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Nigeria, Ghana, more to benefit from N50billion property development fund

October 22, 2015 11:32 AM

The property unit of FirstRand Bank has raised about N50billion for the development of real estate assets in Nigeria and other West African countries.

FirstRand Bank Limited

Nigeria, Ghana and Angola are beneficiaries of the $203 million (about N50billion) property development fund raised by the property unit of FirstRand Bank Ltd.

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This fund was set aside for developing the real estate sector in Nigeria and other West African countries.

A division of FirstRand Bank Limited, Rand Merchant Bank (RMB), is in charge of using this fund to develop the retail and commercial properties in these countries.

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Michael O’Malley, Director of RMB, spoke on why this property fund was set up for Africa.

“We believe in the African growth story. Over the past decade‚ African economic output has more than tripled‚ which is one of the many reasons we think that Africa today holds the greatest overall investment potential for all frontier markets globally.”