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Wealthy Nigerians Invested $1 Billion in Citizenship Overseas in 2020 Alone

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african union passport

Wealthy Nigerians are Buying Foreign Citizenship at an Alarming Rate

The total amount spent on acquiring foreign citizenship by wealthy Nigerians in 2020 has been estimated at $1 billion, according to a number of citizenship advisory firms.

One of the world’s largest citizenship advisory firms, Henley and Partners, said applications from wealthy Nigerians jumped by 185 percent in the eight months to September 2020, making applications from Africa’s most populous nation the second-largest after Indians.

Paddy Blewer, the head of marketing, Henley and Partners, said more than 1,000 Nigerians have inquired about citizenship of another nation through the company this year alone, saying “is unheard of. We’ve never had this many people contacting us”.

St Kitts and Nevis CitizenshipDespite the cost of citizenship by investment costing almost $1 million, wealthy Nigerians like Dapo, interviewed by Aljazeera, said it is a backup plan for getting out of Nigeria at any time.

He said “I have Maltese citizenship. I can leave for there any time.” Maltese citizenship he acquired at a minimum investment of 800,000 euros or $947,180 through the Malta Citizenship by Investment Programme.

Another wealthy Nigerian, that preferred to be called Bimpe, said she has three passports, one Nigerian passport, which she said she really never uses and the two others from Caribbean nations: St Kitts and Nevis and Grenada have been her saving grace as she can now travel between London and New York for business as St Kitts and Nevis passport, which cost her US$400,000 in real estate investment programme, allows visa-free travel through the UK and Europe.

Bimpe, who has now retired in Abuja, with three adult sons said she wants her kids to have the same opportunities to live and travel the world without restrictions imposed on a Nigerian passport.

She said “My kids were interested in visa-free travel. They are young graduates, wanting to explore the world. So that was the reason for my investment.

She spent US$300,000 on investment in the Six Senses La Sagesse hotel to acquire the Grenada passport, which she bought in 2015 through a proper development group advertised across Nigerian top websites by Range Developments.

Range Developments has been running adverts on BusinessDay for several months this year, and as at the moment, the company has extended the adverts (sponsored posts) to ThisDay Newspaper and Nairametrics.

Grenada CitizenshipMohammed Asaria, the Founder and Managing Director, Range Developments, said Nigeria is a huge market for his business given its growing population which he estimated at just under 300 million.

He said “We have between high single figures and low double-digit sales of hotel units on a monthly basis to Nigerians. The average investment is just under $300,000,” says Asaria. “It’s a big market for us. And it’s going to get bigger. There are 300 million people [in Nigeria].

Knight Frank Wealth Report puts the total number of Nigerian millionaires, the supposed potential customers, for the golden visas at about 40,000.

Nestor Alfred, CEO of the St Lucia Citizenship-by-Investment Unit, said St Lucia, has seen a surge in the number of Nigerian applications in 2020. “It’s more than it’s ever been over the past four years.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

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Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

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The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

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Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

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Business

DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

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Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

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