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Business as usual during elections in St. Kitts and Nevis

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

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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.

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South African tycoon Stephen Brookes’ Balwin Properties returns $14.6 million to shareholders

Brookes has seen the market value of his stake rise by $5.3 million in the past 26 days.

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Stephen Brookes.

Balwin Properties, a Johannesburg-based residential property developer led by South African businessman and real estate tycoon Stephen Brookes, has returned $14.6 million to shareholders in the past 26 days, as investors react to its first-half financial results.

At the end of today’s trading session on the Johannesburg Stock Exchange, shares in the South African property developer were worth R3.1 ($0.181) per share, giving the company a market capitalization of R1.44 billion ($84.1 million) at the time of writing.

The company’s share price has risen by 21.1 percent since Nov. 2, exactly 26 days ago, returning a total of R250.9 million ($14.6 million) in gains to shareholders as its market capitalization increased from R1.19 billion ($69.46 million) to R1.44 billion ($84.1 million).

Brookes, who founded the property developer in 1996 and owns a total of 36.08 percent of the company, has seen the market value of his stake increase by R92 million ($5.3 million) in the past 26 days as a result of these value gains.

Despite the recent increase in market value, Brookes’ equity interest in Balwin Properties is worth $6.6-million less than it was at the start of the year, when the firm’s shares soared above a price of R3.4 ($0.22) per share.

Balwin is a large-scale estate developer in South Africa for people with low-to-middle incomes. It provides residents with high-quality, environmentally friendly, and affordable apartments, as well as an innovative lifestyle program.

Profit for the first half of the current fiscal year rose by 48 percent, from R117.2 million ($6.4 million) to R173 million ($9.4 million), according to earnings figures.

The double-digit increase in earnings was due to increased demand for South African residential properties, which resulted in a 20-percent increase in revenue from R1.31 billion ($71.38 million) to R1.6 billion ($87.2 million).

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Controlled by Kenya’s richest families, NCBA Group eyes entry in Ethiopia, DRC, Ghana

NCBA Group is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

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Uhuru Kenyatta.

NCBA Group, a financial services conglomerate controlled by Kenya’s wealthiest families, is preparing to launch operations in Ghana, Ethiopia, and the Democratic Republic of the Congo (DRC) through partnerships led by its mobile phone banking service, M-Shwari.

The move, which aligns with the group’s strategic expansion plans and diversification strategy through mobile and digital banking, comes just a week after NCBA CEO John Gachora announced that the lender plans to expand into eight African markets.

The group, which is one of the leading lenders in East Africa with operations in Tanzania, Uganda, and Rwanda, is negotiating mobile phone banking partnerships with banks and telecom operators in the three countries.

The move is consistent with Gachora’s earlier statement, in which the leading executive stated that the model in the new markets will be to collaborate with local banking and mobile partners to deliver products and services to customers while leveraging cutting-edge technology.

According to Gachora, funding the expansion will be less expensive than establishing a traditional bank. “There will be licensing costs because it’s digital, it’s a fintech, and licenses are relatively cheap,” he said. As a result, the Kenyan bank will earn commissions on deals involving the establishment of brick-and-mortar operations in Ghana, Ethiopia, and the DRC.

NCBA Group is a Nairobi-based financial services conglomerate that operates as a non-operating holding through its extensive network of subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

The Kenyan banking firm, established in 2019 by the merger of NIC Bank Group and Commercial Bank of Africa Group, now has 109 branches in five countries — Kenya, Uganda, Tanzania, Rwanda, and Cote d’Ivoire — and is partially owned by the super-rich Kenyatta, Merali, and Ndegwa families.

The bank’s profit rose from Ksh6.52 billion ($53.3 million) to Ksh12.8 billion ($104.7 million) at the end of the first nine months of its 2022 fiscal year thanks to a double-digit increase in interest and non-interest income during the period under review.

NCBA has reaped enormous benefits from pioneering mobile phone-based lending in Kenya since partnering with telecom provider Safaricom in 2012 to launch the market-dominating service, M-Shwari.

It hopes to expand this model beyond East Africa, with large populations and a banking industry that primarily serves large corporations.

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Africa’s richest man Aliko Dangote plans 300,000 jobs for Nigerians

Dangote Group is poised to cement its position as the second-largest employer of labor in Nigeria.

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Aliko Dangote.

Africa’s richest man Aliko Dangote has announced that his multimillion-dollar investment through his sugar business, Dangote Sugar Refinery Plc (DSR), will create no less than 300,000 jobs in Nigeria, as he continues to strategically invest in his sugar business in accordance with the requirements of the Nigeria Sugar Master Plan (NSMP).

The leading billionaire, who made this statement while speaking at the flag-off ceremony for the 2022–2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa State, explained that the new employment opportunities will include both direct and indirect jobs.

“We are making a massive investment in Adamawa State through expansion of our refining capacity; with this investment, DSR will be able to create about three hundred thousand jobs, direct and indirect, with positive multiplier effects on the economy nationwide,” he said.

This statement comes nearly a week after he committed more than $700 million to expand the operation of its sugar business by increasing the refining capacity of one of its plants, DSR Numan, from 3,000 tonnes of cane per day (tcd) to 6,000 tcd, 9,800 tcd, and 15,000 tcd.

The investment will also drive the expansion of the group’s Backward Integration Program (BIP) in accordance with the NSMP, as the leading billionaire plans to put in place the necessary infrastructure for the eventual start of full-scale production.

The move, which aligns with the country’s goal of achieving sugar sufficiency, fits well with the company’s strategic expansion roadmap and is expected to increase revenue and earnings power while also creating shared wealth for stakeholders.

The Dangote Group, a manufacturing conglomerate owned by Aliko Dangote, is poised to cement its position as the second-largest employer of labor in Nigeria, behind only the Nigerian government, thanks to the 300,000 jobs that will be generated by the new investment.

Due to an increase in demand for both fortified and unfortified sugar, DSR, a leading integrated sugar company that is majority owned by Dangote, announced earlier this month that its nine-month 2022 profits increased by double digits.

According to the group’s financial statement, profits at the end of the first nine months of its 2022 fiscal year rose by more than 60 percent as revenue increased, from N15.51 billion ($35.4 million) in the corresponding period of 2021 to N24.83 billion ($56.6 million).

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