In recent years, Dubai has emerged as a prime destination for African real estate investors, with many seeking to capitalise on the city’s booming property market and favourable living conditions.

According to Tahseen Syed, managing director of Knightsbridge Properties, this trend has been particularly pronounced among investors from countries facing economic challenges who are looking for safer investment opportunities and a higher quality of life.

Economic stability and investment opportunities in Dubai
Syed told TUKO.co.ke that the allure of Dubai lies in its economic stability and robust real estate sector and that many African nations have faced significant economic instability, prompting investors to seek more secure environments for their capital.

“Dubai’s real estate market offers a range of options, from luxury apartments to commercial properties, appealing to diverse investment strategies. The city is known for its high rental yields and potential for capital appreciation, making it an attractive option for those looking to diversify their portfolios,” Syed said.

The Kenyan and Nigerian influence in Dubai real estate Syed noted that Nigerian investors have been at the forefront of this migration, making substantial investments in Dubai’s real estate even during the pandemic.

“The desire to escape economic uncertainty back home has driven many wealthy Nigerians to explore opportunities in Dubai. The city’s cosmopolitan lifestyle, coupled with its strategic location as a global business hub, makes it an ideal choice for those seeking both lifestyle and investment prospects.”

Similarly, affluent Kenyans are increasingly turning their attention to Dubai’s luxury property market and with a growing middle class and an increasing number of high-net-worth individuals in Kenya, there is a strong interest in investing abroad.

Dubai’s luxurious offerings and reputation for safety and security make it an appealing destination, and many Kenyans are drawn not only to the potential for high returns but also to the opportunity to enjoy a vibrant lifestyle in a global city.

Welcoming policies in the UAE
The UAE’s welcoming policies towards foreign investors further enhance its appeal. Initiatives such as long-term residency visas and various investment incentives have made it easier for African investors to establish themselves in Dubai.

Notably, the UAE has emerged as Kenya’s top trading partner, with the largest percentage of Kenyan exports landing in the country.

Additionally, the UAE has emerged as one of the top destinations for Kenyan workers seeking greener pastures abroad, which adds to its appeal to Kenyan investors.

Syed has over 15 years of experience in Dubai’s real estate market, and he noted that many are drawn by the potential for lucrative investments and the high standard of living that the city offers.

In summary, the influx of African real estate investors into Dubai reflects a broader trend of seeking stability and opportunity in an ever-changing global landscape and as more individuals recognise the potential benefits of investing in this dynamic city, the trend is likely to continue growing in the coming years.

The Dangote Petroleum Refinery has increased the ex-depot price of its petrol, also called premium motor spirit (PMS).

In an email to customers on Friday, the refinery said its refined products would now cost N955 per litre at the loading gantry.

The upward adjustment comes amid rising crude oil prices in the international market, with the cost of Brent, the global benchmark for crude, recently hitting $81 per barrel.

Oil marketers had said the increase in global crude prices is taking a toll on local production, warning of an imminent hike in pump prices.

Speaking to TheCable on Friday, Chinedu Ukadike, the national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the latest price adjustment.

“Yes, we received an email from Dangote stating that their price has increased from N899 to N955,” he said.

In the email, Dangote refinery said marketers buying between 2 million – 4.99 million litres will now pay N955 per litre while 5 million litres and above will be sold at N950 per litre.

“Kindly be advised that, effective from 5:30 PM today, an upward adjustment has been implemented on the gantry price of Premium Motor Spirit (PMS), as detailed in the table below,” the email, seen by TheCable, reads.

“Please note that all stock balances yet to be lifted as at the above stated time, are to be repriced at the new reviewed prices.

“We shall communicate with customers on their revised volumes based on the reviewed prices, in due course.”

In November 2024, the Dangote refinery reduced the petrol ex-depot price to N970 per litre and further lowered it to N899.5 in December.

 …partners Naija Diaspora Magazine

Afrijet-FlyGabon, a prominent airline recognized for its regional connections across Central and West Africa, has officially launched a new flight route connecting Douala, Cameroon, to Port Harcourt, Nigeria. This new route, set to begin operations this month, will provide a direct air link between these two bustling cities, enhancing both business and leisure travel opportunities in the region.

As part of its commitment to expanding its footprint in Africa, Afrijet-FlyGabon has appointed Fadimatou Noutchemo Simo as the new Country Director for both Cameroon and Nigeria. With extensive experience in aviation management and international relations, Ms. Noutchemo Simo will oversee the airline’s operations, growth, and strategic partnerships in these key markets.

In preparation for the new route, the Country Manager of Afrijet-FlyGabon, along with Ms. Noutchemo Simo, visited the Consuls General of Nigeria in Douala and Buea earlier this month. The purpose of the visits was to inform the consuls about the launch of the new route and to seek their support for strengthening bilateral ties and regional connectivity. These engagements highlight Afrijet-FlyGabon’s dedication to fostering diplomatic relations and collaborations across the Central and West African regions.

Fadimatou Noutchemo Simo

Additionally, in a strategic move to broaden its customer base, Afrijet-FlyGabon has entered into a partnership with Naija Diaspora Magazine. This collaboration aims to engage Nigerians, as well as other nationals, encouraging them to take advantage of the newly introduced Douala-Port Harcourt flight and explore the services provided by Afrijet-FlyGabon. The partnership will leverage the magazine’s wide readership within the Nigerian diaspora, fostering greater awareness and patronage of Afrijet-FlyGabon’s expanding network.

To celebrate the launch of the new route, Afrijet-FlyGabon will host a press conference cocktail event later this month, bringing together key stakeholders, media representatives, and members of the diplomatic community. This event will showcase the significance of the new route, discuss the airline’s vision for further regional expansion, and highlight the growing collaboration between Afrijet-FlyGabon and Naija Diaspora Magazine.

The new Douala-Port Harcourt route is expected to significantly boost trade, tourism, and cultural exchange between Cameroon and Nigeria. This direct flight service promises increased convenience for business travelers, as well as enhanced opportunities for tourism and cross-border collaborations. Through the leadership of Ms. Noutchemo Simo and the strategic launch of this route, Afrijet-FlyGabon continues to reaffirm its dedication to improving regional connectivity and supporting economic growth across Central and West Africa.

For more information on flight schedules and bookings, please visit Afrijet-FlyGabon’s official website.

Nigeria’s commercial capital, Lagos, is proving to be a magnet for travelers every year during the festive period known as ‘Detty December’, with new data revealing how the city’s annual celebration contributed to the country’s economy, according to Forbes Africa.

Independent research by advisory firm MO Africa Company Limited shows that between November 19 and December 26 last year, Lagos’ Murtala Muhammed International Airport (MMIA) handled around 550,000 inbound passengers. Nearly 90% of these arrivals were Nigerians living abroad, flying in primarily for leisure and tourism.

Kayode Omosebi, CEO of MO Africa Company Limited, says his team surveyed hotels, airports, short-let agents, and nightclubs to compile the data.

The top five countries of origin were the United States, Canada, Italy, South Africa, and the United Kingdom, with most visitors heading to Lagos, Edo, Delta, Ondo, and Ogun states in Nigeria. Lagos alone attracted an estimated 1.2 million tourists. Of those, 60% were domestic travelers, driven by insecurity in southeastern Nigeria.

The influx of visitors brought a surge in hotel bookings and short-let apartment rentals. December hotel revenue in Lagos hit N54 billion ($36 million) from 15,000 bookings.

Short-term apartment rentals contributed another N21 billion ($13 million), with nearly 6,000 bookings made at an average nightly rate of N120,000 ($74.7).

Lagos’ nightlife was a major winner, with the top 15 lounges and nightclubs generating N4.32 billion ($2.7 million). On average, clubs raked in N360 million ($224,000) per day, with some tables fetching as much as N1.2 million per night ($746.7).

Beaches and resorts accounted for 70% of the N4.5 billion ($2.8 million) generated from recreational activities.

Lagos’ event centers hosted 1,175 bookings, earning a combined N1.2 billion ($804,000).

Luxury car rentals also saw a boom, with N1.5 billion ($937,500) spent on 750 bookings. Daily rates ranged from N200,000 ($124.4) to N2 million ($1,244) for high-end vehicles.

Omosebi notes that Lagos’ hospitality sector is increasingly reliant on cryptocurrency platforms.

“Eighty five percent of conversion to Naira and payments were done through this exchange platform. A number of bookings were done through agents rather than through booking platforms, which speaks to trust concerns and the power-play of agents in the industry,” Omosebi says to FORBES AFRICA.

He adds that ‘Detty December’ could bring in up to $2 billion in foreign exchange by 2026, provided the government addresses infrastructure, security, and supply chain challenges.

“The industry is evolving and we would start seeing niche focused hospitality and tourism experiences… There’s massive opportunity in bespoke event centers for concerts and shows,” Omosebi says.

Forbes Africa

The Nigeria Custom Service (NCS), says it has generated N102.5 billion revenues in the Kano/Jigawa Command in 2024.

The Comptroller, Dauda Chana said this in an interview with the News Agency of Nigeria (NAN), on Thursday in Kano.

He said the figures represented 94 per cent increase in the revenue generated in the previous year, and attributed the feat to the strategic revenue collection approach adopted by the command.

On anti smuggling campaign, Chana said the command seized contraband goods with N235,290,320 Duty Paid Value (DPV).

He listed the items to include 136 bags of foreign rice; 238 cartons of pasta, 534 cartons of creamer milk and 210 kilogramme of kola nuts.

Other seized items included 552 bales of second-hand clothing; 371 parcels of cannabis, 74,870 tablets of tramadol, 1,290 expired/fake pharmaceutical products, and 4,410kg of Pangolin scales.

According to Chana, the command is working with sister security agencies, terminal operators, licensed agents and market associations to promote compliance, to enable it to achieve its mandate.

“Well trained armed personnel have been posted to strategic locations to deal decisively with those involved in illegal smuggling of materials into our area of supervision.

“We are battle ready to end smuggling through our various strategies to pave the way for arrest and prosecution of those involved in illegal businesses.’’

He urged community leaders and other stakeholders to sensitise border communities to the negative effects of smuggling on the nation’s economy.

“We also reached out to youths in the border communities, to assist our field officers with required intelligence that will assist in curbing all forms of smuggling,’’ he said.

The Nigerian Customs Service, Area 2 Command, Onne in Rivers State said its officials have seized twelve 40-foot containers of medicine illegally imported into the country with a duty paid value of NN20,309 billion.

This is as the Command said it generated N634 billion in 2024 surpassing the N618 billion revenue target it was given at the beginning of the year.

The Customs Area Controller, Area 2 Command, Onne Comptroller, Mohammed Babandede, disclosed this during a news briefing as part of its end-of-year activities in Onne, Eleme Local Government Area of Rivers State on Tuesday.

Babandede said since his last engagement with the media on November 11th, 2024, the command has recorded more successes in the ongoing battle against smuggling and illicit trade, pointing out that the tempo would be sustained in 2025.

He stated, “Our vigilant officers and men have successfully intercepted and seized an additional 12 containers (40 feet) of illicit medicine. This is a testament to our unwavering commitment to safeguarding public health, ensuring the security of our nation and compliance with Nigeria’s import regulations.

“This also justifies our commitment to trade facilitation, transparency, effective and efficient service delivery.”

Giving a breakdown, Babandede said the seizures include ‘a 1,721,100 bottles of 100ml Cough Syrup Codeine, 510,000 tablets of 50mg Really Extra Diclofenac, 7,100,000 tablets of 225mg Royal apple Tramadol and Tramaking, 3,461 pieces of Sanitary ware Fittings used for concealment, 840 pieces of Chilly cutter used for concealment, 153 cartons of TVS rubber.’

“The Duty paid Value of the twelve containers is N20,309,890,800. The latest seizure underscores the passion and diligence of the officers and men of the Onne Command in ensuring that illicit drugs and other harmful goods do not find their way into our country through our area of responsibility.

“Our efforts are geared toward securing the health and safety of our citizens while upholding the integrity of entry points into the country through the Onne port axis.”

He appreciated the continued support and collaboration of all stakeholders, including the media in amplifying the message of the NCS and its efforts to combat smuggling, saying, “Together, we can build a safer and healthier nation.”

Babandede noted that the morale and dedication of officers of the command have been significantly bolstered by the Comptroller-General of Customs’ award, recognising Area 2 Command as the best Command in anti-smuggling operations.

He added, “This honour has further strengthened our resolve, and I assure you that we will not relent in performing our duties to protect the lives and well-being of Nigerians. In the recently released 2024 promotion for General Duty/Support Staff for officers and men of the Service, the Area 2 Command got some officers promoted as well.

“A total of 14 Deputy Comptrollers were elevated to the rank of Comptroller. A total of six Assistant Comptrollers were elevated to the rank of Deputy Comptrollers and 17 Chief Superintendent of Customs were elevated to the rank of Assistant Comptrollers, among others. Let me use this opportunity to especially appreciate the Comptroller General of Customs Bashir Adewale Adeniyi mfr, who in September this year promised to reward Officers and men of the Command for the role they played in the Interception of 844 units of riffles and 112,500 pieces of live ammunition.

“In keeping to his promise a total of eight Officers of the Command were given special promotion. Earlier in the year the Command was given a revenue target of N618 billion. I am glad to inform you that as of this morning the Command with the aid of stakeholder engagement, synergy, collaboration and intelligence sharing, has surpassed the target given by generating a total revenue of N634 billion which accounts for 103% of the annual target.

“This amount exceeds the 2023 collection by N321 billion and represents a 98% increase over the 2023 generated revenue,” Babandede stated.

Commenting on anti-smuggling within the year under review, Babandede said the Command made a total of 76 container seizures comprising of arms, ammunition, illicit medicine, vegetable oil, foot wares, donkey skin, used cloths among others uncustomed goods used as concealment with duty paid value of N150,872,551,207

“In export, the major commodities exported through this axis comprises of Agro and Mineral resources namely: sesame seeds, aluminium ingot, granular urea in bulk, wheat bran, orange peel among others and a total of 2,707,339.22 Metric tonnes of goods with a Free on Board value of $952,986,490,99 which is equivalent to N1,261,039,933,168.99 was processed through the Command this year.

“These are just a few of the results achieved with purposeful engagement of our stakeholders and partners this year. We look forward to a more result-oriented 2025,” he added.

Meanwhile, the command handed starter packs comprising grinding machines, sewing machines and food items to orphanages, widows of deceased customs officers and some members of their host community as part of its Corporate Social Responsibility.

Punch