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

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Ikeja City Mall
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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.

 


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UK, Nigeria Launch £15 million Growth Programme to Accelerate Economic Transformation

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The UK Minister for Africa and International Development, Baroness Jenny Chapman, has concluded a two-day visit to Nigeria, during which she announced a new £15 million Growth Programme, deepened cooperation on digital transformation and health, and visited communities benefiting directly from UK investment on the ground.

The visit, spanning Abuja and Kaduna, underscored the breadth and depth of the UK–Nigeria Strategic Partnership and marked a significant step towards both countries’ shared priorities.

The UK–Nigeria Growth Programme

The centrepiece was the meeting with Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele. During their meeting, they discussed the new UK–Nigeria Growth Programme. Over three years, it will accelerate economic transformation, unlock private investment and support Nigeria’s transition from macroeconomic stabilisation to sustained, reform-led growth.

Alongside the Growth Programme, the UK announced deeper collaboration on Nigeria’s digital economy through the SPRIRET initiative, delivered under the UK’s Digital Access Programme. SPRIRET will support digital governance reforms across five Nigerian states, reducing regulatory barriers and enabling greater investment and innovation in broadband, digital services and emerging technology.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele said: “We continue to value the UK–Nigeria relationship, one of the most important partnerships for both our countries. Today, that relationship extends beyond traditional ties and now focuses on development, growth, and shared prosperity.

“The UK–Nigeria Growth Programme helps bring this partnership to life—supporting capital market development, technology investment, small businesses, and technical assistance. We look forward to seeing how these opportunities deliver lasting benefits and drive progress for both countries.”

Trade and bilateral ministerial meeting

During the visit, Baroness Chapman met with the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole. Discussions covered progress under the Enhanced Trade and Investment Partnership (ETIP), including boosting exports via the Developing Countries Trading Scheme, fintech and capital markets links.

Kaduna: building on two decades of partnership

In Kaduna, Baroness Chapman met with Governor Uba Sani to take stock of over 20 years of UK–Kaduna partnership and explore how cooperation can deepen shared priorities. She heard from the business community and key institutional investors about their investment aspirations and the role of the UK in supporting investment mobilisation and enabling climate finance.

She met with community animal health workers and livestock breeders to discuss the UK’s support on breeding techniques, animal health and livestock vaccines. She also visited Unguwan Sanusi Primary Health Care Centre, which serves approximately 20,000 people in Kaduna South, hearing directly from patients and frontline health workers about the impact of UK-supported health programmes.

At the end of the visit, the UK Minister for Africa and International Development, Baroness Jenny Chapman, said: “This visit has reinforced everything I believe about the UK–Nigeria partnership.

“That it is deep, it is real, and it is moving in the right direction. From launching our new Growth Programme with Honourable Minister Oyedele, to meeting from frontline health workers in Kaduna — every conversation this week has shown me a country full of ambition and a partnership that is genuinely delivering for both sides.

“Nigeria is a partner that the UK is proud to stand alongside and I leave more convinced than ever that the next chapter of this partnership is its most exciting yet. The UK is here for the long term, and we are ready to grow together.”

 


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Mobile Internet Gender Gap Widest in Africa – GSMA

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More than 810 million women across low- and middle-income countries (LMICs) remain offline, with Sub-Saharan Africa recording one of the world’s widest mobile internet gender gaps.

According to the GSM Association’s (GSMA’s) Mobile Gender Gap Report 2026, released this week, women in LMICs are still 12% less likely to use mobile internet than men, leaving an estimated 200 million fewer women connected than their male counterparts.

This is despite mobile internet becoming the primary gateway to the digital economy, according to new research from the GSMA.

The report reveals that of the 810 million women who remain offline globally, more than two-thirds live in Sub-Saharan Africa and South Asia −regions that continue to experience the widest disparities in digital access.

The findings highlight significant implications for Africa, and the challenges facing governments, mobile operators and development agencies seeking to expand digital inclusion.

The report notes that Sub-Saharan Africa’s mobile internet gender gap stands at 26%, second only to South Asia’s 25%. The divide becomes even more pronounced outside major cities.

“In LMICs, the gender gap in mobile internet adoption tends to be two to three times wider in rural areas than urban areas. In 2025, across all LMICs, the gender gap in mobile internet adoption was more than three times wider in rural areas than in urban areas.

“There is also a difference at the regional level, where the gender gap in mobile internet adoption is wider in rural than urban areas of LMICs in every region except Europe and Central Asia.”

For Africa, the rural challenge is particularly severe, the report warns.

The GSMA found that the gender gap in mobile internet adoption reaches 34% in rural areas of Sub-Saharan Africa, compared to 21% in urban centres.

Device challenge

Smartphone ownership remains a major obstacle to digital inclusion. The report found that women across LMICs are 13% less likely to own a smartphone than men, representing approximately 210 million fewer women with access to internet-enabled devices.

Across Sub-Saharan Africa, only 34% of women own smartphones, with the region recording a smartphone ownership gender gap of 22%, with access to internet-enabled devices remaining one of the most important factors influencing whether women eventually adopt mobile internet services.

“The type of mobile device a person owns matters, as it typically affects whether and how they use the internet. Once someone owns a smartphone, they are much more likely to be aware of mobile internet, adopt it and use it regularly and in a variety of ways. In fact, once women own a smartphone, these metrics more closely resemble those of men,” notes the report.

Barriers persist

Despite growing awareness of mobile internet and its benefits, women continue to face multiple barriers to meaningful participation in the digital economy.

The report identifies affordability, literacy and digital skills as the leading barriers preventing women from getting online.

Even after gaining access, women frequently report safety and security concerns, data costs and connectivity quality as obstacles to broader internet use.

The report notes: “Addressing rural gender gaps is essential to advancing digital inclusion for women overall. In particular, women who live in rural areas tend to have limited physical access to essential services and may have the most to gain from better access to mobile and mobile internet.

“Addressing gender gaps in mobile ownership, particularly of smartphones, and in mobile internet use can help women in rural areas benefit from these digital technologies to the same extent as men.”

Claire Sibthorpe, head of digital inclusion at the GSMA, warns that progress is not happening quickly enough and emerging technologies such as artificial intelligence risk creating new forms of digital exclusion.

“While there has been a slow narrowing of the mobile gender gap since 2022, much more is needed to address the persistent and significant gender gaps in mobile internet adoption and use.

“We live in an increasingly digital world and the proliferation of technologies such as AI are creating greater digital divides and inequities, elevating the need to ensure digital inclusion for all.”


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Payaza Secures ‘A’ Credit Ratings from Moody’s, Agusto, DataPro, Intelligence Africa

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Payaza Africa, a payments infrastructure company, has earned strong credit ratings from four major rating agencies, reinforcing its growing reputation as a resilient and credible player in Africa’s financial services ecosystem.

The payment company recorded upgrades across the board, with DataPro raising its rating from A to AA-, Intelligence Africa assigning it an A- investment-grade rating, Agusto upgrading it from BBB to A-, and GCR, an affiliate of Moody’s, also moving it from BBB to A-.

A credit rating reflects a company’s financial strength and its ability to meet debt obligations, indicating how safe it is for lenders and investors to extend credit.

In a statement on Monday, the company described the achievement as a validation of its disciplined growth trajectory and operational resilience in a dynamic fintech landscape. It added that the upgrades position Payaza as a future-ready brand with increasing relevance not only within Africa but also in the global fintech space.

Commenting on the development, Seyi Ebenezer, the Chief Executive Officer of Payaza Africa, said the ratings reflect years of deliberate effort to build a sustainable and globally competitive institution.

“This milestone is a strong affirmation of the work we have done to build Payaza on a foundation of discipline, trust, and long-term value creation. Receiving these upgraded ratings sends a clear message that Payaza is not only growing, but growing with strength, structure, and sustainability,” he said.

Ebenezer noted that the recognition goes beyond financial performance, highlighting the company’s ability to execute strategically while maintaining strong risk management practices.

“For us, this is bigger than recognition. It reflects our commitment to building a world-class institution that can compete globally while continuing to serve businesses and consumers across the continent with excellence.

“Over time, our ratings journey has reflected more than strong financial performance. It speaks to a business built on disciplined execution, prudent management, and the ability to scale responsibly in a dynamic market. This has helped us stand out not only as an innovator in digital payments, but as a maturing financial institution with the operational depth to compete globally.

“These new ratings are expected to further strengthen Payaza’s standing with investors, regulators, partners, enterprise clients, and the wider financial community. In a sector where trust, resilience, and compliance are increasingly central to long-term success, independent ratings remain a powerful endorsement of a company’s ability to manage risk, meet obligations, and sustain growth,” Ebenezer said.

Payaza Africa provides payment infrastructure solutions focused on collections, payouts, embedded finance, and digital commerce enablement for businesses across Africa.

The company has also continued to expand its product ecosystem with solutions such as Payaza Checkout for payment collections and payouts, Chat and Pay by Payaza for WhatsApp-based transactions, Payaza Give for donations and digital contributions, and Shopaza, its e-commerce platform designed to help businesses sell and receive payments more efficiently.


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