- Nigeria Remains Investors’ Priority, Says BON Hotels Boss
The Chief Executive Officer, Bon Hotels Grand Pelaand Suites, Mr. Peter Nwakeze has said Nigeria remained a viable investment destination guaranteed to yield maximum returns notwithstanding the current global economic situation.
He said local and international investors should take a cue from the multi billion investment that had been made by his company in the tourism and hospitality sectors.
He said these investments have added value to the economy-creating jobs and aiding economic diversification and empowerment of Nigerians.
Speaking in Abuja during the launch /opening of Bon Hotels Grand Pela and Suites, Nwakeze said the idea of building the hospitality firm was born out of his desire to contribute to the structural and social development of the fast-growing capital city and to provide employment to the teeming unemployed youths roaming the nation’s streets every day.
He said his business sojourn, which has taken him to various places in the world, raised his passion to provide hospitality and made understand that a contribution to hospitality industry is indeed a service to humanity.
Nwakeze said: “I know there are many existing hotels in Abuja, but I decided to make a paradigm shift by adding new features in the hotel which represents our core values of excellence and professionalism in order to change the old perception of Abuja hotels by tourists and visitors. These new features will be observed as you inspect our facilities and rooms. We want to carve a niche in the hospitality business that will leave a lasting experience in our customers.”
Nwakeze noted that the mission statement which is to offer a unique and exceptional services that will promote Grand Pela Hotel and Suites into an inspiring and most sort after brand synonymous with creativity and excellence is apt, because it represented what his personal values and what those of the hotel are.
According to him, since the hotel business is a dynamic and proactive one, suggestions on how to improve services will not only be welcomed, but also form an integral part of the company’s policies.
According to him: ” I want to emphasise at this point that we are not averse to constructive criticisms and suggestions because they will help in our future upgrading of the hotel as the hotel business is a dynamic one.”
Nwakeze also said the group has concluded arrangements to open more Grand Pela Hotels in all the six geo political zones in the country, adding in due course, that other West African countries will become part of the unmatched experience that Grand Pela provides its clients.
On his part, the Chief Executive of Bon Hotels, Mr. Guy Stehlik, said the group has seen phenomenal growth since its inception in 2012 with hotels across Africa including South Africa, Nigeria, Namibia, Ethiopia and Uganda, and is primed for significant expansion throughout the continent.
He said the hotels offers expertise of an international standard in their approach to hotel management, property openings, new builds or the upgrade of existing properties, with the specific needs of hotel owners’ front of mind. BON Hotels, he added, has been embraced for its fresh perspective in the African hospitality sector.
FBNQuest Mutual Funds returns 104%
FBNQuest Asset Management, a subsidiary of FBN Holdings, has held yearly general meetings for five mutual funds managed by the firm.
The funds are the FBN Balanced Fund, FBN Smart Beta Equity Fund, FBN Eurobond Fund, FBN Bond Fund and the FBN Money Market Fund.
The Fund Manager continues to deliver commendable results, as demonstrated by strong performance across all its funds.
The FBN Bond Fund was the best performing of the mutual funds, returning 104.20 per cent over five-year while its US Dollar fund, the FBN Eurobond, returned 48.43 per cent in US dollars over the same period.
The Managing Director of FBNQuest Asset Management, Ike Onyia, said: “Our strong performance track record is premised on the research capabilities, insights and experience of our portfolio management and research teams. Our mutual funds serve as useful investment options useful in formulating unique and value-adding investment strategies for various client segments. This is because our range of mutual funds cut across various asset classes including equities, bonds and money markets.”
“Our funds remain easily accessible, as our goal is to continue to drive financial inclusion and democratise wealth creation, by supporting the financiainclusion and democratise wealth creation, by supporting the financial security aspiration of investors” he added.
Increasingly, financial markets are becoming complex to navigate and as a result, it will not be out of place for investors to actively seek the inclusion of mutual funds in their investment portfolio, which will serve as the structured gateway to such markets. Seeking the help of experienced financial planners to assist you in establishing your risk tolerance levels and advise on suitable options is highly recommended.
SEC Warns Against Proliferation of Unregistered Investment Platforms
The Securities and Exchange Commission (SEC) has warned the investing public to be wary of the proliferation of unregistered online investment and trading platforms facilitating access to trading in securities listed in foreign markets.
SEC’s warning was conveyed via a circular issued in Abuja, Thursday to capital market operators.
It advised the investing public to seek clarification as may be required via its established channels of communication on investment products.
The circular read: “The attention of the SEC has been drawn to the existence of several providers of online investment and trading platforms which purportedly facilitate direct access of the investing public in the Federal Republic of Nigeria to securities of foreign companies listed on securities exchanges registered in other jurisdictions.
“These platforms also claim to be operating in partnership with capital market operators (CMOs) registered with the Commission.”
The Commission categorically stated that by the provisions of Sections 67-70 of the Investments and Securities Act (ISA), 2007 and Rules 414 & 415 of the SEC Rules and Regulations, only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale or subscription to the Nigerian public.
Accordingly, the SEC notified CMOs who work in concert with the referenced online platforms of the Commission’s position and advised them to desist henceforth.
Public to seek clarification as may be required via its established channels of communication on investment products advertised through conventional or online mediums.
SoftBank Reaps $33 Billion Coupang Windfall
SoftBank Group Corp on Thursday racked up a roughly $33 billion gain on paper through the public market debut of South Korea’s largest e-commerce company, Coupang Inc, the latest sign of a dramatic turnaround for its $100 billion Vision Fund.
Shares of Coupang opened 81% above their offer price on Thursday, after the company raised $4.6 billion in the U.S. stock market’s biggest initial public offering this year.
SoftBank paid around $3 billion for a 37% stake in the company, according to sources familiar with earlier fund-raising, giving it a roughly $33 billion headline profit if prices hold.
Coupang’s hugely successful stock market launch is welcome news for SoftBank, which is grappling with the collapse of billions of dollars worth of funds linked to Britain’s Greensill Capital, a supply chain finance start-up.
Vision Fund is Greensill’s biggest backer.
The Japanese conglomerate last month reported third-quarter net profit ballooned more than 20 times thanks to a recovery at the Vision Fund, a huge venture capital operation famous for investing early in Uber and other tech industry startup successes.
Only a year ago, SoftBank had been smarting from the flopped IPO and collapse in value of office sharing firm WeWork, raising questions over whether Chief Executive Officer Masayoshi Son had lost his midas touch and threatening plans to establish a successor to Vision.
The COVID-19 pandemic has also forced Son to sell assets but a second deal reported by Reuters on Thursday bodes well for VF II, a second, smaller fund.
The $225 million late-stage funding round for healthcare startup Forward Health was its first major investment this year, following a pickup in activity and the group’s fortunes in the second half of 2020.
The Vision Fund also made $11 billion on a blockbuster market launch of DoorDash Inc in December, which valued the food delivery company at more than $70 billion.
It also made gains on home seller Opendoor Technologies Inc’s initial offering in December.
The fund still holds large stakes in China’s biggest ride-hailing firm Didi, as well as Uber’s Southeast Asian rival Grab.
SoftBank is also trying to ride the mania for special purpose acquisition companies, launching a handful of blank-check firms this year, although none of them have found investment targets yet.
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