Afriland Properties Plc is a property management, investment and development company, offering end-to-end services along the real estate value chain, from management to joint-venture investments.
With a portfolio size of over N15 billion and one of the largest land banks in Nigeria, Afriland is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.
We are an investee company of the Heirs Holdings Group, a family of African companies whose name is inspired by the desire to leave a legacy.
At Afriland, our purpose is Improving lives by investing in the development, management and maintenance of world-class Real Estate offerings across Africa
Like all Heirs Holdings investee companies, Afriland Properties is committed to Africapitalism – the idea that, through our long term investment in real estate, we are building an African-owned business, creating employment, economic prosperity, and social wealth that can help transform the continent.
Emmanuel Nnorom, Chairman
Emmanuel is currently the Chairman of Afriland Properties Plc. Prior to this, he was the President/CEO of Transnational Corporation of Nigeria Plc. He served as the President/COO of Heirs Holdings Group and CEO of UBA Africa, overseeing United Bank for Africa’s operations outside Nigeria and executing corporate strategy in 18 African countries. His other senior roles within UBA included Group COO UBA, followed by his appointment as UBA’s Group CFO, with responsibility for Finance and Risk.
Emmanuel is qualified as a chartered accountant, and brings over 3 decades of professional experience in the corporate and financial sectors, working with publicly listed companies. He is an alumnus of Oxford University’s Templeton College, and a Prize winner and Fellow of the Institute of Chartered Accountants of Nigeria.
Uzoamaka Oshogwe, Managing Director/CEO
Uzo Oshogwe is the Managing Director/CEO of Afriland Properties Plc, and joined the company when it was still known as UBA Properties.
She holds a BSc in Chemistry from Ambrose Alli University, Edo State and an MSc in Information Systems Design from the University of Westminster, London. She has over 20 years’ working experience, mainly in Information Technology and Banking. Uzo also holds a professional certificate in Real Estate Management from Harvard Business School.
She is also a RICS accredited Civil and Commercial Mediator and a Fellow of the Institute of Management Consultants
Prior to joining UBA Properties, Uzo worked with UBA PLC, Ford Motors UK, J.Sainbury’s UK and Accenture UK.
Sam Nwanze is Chief Investment Officer at Heirs Holdings, where he is responsible for the administration and management of the group’s overall financial activities and investment programmes.
He has a Masters in Finance and Management from Cranfield School of Management (UK). Prior to joining Heirs Holdings, Sam worked in banking institutions in various roles that saw him oversee strategy, financial control, performance management and treasury, as well as play a key role in the STB-UBA merger.
Yinka Ogunsulire, who is regarded as one of the leading property development professionals in Nigeria, was the past Chief Executive Officer of Heirs Real Estate. Prior to that, she was the Managing Director of ARM Properties Plc, the real estate subsidiary of Asset and Resource
Management Limited. She holds an M. Phil in Land Management from the University of Reading, England. She has been a member of the Royal Institution of Chartered Surveyors since 1992.
Agatha Obiekwugo brings on board a proven track record of 25 years corporate experience spanning banking, commerce and industry, information and new technology, consulting and sits on the board of 3 other companies.
She is currently the Managing Director of ADASSA Energy Limited and holds a B.A in English from Edo State University, Ekpoma, Edo State and an MBA from Enugu State University of Science and Technology.
At Afriland Properties, we provide services to local and multinational companies and high net worth individuals in Nigeria and other African countries. Our corporate clients include:
United Bank for Africa
Transnational Corporation of Nigeria
Transnational Hotels and Tourism Services Limited (owners of the Transcorp Hilton Hotel, Abuja and Transcorp Metropolitan Hotel, Calabar)
Avon Medical Services
We believe in providing quality services at all times and at competitive rates for our clients’ satisfaction.
a)The trend and outlook on COVID- 19 for the company, The negative impact of COVID 19 pandemic on businesses are felt all over the world and the real estate sector is not excluded. Afriland being a major player in the Real Estate sector is not immune from the impact. Currently, manufacturing companies across the world are in lockdown and the full implications for supply chain when production resumes may not be ascertained now. However, because most of the items required for constructions are imported, the cost of ongoing projects may be exacerbated as additional funds will be required to complete these projects due to increase in cost. Afriland has many of such projects in the pipeline. We will have to revisit our viability/ financial models as soon as the modalities are clearer. The company’s construction sites are currently shut down and may remain so for a while as contractors observe Government and WHO guidelines to prevent the spread of the virus. The resultant cost as a result of the lead time between when the sites were shut down and when they will be reopened are enormous. In addition, as liquidity tighten, the company’s clients may likely cut down on their proposed projects as captured in their capital expenditure budget for 2020. The impact on this business line is however dependent on how our clients’ finances are impacted by the pandemic.
Commercial real estate may suffer as organisations examine the pros and cons of working from home and explore Flex-working and homework for their workforce in a bid to reducing operating costs for their businesses. In view of the above, project delivery timelines and liquidity may be impacted negatively
General increase in the cost of running the office resulting from inflation induced price increases
b) what the management of the company expects the future impact of the pandemic to be; Afriland’s Management expects revenue to decline in the short term as clients deliberate on their strategies to cut down on cost and remain in business. Consequently, we expect cash flow challenges to stiffen as a result of anticipated decline in revenue. There will be pressure on fund as debt servicing and development for new projects contend for available fund. The propensity for organisation to request for smaller working space /sharing of space is higher now than before.
c) How management is responding to the evolving events and how it is planning to deal with related uncertainties. Given the current challenges the company is faced with, management adopted the following strategies to mitigate the immediate and long-term risk posed by the pandemic.