Novare Lekki Mall Brings Over $83m FDI to Lagos

The Novare Lekki Mall in Lagos is an iconic project, and it brings with it foreign direct investment of over $83 million, according to the Chairman of the company, Professor Fabian Ajogwu.

He stated that this was made possible by the favourable investment environment the Lagos State Government created. The Chairman of Novare Lekki Mall in Lagos, Prof. Ajogwu believes the prime retail property, which brings into Lagos over $83 million direct investment, “transcends financial value as it has from commencement until date, empowered over 4,650 Nigerians through direct and in-direct employment.”

Construction work at the mall, he said was done in record time, saying “The successful completion of the Novare Lekki Mall, (in record time) is indeed a testament of the enabling environment created by the Lagos State Government to encourage foreign direct investment and the continued visible rapid urban regeneration all over the state.”

According to Ajogwu, the Novare Lekki Mall was developed by Urshday Limited, an affiliate of Novare Real Estate Africa – which is an investment portfolio involved in property development across Africa. It is “driven by foreign direct investment and adopts a hybrid financing (a mixture of Debt and Equity financing).

The Mall which is valued at over $83 Million (N31.5 Billion) sits on 28,000 Square Metres of space and boasts of an impressive 22,000 Square Metres of gross lettable area.”

He said, “On November 21, 2014, we gathered here for the foundation laying ceremony of the Novare Lekki Mall, and 21 months afterwards, by the special grace of the Almighty God, we have been able to deliver on our promise – to build a world-class retail mall – the Novare Lekki Mall.

We are therefore pleased to mark the opening ceremony of the largest shopping mall in Lagos, Africa’s largest city.”
The Novare Lekki Mall, he said already has as its tenants, retail giants such as: ‘Shoprite’, ‘Game’ and Genesis Deluxe Cinemas which has 5 screening rooms. The Mall has close to 100 line shops and 1,000 parking bays. Other existing tenants of the mall include Addidas, Health Plus, MTN, Tantalizers, Swatch, Levi’s, Spur, Nike and Stanbic IBTC.

The mall is easily accessible from the Lekki-Epe Expressway for residents from the Lekki Peninsula area. It is the primary retail node for the area and is situated close to the Pan Atlantic University, Lagos Business School and Lakowe Lakes Golf and Country Estate.

He lauded “the vibrant and visionary board of the Nigerian subsidiary of Novare, Urshday Limited whose immense contribution has impacted on the realisation of a world-class shopping complex with state-of-the-art facilities and exquisite architecture built to the highest international standards.”

He also extended the gratitude of the Board to the Novare Group CEO, Mr. Derrick Roper; the CEO, Mr. Jan van Zyl, Technical and Organising Committee, Mrs. Chioma Mordi, among others.

He said, “As we celebrate this milestone achievement, we are also encouraged to do more as we are confident that this would inspire more private sector investor driven development in Nigeria, and across Africa.”

He thanked the Lagos State Government and the Governor, Mr. Akinwunmi Ambode, “who is positively disposed towards Foreign Direct Investments (FDIs) into the state.”
Job creation…
Ajogwu said, “On the importance of FDIs to job creation and national development, our confidence derives from our belief that Nigeria will get better by creating a minimum adequate economic environment for economic recovery.

“This entails investment-friendly reforms, scale economies in trade and investments, minimizing policy changes and shocks, and building strong institutions. Nigeria’s attitude should be similar to that of South Koreans whose leaders have continually re-stated the fundamental truth that – No one owes us (South Koreans) a living! Indeed, no one else, but Nigeria owes herself a living; and this must be clearly reflected by creating and implementing innovative strategies that are aimed at turning the economy around.

“We believe that with this in place, Nigeria can realistically expect to have increased inflow of investments or foreign capital.”
He quoted former President de la Madrid of Mexico, who said, “Capital has no heart. Capital has interests and sees its security and income as fundamental.”
Foreign investment, he said only sees profits, and that real and sustainable profits could only be made in a place with the minimum adequate economic environment.

According to him, “It is evident that the solution does not lie in waiting upon the West for help. Without a doubt, the solution lies with us – Nigerians. This is because help from the West usually comes in the form of aids and policies and their inherent price tags. “We should ensure that democracy and the rule of law (with the necessary checks and balances) remain.

We should embark on judicial reforms, ensure transparency and accountability in government, create strong institutions of restraint (e.g. a strong legal system, civil service, financial system, etc.) In doing so, Nigeria and indeed Africa will develop a strong competitive advantage that would enable her effectively harness the nation’s natural and human resources, encourage manufactured exports and provide a platform for the transition from the primary (extractive) to the secondary (manufacturing) and even tertiary (service-based) sectors of economic development. Nigeria’s problem is for us to solve – No one, but Nigerians, owe us a living.”

The Group Chief Executive Officer of Novare Equity Partners, Mr. Derrick Roper commented that Novare Real Estate Africa has a strong track record of successful retail and commercial property development across Africa. “Our newest project, Novare Lekki mall incorporates the latest elements in modern shopping centre design to provide visitors with state-of-the-art facilities in a user-friendly, safe and pleasant environment,” he said.

Lagos State Governor, Mr. Akinwumi Ambode reiterated the government’s commitment to increasing the inflow of investment and foreign capital into the state through investment friendly reforms and provision of enabling environment for commerce.
Ambode said the multi-billion Naira project achieved through foreign direct investment was a testimony of his administration’s drive to promote commerce and industry.

The state government, he said would continue to provide enabling environment to attract foreign investments to the state.
The governor, represented by his Special Adviser on Commerce, Mr. Benjamin Olabinjo, urged investors to emulate Novare real Estate Africa and key into his administration’s economic drive.

This is a private equity fund manager with a strong track record of managing investments in the real estate sector, both retail and commercial, exclusively in sub-Saharan Africa outside of South Africa. Novare Fund Manager manages the Novare Africa Property Fund I and II, domiciled in Mauritius and funded predominantly by South African pension funds.

Novare Equity Partners is the sub-advisor, tasked with sourcing and presenting new development opportunities to the management of the Novare Africa Property Funds. With a strong on-the-ground presence in all countries in which the funds invest, it has managed to source some of the most exciting new development opportunities across the sub-continent.

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