This is big news coming from Primewaterview, a Nigerian based real estate development & investment company. City People can authoritatively reveal that the company has undergone a management changeover which has seen the chairman of Primewaterview, Prince Tunji Ogunwusi step down. We can also reveal that a new US Company has bought into this Nigerian company owned by Ife Prince, Tunji Ogunwusi. City People gathered that the US company called Milost Global Inc has not only bought into Primewaterview it has provided this Nigerian real estate company a mouth-watering facility to enable Primewaterview expand its operations.
City People discovered a few days back, Primewaterview received a $5 million facility from a $2-billion financing facility previously committed by Milost Global Incorporated, a U.S. private equity firm. We can also add that Palewater advisory group served as advisers to the mega transaction. Primewater had previously drawn down the facility.
What will the funds be used for you may ask? We can reveal the exclusive details. City People gathered that the Company intends to use the proceeds of the 2nd draw down to cover long – term working capital in Nigeria and also fund the completion of the New Head Office which is already 60% complete. Insiders say Primewater view hopes to access more funds sometime in the future.
Lets tell you about Milost Global, founded by Mandla J Gwandiso in 2015 is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development.
Mezzanine financing is a hybrid of debt and equity financing that gives the lender the rights to convert to an ownership or equity interest in the company in case of default, after venture capital companies and other senior lenders are paid.
How about Primewaterview Limited? It is a wholly owned Nigerian Company founded by Prince Adetunji Ogunwusi in 2005 and a subsidiary of Primewaterview Holdings Limited.
Prior to its incorporation in 2005, PrimewaterView Limited operated as an Investment and Real Estate Company. The company has completed various residential/commercial properties in Highbrow areas such as Ikoyi, Victoria Island and Lekki, Lagos Nigeria
Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. The company specialises in cross-border and Mergers and Acquisitions transactions, financing, public affairs, political campaign capital raising and strategy.
As at press time City People could not reach Prince Tunji Ogunwusi, the former Chairman of Princewaterview to speak. All we gathered is that he has stepped down as Chairman. Already, the news is online especially on Globe Newswire, a Nasdaq company one of the world’s largest newswire distribution networks in the U.S.
Whats the full story? City People can reveal that to you authoritatively. On 10th January 2018 Milost Global Inc. announced that, together with its African subsidiary, Isilo Capital Partners (Pty) Ltd, it has closed the acquisition of a 100% interest in Primewaterview Holdings Nigeria Limited a large scale, diversified holding company with a portfolio of Real Estate, Oil & Gas, Quarry Mining, Healthcare and Power for a total consideration of $1, 1 billion.
The transaction is immediately accretive to Milost and Isilo Capital Partners, with Primewater’s stable revenue streams expected to contribute 10% accretion to Milost FFO on a run-rate basis.
Primewaterview represents Milost’s first meaningful investment in Nigeria and provides a platform for further growth in the sectors of Primewaterview operations. The transaction represents all the assets that are owned and controlled by HRH Prince Adetunji Ogunwusi and his partners, these include but are not limited to the 2000 bed Medical City project which is going in construction at the end of the first quarter of 2018 along with the tallest building project in Africa. As of 24 hours from the date of this Announcement, HRH Prince Adetunji Ogunwusi will be stepping down as Chairman and CEO of Primewaterview and Milost and Isilo will appoint a new management team that will immediately assume the management of the company as Milost will immediately takeover control.
HRH Prince Adetunji Ogunwusi, the Founder, Chairman & CEO of Primewaterview Holdings Nigeria Limited, stated, “Have you not heard, do you not know that the everlasting GOD, the creator of the ends of the earth fainteth not, neither is He weary nor there is searching of His understanding, He gives power to the faint and to them that have no might He increases strength, even the youth shall faint hand be weary and the young men shall fall utterly but they that wait upon the lord shall renew their strength and shall mount upon wings of eagles, they shall run and not be weary, they shall walk and not faint. Isaiah 40 vrs 28-31. This is the simple word of GOD that best describes the story of Primewaterview and it’s marvellous in our eyes. Thank you Lord.”
Eric Balogun, (Director), Primewaterview holdings Nigeria Limited, Stated, “The conclusion of the acquisition of Primewaterview Holdings Limited by Milost Global Inc. is a transaction made in heaven. The global reach and financial reach of Milost and the extensive presence of Primewaterview in Nigeria will definitely result in a new conglomerate that will become one of the biggest players in the Nigerian and African economies which will soon be an envy of all. I am happy to have seen the giant stride that Primewaterview has taken in the Nigerian economy and I am eagerly awaiting the performance of the new Primewaterview Holdings that will emerge from this new takeover.”
Dele Agkameh, (Shareholder,) Primewaterview holdings Nigeria Limited, stated, “Conceptualized in this era of economic globalisation, this transaction will open the floodgates of new opportunities for Primewaterview as the emerging stronger mega-entity, to continue to provide trademark, excellent services in diverse aspects of the global economy. The bottom-line is that it is better to be a “small fish” in a bigger pond, than to be a “bigger fish” in a tiny pond.”
Folusho Kolawole, (Shareholder), Primewaterview holdings Nigeria Limited, stated, “This acquisition is a welcome development as it brings in its wake much needed infusion of foreign direct investment into the economy of Nigeria as a whole. It also heralds a greater dimension of economic stimulation for the country. These are exciting times for Primewaterview holdings as the company looks forward to greater things in the near future.”
Adetunji Fakile, (Shareholder), Primewaterview holdings Nigeria Limited, stated, “This is a new dawn for Primewaterview holdings Nigeria Limited. This shows great works and success stories are performed not by strength only, but by perseverance, Patience and Persistence. Of all that is good, sublimity is supreme. Succeeding is the coming together of all that is beautiful. Furtherance is the agreement of all that is just. Perseverance is the foundation of all actions.
Well done indeed to Primewaterview Holdings Nigeria Limited and Milost Global Inc.