VENTURES AFRICA – United Kingdom real estate investment firm, Scarborough United Group Plc (SUGPlc), a subsidiary of Scarborough Group International Limited (SGIL), is set to extend business operations into the Nigerian market.
To consolidate its presence in Africa’s second biggest economy, the company has engaged Mr Jacob Esan, a Nigerian investment banker, into the boards of SUGPlc and Sheffield United Plc (SUPlc). Esan is the current Executive Director, Investment Banking (Public Sector) at DEAP Capital Management and Trust Plc.
Esan will be working with the company in an executive capacity principally to facilitate the provision of capital from Nigeria permitting SGIL via SUG to further expand its businesses in real estate, leisure and services – with Football at its hub, thereby exploiting its brand.
It is envisaged that new funds of up to $500 million will become available within a six to nine month period for SUG to invest in all its three business divisions.
A statement released by the company said that Esan would also replicate similar skills and experience in Nigeria and Africa in general.
Speaking on the development, Esan expressed that working with the other members of the Scarborough team to create a major independent group is an exciting challenge which he will relish.”
“Given the anticipated size and scale of the group – and with it the famous Sheffield United – I believe the opportunity to access capital to advance the business interests in our three divisions– is of great importance. I am 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,” he posits.
Chairman of Scarborough, Kevin McCabe, said: “We are delighted to have Jacob to become a director 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.”
“Over the course of the last nine months, we have met with Jacob on many occasions and have much recognised his skills and enthusiasm to assist in making the Group, including Sheffield United FC, a success and also in raising funds in Africa and creating opportunities to allow Scarborough United Group to expand its activities internationally,” Scott McCabe, Director of Scarborough added.
SGIL already holds substantial real estate properties throughout the UK, central Europe, North America, Australia, India, China including Hong Kong.
Scarborough was founded in 1980 by renowned international real estate and leisure entrepreneur, Kevin McCabe. Since then, Scarborough Group International has grown from a UK based real estate developer and investor into a global player which today has real estate, retail, energy, financial products and leisure interests.