MD/ CEO, SFS Capital Nigeria Limited, Patrick Ilodianya. | Credit: SFS Capital Nigeria Limited. Unitholders of UPDC Real Estate Investment Trust have ratified the appointment of SFS Capital Nigeria Limited as the new Fund Manager, replacing Stanbic IBTC Asset Management Limited, amid a series of far-reaching resolutions at an Extraordinary General Meeting held both physically and virtually in Lagos.
The move effectively ushers in a new era of management, governance, and performance expectations for one of Nigeria’s most established real estate investment vehicles under the leadership of SFS Capital Nigeria Limited. The meeting, held on Wednesday, brought together trustees, regulators, fund managers, and investors to deliberate on key amendments designed to reflect recent structural changes within the Trust.
Addressing unitholders, the Managing Director and Chief Executive Officer of SFS Capital Nigeria Limited, Patrick Ilodianya, framed the appointment as the outcome of a deliberate and rigorous selection process led by the trustees. He said, “Six fund managers were evaluated against criteria set by the Securities and Exchange Commission, including track record, operational capability, and forward-looking strategy.
Our emergence as the preferred candidate followed extensive due diligence and physical inspections of all portfolio assets.” Following the firm’s assumption of full operational control on 1 January 2026, Ilodianya stressed that the EGM provided unitholders with a formal platform to reinforce governance standards.
He described the REIT’s portfolio as a collection of ‘irreplaceable real estate’ within Nigeria’s most commercially viable locations, including flagship assets like Victoria Mall Plaza I and II and the premium Abebe Court in Ikoyi. “Replicating such a diversified and strategically located portfolio would require more than twice its current book value.
There is immense embedded value within this Trust that we are committed to unlocking,” Ilodianya added. Operational performance under the new leadership has already shown significant growth. Within the first ninety days of 2026, the REIT recorded a total revenue of N1.027bn, with rental income surging by 82.8 per cent year-on-year.
“Net distributable income has already risen 36.4 per cent, reflecting improved asset performance. Furthermore, the Trust’s credit rating was upgraded to A(NG) in March 2026, signalling enhanced financial stability and market confidence,” the MD revealed. Looking ahead, SFS Capital outlined a roadmap centred on active capital expenditure to improve infrastructure and optimise rental yields.
Speaking on the sidelines of the meeting, the Head of Trust Finance at United Capital Trustees, Ezekiel Folarin, reiterated the importance of this transition. “Our role is to safeguard investor interests and ensure regulatory compliance. Strong governance frameworks remain central to sustaining investor confidence and avoiding regulatory sanctions,” Folarin said.
During the session, unitholders approved three major resolutions: the ratification of the Fourth Supplemental Trust Deed, the amended Property Management Agreement, and the revised Safe Custody Agreement. The meeting concluded with a structured electronic vote via a USSD platform, where all resolutions were declared carried.
“This success signals strong unitholder backing for the new leadership. We are now positioned for stronger performance and sustained value creation for all investors,” the management stated. The move effectively ushers in a new era of management, governance, and performance expectations for one of Nigeria’s most established real estate investment vehicles under the leadership of SFS Capital Nigeria Limited.