Novare Real Estate Africa has invested the sum of $400 million in Nigeria since inception in 2012.Prof. Fabian Ajogwu, Chairman of the company, said this at the sixth anniversary celebrations of Novare Lekki Mall and unvieling of the anniversary logo on Thursday in Lagos.
Ajogwu said that the company had over the last 10 years built strong portfolios of investments in Nigeria of about $400 million.
He added that the company would continue to play big and invest in the industry for economic growth and development.
“Today is very significant in our journey to mark six years of this particular mall and 10 years of our existence in Nigeria.
“Today, we are celebrating the sixth anniversary of this mall (Novare Lekki Mall), which has transformed the socio-economic dynamics of Sangotedo and its environs and that of Lagos.
“Our malls are testaments to our capital importation drive, which helps to support government’s desire for foreign direct investments.
“For instance, this mall we celebrate today was driven by foreign direct investment valued at N31.5 billion at the time of completion.
“To underscore this commitment as well as tap into the infrastructure development drive of government, the Novare Group has over the last decade built a strong portfolio of investments in the real estate sector running into millions of dollars,” he said.
According to him, the Novare Real Estate Africa portfolio includes Novare Apo Mall, Novare Central, Novare Gateway, all in Abuja, and Novare Lekki Mall.
He said the company’s impact remains strong in Nigeria with the creation of over 3,000 direct and indirect employment.
“Our impact as an organisation remains strong. Through our activities we have continued to support the growth of retail and commercial businesses.
“We have also continued to create jobs. Today, Novare employs more than 3,000 Nigerians through direct and indirect employment.
“These landmark contributions to national development were not by coincidence; they are the result of our belief in building a strong, viable and inclusive nation,” Ajogwu said.
He said that Novare would continue to invest in and help drive government’s diversification agenda.
He said that the company was celebrating a prosperity of purpose of investment and the resilient of our people and of the management in spite of the inherent challenges.
According to him, the mall is the largest shopping mall in Lagos, as well as in Nigeria by gross built area.
He noted that the company had survived difficult circles of difficulties.
Ajogwu said that the company would continue to be mindful of its stakeholders, core investors, host communities and the government, among others.
“We all know that this is such a critical time globally and here in our nation.
“Thankfully, the ravages of the coronavirus pandemic have abated. But the disruptions caused by the Russian-Ukraine war and insecurity are further compounding our economic struggles.
“The uncertainties are no doubt heightened by the fast approaching general elections,” he said.
Speaking on future strategies, he disclosed that the company would expand its footprints in the South-East (Enugu), South South (Port Harcourt), North West, North East and North Central.
Also speaking, Mr Hein Du Plessis, the Chief Executive Officer, Novare Fund Manager Nigeria Ltd., said that the $400 million investments were in the construction of the company’s existing malls in Nigeria, land costs and collaterals, among others.
Du Plessis said that the company would not relent in impacting on the lives of its local communities through strong corporate social investment practices
According to him, the Novare Malls are designed to be a choice shopping destination and family recreation spot, hence the tenant mix are meticulously selected to provide an overall shopping and leisure experience for the shoppers and families who visit the malls with exclusive/proprietary brands such as Funworld in each of the malls.
He noted that the malls are built to the highest international standards with serene and secure environment.
“We are at the heart of the Sangotedo community and its environs and over the past six years, our vision to provide world class experience in keeping with the ever growing and changing needs of the community and those of our shoppers has become a reality,” he said.
