Economy
Vantage Capital Invests $8m in Rosslyn Riviera Mall
By Dipo Olowookere
Leading retail shopping mall in Kenya, Rosslyn Riviera, has received a huge funding package from Africa’s largest mezzanine fund manager, Vantage Capital.
Business Post gathered that Vantage Capital has agreed to provide the sum of $8 million to Rosslyn Riviera to allow it expand and give better quality services to its customers.
It was learned that the investment is Vantage Capital’s 7th transaction in Fund III, a $280 million fund, with a 55 percent allocation to countries outside South Africa.
This investment represents the 25th transaction executed by Vantage across three generations of mezzanine funds.
Rosslyn Riviera is a convenient neighbourhood shopping mall in the upmarket suburb of Rosslyn/Runda in Nairobi, which officially opened for trading in 2017.
Sitting on 4.5 acres, Rosslyn Riviera combines the atmosphere of modern world class design against the backdrop of nature that takes advantage of a natural river on the property. It is spread over 18,211 sq.m of customer paradise offering visitors a selected blend of shopping, comprising of grocery, fashion, dining, health, wellness and entertainment establishments.
Commenting on the development, an Associate Partner at Vantage Capital, Mokgome Mogoba, stated that, “Rosslyn Riviera is a state of the art shopping mall, developed to extremely high standards, with all the right characteristics we consider befitting the only modern neighbourhood mall in Kenya.
“It is located in a prime affluent area in the city of Nairobi. Direct access to a major highway provides the tenants with excellent visibility including abundant conveniently accessible parking for their customers.
“The mall has managed to attract high quality tenants such as Chandarana Supermarkets, Java House, News Café and Nairobi Hospital and is led by a very competent management team. This investment in a leading retail property development in the heart of Nairobi demonstrates Vantage Capital’s commitment to Kenya and the East African region as a whole.”
Speaking further on the deal, Chief Operating Officer of Vantage Capital, Warren van der Merwe, noted that, “Kenya has always been of strategic importance for Vantage, and therefore we are pleased with our first transaction in the country and to be investing in a premium asset such as Rosslyn Riviera.
“Peter Gethi and his entire team have done an exceptional job developing the mall and we are extremely confident in their ability to further the future success of the project.”
On the part of Director and CEO of Thaara Ltd, the developer of Rosslyn Riviera, Peter Gethi, “We are indeed glad for the confidence Vantage Capital has placed in this project and certainly welcome their partnership with us. We are looking forward to the exciting journey ahead.”
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
