By Adebola Adegoke

A leading Zimbabwean property company, WestProp Holdings has announced its official listing on the Victoria falls stock exchange.

Dr Michael Louis, Chairman of the board announced at a press conference held in Zimbabwe, on Monday that the company would formally be listed on April 29.

He said the company had received approval to list two categories of share capital namely its ordinary shares and preference shares.

“It is my privilege to formally announce that on the 7th of March, the Registrar of Companies approved West Property Company Pvt Ltd., to become a public company and West Prop Holdings Ltd. was birthed and issued with its certificate of name change,” he said.

Louis said the shares would accordingly be opening an offer for public subscription for the securities from March 27 to April 21, 2023.

He said the decision was in line with the National Development Strategy of ZImbabwe to achieve an empowered upper-middle income society by 2030 to chart a new transformative and inclusive development agenda.

“The board thought of creative ideas to have a participatory inclusive economic model that really can help the poor and give everybody a secure future.

“We are further elated to announce that we have decided to list on the victoria fall stock exchange because of the numerous benefits it holds for shareholders, including but not limited to shares trading in US Dollars, no capital gains and minimum transaction costs.

“If you buy preference shares the company underwrites a minimum return of 7.5 per cent per annum on investments,” he said.

Louis added that WestProp’s IPO is to raise 30 million dollars in capital to accelerate the development of the company’s existing projects such as Pokugara Residential Estate, Millennium Heights, Pomona City, The Mall of Zimbabwe, Millennium Heights Office Park and the Hills Golf Estate.

This, he said, was in line with the company’s 2050 vision of one billion bricks resulting in thousands of jobs and a total value of five billion dollars.

“As we have now gone public, the board is convinced the time is now for individuals to be part of a bigger family to start investing in their long-term future and especially encourage the youth to start participating.

“To this end, the board will be investing in educational literacy programmes to transform and educate the public and especially the youth regarding their responsibility of securing a generational future,” he said.

Louis, the new chairman of the board acknowledged the achievements of Kenneth Sharpe, the Chief Executive Officer (CEO) and his team that have led the company to receive several international and national awards.

The awards included Company of the Year 2023 ( Zim land Developments and construction Awards); Property Development Company of the Year 2021. ( Property Magazine); Company of the Year National Awards 2021 (Zimbabwe Business Awards).

Others were Best Real Estate Innovative company of the year 2021 (Zim Infrastructure Investment summit);

Outstanding Property Development company 2022. (Zim CEO Network).

In his remarks, Sharpe announced that the company was offering one million ordinary shares at 10 dollars each and 5.4 million preferential redeemable convertible shares at 5 dollars each.

According to him, the preferential shares allow investors five years to decide to become ordinary shareholders during which time they will benefit from a minimum guaranteed return of 7.5 per cent per year as well as dividends from the company’s profits.

“This is likely to result in over 10 per cent per year being paid out which is an amount that no other listed company or bank in Zimbabwe is currently offering investors.

“We have a goal of taking our company from the current annual sales of 40 million dollars to over 100 million dollars within seven years and to create a balance sheet that will exceed one billion dollars in value which is more than five times the one today.

“All the shareholders will benefit from this growth. We know It is achievable and within our grasp,” he said

He said the company’s corporate strategy statement was to pioneer world-class, vertically-integrated, premium lifestyle communities in Zimbabwe by 2025.

“It is not a coincidence that we have targeted one billion bricks if you look at our projected construction for the projects we have designed, it will take one billion bricks and five billion dollars to complete them.

“Every day we are putting bricks into the ground working towards the vision where we know that within the next 27 years, we will have laid one billion bricks.

“As of today, we have laid 5,298,975 bricks and we have 55, 626,972 committed bricks from our existing sales,” he said.

“This ensures we have smart cities encompass the live, work, shop and play model which means we provide social amenities like shopping malls, sporting facilities, creches, churches and many other recreational facilities in a safe 24 hour secure gated community,” he said.

He also assured the public that the benefits of investing in the company were multi-dimensional.

According to him, the company guarantees a secure investment where someone who’s investing 50 dollars will know that their money will still be there in one month, in one year and five years.

“It’s an alternative to the banks. There’s no cost we deduct for holding that value on behalf of the investor, and they are guaranteed that their investment is safe with us.

“Once they have invested with us, the investment doesn’t just stay at the 50 dollars that they invested. We give a solid return. The reason why we’re able to give them an expected return of over 10 per cent a year in USD is that we are highly profitable.

“We are saying that together with the public, we can join hands and build Zimbabwe because the opportunity to invest with us will allow us and the public to come together, hold hands and build our country brick by brick.

“We are doing this today through IPO and the listing, benefiting yourself in becoming a shareholder with us, you are joining hands in owning the assets that we own,” he said. (NAN)(www.nannews.ng)

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Edited by Chioma Ugboma

By Christian Njoku

Nigeria and Cameroon are planning to establish a world heritage site for the protection of endangered species such as gorillas, chimpanzees, lions and elephants native to both countries.

Dr. Inaoyom Imong, Director, Cross River Landscape for the Wildlife Conservation Society (WCS), disclosed this on Monday in Calabar, at a workshop on Watershed Protection for Safe Sustainable Water Supply.

The News Agency of Nigeria (NAN) reports that the workshop sponsored by the United States Agency for International Development (USAID) aims to educate Nigerians on the need to protect its wildlife.

According to Imong, rare species indigenous to both countries are very few in their numbers in the whole of Africa, hence the need to protect them through the establishment of the site.

He said a Memorandum of Understanding (MoU), would soon be signed by the Presidents of the countries, adding that the site would help both nations achieve joint conservation goals.

“The World Heritage Site will strengthen trans-boundary efforts between Nigeria and Cameroon which will make conservation more effective and reduce cost.

“When the MoU is signed by the two presidents very soon, it will bring about many more benefits, including joint patrols and regular trans-boundary workshops between Nigeria and Cameroon,” he said.

Imong appealed for the strengthening and enforcement of laws against attacks on wildlife and incessant infiltration into protected forests.

He also called for support for prosecution of violators as well as creation of code of conduct for forest rangers.

He further said that WCS recently had a workshop for officials of the National Environmental Standards and Regulations Enforcement Agency, (NESREA) and Nigeria Customs Service in Calabar in that regard.

“The workshop became necessary to keep relevant agencies abreast with the international dimensions which wildlife trade has assumed, including methodologies to tackle them.

“We are also providing livelihood support for local communities in the forest areas to stem widespread poverty, and also dissuade them from invading protected areas for food,” he said. (NAN)(www.nannews.ng)

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Edited by Benson Ezugwu/Ejike Obeta

By Joan Nwagwu

The International Labour Organisation (ILO) on Sunday commended Nigeria for its unprecedented commitment to tripartism, social dialogue and decent work.

The ILO Director General, Mr Gilbert Houngbo, made the commendation when he received the Minister of Labour and Employment, Dr Chris Ngige, at the weekend in Geneva, Switzerland.

This is contained in a statement issued by Mr Olajide Oshundun, the Director of Press and Public Relations, Ministry of Labour and Employment.

The minister was in Geneva to attend his last Governing Body meeting of the ILO.

Ngige however presented to the ILO boss, two instruments comprising conventions 1975 (143) on Migrant Workers (Supplementary Provisions) Convention and Convention 1997 (181) on Private Employment Agencies, which Nigeria ratified.

Houngbo, while receiving the conventions, said he noted the renewed passion and commitment which the Nigerian government had given to tripartism, social dialogue and decent work in the past few years.

According to him, this is making it possible to ratify four conventions in a year.

“I recall that Nigeria’s Minister was here in November 2022, to deposit two ratified instruments – Conventions 2006 C (187) on Promotional framework for occupational safety and Health, and 2019 C (190) on Violence and Harassment.

“Also, in less than five months, the nation has ratified and deposited two additional conventions. That is quite commendable,” Houngbo said.

The ILO boss also noted the contributions of Nigeria’s Minister of Labour to the Governing Body and the Congress since 2016, while describing him as “knowledgeable and industrious”.

“He has been a great voice in the Governing Body and we will appreciate if he keeps in touch with the ILO even after his present tenure as Nigeria’s Minister.”

Earlier, Ngige while depositing the ratified Conventions C143 and C181, said they are critical in widening employment net and decent job in the world of work.

He also noted that the conventions would reinforce Nigeria’s capacity and enhance cooperation with other countries in protecting migrant workers through ethical recruitment.

“These conventions will enhance remittance flow and optimise the benefits of organised labour migration in our country.

“It will go further to reinforce our ability to enter into Bilateral Labour Agreement (BLA) or Memorandum of Understanding (MoUs) with destination countries who have ratified the same Convention,” Ngige said.

The minister added that the ratification of these conventions were painstakingly put together, passing through the deliberative crucible of stakeholder dialogue as well as workshop.

He said that this was to properly align them with relevant national laws and policies, including the Labour Act CAP LI, National Policy on Labour Migration, National Employment Policy as well as National Migration Policy.

“In due diligence and legislative scrutiny, we ensured that these two ratified conventions are in tune with the International Labour Migration Division and National Electronic Labour Exchange (ILMD/NELEX) to manage organised labour migration in and out of the country.

“They are also in line with our objectives in establishing Job Centres and Migrant Resource Centres (MRCs) to promote employment services and safe migration in Nigeria.

“In November 2022, when I deposited two conventions ratified by Nigeria, I did not hint the Director General that we had about four others still in the mills.

“I kept it close to chest that we will soon bring them after ratification. Today, we have two of these ratified instruments, signed by the President of the Federal Republic of Nigeria, President Muhammadu Buhari,” the minister added.

Also at the event, the ILO Regional Director for Africa, Nigeria’s Cynthia Samuel-Olonjuwon, praised Buhari for hosting the Global Youth Employment Forum in Abuja in 2019.

She urged the next administration to take such continental project notches higher in view of the bulge in youth population and unemployment. (NAN)(www.nannews.ng)

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Edited by Abdulfatai Beki/Muhammad Suleiman Tola

Participants at the capacity building workshop for mathematics teachers in Abuja sponsored by Rep.olubukola Oyewo of Osun

By Jacinta Nwachukwu

A member of Frederal House of Representative, Rep. Olubukola Oyewo has facilitated a capacity building workshop for mathematics teachers in his constituency to enhance the teaching and learning of mathematics.

Speaking with the News Agency of Nigeria (NAN) in an interview at the five days workshop in Abuja Oyewo, member representing Irepodun/Olorunda/Orolu/ Osogbo Federal Constituency, Osun said the training was borne out of his passion for mathematics.

“I am facilitating the ongoing capacity building workshop for mathematics teachers in my constituency because of my passion for mathematics.

“The abysmal performance of students in mathematics from my constituency also prompted this training programme,” he said.

He, however, said that paucity of fund prevented many mathematics teachers from the constituency from participating, hence the few participants.

“It is however unfortunate that paucity of fund is a limitation to the number of participants proposed to be trained.”

He, therefore, said that the few participants would hopefully make up for the training by being trainners to other mathematics teachers in the constituency.

Dr Olatunji Jekayinfa, a Research Fellow, National Mathematical Centre (NMC) said the teachers were trained on the effective methods of teaching mathematics for quality learning among the students.

He said after the programme, the teachers would acquire effective methods of teaching mathematics and impact same on the students to enable them perform better in examinations.

“One of the major mandates of National Mathematical Centre is to organise trainings that culminate in quality and effective teaching and learning of mathematics.

“So what we are here for is to make sure that the teaching and learning of mathematics is simplified; thereby endearing the subject to the students.

“Because there are many problems associated with mathematics ranging from students poor perception of the subject as hard and difficult to teachers adoption of poor teaching methodology.”

He said that a training like this could not have come at a better time than this.

Jekayinfa, while commending Oyewo for the programme, urged other spirited Nigerians to contribute their quota towards retraining of teachers for efficiency and effectiveness in teaching and learning in schools.

Mr Jare Tiamiyu, a Mathematics Teacher at Al Bin Islamic College, Irepodun Local Government Area, Osun said with the training, he had learnt how to combine learning and play to keep the students’ attention.

“There are some things both teachers and students consider as mystery; mathematics is believed to be hard because of all these mysteries.

“This training we are having will really help us on how to combine learning and play, students will learn more when the teaching is more of fun, something that will keep their attention and boost their interest.

He said this new approach of teaching would go a long way in changing the poor perception about mathematics.

Mr Michael Leshi, another Mathematics Teacher at Divine Favour Model School, Olorunda Local Government Area, while appreciating the facilitator of the training said that quality training of this nature was not easy to come by.

Leshi noted that the Rep. member had been helpful in the areas of education and infrastructure development within the constituency.

“Facilitating this capacity building workshop for mathematics teachers will go a long way in helping both the teachers and students towards effective performance,” he added.(NAN)(www.nannews.ng)

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Edited by Grace Yussuf

By Ibukun Emiola

Banks across Ibadan, the Oyo state capital, opened their doors to customers to withdraw cash and transact other financial transactions in line with the directives of the Central Bank of Nigeria (CBN).

The News Agency of Nigeria (NAN) reports that long queues were witnessed within the banking premises as customers besieged the financial institutions for transactions.

It was also observed that old notes were issued to customers, as new Naira notes was still being rationed to them.

NAN also reports that most banks operated between 9:00 a.m. to 4:00 p.m. with customers taking turns accessing the banking hall to collect mostly old notes.

In several locations, long queues of customers trying to make withdrawals were recorded, with some of them expressing relief of getting their money after months of scarcity.

Bankers told NAN that the Naira supply situation was expected to gradually ease out within the week and beyond as the CBN had matched its word with action.

Some of the customers told NAN that with the withdrawal limits on both old and new Naira notes, they may be forced to face more hard times ahead.

Mr Olaniyi Olawuyi, expressed joy that banks operated during the weekend as he was able to withdraw cash, after long months.

“I was at my bank for financial transactions, although, there were old notes that I withdrew from the Automated Teller Machines, (ATM) but the most joyful thing is that there was no queue at all, while the cash limit remains N10,000.

“But in other places, long queues were visible as customers lined up in front of the banking hall and ATM,” Olawuyi said.

Mrs Adurayemi Ojeyemi said there were queues where she had gone to withdraw, but expressed optimism that the hardship would reduce after sometimes.

“I saw long queues in some other banks, but I thought things would be better than what they had been some months back.

“I have been coping at this time by collecting cash from market sellers and so far that has been my way out of this present predicament,” Ojeyemi said.

Mr Mayowa Olayinka said that long queues were experienced in the morning, but gradually eased out towards evening as fewer people were seen on queue at most ATM points.

Olayinka said that many people preferred to queue than pay a certain amount on every withdrawal for PoS agents.

“Different banks have different withdrawal limits from N2,000 up to N20,000, but they are old notes. I still wonder why the new notes are scarce.

“But it is a thing of joy that the CBN has decided to make more cash available for Nigerians,” he said.

Ms Lizzy Adelaide decried situation that many banks stopped attending to customers before 4:00 pm, which was the closing hours set by the banks.

She, however, commended the innovations and ingenuity of some banks that have provided other means of attending to their customers’ complaints.

NAN reports that the CBN directives on weekend banking came a few weeks after the Supreme Court ruling on the case of the redesign of the notes.(NAN) (www.nannews.ng)

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Edited by Remi Koleoso/Ismail Abdulaziz

By George Odok

A socio-political group, Us4Us Movement, has canvassed the support of the national leadership of the All Progressive Congress (APC) for Sen. Godswill Akpabio to be become the 10th Senate President.

Convener of the group, Mr Richard Romanus, made the call during an interaction with newsmen after an extraordinary meeting of the group held on Sunday in Calabar.

Romanus said that Akpabio had made huge political sacrifices for the party; hence he should be rewarded and supported for the position of the 10th President of the Senate.

He explained that the Us4Us Movement is made up of young political enthusiasts across all political parties in Nigeria.

According to him, the group exist with the sole aim of advancing the socio-political wellbeing of young people and advocating for good governance in Nigeria.

“Bearing in mind the huge sacrifices Sen. Akpabio made in the interest of the party and for stepping down his presidential ambition unconditionally for Sen. Bola Tinubu, he should be compensated.

“His stepping down overwhelmingly helped in midwifing a seamless victory for Sen. Tinubu during the national convention of the APC.

“Also, we are aware that Sen. Akpabio worked assiduously to deliver more than the constitutionally required 25 per cent vote to the APC in a Peoples Democratic Party controlled state like Akwa Ibom.

“The leadership of Us4Us Movement hereby resolve to support and appeal for Sen. Akpabio to be elected as the Senate President of the incoming 10th Assembly.

“We call on the vast majority of elected Senators to galvanize their support for the Senate Presidential ambition of Akpabio,” he said.

Romanus added that in the interest of fairness and expanding the party in the South South geopolitical zone, the leadership of the APC should zone the office of the Senate President to the South-South region.

He noted that the Us4Us Movement was of strong opinion that the interest of young people, especially within the South-South geopolitical zone, would be best protected by Akpabio as Senate President.

“We the members of Us4Us Movement hereby unanimously adopt and endorse Akpabio for Senate President, on the strength of his unrivalled track record of performance and commitment to the party and the people of Nigeria.

“We urge other elected members of the incoming 10th Senate and the leadership of the APC to overwhelmingly support Akpabio in the spirit of fairness, credibility and competence,” he said. (NAN) (www.nannews.ng)

Edited by Ismail Abdulaziz