Connect with us

Hot News

Business as usual during elections in St. Kitts and Nevis

The world’s best-esteemed CBI program continues to move full steam ahead.

Published

on

Dr. Timothy Harris, prime minister of St. Kitts, with Carl Walwyn of The Fairway Group at the 2019 Caribbean Investment Summit.

This CBI-focus feature is sponsored and provided by The Fairway Group.

The country with the highest number of billionaires (per thousand residents) has been in the news lately as many individuals of high net worth wait for their applications for citizenship to be approved.

In terms of government and governance, St. Kitts and Nevis have a National Assembly, which is a unicameral legislature consisting of eleven representatives and three senators. Representatives are elected whereas senators are nominated by the governing party and the opposition.

Until recently, the government consisted of a coalition between the People’s Labour Party, Peoples Action Movement and Concerned Citizens Movement out of Nevis. This coalition was headed by Dr. The Honorable Timothy Harris, who is the prime minister. A series of events set in motion an inevitable election, which will occur next week.

The representatives of the People’s Action Movement and Concerned Citizens Movement put forward a motion of no confidence to challenge government support in the Assembly. Because they had the majority they were able to call for the resignation of the prime minister as is their right under constitution.

In a situation like this, the prime minister has two choices. He must either resign or advise the governor general to dissolve the Assembly. The prime minister must do this within three days of the majority vote of no confidence. Once this happens an election must be called within 90 days.

As you can imagine, the past 90 days have been busy with intense campaigning as Kittitians and Nevisians prepare to go to the polls and politicians attempt to secure the loyalty of their constituents. 

The Fairway Group would like to assure their clients that it is business as usual in St. Kitts even as the federation prepares for elections on Aug. 5. 

All St. Kitts and Nevis passport applicants must first be registered as citizens of the federation. Each Certificate of Registration requires the wet signature of the prime minister and, last week, The Fairway Group received his signature on five such certificates. 

Signed Certificates of Registration forms for citizenship in St. Kitts and Nevis.

The Certificate of Registration is the final step in the citizenship-by-investment (CBI) approval process before the issuing of passport and is one final opportunity to confirm that all information is correct before the passport goes for printing. 

As some background, The Fairway Group is a real estate development company offering investment opportunities in a boutique hotel in St. Kitts in the Caribbean. Purchase of shares in this project enables the investor to apply for St. Kitts and Nevis citizenship and a passport – voted the best second passport in the world.

The passport allows the holder to travel to more than 160 countries and territories without having to wait for a visa. 

The single applicant investment for Fairway’s Real Estate Share Option is $285,000. The projected ROI is up to eight percent which is paid in U.S. dollars. 

Dividend and interest accrual in U.S. dollars means that the principal is not subject to possible wide swings in the value of the currency of the CBI investor’s birth country. 

The St. Kitts and Nevis passport was crowned The Best Second Passport in the world by Wealth Managers Magazine – (Forbes) and is the original and longest running CBI in the world. St Kitts and Nevis invented the CBI program back in 1984 and it is now copied by scores of countries seeking to boost their economies. 

The Fairway Group will be in Nigeria on Aug. 1 through 21 to engage in confidential consultations with individuals of high net worth who understand the value of being able to move capital and skills across borders as they themselves enjoy the freedom of business or leisure travel. 

We look forward to celebrating with our newest citizens and meeting all of you who were waiting for proof of concept before making your purchasing decision.

More information is available at The Fairway Group website: www.thefairwaycondos.com

Contact The Fairway Group: https://bit.ly/3OKK9Si

The Fairway Group

The Fairway Group is a Real Estate Development Company offering Citizenship By Investment application services on the island of St Kitts in the West Indies.

Hot News

Kanye West faces new hurdle in business and personal life as Australian visa denial looms

The potential denial of a visa may be the latest in a long list of repercussions facing Kanye West.

Published

on

Ye
Kanye West, now formerly known as Ye.

African-American multi-industry creative, Kanye West, who is now formerly known as Ye, may face a new hurdle in his business and personal life as he may be denied entry into Australia.

The African-American rapper-turned-mogul had reportedly planned to meet the family of his new partner, Melbourne native Bianca Censori, but his anti-Semitic comments in October may prevent him from entering the country.

The news of a potential ban was confirmed by Australian Minister for Education Jason Clare, who stated that individuals who have made similar comments have been denied visas in the past and that Ye will have to go through the same process and answer the same questions.

“People like that who’ve applied for visas to get into Australia in the past have been rejected,” Clare said. “I expect that if he does apply, he would have to go through the same process and answer the same questions that they did.” 

Anti-Defamation Commission Chairman Dvir Abramovich and opposition leader Peter Dutton have joined in calling for Kanye West to be banned from entering Australia due to his “appalling” comments.

The backlash from Ye’s anti-Semitic remarks (Kanye West) has already had a significant impact on his business ventures and wealth. In October, he lost all of his partnerships through his brand Yeezy with companies such as Adidas and Balenciaga.

The termination of the Adidas partnership, which began in 2013, had a substantial impact on Ye’s net worth. Forbes reported that the termination of the deal led to a decline of more than $1.6 billion, taking Ye’s net worth from $2 billion to $400 million.

The cancellation of the partnership that grew the Yeezy line into a brand that accounted for up to €1.5 billion ($1.47 billion) of Adidas’ total sales over the last decade is expected to cost the German behemoth up to €250 million ($247 million) in earnings.

The aftermath of Ye’s anti-Semitic comments has been negative for his wealth and ranking as one of the richest Black individuals in the US and one of the richest businessmen globally.

The potential denial of a visa to enter Australia may be the latest in a long list of repercussions facing Ye because of his anti-Semitic comments. 

Continue Reading

East Africa

James Mwangi’s Equity Group to receive $4.1 million for acquisition of Spire Bank

Equity Group is the largest financial services conglomerate in East Africa.

Published

on

James Mwangi.

Equity Group Holdings, the Kenyan financial services giant led by James Mwangi, is set to receive millions of dollars from Mwalimu Sacco’s acquisition of financially distressed Spire Bank, as the teachers-backed lender agreed to pay Equity Group Ksh510 million ($4.1 million).

The deal is structured as an asset purchase transaction, backed by the Central Bank of Kenya (CBK), and will see Equity Group assume control over the assets and liabilities of the troubled bank.

The $4.1-million payment by Mwalimu Sacco to Equity represents the difference between the assets and liabilities of Spire Bank, implying that the bank holds zero value and the teachers have lost millions of dollars after purchasing a majority stake in 2014.

Mwalimu Sacco CEO Kenneth Odhiambo said the key consideration was to stop the bleeding and preserve Sacco’s bottomline for its members.

Equity Group will settle all redundancy costs for the more than 100 employees who will lose their jobs following the deal. The bank’s non-performing loans stand at Ksh2.63 billion ($21.1 million), and Equity’s immediate task will be to step up collections and recoveries.

The process of exiting Spire Bank was not as seamless as the initial acquisition, with Mwalimu Sacco citing the bank’s decline as beginning after the withdrawal of Naushad Merali’s deposits worth Ksh1.7 billion ($13.7 million), which represented one-fifth of the bank’s total deposits. 

The takeover of the troubled Spire Bank may present additional challenges and opportunities for Equity Group, which under the leadership of Kenyan businessman, Mwangi reported profits in excess of $280 million in the first nine months of 2022.

As of today, Equity Group shares on the Nairobi Securities Exchange are trading at Ksh44.95 ($0.361) per share, a 0.99 percent decrease from their closing price on Fri., Jan. 27.

This values the company at Ksh170 billion ($1.36 billion) and Mwangi’s 3.38-percent stake at Ksh5.74 billion ($46.1 million).

Continue Reading

Hot News

Nigerian billionaire Abdul Samad Rabiu’s food conglomerate achieves milestone with $195-million profit

Rabiu and his son, Isyaku Naziru Rabiu, own 99.8 percent of BUA Foods.

Published

on

Abdul Samad Rabiu
Abdul Samad Rabiu. ©Billionaires.Africa

BUA Foods Plc, a leading food conglomerate majority owned by Africa’s fourth-richest man Nigerian billionaire Abdul Samad Rabiu, has achieved a milestone in its financial performance as it reported record-high earnings at the end of its 2022 fiscal year.

With a profit surge surpassing N90 billion ($195 million), the company’s latest earnings report highlights its impressive growth and financial strength. The Abdul Samad Rabiu-led food conglomerate has reported a record high in its financial performance, with its profit for the year ending Dec. 31, 2022, surging by a staggering 30 percent.

The unaudited financial statements reveal that the group’s earnings rose from N69.77 billion ($151.5 million) in 2021 to N90.4 billion ($196.3 million) at the end of 2022, driven by an increase in revenue from its diverse product portfolio of sugar, pasta, bakery flour, and wheat bran.

The remarkable growth reflects the company’s ability to continuously expand its offerings and maximize profitability in a competitive market.

BUA Foods’ revenue surged from N333.37 billion ($723.8 million) to N417.82 billion ($907.1 million) due to increased sales of non-fortified sugar N79.15 billion ($171.8 million) to N144.29 billion ($313.2 million) and other food items such as sugar molasses, bakery flour, pasta, and wheat bran.

The increase in consumer demand for food items, including stockpiling, resulted in higher prices and a corresponding boost in revenue for the group.

The robust performance led to an increase in retained earnings and shareholder equity from N192.66 billion ($418.26 million) and N200.7 billion ($435.7 million) in 2021 to N237.15 billion ($514.86 million) and N245.21 billion ($532.35 million) in 2022.

The outstanding financial performance is expected to result in a substantial increase in dividend earnings for Rabiu and his son, Isyaku Naziru Rabiu, with their 99.8-percent ownership in the consolidated food conglomerate.

This will be a marked improvement from the N62.9 billion ($151.6 million) that they received in dividends last year.

Continue Reading

Trending