News
Hyprop & Attacq Acquire 100% Interest in Nigeria’s Ikeja City Mall

Actis, a leading emerging markets investor, RMB Westport, a notable sub-Saharan Africa real estate investment management and development group and Paragon Holdings, a leading Nigerian investor group have confirmed the sale of Ikeja City Mall to South African Real Estate Investment Trust (REIT), Hyprop Investments Limited (Hyprop) and Attacq Limited (Attacq), a JSE-listed real estate capital growth fund.
Hyprop acquired a 75% interest in Ikeja City Mall and Attacq has acquired the remaining 25%.
Actis and local partner Paragon Holdings sourced the development site in 2008.
RMB Westport, initially appointed by Actis as the development manager in 2008, invested as an equity partner in 2010.
Actis has now sold its 60% majority stake, while Paragon Holdings and RMB Westport have both sold their 20% stakes in the mall.
Ikeja City Mall, Lagos’ largest mall, is a world-class retail and leisure development in Ikeja, a densely populated suburb of Lagos, with a population of 4.5 million people.
As the largest mall in Lagos it comprises over 22,000m² and has a tenant mix anchored by Shoprite, offering South African brands including Mr Price, Spur, MTN and Markham and international brands including Nike, Lacoste, Tommy Hilfiger, TM Lewin, Mango, i-Store, KFC, and Max Fashion.
Actis and RMB Westport managed the development process from concept to completion: investing the initial equity; raising development finance; managing the construction; securing the tenants; operating the mall and bringing it to market at the right time, working in partnership with Paragon Holdings.
The mall opened its doors in December 2011 fully let, and today attracts up to 800,000 shoppers per month.
Ikeja City Mall is Hyprop’s first investment in Nigeria. This acquisition is an attractive investment and complements Hyprop’s strategy of investing in high quality, income-producing shopping centres, in key cities across sub-Saharan Africa.
Pieter Prinsloo, CEO of Hyprop, commented: “Hyprop is well‐placed to capitalise on opportunities across sub-Saharan Africa, due its partnership with the Atterbury Group and Attacq, whose combined expertise facilitates exploiting opportunities as they arise.”
David Morley, head of Real Estate at Actis, commented: “This sale reflects the strong retail opportunity in West Africa and the interest of quality institutional investors in sub-Saharan real estate assets. This is the sixth exit from the first Actis real estate fund. It is a continuation of Actis’ proven cash to cash track record of delivering A-grade real estate assets in sub-Saharan Africa, positioned to be attractive to both international and local institutional buyers. Over two funds, Actis has committed to 17 institutional quality developments in seven countries totalling a gross asset value of $1.3bn.”
“RMB Westport has earmarked a number of sub-Saharan Africa territories as key jurisdictions in which to develop retail and commercial property. Private consumption is increasingly emerging as one of the key drivers of growth in African economies, and foreign direct investment remains strong. RMB Westport’s current portfolio of 11 investment-grade developments with a gross asset value of $1bn is perfectly placed to unlock investor value. Reliable project delivery, which has been central to Ikeja City Mall’s success, is our core focus,” says Michael O’Malley, Director of RMB Westport who has spent the past 20 years working on retail and mixed-use projects in 12 African countries.
Morné Wilken, CEO of Attacq, said: “Our strategic investment in Ikeja City Mall forms part of Attacq’s larger African investment strategy and was executed with the assistance of the experienced AttAfrica team. It is our first investment in Nigeria, an African market with fantastic growth prospects. It adds to our investment in the growing portfolio of dominant, quality retail malls in sub-Saharan Africa.”
Frank Obi, group executive director of Paragon Holdings commented “We are pleased to have been a part of this landmark project from its inception to the present. It is a testament to the foresight and resolve of our leadership, and to the position of Lagos State and its government as leading hosts to serious investors in Africa. We look forward to working with quality foreign investors to develop outstanding real estate projects in the years ahead.”
Actis invests exclusively in the emerging markets with a growing portfolio of investments in Asia, Africa and Latin America; it currently has US$7.6 billion funds under management. Applying developed market disciplines to emerging markets, c. 100 investment professionals in ten countries identify investment opportunities in private equity, energy and real estate.
Africa lies at the core of our firm’s investment strategy. Over 40% of Actis’ investments are located in Africa, with over $1.9 billion invested across 18 countries on the Continent.
Actis is the most experienced private equity real estate investor in sub-Saharan Africa, with a track record that pre-dates its first closed-end fund formed in 2006. Since then the firm has led investment in 17 developments totalling $1.3bn gross asset value in eight cities across seven countries, and sold six of them. Its highly experienced team has an average of 20 years in real estate.
Also, Africa’s leading specialist shopping centre REIT, operates an internally managed portfolio of shopping centres in major metropolitan areas across South Africa.
Hyprop also has a growing presence in sub-Saharan Africa, through a joint venture with Attacq Limited (Attacq) and the Atterbury Group.
All investments in sub-Saharan Africa (excluding South Africa) are held through Hyprop Investments Mauritius, a wholly owned subsidiary of Hyprop. The sub-Saharan African portfolio includes shopping centres Accra Mall, Westhills Mall and the recently opened Achimota Mall (all in Accra, Ghana), and Manda Hill Centre in Lusaka, Zambia. Construction is underway at Kumasi City Mall, Kumasi, Ghana (completion date 2017).
Similarly, Attacq is a leading South African capital growth property company listed on the JSE. Attacq’s vision is to deliver exceptional sustainable capital growth through creative local and international real estate developments and investments.
Attacq pursues this vision through its strategic drivers of Invest, Develop and Grow. Attacq’s business has two key focus areas: Investments and Developments. Investments comprise completed buildings held directly and indirectly.
Developments comprise land, greenfields development of land or brownfields development by refurbishment of existing buildings. Investments provide stable income and balance sheet strength to responsibly secure and fund high-growth opportunities within Developments.
RMB Westport is a real estate investment management and development firm, focused on creating value-added real estate developments in high-yield geographies in sub-Saharan Africa. RMB Westport is a joint venture between Rand Merchant Bank (RMB), a division of FirstRand Bank Ltd and the Westport Property Group.
RMB Westport’s real estate and property development experts are renowned for their innovative approach to developing sustainable solutions.
RMB Westport develops properties that maximise investor value by delivering the right projects, in the right location, on time and on budget. Please visit www.rmbwestport.com for more information.
Paragon Holdings Limited (PHL) is a diversified Pan African conglomerate with interests in strategic sectors of the economy in Nigeria and across Africa.
The overriding objective of the Group is to create thriving businesses manned by competent human resources to deliver the value proposition for each business initiative.
News
Microsoft Revamps Copilot in Workplace AI Push

Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.
The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.
Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.
Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.
“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.
Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.
A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.
The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.
Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.
The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.
News
Dangote Refinery Debunks Speculations on IPO

Dangote Petroleum Refinery and Petrochemicals (DPRP) has debunked recent circulation of unauthorised information regarding a potential Initial Public Offering (IPO).

In a statement, DPRP noted that several online platforms and unofficial sources have published unverified, and in some instances inaccurate, information relating to a potential offering.
“Such reports do not originate from DPRP and should be treated with caution. All official updates regarding any potential transaction will be communicated strictly through DPRP’s formal public disclosures and announcements issued by its appointed advisers, in line with applicable laws and regulatory requirements.
“Accordingly, the public, investors, and all market participants are strongly advised to disregard speculative commentary and rely solely on verified information formally issued by DPRP or its authorised representatives,” the statement said.
The firm assured stakeholders that, when appropriate, comprehensive, and accurate details regarding any proposed transaction will be made available through official channels, including regulatory filings, authorised press releases, and coordinated communications by the Enterprise and its appointed advisers.
News
Descasio Launches “Give to Gain” Leadership Insights Report, Hosts Executive Brunch for Women in Leadership

In celebration of International Women’s Day, Descasio hosted an intimate executive brunch bringing together distinguished women leaders from its customer community for a thoughtful conversation on leadership, partnership, and shared growth.

Centered around the 2026 International Women’s Day theme, “Give to Gain,” the gathering created space for accomplished women in enterprise leadership to reflect on mentorship, collaboration, and investing in people as key drivers of sustainable growth.
Held in Lagos, the event convened leaders from organizations including Honeywell Group Limited, Finchglow Travels, NGCOM, and Eroton Exploration & Production Company.
Guests were personally welcomed at the start of the gathering by Mr. Dele Nedd, CEO of Descasio; who greeted each of the women leaders and expressed his appreciation for their presence before leaving the session to allow the women lead the conversation among themselves.
The gesture reflected Descasio’s leadership culture; one where women are not only recognized, but actively supported and empowered. It also underscored the company’s belief that meaningful progress in leadership requires partnership and allyship across the organization.
Rather than a traditional panel discussion, the brunch was designed as a candid and reflective exchange among peers navigating leadership in complex industries. Throughout the conversation, participants shared perspectives shaped by experience, responsibility, and the realities of leading teams and organizations.
A recurring theme in the discussion was the role of execution and accountability in leadership. For many organizations, strategy alone is not enough; consistent delivery is what ultimately builds credibility and trust.
Reflecting on this, Josephine Adebola, Data Compliance & Process Automation Manager at Finchglow Travels, emphasized the importance of reliability in leadership and the discipline required to translate vision into results. “Get it done on time and in full.”
The conversation also explored the role of curiosity and continuous learning in shaping effective leaders. In rapidly evolving industries, the ability to ask questions, remain open to new perspectives, and keep learning is often what enables leaders to grow alongside their organizations.
Sharing her perspective, Tomi Otudeko, Chief Operating Officer at Honeywell Group Limited, reflected on how curiosity has shaped her leadership journey.
“Asking questions and continuously learning have always stood me in good stead as a leader.”
She also spoke about the importance of leading with empathy and understanding the people behind the roles within organizations.
“Everyone has multiple dimensions to who they are. Leadership has taught me to see people in their totality. That awareness doesn’t make a leader weak; it makes them more effective.”
Another important theme that emerged from the conversation was authenticity in leadership. In an environment where leaders often face pressure to conform to traditional expectations, remaining true to one’s identity while continuing to evolve is essential.
For Helen James-Eziashi, General Manager at NGCOM, authenticity and curiosity remain key guiding principles. “Be yourself, keep learning, and stay curious.”
The discussion also highlighted the role of self-awareness in sustaining leadership journeys, particularly in complex and high-responsibility environments. Understanding one’s values, motivations, and support systems often becomes the anchor that allows leaders to navigate uncertainty with confidence.
Reflecting on this, Ifeanyi Onyejekwe, IT Manager at Eroton, emphasized the importance of knowing what grounds a leader.
“Know who you are and understand what supports and sustains your leadership journey.”
According to Descasio, the event reflects its broader commitment to building strong partnerships and fostering meaningful leadership conversations across its enterprise customer community.
“For us, this was about more than marking International Women’s Day,” said Umama David-Ogebe, The HR Manager at Descasio. “It was about creating a space where leaders could learn from one another and reflect on the kind of leadership that builds strong organizations. The most meaningful partnerships grow from conversations like these.”
To extend the impact of the discussion, Descasio has published “The Give to Gain Leadership Report: Insights from Women Leading Enterprise Organizations,” a curated publication capturing key reflections and leadership lessons shared during the session.
The report highlights themes including:
- The role of curiosity and continuous learning in leadership
• Building stronger teams through empathy and accountability
• The importance of authenticity and self-awareness in navigating leadership journeys
• How investing in people drives stronger partnerships and resilient organizations
The Give to Gain Leadership Report is now available for download Here.
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