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Maryland Mall Lagos Opens Bidding for Investors in Major Property Sale

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Maryland Mall Lagos

By Adedapo Adesanya

Maryland Mall, one of the prominent retail and entertainment centres located in Lagos, has been put up for acquisition.

In what is shaping up to be a competitive bidding process targeted at qualified investors, the offering coordinated by Broll Property Services in partnership with Renaissance Capital Africa describes the property as a “high-yield income-generating investment” situated in a prime commercial corridor within the commercial capital.

According to details contained in the investment teaser seen by Business Post, interested investors are expected to submit expressions of interest before proceeding to due diligence and final bid submissions.

Final bid submissions are scheduled to close by 12 pm on Monday, June 30, 2026, according to the advisory firms.

The sale process is expected to attract interest from institutional investors, private equity firms, real estate funds and high-net-worth investors seeking exposure to Lagos’ commercial property market.

The mall, strategically located along a major road network in Maryland, boasts strong visibility and accessibility, factors considered critical in retail real estate performance.

The document disclosed that the facility, which hosts facilities like Genesis Cinema and Workstation, currently maintains an occupancy rate of 87 per cent and is professionally managed to maintain operational standards.

However, people who frequent the facility told our correspondent that the facility has faced several operational challenges. This development presents challenges for potential investors who will likely scrutinise factors such as tenant sustainability, operating costs, power expenses and consumer spending trends before making final commitments.

Under the outlined transaction process, shortlisted bidders will enter negotiations following due diligence and submission of financial offers.

Launched in June 2016 by Mr Akinwunmi Ambode, the then governor of Lagos State and Mr Atedo Peterside, Chairman of Stanbic IBTC, Maryland Mall boasts the largest outdoor LED screen in West Africa, under Purple Group’s management.

In 2020, the company officially rebranded the mall from Maryland Mall to Purple Maryland as part of its broader lifestyle and mixed-use real estate strategy.  However, due to some macroeconomic headwinds, the company fell into a receivership in October 2023, with Mr Richard Ayodele Akintunde named the Receiver Manager.

Years ago, the management agreement between Purple Group and the receiver manager was terminated, and Broll was appointed the new Facility Manager.

Maryland Mall Lagos

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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London Jury Clears Diezani Alison-Madueke of Bribery Charges

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Diezani Allison-Madueke

By Adedapo Adesanya

Former Nigerian Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, was on Wednesday found not guilty ​by a London jury of six bribery charges, after ‌five months of trial.

Mrs Alison-Madueke, an oil minister between 2010 and 2015 under then-president Goodluck Jonathan, stood trial ​charged with five counts of accepting bribes and a ​charge of conspiracy to commit bribery, which she denied.

Prosecutors ⁠alleged that the 65-year-old Mrs Alison-Madueke was given “a life of luxury” in London ​from oil and gas industry figures seeking lucrative contracts in Nigeria, ​which has long grappled with mismanagement and corruption.

The jury deliberated for more than 46 hours before reaching its verdict.

Mrs Alison-Madueke was charged by the UK’s National Crime Agency in 2023 over allegations she took £100,000 in cash as well as accepting flights on private jets, chauffeur-driven cars and luxury goods from Louis Vuitton and Harrods.

Other counts allege she received school fees for her son, products from high-end shops such as London’s Harrods department store and Louis Vuitton, and further private jet flights.

Mrs Alison-Madueke has been involved in numerous legal cases globally, including in the United States.

She has been on bail in Britain since she was arrested in October 2015.

In 2023, she was formally charged with accepting bribes, which she has denied.

Mrs Alison-Madueke stood trial alongside oil industry executive, Mrs Olatimbo Ayinde, 54, who was ​charged with one count of bribery relating to ​Alison-Madueke ⁠and a separate count of bribery of a foreign public official.

Also, her elder brother, Mr Doye Agama, 69, was charged with conspiracy to commit bribery ⁠with ​his sister relating to payments made to ​his church.

Both Mrs Ayinde and Mr Agama denied the charges against them and were also ​acquitted by the jury.

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Senate Committee Clears Customs of Unremitted N62.2bn Allegations

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Nigeria customs wale adeniyi

By Adedapo Adesanya

The Senate Committee on Public Accounts has cleared the Nigeria Customs Service (NCS) of allegations that it failed to remit N62.2 billion into the Federation Account, as contained in the 2019 Audit Report of the Office of the Auditor-General of the Federation.

The committee reached the decision on Tuesday during an investigative session with the Comptroller-General of Customs, Mr Adewale Adeniyi, over 77 audit queries raised against the agency in the 2019 and 2020 audit reports.

The committee, however, resolved to establish an ad hoc reconciliation panel to review the remaining 76 audit queries and report for further consideration.

At the hearing, representatives of the Auditor-General’s office informed lawmakers that while the Customs Service generated more than N691 billion in revenue in 2017, only about N629 billion was remitted to the Federation Account, leaving an outstanding balance of N62.2 billion.

Responding, the Customs CG explained that the amount in question consisted of levies collected on behalf of other government agencies and was therefore not meant for remittance into the Federation Account.

According to him, the figure was wrongly classified as under-remittance in the audit report.

Mr Adeniyi stated that while some levies collected by Customs are paid into the Federation Account, others, including certain levies on local production of wheat, textiles and wines, are designated for separate accounts.

He maintained that the disputed N62.2 billion fell into that category and should not have been recorded as unremitted revenue.

The Customs boss also provided explanations on the second and third audit queries, which members of the committee described as satisfactory.

Some lawmakers questioned why the issues had progressed to a Senate investigation, arguing that they should have been resolved during routine reconciliation between Customs officials and auditors.

In his response, Mr Adeniyi noted that the audit years under review coincided with a period of strained relations between the National Assembly and the Customs Service.

The reconciliation committee is expected to work with Customs officials and auditors to resolve discrepancies in the remaining audit queries before further legislative action is taken.

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Dangote Cement Ibese Distributes Farming Inputs to Boost Productivity

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Dangote cement ibese farmers

By Modupe Gbadeyanka

Some farming inputs have been distributed to farmers drawn from 17 host communities of the Ibese Plant of Dangote Cement Plc.

This is part of the organisation’s commitment to food security and sustainable community development, under its annual farmers’ empowerment initiative, which has become a cornerstone of the company’s social investment strategy.

The beneficiaries received modern farming inputs alongside technical training aimed at improving crop yield, productivity, and income across the agricultural value chain.

Business Post gathered that each of the 60 farmers got three bags of 50kg NPK fertiliser, two bags of Urea fertiliser, one Knapsack sprayer and 10 litres of Force-Up herbicide.

Welcoming the guests and beneficiaries, the Plant Director, Mr Ayyagari Subbaraidu, emphasised that the programme was designed not only to support local farmers but to build a sustainable agricultural ecosystem within the company’s host communities.

He noted that the intervention aligns with Dangote Cement’s broader corporate social responsibility priorities, which include empowerment, education, health, and infrastructure development.

Mr Subbaraidu said, “At Dangote Cement, we understand that while we manufacture cement for the construction of homes, schools, hospitals, roads, and other critical infrastructure, true development is ultimately about people. It is about creating opportunities, improving livelihoods, and enabling communities to thrive. This philosophy remains at the heart of our operations and our relationship with our host communities.”

He disclosed that to date, 300 farmers across our host communities have benefited from training, farm inputs, and agricultural tools, noting that they have cultivated more than 800 acres of farmland and produced over 40,000 tons of agricultural output.

“These figures tell an important story, representing families whose livelihoods have improved, children whose educational needs have been supported, businesses that have grown, and communities that have become more resilient. They demonstrate what can be achieved when communities and corporate organisations work together toward a common goal,” he stated.

“We provide modern farm inputs to support our farmers to enhance productivity and achieve better yields. This is not just about distribution; it is about enabling a shift to more efficient and sustainable farming methods that will ultimately boost food production and livelihoods,” he said.

Mr Subbaraidu revealed that the training component of the programme is critical in ensuring that beneficiaries maximise the value of the inputs provided, as participants were taken through practical sessions on good agricultural practices, including crop protection and pest management techniques, equipping them with knowledge to mitigate farming risks and improve output.

Speaking on behalf of the communities, a representative described the programme as a “game changer” that has not only boosted food production but also strengthened the relationship between the company and its host communities.

One of the farmers, Mr Akanbi Moses from Aga-Olowo Community, noted that the provision of free inputs and training has significantly improved their productivity and income levels, enabling them to scale their farming activities. Another beneficiary highlighted how the training sessions have enhanced their understanding of modern farming techniques, resulting in better crop management and reduced post-harvest losses.

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