UK-based real estate developer, Scarborough United Group Plc (SUGPlc), has announced it will invest US$500mn in the Nigerian market
A statement from the company said it envisaged that new funds would be available within six to nine months for investment in real estate, leisure and services with football at its hub.
A major step in the actualisation process is the recent appointment of Jacob Esan, a leading Nigerian investment banker, onto the boards of SUG Plc and Sheffield United Plc (SUPlc).
SUG Plc and SU Plc are wholly-owned subsidiaries of Scarborough Group International Ltd (SGIL).
Esan said that working with the Scarborough team to create a major independent group is an exciting challenge which he was looking forward to.
“Given the anticipated size and scale of the group, together with Sheffield United, I believe the opportunity to access capital to advance the business interests in our three divisions are of great importance," he said.
“We are committed to expanding all of our off-the-field activities taking advantage of opportunities available both in the UK and globally as a result of the continuing economic recession.”
Chairman of Scarborough Kevin McCabe said, “We are delighted to have Jacob Esan on the boards of Scarborough United Group and Sheffield United.
"As a new member Jacob will collaborate with other directors to steer Scarborough United Group Plc to attain its strategic goals in Nigeria.”
