Contrary to reports making the rounds especially on the blogosphere, that one of Nigeria’s leading property management, investment and development company, AFRILAND PROPERTIES PLC is owned by the Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza, The ICON investigation revealed that the story is not true.

The report had alleged that Erelu Angela Adebayo, the Chairman of AFRILAND PROPERTY PLC who is also the wife of the former Governor of Ekiti State, Otunba Niyi Adebayor has been fronting for Oduoza.

Further digs by our reporters revealed that Afriland Property, which was the former UBA PROPERTIES is also owned by the shareholders of UBA Plc. UBA shareholders at a Court-Ordered-Meeting held on December 13, 2013, approved a new structure for the Group including the spin-off of the Group’s non-commercial banking businesses to existing shareholders in line with the then newly introducedCentral Bank of Nigeria’s (CBN)regulations banning banks from owning and operating non-banking subsidiaries

Speaking with our correspondent, Divisional Head, Marketing and Corporate Relations, UBA Plc, Mr. Charles Aigbe disclosed that AFRILAND PROPERTY PLC was spun off with two other companies, Africa Prudential Registrars Plc and United Capital Plc from UBA following directives from the CBN to divest from all non-core banking businesses.

‘ Following regulatory approvals, every shareholder whose name appeared on the register of shareholders of UBA as at December 31, 2013, received four shares in United Capital Plc, one share in Africa Prudential Registrars Plc and one share in Afriland Properties Plc for every 33 shares held in United Bank for Africa Plc’.

READ MORE: http://www.theiconng.com/who-owns-afriland-properties-plc/

If the shareholders doesn't own it then who else?