Afriland Properties Plc: RC 684746, the NASD Admission and the Falomo Towers Gap

Afriland Properties Plc is a Lagos property company with a registry trail most Nigerian developers do not have. It is incorporated as RC 684746, it files audited accounts, and its shares trade on a public market. What it does not have, on the public record at least, is a clear completion announcement for the Ikoyi project it launched with the Lagos State government in June 2022 and said would take 30 months.

Both of those things are worth knowing before you deal with the company, and neither appears on a listings page.

Where the company came from

Afriland Properties was not spun out of a property group. Its 2014 annual report, filed with the NASD OTC Securities Exchange, records that the company was incorporated on 14 March 2007 as a private limited liability company under RC 684746 and became a public company in 2011.

The report traces its origin to United Bank for Africa Plc. UBA decided to restructure into a commercial bank ring fenced from non banking activities and transferred surplus real estate into a separate vehicle, which operated as UBA Properties before becoming Afriland Properties Plc.

That history explains the shape of the business. A company created to hold a bank's surplus buildings starts life as a landlord and asset manager, and only later becomes a developer. The 2025 results still reflect that mix, with the company describing progress across development, facilities management, asset enhancement and investment activities.

Where the shares actually trade

This is the detail most often stated wrongly. Afriland Properties is not on the main board of the Nigerian Exchange. Its securities are admitted on NASD, Nigeria's over the counter market for unlisted public companies, with a listing date of 9 April 2014 and 1,373,900,000 shares outstanding.

The distinction matters for a buyer or a counterparty. NASD admission brings disclosure and a traded price, but the continuing obligations and the liquidity are not those of a main board listing. Anyone relying on the share price as a measure of the company's standing should know which market is setting it.

The registered address on the company's own site and on its NASD profile is Afriland Towers, 97/105 Broad Street, Lagos. The 2014 annual report gave a different registered office, at 223 Etim Inyang Crescent, Victoria Island, which is a normal consequence of the company moving into a building it owns.

The board, and the Heirs Holdings overlap

The directors listed on the company's NASD investor profile are Emmanuel Nnorom, Erelu Angela Adebayo, Sam Nwanze, Yinka Ogunsulire and Uzoamaka Oshogwe, with Funmilola Suleiman as company secretary.

Two of those names connect the company to the Heirs Holdings group. Emmanuel Nnorom, the chairman, and Sam Nwanze are both long associated with Heirs Holdings, and The Guardian described the company in June 2022 as a subsidiary of Heirs Holdings. Nigerian outlets covering the Falomo project routinely framed it as "Tony Elumelu's Afriland Properties".

Press shorthand is not a shareholding disclosure, and the percentages are not in the documents reviewed for this article. What can be stated is narrower and firmer: the chairman and one non executive director are Heirs Holdings figures, a national newspaper has described the company as a Heirs Holdings subsidiary, and the Heirs Holdings website itself announced the appointment of Afriland's current chief executive.

That announcement, dated 7 February 2025, named Azubike Emodi as managing director and chief executive, with prior roles at the Royal Bank of Canada, VFD Group, VBank, Anchoria Asset Management and Herel Global. It also recorded that the founding chief executive since 2013, Uzo Oshogwe, had moved to Transcorp Hotels Plc.

What the accounts show

For the year ended 31 December 2025, The Guardian reported on 28 April 2026 that the company grew revenue 8 percent to N4.07 billion from N3.75 billion, with gross profit of N3.51 billion against N3.13 billion. Profit before tax fell to N2.60 billion from N3.70 billion. Total assets rose 33 percent to N65 billion and shareholders' funds to N36.09 billion from N34.93 billion. The company declared 24 kobo per share, N329.7 million in total, made up of a 13 kobo interim and an 11 kobo final dividend.