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Business News

Sankore Investments to fund student housing, agribusiness in Lagos and other areas

@SankoreInvests has increased its business portfolio with the introduction of Real Wealth Fund and Sankore Agricultural Fund. Both funds have been created to financially support the capital needs of growth companies in the real estate business and agric market in Nigeria.

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Sankore Investment, Infrastructure in Nigeria, Ikeja City Mall, Maryland mall, Shoprite supermarket in Nigeria, About Sankore, Nairametrics news

Investment company, Sankore, has expanded its business portfolio with a focus on Real Estate and Agriculture. These investment products were created to financially support the capital needs of growth companies in the Real Estate business and Agric market in Nigeria.

During an Investor Gathering, which was covered by Nairametrics, Sankore Investment’s Chief Executive Officer, Titi Odunfa Adeoye said there’s a growing demand for some Agricultural produce by the end product manufacturers, due to its profitability.

[READ ALSO: Three quick ways to find out if a stock is overvalued]

Adeoye also stated that there’s shortage of supply, compared to the demand for specific Real Estates in Nigeria. According to her, Sankore believes investors can take advantage of the rising demand for affordable, yet profitable property development within the country.

Sankore Investor Gathering

Speaking about how the company arrived at the two sectors as being best for creditors to invest in, Adeoye said Sankore understands there’s “a need to offer clients a broad range of assets. And looking at Nigeria at the time (2010), we have already spent some time to think through where the investment opportunities will be.

“And at the time, we thought the best way to think of where to invest should come from where the problems are. What are the problems Nigeria has and how do we solve them?

“So, even as far back as 2010-2011, we were kind of focused, trying to identify these places, and at that time, we came out with the idea that we need to look much more deeper into two specific sectors, and those two are Agriculture and Real Estate.

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“We also found there were few other areas to look at, and those are technology and education. These four areas are the key problems we think we need to solve in Nigeria.

“And for us, we are strong believers in the transformative ability of well-deployed investment. And for us, that’s one of the things that drive us. We really believe that investment can grow our country, investors can change us.”

[READ MORE: Debt servicing gulps N7.04 trillion under President Buhari’s administration]

Sankore Investment Titi Odunfa, Infrastructure in Nigeria, Ikeja City Mall, Maryland mall, Shoprite supermarket in Nigeria, About Sankore, Nairametrics news

Sankore Investment Chief Executive Officer Titi Odunfa Adeoye

Focus of Real Wealth Fund: Adeoye said, considering the need and demand in society, the company’s focus for now is streamlined to the following Real Estate.

  • Student/Professional housing
  • Commerce

According to her, majority of Investment Funds are diverted into luxury apartments and hotels, and that investment direction needs to change due to the poor return on investment from the luxury apartments experienced by High Networth Investors. She said HNIs could instead invest in Student Housing because it has higher yields and demands are high.

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[READ FURTHER: Flying Doctors’ Founder, Ola Brown, discusses Challenges facing Nigeria’s Healthcare Industry]

Investment for the student and professional housing will be in some areas of Lagos, with Yaba in focus.

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Focus of Sankore Agricultural Fund: The crops that the company intends to disburse interested investors’ funds on are:

  • sorghum;
  • soya; and
  • maize.
Sankore Investment, Infrastructure in Nigeria, Ikeja City Mall, Maryland mall, Shoprite supermarket in Nigeria, About Sankore, Nairametrics news

Sankore Investment CEO, Adeoye and Afex Commodity Exchange representative at the event

What drives choice of crops: It was explained that these crops were selected because they are easy, liquid, and the cashflow can be monitored end-to-end very easily. Also, the crops are industrial crops with the big buyers.

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Nairametrics learnt that in addition to Real Estate, the other sector that was thought to be extremely important to the country’s growth, was Agriculture. Agriculture was selected because of its impact on job creation and the fact that Nigeria still imports majority of the things that are consumed in the country. Sankore is therefore certain that investors can get the worth of their investments if disbursed into these crops business.

[READ THIS: 46-years after, Mr. Bigg’s is not so big anymore]

Adeoye explained that Sankore had to partner with 5th Harvest some years back to understand the agric market and the extent of exposure needed because investors are always jittery about investing in agric business.

To ensure sales, partners like Afex Commodity Exchange, an agric business in Nigeria, has a binding agreement with end product manufacturers like beverage companies for the supply of these agricultural produce.

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To derive value from investment for investors and derisk investment, Sankore has partnership with companies that are Real Estate-dependent and are deep into the agric business. Some of the companies are Shoprite and Afex Commodity Exchange.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Cryptocurrency

PayPal is buying a Crypto security startup for less than $200 million

PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.

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Paypal

PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.

According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.

The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.

READ: CBN and cryptocurrency ban

The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.

READ: U.S customers can now buy Cryptos with Paypal

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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Corporate Press Releases

Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences

Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.

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Dupe Olusola

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.

 

Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.

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www.transcorphotels.com

Aura by Transcorp

Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.

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