  the company’s corporate strategy statement was to pioneer world-class, vertically-integrated, premium lifestyle communities in Zimbabwe by 2025.

“It is not a coincidence that we have targeted one billion bricks if you look at our projected construction for the projects we have designed, it will take one billion bricks and five billion dollars to complete them.

“Every day we are putting bricks into the ground working towards the vision where we know that within the next 27 years, we will have laid one billion bricks.

“As of today, we have laid 5,298,975 bricks and we have 55, 626,972 committed bricks from our existing sales,” he said.

“This ensures we have smart cities encompass the live, work, shop and play model which means we provide social amenities like shopping malls, sporting facilities, creches, churches and many other recreational facilities in a safe 24 hour secure gated community,” he said.

He also assured the public that the benefits of investing in the company were multi-dimensional.

According to him, the company guarantees a secure investment where someone who’s investing 50 dollars will know that their money will still be there in one month, in one year and five years.

“It’s an alternative to the banks. There’s no cost we deduct for holding that value on behalf of the investor, and they are guaranteed that their investment is safe with us.

“Once they have invested with us, the investment doesn’t just stay at the 50 dollars that they invested. We give a solid return. The reason why we’re able to give them an expected return of over 10 per cent a year in USD is that we are highly profitable.

“We are saying that together with the public, we can join hands and build Zimbabwe because the opportunity to invest with us will allow us and the public to come together, hold hands and build our country brick by brick.

“We are doing this today through IPO and the listing, benefiting yourself in becoming a shareholder with us, you are joining hands in owning the assets that we own,” he said. 

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ICPC’s War Against Corruption: How Musa Aliyu Is Reclaiming Nigeria’s Stolen Wealth

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Barely a week ago, the Independent Corrupt Practices and Other Related Offences Commission once again proved that Nigeria’s anti-graft war is far from a toothless bulldog. Chairman Dr Musa Adamu Aliyu, SAN, disclosed to State House correspondents in Abuja that his commission had unearthed yet another fake government agency, this time operating brazenly within the Office of the Secretary to the Government of the Federation. The phantom outfit, calling itself the National Brands Development and Made in Nigeria Special Project Office, had somehow managed to secure office accommodation, gain access to public servants, open bank accounts and even wriggle its way into the 2026 national budget, all without any legitimate presidential authorisation.
The discovery was not accidental. It emerged from the ICPC’s dogged investigation into the earlier scandal involving the fake Presidential Foreign Intervention Promotion Council, an outfit promoted by one Adeniyi Adeyemi Matthew that had similarly infiltrated government structures before Aliyu’s team blew the lid off it. Following his Friday briefing to President Bola Ahmed Tinubu, the President ordered the immediate arrest of George Buchi Nwabueze, identified as the man behind the new fake agency, and directed the suspension of three permanent secretaries in the OSGF: M.S. Danjuma, Nandungu Gagare and Richard Pheelangwah, over the circumstances that allowed the fraudulent office to thrive under their watch. Investigators further found that the outfit had built an elaborate structure complete with an executive director, zonal directors, state coordinators and even foreign representatives, a level of sophistication that speaks to how deeply corruption can burrow into government machinery when vigilance slips.
The ICPC did not stop at exposing the fraud. It went further to indict the Budget Office of the Federation for negligence, establishing that officials had processed and onboarded the phantom council into the 2026 Appropriation Act despite glaring gaps in its documentation, relying instead on informal engagements and unverified scanned approvals rather than due diligence. It was a sobering reminder that corruption does not always announce itself with the theft of physical cash; sometimes it hides in the quiet failures of institutional process, waiting for a vigilant commission to catch what ordinary oversight missed.
This latest exposure is only the newest chapter in what has been a remarkably consistent record for Aliyu since he took the reins as the Commission’s fifth substantive chairman. In his first year alone, he reported cash recoveries of nearly ₦30 billion domiciled in ICPC recovery accounts, alongside almost ₦11 billion recovered as Value Added Tax and remitted to the Federal Inland Revenue Service, and ₦10 billion clawed back from the COVID-19 vaccine fund and returned to the treasury. Forfeited assets in that period alone were valued at ₦2.5 billion plus close to a million dollars in foreign currency.
The momentum has not slackened. By 2024, the Commission had recovered more than ₦20 billion in cash and properties from corrupt individuals. The following year proved even more fruitful: 2025 closed with the ICPC announcing recoveries of ₦37.44 billion and over $2.35 million through asset seizures and forfeitures, one of its most significant annual hauls since the Commission’s founding. That year also saw the agency investigate 263 cases against a target of 250, file 61 cases in court, and secure a conviction rate of 55.74 percent, including the notable jailing of a University of Calabar professor for abuse of office.
Beyond the courtroom victories and cash recoveries, Aliyu has placed heavy emphasis on tracking public infrastructure spending through the Commission’s Constituency and Executive Projects Tracking Initiative. As of the middle of this year, that initiative had tracked over four thousand five hundred public projects worth more than ₦22.5 trillion nationwide between 2023 and June 2026, recovering stalled projects valued at over ₦507 billion and generating an estimated ₦385.6 billion in savings for government coffers. Separately, the Commission has pointed to recoveries exceeding ₦130 billion drawn from public projects worth more than ₦35 trillion, alongside court-ordered forfeitures including properties worth over ₦5 billion tied to the Federal Mortgage Bank of Nigeria and nearly ₦942 million recovered from a 2024 payroll fraud scheme.
Taken together, the figures tell a story of an anti-corruption agency that, under Aliyu’s watch, has shifted from mere rhetoric to measurable results, running into hundreds of billions of naira reclaimed, saved or redirected back into the Nigerian treasury. Yet the chairman himself has been candid that the fight is far from over. He has repeatedly appealed to the National Assembly for improved funding, warning that inadequate resources continue to hamper the Commission’s manpower, logistics and operational capacity, even as staff morale suffers under the weight of high-risk investigative work. He has also pushed back firmly against suggestions that the Commission is being weaponised for political witch-hunting, insisting that its work is driven strictly by evidence and due process rather than political considerations.
If the recent unmasking of yet another ghost agency within the corridors of government is any indication, Nigerians can expect the ICPC under Musa Aliyu to keep peeling back the layers of institutional rot, one budget line, one phantom office, and one recovered billion at a time.

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Zulum @57: Tribute to a Trailblazing Teacher.

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By: Inuwa Bwala.
I have read a lot of tributes to Borno state Governor, Professor Babagana Umara Zulum on his 57th birthday anniversary.
In most, Nigerians celebrate many things about Professor Babagana Umara Zulum.
To many, his unique leadership style, to others, his developmental strides and yet to others his many ventures into danger zones, the rebuilding of schools, his sleepless nights on duty and many other things.
I want to celebrate something quieter, and maybe more rare: seeing him as the teacher that he is, using
Borno as a big lecture hall, in which he deploys his teaching technique.
I dare say that, Governor Zulum goes to schools unannounced, not for photo shots, but to check attendance, to ask pupils questions, to see if the teacher is teaching. That is a lecturer’s habit.
He commissions hospitals and ask about drug inventory and rosters. That is a supervisor’s habit.
He stands in the rain with displaced families, not to make a speech, but to take notes. That is a researcher’s habit.
Most politicians campaign on promises, but he he is not seeking any position and does not need to campaign. He does things out of passion for true development.
At 57, Zulum reminds me that leadership is not about sitting in the office of power. It’s about sitting on the floor with students, under a tree with farmers, and in the dust with people who have lost everything, and then going back to “prepare the next lesson plan” for Borno redemption.
People often say a leader must choose between the office and the field, the book and the gun, and between the seminar and the street. Governor Zulum seems to have broken that rule by chosing both. And ir is working for Borno.
For me, today, I do not just celebrate a governor turning 57, I celebrate a teacher who took his entire state as his assignment, and refused to submit it half-done.
As the only Governor in Nigeria, who foes not aspire for any other political office after this, he may be retiring into a future only God know about, but one must not fail to state, that, Governor Zulum’s strength lies, not in the paraphenilia of governance but in the dedication of a leader who work, teach to graduate Borno into peace, dignity, and pride.
Happy 57th Birthday, Proffessor Babagana Umara Zulum.

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Stakeholders, Staff Benefit from NDPHC’s Procurement Training Initiative

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The Niger Delta Power Holding Company (NDPHC) has reaffirmed its commitment to transparency, accountability, and efficiency in project delivery by hosting a high-level refresher and sensitization training for its management team, staff, and stakeholders.Organized by the Human Resources Department at the company’s headquarters, the programme was designed to strengthen institutional capacity, refresh knowledge, and promote greater effectiveness in the discharge of responsibilities.The training was anchored on the theme “Operationalizing by Way of Experimenting the Procurement Processes While Navigating the Pre-Bidding Stage Through to Post Bidding”, and facilitated by DEVD Integrated Project Ltd. Discussions focused on procurement processes, emphasizing due process, compliance, and optimization in power sector project execution.Participants were guided through the critical stages of procurement, from pre-bidding to post-bidding, with facilitators stressing the importance of adherence to established procedures. The session also provided a platform for robust engagement on stakeholder collaboration, highlighting how effective partnerships can drive efficiency and accountability in project delivery.The initiative enjoyed strong backing from the NDPHC Executive Management (EXCO), led by Engr. Jennifer Adighije, FNSE, FINEEE, Managing Director/CEO. She was joined by her team: Engr. Bello Babayo Bello, FNSE, FINEEE, Executive Director (Networks); Engr. Abdullahi Kassim, Executive Director (Generation); Hon. Dr. Steven Andzenge, Executive Director (Legal Services); Hon. Chukwuma Umeoji, Executive Director (Corporate Services); Hon. Omololu Agoro, Executive Director (Finance & Accounts); and Hon. Patrick Obahiagbon, Executive Director (Strategy and Commercial). Their collective presence underscored the importance of the training to the company’s strategic vision and operational goals.Facilitators encouraged participants to apply the knowledge gained to improve operational efficiency and foster stronger collaboration across departments and with external stakeholders. They noted that the lessons learned would help strengthen the company’s institutional framework and ensure that projects are delivered in line with global best practices.The event brought together management staff and other relevant stakeholders, creating an opportunity to exchange ideas and refresh their understanding of procurement processes. It also reinforced NDPHC’s commitment to professional development, transparency, and accountability in its operations.By investing in capacity-building programmes such as this, NDPHC continues to demonstrate its resolve to enhance professional standards and institutional effectiveness. The company emphasized that the training reflects its broader vision of building a stronger, more accountable institution capable of delivering sustainable power solutions to Nigeria.The sensitization exercise forms part of NDPHC’s ongoing efforts to ensure that its workforce remains equipped with the skills and knowledge required to meet the demands of the power sector. It underscores the company’s belief that continuous learning and adherence to due process are essential for achieving its corporate objectives and delivering value to stakeholders.

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