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A financial advisory firm, Woodhall Capital, has launched the United Arab Emirates-Nigeria Investors’ Forum to explore business opportunities in both countries.
A statement from the firm on Thursday indicated that the objective of the forum was to create a platform for the government of the UAE to meet with top and carefully selected members of the Nigerian business community.
The first meeting of the forum, organised by the Consulate General of the United Arab Emirates, was held recently in Lagos with the theme ‘UAE-Nigeria: Investors’ 1st Meeting’.
The founder of Woodhall Capital, Moji Hunponu-Wusu, highlighted the investment opportunities in both countries, noting, “Woodhall Capital is a financial services firm that raises international funding for banks, corporates and governments. We set up in 2014 and the story of why we’re here began in 2020, when we took the leap to open an office in Dubai.
“The reason we thought we should pull you into what we feel has been a monumental leap in the history of Woodhall Capital is what happened after we decided we were going to open in Dubai. I was reluctant because I’m European-based; I grew up in Europe.”
She added, “We then decided at one point during COVID-19 to set up in Dubai, and just look at what it has taken us—four years under that; we raised just under half a billion dollars from the support that Dubai and Middle East banks have given to Woodhall Capital, believing in this Africa that so often the rest of the world has pulled out on. As a matter of fact, we closed a $150m transaction last Friday with a corporate here in Nigeria.”
She noted that the UAE government had decided that it would collaborate, not only with Woodhall Capital but also with captains of industry.
Hunponu-Wusu stated that the forum was an avenue for an open discussion about the best of Nigeria and Africa.
She also announced that the UAE government had welcomed the firm to open in Abu Dhabi, the capital of the UAE.
According to the Consul General of the UAE in Lagos, Dr Abdulla Al Mandoos, Nigeria is a key West African country with many opportunities and challenges.
“I firmly believe that with the esteemed individuals gathered here today, we have an opportunity to accomplish significant achievements for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can contribute further to the growth and development of both countries,” Al Mandoos stated.
He also stated that the UAE government had prioritised humanitarian activities and attracting FDI.
Some industry leaders at the event expressed their thoughts on the opportunities in the forum.
The founder of A2Energy Limited, Abdul Abiola, believed that the forum provided a platform for the exchange of ideas from masters in different industries and that the UAE’s partnership with Nigerian businesses would go a long way in fostering innovations useful to both countries.
“We focus on clean energy and our goal is to accommodate innovation for energy transition. For Africa to grow, we need energy, and as much as we are still focusing on fossil fuels, climate change is real.
“For A2Energy, our focus is on how we can develop innovation for the growth of Africa, and coming to this event has been exciting because we’ve received different ideas from different counterparts from different industries to unlock investments,” he added.
The Chief Executive Officer of Lagos Commodities and Futures Exchange, Akinsola Akeredolu-Ale, noted that the efforts of the Nigerian government in attracting investments into the country were beginning to bear fruit.
“Market infrastructure, where we operate, is a particular sector of the market that allows you to use templates and mediums for people to engage in trades with each other, which is called a commodity exchange and that is why we are here today.
“What the UAE delegates have been able to do underscores the fact that some of the roadshows the Federal government has held are bearing fruit now, and they are coming home to establish that the UAE is ready to do business with Nigeria. They have a consulate and embassy that handles their economic affairs here.
“I am happy to be part of this conversation because, for the market infrastructure that creates enablement for capital mobilisation, particularly in the agricultural and solid minerals sectors, we’ve been able to move the conversation to a very high-level today,” Akeredolu-Ale emphasised.
