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Xenophobia revenge: Who really owns the mall?

8
MALLS
The Maryland Mall, Maryland, Ikeja, Lagos

Consumerism in Nigeria has been on a growing trend in recent years. To make the most of it, organizations in the real estate sector have spent millions of dollars to construct huge shopping malls. As a result, the country is home to some of the largest shopping malls in Africa, many with facilities apparently rivaling those in Europe, the Middle East, North America, etc.

However, amid a growing outcry about the attacks on many Nigerians living in South Africa, many of our angry youths took to the streets in some Nigerian cities to attack some major malls and South African giant telecommunication network, MTN offices across the country.

They tag the attacks on these major malls as a reprisal. This CobraReview learnt is not unconnected to the belief by many that they are wholly owned by South Africans.

Just as Nigerians would describe a group of products with the most popular brand (for example, Gala for Sausage roll, Indomie for noodles, and Maclean for Toothpaste, etc), many still call Malls, Shoprite, because most major malls in the country houses a ‘Shoprite’, an alleged South African owned Supermarket.

The fight back of Nigerians on South African businesses has prompted side talks on who really owns the major malls in the country.

It’s believed by many that these malls are majorly owned by South Africans or have strong affiliations with South Africa because of heavy presence of Shoprite and the country’s similar organizations in them such as Stanbic IBTC and others. Rumors also have it that former governor of Lagos State, Asiwaju Bola Ahmed Tinubu owns some of these malls.

But, in search of original insight on the ownership, CobraReview digged deep to find out who the real owners of these malls are.

A Real Estate Expert, Eisten in a telephone interview with CobraReview asserts that Malls ownership are always totally different from the occupants or  shop owner(s). He disclosed that the Lekki and Ikeja malls are jointly owned by both private and some dimensions of public and state government joint ownership structure. Speaking further, Mr Eisten says: “Shoprite, The Games, Mr Price et al, so happened to be anchor tenants and as part of their long term deal is the massive branding and lion share stake in the management of these malls.”

From our findings, it was revealed that popular Palm Shopping Mall, Lekki, the Polo Park Mall, Enugu, and the Kwara Mall, Ilorin are owned by the Persianas Properties Limited (Part of the Persianas Group), a company owned and promoted by Nigerian Businessman and property developer, Mr Tayo Amusan.

CobraReview investigation further reveals that the popular ‘The Palms Mall, Lekki’ is a joint venture between Actis Investment and Mr Amusan’s Persianas. The Palms was developed at a cost of over $40m and opened in late 2005. But in 2007, Actis sold majority of its shares in The Palms to Amusan, making him the sole owner of the property.

As for the ever busy Ikeja City Mall, Ikeja, findings by CobraReview reveals it is owned by the Broll Services Limited, a South African commercial property services company established by Malcolm Horne. Although, Broll Services Limited is a South African Company, but the popular Ikeja City Mall is controlled by its annex company in Nigeria, Broll Nigeria, and its CEO, Mr Bolaji Edu, who is a Nigerian Real Estate professional.

Managed by Miles and Hectares Management Limited, the Maryland Mall, Ikeja, Lagos, a $25m project which was completed in June 2016, was established by a Nigerian Real Estate company, Purple Capital Partners Limited.

Findings reveal that Purple Capital Partners Limited’s CEO, Olutola Mobolurin, his partner, Olaide Agboola and few others own the Maryland shopping mall. What come as a surprise to us is that, the said mall was funded by Stanbic IBTC Bank and AXA Mansard, both popular South African financial institutions. Obviously, Maryland Mall has a strong affiliation with South Africa/South Africans. Even though over 40 brands feature, the anchor tenants in the Maryland Mall are led by Shoprite and Genesis Cinemas.

When CobraReview beamed its searchlight in the Leisure Mall, also known as Adeniran Ogunsanya Shopping Mall (AOS), Surulere, we discovered it is owned and managed by Top Services Limited, a Real Estate Developing Firm owned by veteran Nigerian Architect, Tokunbo Omisore. Our findings also reveal that Tokunbo and Top Services Limited, aside from AOS Mall, also own the Cocoa Mall, Dugbe, Ibadan, Oyo State, the Apapa Mall, Apapa, Lagos, and the Akure Mall, Akure, Ondo State.

Effort to get the original owner of the popular Lagos City Mall, Onikan, has not been successful, however CobraReview findings reveal it is managed and controlled by Ibukun Efuntayo & Company, a Property and Facility Management firm owned by Emmanuel Efuntayo. From our findings, we discover that IEC has an office inside the mall. In fact, the real estate firm is in charge of office and space leasing inside the shopping mall.

The Jabi Lake Mall, Abuja, according to our investigation, is a joint venture between Actis, Laurus Development Partners and Duval Properties Limited. The mall was funded and developed by the three firms. Aside Laurus, which is Ghanian, Actis and Duval Properties are UK’s Real Estate Companies.

Meanwhile, the gigantic Grand Towers mall, Abuja, which started in January 2011, was developed and financed by a team of investors, including Grand Towers Plc and Grand Towers Africa Property Fund which is managed by Novare South Africa alongside Stanbic IBTC, DTV and Group 5 as partners.

According to our findings, the Mall is anchored by Shoprite, a South African retail giant. Although, the Grand Towers Mall, Abuja is largely owned by a Nigerian Company, Aptics Limited, chaired by Nigerian Lawyer and Businessman, Mr Nze Chidi Duru, but its affiliation with South African Investments is glaring.

Lastly on the list of major malls in Nigeria search- lighted by CobraReview, is the Novare Lekki Mall. The N31.5 billion edifice, sitting gallantly on the corner of the Lekki-Epe Expressway and Cardinal Olubunmi Okojie Way, is  sponsored by Professor Fabian Ajogwu, CEO of the Novare Group, a Nigerian real estate company. According to our findings, the Shopping Mall is driven by foreign direct investment and funded by a mixture of equity and debt financing. With Shoprite and Game as anchor tenants, as well as Genesis Cinemas, the mall has approximately 100 shops and 1 000 parking bays.




CobraReview invites Readers, Product enthusiasts and consumers to send in their independent reviews of products/services and their experiences to editor@cobrareview.com for free and instant publication.

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8 Comments

  1. Wow. What an insightful article.

    Personally, I believed all malls in Nigeria are owned by South Africans.

  2. This is great Olu. It’s insightful and informative. But something inside me is still telling me that Baba Tinubu still owns most of those malls in Lagos. Especially Ikeja city mall.

  3. Wow. I hardly finish up stories, but I had to read this one to the end. Well analyzed. Every paragraph contains great info. Thank you for opening my eyes to this revelation. Platform like this should be thriving.

  4. Well researched work. But, most of these malls you are seeing are owned by Top Politicians, especially Tinubu. They only hide under coys.

  5. I told some of my friends when they were shouting that Nigerians must burn these malls down, that they are owned by Nigerians. Thanks God the xenophobic attack didn’t escalate to something horrible, else, we wud have rendered our fellow Nigerians financially crippled.

    Thank you for digging deep to get these facts.
    I will share this, so we can all know.

  6. So, most of these malls are owned by Nigerians?
    Wow!

  7. This is insightful, I must say.

    Well researched and analyzed.
    A friend actually shared this link 🔗 with me, and I must say I’m impressed with what I read. Nice one.
    This will quash all those beer parlour talks /discussions that these malls are owned by South Africans.
    This story is timely, as it followed the xenophobic attack stuff.
    I will share this story with my friends. They need to read and be informed too.

  8. Wow! So, Nigerians, and not South Africans, own these malls?
    This is great. I read through, and I’m really impressed. So much investigation in there.

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