April 30, 2025
The Group Managing Director / Chief Executive Officer,
Zenith Bank Plc,
87 Ajose Adeogun Street,
Victoria Island,
Lagos.
Attention: Dame (Dr.) Adaora Umeoji
Unlock a Transformative Partnership with The Afropolitan Alpha Residential Development
Dear Dr. Adaora Umeoji,
We hope this message finds you well.
We respectfully seek the support of Zenith Bank in facilitating crowdfunding commitments from the international Afropolitan community, through one or more reputable crowdfunding service providers operating in countries outside Africa where Zenith Bank maintains a presence. The funds generated from these commitments will be directed toward the development of The Afropolitan Alpha Residential Development (TAARD), a landmark project located on Bourdillon Road, Ikoyi.
Project Overview
TAARD is envisioned as a premium residential destination that seamlessly integrates elevated living with immersive Afro-contemporary cultural experiences—meticulously curated to inspire and resonate with the global Afropolitan community. As a pioneering development, TAARD combines modern urban living with Afro-contemporary culture, catering to Afropolitans and like-minded individuals who seek a meaningful connection to African heritage while embracing contemporary expressions and sustainable living. The 26-storey development will feature 18 floors dedicated to premium residences, with the remaining levels excluding those designated for ample parking reserved for lifestyle-enhancing amenities. These will include curated spaces for wellness, dining, and cultural engagement, each thoughtfully infused with Afro-contemporary sensibilities. As the first in a series of Afropolitan projects, TAARD sets a new benchmark for future developments that will seamlessly blend culture, sustainability, and elevated living across Nigeria and beyond.
TAARD offers a compelling and differentiated value proposition within Nigeria’s real estate landscape. While select five-star hotels and Afro-contemporary accommodations provide culturally enriched hospitality experiences, TAARD is purposefully conceived to deliver a more immersive, everyday Afro-contemporary lifestyle. By harmonizing refined residential comfort with culturally inspired architecture, spatial design, and curated lifestyle services, TAARD introduces a transformative model one that doesn’t compete with traditional hospitality but redefines modern urban living through a deeply rooted cultural lens.
A comparative market analysis underscores TAARD’s distinct positioning within the premium living segment, setting it apart through its cultural authenticity, lasting value, and seamless integration of design and lifestyle. It not only fills a clear gap in the market but also establishes a new benchmark among the continent’s most distinguished Afro-contemporary residential offerings.
Crowdfunding and Zenith Bank’s Role
The project will be financed through a combination of crowdfunding, unit sales, and bridge financing to cover potential delays in the receipt of crowdfunding investment funds. Specifically, the crowdfunding component will be structured as convertible debt, where investor funds can convert into equity during the construction phase of the project. The crowdfunding campaign will be managed by one or more reputable overseas-based service providers, selected for their expertise in high-value real estate investments, strong engagement with the African diaspora, global reach, and commitment to ESG principles.
- Investor Facilitation and KYC Services: While the crowdfunding platform will handle investor verification, Zenith Bank will ensure that all contributions are securely processed and comply with both Nigerian and international regulations.
- Payment Processing: Zenith Bank will process investor funds, ensuring that all inflows are securely deposited into an escrow account designated for the project.
- Support and Management of The Afropolitan Reward Program (TARP): Zenith Bank will oversee key aspects of The Afropolitan Reward Program (TARP), including the issuance of exclusive Afropolitan Debit Cards to investors. These cards will provide access to a curated network of partnered service providers, offering exclusive discounts and tailored benefits. Beginning before the construction phase and continuing indefinitely, investors will enjoy lifelong, immersive Afro-contemporary cultural experiences, ensuring a lasting connection to Nigeria’s vibrant and ever-evolving cultural landscape during every visit or stay.
- Assurance to the Crowdfunding Service Provider: Zenith Bank’s assurance will be crucial to confirming that the project and funds processed to execute it comply with both Nigerian and international regulations, instilling confidence in investors through crowdfunding service providers.
- Investor Reporting and Fund Disbursement: Zenith Bank will assist in providing investors with transparent, detailed reports on the status of their investments, ensuring that funds are disbursed appropriately at each stage of the project.
This crowdfunding campaign is part of a long-term strategy to fund a series of Afropolitan projects across Nigeria and other African countries. By supporting this project, Zenith Bank will establish itself as a key partner in this transformative vision, opening doors to future collaboration on similar developments.
The total financial requirements for the completion of TAARD are as follows:
- Pre-Construction Phase: N3.146 billion
- Construction Phase: N65.386 billion
Legal and Regulatory Framework
The project will adhere to all legal and regulatory requirements, including compliance with Nigerian SEC regulations for crowdfunding, legal agreements governing investor relationships, and Environmental and Social Impact Assessments (ESIA) to ensure sustainability and community engagement.
Zenith Bank will play a pivotal role in ensuring the integrity and legality of the project by working alongside our legal team to ensure all necessary compliance measures are met. This collaboration will guarantee that all crowdfunding efforts adhere to both Nigerian and international regulations and provide the necessary assurances to investors through the crowdfunding service providers.
We have developed a comprehensive risk management plan to address potential challenges, including:
Key Risks Identified:
- Construction delays (e.g., permit delays, material shortages, adverse weather).
- Market fluctuations (e.g., economic volatility, inflation, currency devaluation).
- Regulatory and compliance risks (e.g., changes in SEC regulations, ESIA non-compliance).
- Financial risks (e.g., insufficient crowdfunding, cost overruns).
- Operational risks (e.g., power outages, vendor performance, cybersecurity threats).
- Reputational risks (e.g., negative publicity, investor dissatisfaction).
- Security risks (e.g., theft, vandalism, regional insecurity).
Zenith Bank’s role in ensuring secure, compliant transactions will be crucial in mitigating regulatory and financial risks, ensuring the project’s smooth execution and boosting investor confidence.
Marketing and Sales Strategy and Plan
Our marketing and sales strategy and plan focuses on leveraging the crowdfunding campaign and TARP to engage the International Afropolitan Community, as well as like-minded individuals, who will ultimately become the primary end-users of TAARD. Key features include:
- Awareness of Categorized Spaces: Through the crowdfunding campaign and TARP, we will raise awareness of TAARD and its categorized spaces, including:
- Residences and Hospitality Spaces
- Essence Spaces (cultural and artistic experiences)
- Taste and Gathering Spaces (fine dining and social events)
- Wellness and Harmony Spaces (fitness, spa, and holistic wellness)
- Market and Elegance Spaces (retail and curated shopping)
- Future Explorers’ Spaces (family-friendly and educational activities)
- Open Horizon Spaces (outdoor and community engagement)
- Knowledge and Impact Spaces (workshops, seminars, and innovation hubs).
- Partnered Service Discounts: TARP offers lifetime discounts on partnered services, giving investors immediate value and an exclusive preview of the Afro-contemporary experiences coming with TAARD. We will continue to expand both the variety and number of services, ensuring a diverse cultural experience. A dedicated team is focused on curating and enhancing these offerings to reflect the dynamic Afro-contemporary landscape.
- Exclusive Stays and Signature Experiences: Debt-to-equity converters will unlock exclusive access post-construction, including premium accommodations, bespoke cultural experiences, personalized hospitality perks, and entry to Equity Investor-Only events.
Team and Expertise
The project is led by a qualified team supported by external consultants. Their expertise ensures the successful execution of this visionary development.
Exit Strategy for Investors
We have outlined a clear exit strategy for investors, including the conversion of debt to equity starting during the period of construction and liquidity options such as secondary markets or buyback arrangements.
Environmental and Social Impact
The project is committed to sustainability and community engagement, including an Environmental Impact Assessment (EIA) and social impact initiatives.
Zenith Bank’s Specific Benefits
By supporting this project, Bank will benefit from:
- Revenue Streams: Zenith Bank will receive fees for account management, escrow services, fund transfers, and other banking activities related to the project. The bank will also generate revenue from foreign exchange transactions when handling international crowdfunding contributions and unit sales from overseas investors.
- Reputation Enhancement: TAARD is a transformative development that aligns with Zenith Bank’s commitment to supporting innovative and impactful real estate ventures. By serving as the trusted banking partner, the bank will gain visibility and credibility as a financial institution with global reach and expertise in cross-border finance.
- Strengthened Relationships with International Investors: Zenith Bank will be positioned as the intermediary for international crowdfunding investors, opening doors to future investment opportunities and enhancing its international banking capabilities.
- Long-Term Partnership Opportunities: The involvement of Zenith Bank in this project will lay the foundation for long-term relationships with investors, stakeholders, and future tenants who may require additional banking services, including loans, mortgages, and corporate accounts.
- Social Impact and CSR: This project contributes to sustainable development, cultural exchange, and economic empowerment, strengthening Zenith Bank’s CSR profile.
Timeline and Project Milestones
The project is expected to break ground in Q4, 2025 and be completed by Q1, 2029. Key milestones include:
- Pre-construction phase: Q1 – Q3 2025
- Construction phase: Q4 2025 – Q1 2029
- Handover: Q2 2029
Conclusion and Next Steps
TAARD is more than just a real estate development; it is a catalyst for economic empowerment and promotion of Afro-contemporary culture. We believe that Zenith Bank’s involvement in TARP will be instrumental in the success of this project. By issuing investor debit cards and processing transactions, Zenith Bank will not only strengthen its reputation as a forward-thinking institution but also generate sustained revenue streams.
This project is the first step in a broader vision to create a series of Afropolitan developments across Nigeria and other African countries. We envision Zenith Bank as a key partner in this journey, leveraging its expertise and global reach to support not only this project but also future initiatives.
- Facilitate the Establishment of Escrow Accounts:
- Assist with the creation and management of escrow accounts to ensure secure handling of investor funds.
- Provide real-time monitoring and reporting of fund inflows and outflows.
- Ensure Compliance with Regulations:
- Ensure compliance with both Nigerian and international regulations for investor transactions, including SEC crowdfunding guidelines and anti-money laundering (AML) requirements.
- Offer advisory services to navigate regulatory complexities throughout the project lifecycle.
- Provide Ongoing Investor Reporting Services:
- Deliver transparent, detailed reports on the status of investor funds and project progress.
- Implement a secure online portal for investors to access real-time updates and financial statements.
- Leverage Correspondent Banking Relationships:
- Facilitate seamless cross-border transactions for international investors through Zenith Bank’s of correspondent banks.
- Offer competitive foreign exchange rates and efficient fund transfer services.
- Project Financing and Bridge Loans:
- Provide bridge financing or construction loans to cover short-term funding gaps during the development phases of the project.
- Offer flexible repayment terms aligned with the project’s cash flow projections.
- Investment Advisory Services:
- Assist in structuring the convertible debt offering to maximize investor appeal and ensure regulatory compliance.
- Provide guidance on optimizing the project’s financial strategy, including equity conversion and secondary market sales.
- Buyback Program and Secondary Market Support:
- Assist in establishing and managing the buyback program, ensuring liquidity for equity investors and positively impacting the overall financial projections of the development.
- Support the creation of a secondary market for trading equity shares, including regulatory compliance and platform integration.
- Unit Sales and Mortgage Financing:
- Offer mortgage financing options for buyers purchasing units in TAARD.
- Provide competitive interest rates and flexible repayment plans to attract local and international buyers.
- Corporate Banking Services:
- Manage payroll and vendor payments for contractors and suppliers involved in the project.
- Provide corporate accounts and cash management solutions to streamline project finances.
- Risk Management and Insurance:
- Offer risk management advisory services to mitigate potential challenges, such as construction delays or market fluctuations.
- Facilitate the procurement of insurance policies to protect the project and its stakeholders.
- Sustainability and ESG Advisory:
- Provide guidance on incorporating Environmental, Social, and Governance (ESG) principles into the project.
- Assist in obtaining green certifications and promoting the project’s sustainability features to eco-conscious investors.
- Post-Construction Financial Services:
- Provide escrow services for property transactions and ensure secure fund management.
- Offer investment and financial planning services to high-net-worth investors and residents.
Thank you for considering our request.
We look forward to the possibility of working together to make this impact-driven project a success.
Sincerely,
For: The Afropolitan Apartments and Suites Limited (TAASL)
