April 6, 2020

5 Real Estate Companies given the Pioneer Status Incentive

Dolapo Omidire

Last month the Nigerian Investment Promotion Commission (NIPC) published details of Pioneer Certificates that were issued and cancelled in the year 2019. The Pioneer Status Incentive was established by the Industrial Development (Income Tax Relief) Act, No 22 of 1971 and is a tax holiday that grants qualifying industries and products relief from payment of corporate income tax for an initial period of three years, extendable for one or two additional years.

Among the 25 companies granted the Pioneer Status Incentive, 5 operate within the real estate sector or built environment space. As the dates below will demonstrate, many of these companies were granted approval-in-principle in the past but only had their Production Date Certificates issued by the Federal Ministry of Industry, Trade and Investment during the 2019 reporting period. See the below to learn more about them.

Edimara Properties Limited

  • Background: A joint venture between African Capital Alliance and Samges Investment Limited.
  • Assets Owned: Alliance Place, a 6,670m² office development in Ikoyi, Lagos that was completed in 2018.
  • Additional Information: Tenants include African Capital Alliance,  The International Finance Corporation and Mastercard.
  • Product: Office Complex.
  • Sector: Real Estate.
  • Certificate Production Date: 01/01/2016.
  • Issuance Date: 14/05/2019.
  • Tenure: 3.
  • Expiry: 31/12/2018.
Alliance Place: Image Source: BCL
Alliance Place: Image Source: BCL

Jabi Mall Development Company Limited
  • Background: A joint venture between Actis and Duval Properties.
  • Assets Owned: The 25,000m² Jabi Lake Mall in Jabi, Abuja that was completed in 2015.
  • Additional Information: Tenants include Silverbird Cinemas, Shoprite and many more.
  • Product: Shopping Mall.
  • Sector: Real Estate.
  • Certificate Production Date: 01/10/2018.
  • Issuance Date: 14/05/2019.
  • Tenure: 3.
  • Expiry: 30/09/2021.
Jabi Lake Mall. Image Source: jabilakemall.com
Jabi Lake Mall. Image Source: jabilakemall.com

Royal Pacific Group Limited 

  • Background and Assets Owned: Sponsors of the 126-key Fraiser Suites Hotel in the Central Business District of Abuja that was completed in 2018.
  • Product: Hotel.
  • Sector: Tourism.
  • Certificate Production Date: 01/01/2019.
  • Issuance Date: 19/09/2019.
  • Tenure: 3.
  • Expiry: 31/12/2021.
Fraser Suites, Central Business District, Abuja. Image Source: hotels.ng
Fraser Suites, Central Business District, Abuja. Image Source: hotels.ng

Grand Pela Hotels and Suites Limited

  • Background and Asset Owned: Sponsors of the 87-key Grand Pela Hotels and Suites in the Durumi Area of Abuja, which was opened in 2018.
  • Product: Hotel.
  • Sector: Tourism.
  • Certificate Production Date: 01/05/2018.
  • Issuance Date: 14/05/2019.
  • Tenure: 3.
  • Expiry: 30/04/2021.
Grand Pela Hotel, Durumi, Abuja. Image Source: Booking.com
Grand Pela Hotel, Durumi, Abuja. Image Source: Booking.com

Pinnacles Apartments Development Limited 

  • Background and Assets Owned: We suspect that this is the joint venture between UPDC and Imani & Sons that sponsored a 27-unit luxury residential development in Abuja but are unable to confirm at this time.
  • Product: Real Estate (Residential).
  • Sector: Real Estate.
  • Certificate Production Date: 01/01/2016.
  • Issuance Date: 14/05/2019.
  • Tenure: 3.
  • Expiry: 31/12/2018.

The publication is in compliance with the requirements of Section 9 of the Industrial Development (Income Tax Relief) Act Cap I7, Laws of the Federation of Nigeria 2004 (IDITRA) and the Pioneer Status (Delegation of Certain Statutory Functions) Order of 2017.

Download the publication.

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