Firm Bets on $100bn Revenue, 5M Homes, Eyes NGX, London Listings
Michael Olugbode in Abuja
A Nigerian conglomerate, Wisdom Kwati Group, has unveiled an ambitious plan to generate $100 billion in consolidated revenue by 2036, develop five million homes across four continents and pursue listings on the Nigerian Exchange (NGX) and London Stock Exchange in 2027.
The group, which is expanding into real estate, agriculture, financial technology, aviation, manufacturing and artificial intelligence, unveiled its 10-year growth blueprint, Vision 2036, at the inauguration of its corporate headquarters in Abuja and the presentation of Wisdom Kwati Smart City Plc as a public limited company.
The group’s chairman, Wisdom Kwati, acknowledged that the $100 billion revenue target was an aspiration, not a reflection of its current financial position, pledging stronger corporate governance, independent oversight and internationally audited accounts as the organisation pursues expansion.
“It is not a claim that we are already a $100 billion enterprise. We are not. We will report under IFRS, audited internationally. Related-party transactions will go to independent directors. If we cannot defend that figure, we will not claim it,” he said.
The proposed expansion is anchored by Wisdom Kwati Smart City Plc, which the group says operates across seven locations in Adamawa, Rivers, Abuja, Lagos, Kaduna, Nasarawa and Oyo states.
Management put the subsidiary’s asset valuation at about N74 billion, although the figure, alongside other financial projections announced at the event, was not independently verified.
For Kwati, however, the group’s long-term prospects depend on building credible institutions and businesses capable of delivering tangible results.
“Africa does not lack visions. What it lacks is the operating machine that will turn visions into houses with bedrooms, flights that land on time, and cities that will have water and title, not only renders,” he said.
Kwati urged the federal government to strengthen property rights protection, improve land administration, ensure transparency in land transactions and expand access to long-term financing.
The group’s Group Chief Operating Officer, Pastor Baba Yerima Ballah, offered an account of the difficulties that can confront developers attempting to mobilise foreign capital for such projects.
Ballah said the company had approached the German government about a decade ago with a proposal to develop smart cities in Nigeria and subsequently received a grant for the initiative.