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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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AONDOAKAA’S LAWYERS URGE COURT TO DISMISS SUIT CHALLENGING HIS GOVERNORSHIP CANDIDACY

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…As Court Reserves Judgment for November 16

The legal team representing the Peoples Democratic Party (PDP) governorship candidate in Benue State, Chief Michael Kaase Aondoakaa, SAN, has urged the Federal High Court, Abuja, to dismiss a suit challenging his candidacy for the 2027 governorship election for lack of competence.

Led by Prof. Anthony Ijohor, SAN, the legal team adopted Aondoakaa’s preliminary objection and urged the court to dismiss the suit in limine, arguing that it was not competent to proceed with the case.

The legal team headed by Prof. Ijohor, SAN, comprised other Senior Advocates of Nigeria, including Chiesonu I. Okpoko, SAN, Anthony A. Malik, SAN, and Mohammed Said Diri, SAN. Other members of the team were AT Kohol, Esq, Michael Gusa, Esq, Aleichenu Ogwuche, Esq, AJ Apera, Esq,
Matthew Onoja, Esq, DD Asema, Esq, and HT Ijohor, Esq.

The suit, marked FHC/ABJ/CS/2152/2026, was instituted by David Ejembi, Aondoaver Teryila, Joseph Okpanachi and Benedict Akaazua Orkume against the Independent National Electoral Commission (INEC), the PDP and Aondoakaa.

At the proceedings, counsel to the PDP, CT Mue, Esq, also adopted the party’s preliminary objection and urged the court to strike out the suit for lack of competence.

Counsel to the plaintiffs, Feng Pwajok, Esq, adopted the plaintiffs’ counter-addresses and written address in response to the preliminary objections. Prof. Ijohor subsequently adopted Aondoakaa’s further affidavit and reply on points of law, while Mue adopted the PDP’s reply on points of law.

On the substantive suit, counsel to the plaintiffs adopted their originating processes, while counsel representing the defendants adopted their respective processes. The plaintiffs’ counsel thereafter adopted further affidavits and replies on points of law filed in response to the submissions of the PDP and Aondoakaa.

Following the arguments, the court adjourned the matter to November 16, 2026, for judgment.

Aondoakaa, a former Attorney-General of the Federation and Minister of Justice, is the PDP’s duly nominated governorship candidate for the 2027 Benue State election.

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“WIKE CANNOT CHOOSE A GOVERNOR FOR US!” — Group Rejects Alleged Rainbow Coalition Plot in Benue

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The Benue Alliance for Good Governance and Accountability (BAGA) alleges secret political negotiations involving Wike, Akume and Ortom; insists Governor Alia should be allowed to complete two terms if re-elected.

BAGA has raised concerns over an alleged political arrangement involving prominent political figures, warning against any attempt to influence the outcome of the 2027 Benue State governorship election without the consent of voters.

In a statement signed by its President, Chief John Terfa, the group alleged that the Minister of the Federal Capital Territory (FCT), Nyesom Wike, was involved in discussions with the Secretary to the Government of the Federation (SGF), Senator George Akume, and former Benue State Governor Samuel Ortom over a proposed political alliance reportedly known as the “Rainbow Coalition”.

BAGA further alleged that Wike was seeking political control over five states under the Peoples Democratic Party (PDP) as part of the proposed arrangement to deliver President Bola Tinubu’s re-election in 2027, with Benue reportedly among the states being considered to hand over to Wike through the Rainbow Coalition.

The group also claimed that the alleged discussions were aimed at securing the emergence of former Attorney General of the Federation, Chief Mike Aondoakaa, as a preferred governorship candidate in Benue under the proposed coalition, despite Aondoakaa being banned from holding any political office for life by Supreme Court, due to unprecedented corruption and abuse of office when he was the Attorney General.

BAGA questioned why political actors from outside Benue should have a decisive influence over who governs the state, arguing that the choice of governor must remain with the electorate.

“Benue is not a political commodity to be traded behind closed doors in Abuja. The people of the state must have the final say on who governs them and the direction their state takes,” the group said.

The organisation alleged that Wike had held a series of meetings with Akume and Ortom in recent weeks to discuss the reported arrangement.

It further claimed that tensions arose during one of the alleged meetings at Akume’s residence in Abuja recently, where Wike was said to have questioned why Akume had allowed Governor Hyacinth Alia to become so politically powerful.

It was alleged that Wike demanded that Akume should make sure Governor Alia is not re-elected or declared winner in 2027 whether he wins or not and boast of having the judiciary under his control.

BAGA rejected what it described as an attempt to determine Benue’s political leadership through negotiations among powerful individuals, insisting that Governor Hyacinth Alia should be allowed to complete his constitutionally permitted tenure, if re-elected in 2027.

The group said it believed Alia’s administration was performing well in governance and development, adding that political alliances should not be used to undermine the democratic choices of the electorate.

It also criticised the record of Ortom’s administration and expressed concern about what it described as divisions within Benue’s political space arising from the influence of powerful political interests within and outside the state.

BAGA argued that any coalition seeking to influence the 2027 election should be based on transparent principles, competence, accountability and the interests of the people, rather than personal ambition or political bargaining in Abuja.

The group also challenged political actors seeking the support of President Bola Ahmed Tinubu to pursue their ambitions without attaching conditions that could compromise the democratic choices of the voters.

“Benue people are politically conscious. They will not surrender their future to a coalition of political interests formed without their consent,” the statement said.

The organisation called on voters, civil society groups and political stakeholders to remain vigilant and defend the state’s democratic rights ahead of the 2027 elections.

“Whatever colour it is given; Rainbow, PDP or otherwise, the people will reject any arrangement that threatens their collective interests and development,” BAGA said.

“Benue is not Rivers and we will not allow Wike from Rivers State to choose a governor for us in Benue State,” the group added.

According to BAGA, the central issue is whether political negotiations in Abuja will respect the right of Benue voters to determine their own leadership.

The group maintains that the state’s governorship should not be decided through private agreements among political power brokers, but through a democratic process in which the people have the final say.

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2027: Group Defends INEC, Urges Evidence-Based Scrutiny of Staff Redeployments

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The Coalition of Civil Society Organisations Against Corruption (COCSOAC) and 33 partner civil society organisations have expressed confidence in the Independent National Electoral Commission (INEC), urging Nigerians to treat recent reports concerning the commission with caution and rely only on verified facts.

The coalition, in a statement signed and issued in Abuja on Tuesday by its President, Bola Ademola, and National Secretary, Comrade Abdulfatah Aliyu, the group said while INEC must be held accountable where necessary, criticisms of the electoral body should be based on credible evidence, due process and an opportunity for affected parties to respond.

COCSOAC was reacting to an online publication alleging questionable staff redeployments within INEC, including the reported reassignment of a Northern director and the deployment of South-West officials to key departments.

The coalition said it had not independently verified the alleged redeployments or the motives behind them, warning that claims of political interference or ethnic favouritism should therefore not be treated as established facts.

“Assuming without conceding that the redeployments occurred as reported, staff reassignment is a recognised administrative practice that may serve legitimate purposes, including operational efficiency, professional development and improved management,” the group said.

It maintained that the geographical origin or family associations of an INEC official could not, on their own, establish bias or an intention to manipulate elections.

According to the coalition, the more important questions should be whether the decisions complied with applicable rules, received proper authorisation and were based on legitimate administrative considerations.

COCSOAC consequently urged INEC to clarify the circumstances surrounding the reported redeployments where necessary, while appealing to the media and civil society organisations to avoid drawing premature conclusions from unverified reports.

The group also congratulated INEC Secretary, Dr Rose Oriaran Anthony, on her turbaning, describing institutional experience, diligence and administrative continuity as important factors in the management of elections.

It appealed to President Bola Ahmed Tinubu to consider Oriaran Anthony for reappointment as INEC Secretary when her tenure expires, subject to applicable laws and established appointment procedures.

COCSOAC said its appeal was not a demand for an appointment outside the law but was based on the need to preserve institutional knowledge and strengthen coordination ahead of the 2027 general elections.

“Where an experienced incumbent has demonstrated the requisite commitment and competence, continuity may help preserve institutional knowledge, strengthen coordination and support preparations for peaceful, credible and well-organised elections,” the coalition said.

It, however, stressed that any decision on the matter must be guided by legality, INEC’s independence and the integrity of the electoral process.

The coalition called on political actors, civil society organisations, the media and other stakeholders to protect public confidence in Nigeria’s electoral institutions through evidence-based engagement, transparency and respect for due process.

It said its position was not that INEC should be shielded from scrutiny, but that allegations against the commission must be verified and affected institutions given a fair opportunity to respond.

“As the nation approaches another critical electoral cycle, accountability, institutional stability and the rule of law must remain central to the collective pursuit of credible elections,” COCSOAC said.

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