Shareholders of UPDC Plc have approved plans to establish a real estate investment fund valued at up to N100 billion as the company moves to expand its property financing and asset monetisation strategy.
The approval was granted at the company’s 28th Annual General Meeting held on May 7, 2026, at the Arthur Mbanefo Hall, Festival Hotel, Festac, Lagos, according to a corporate notice issued by the company on May 13, 2026.
Under the resolution, UPDC, acting as fund sponsor, received shareholder approval to promote and sponsor the establishment of the UPDC Real Estate Investment Fund, a regulated investment vehicle to be created in line with Securities and Exchange Commission rules.
The company said the proposed fund would cover residential, commercial, retail and hospitality assets, with the board authorised to determine which projects would be contributed into the fund structure.
Shareholders also authorised the board to appoint a qualified fund manager to establish and administer the investment vehicle, alongside trustees, custodians and other professional advisers required for the scheme.
The company stated that identified pipeline projects could be transferred into the fund in exchange for consideration to be agreed between the board and the appointed fund manager.
The move signals UPDC’s push to deepen access to long-term capital within Nigeria’s real estate sector, where developers continue to grapple with high borrowing costs, inflationary pressures and weak mortgage penetration.
Analysts said the proposed REIF structure could help the company unlock value from existing assets while creating an additional funding channel for future developments.
The approvals came as shareholders also endorsed the company’s audited financial statements for the year ended December 31, 2025, alongside the directors’ report, auditors’ report and report of the statutory audit committee.
Investors further approved a dividend payment of one kobo per ordinary share of 50 kobo each to shareholders on the register of members as of April 22, 2026.
At the meeting, shareholders re-elected Mr Oluwole Oshin and Mr Adeniyi Falade as non-executive directors of the company in line with the provisions of the Companies and Allied Matters Act 2020 and the company’s articles of association.
The meeting also approved the remuneration framework for non-executive directors for the 2026 financial year and authorised the board to fix the remuneration of external auditors for the year ending December 31, 2026.
In addition, shareholders elected Sur Joe O. Anosikeh, Mr Adeshina Tajudeen and Mr Ganiyu Kolawole Amoo as shareholder representatives on the statutory audit committee, while Mr Oyekunle Osilaja and Mr Adeniyi Falade will serve as board representatives on the committee for the 2026 financial year.
UPDC said all lawful steps previously taken by the board toward establishing the real estate investment fund before the AGM were ratified by shareholders.
The company’s board is chaired by Mr Oluwole Oshin, while Mr Odunayo Ojo serves as chief executive officer.
The latest initiative comes as listed property firms increasingly explore structured investment vehicles and alternative capital raising models to navigate Nigeria’s challenging real estate financing environment.