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Joint Trustees’ Report

The Trustees current their Report on the affairs of the UPDC Actual Property Funding Belief, along with the Monetary Statements for the 12 months ended thirty first December, 2022.

Principal Exercise:

The principal exercise of the UPDC Actual Property Funding Belief (the “Belief”) is to pool funding in a diversified portfolioof income-generating Actual Property in Nigeria with excessive development potential in accordance with the Trustee Investments Act, the Investments and Securities Act (2007), the Securities and Alternate Fee’s Guidelines and Laws and the Belief Deed thereto (“the Relevant Laws”).


The outcomes for the 12 months ended thirty first December, 2022 are set out on pages 13 and 14


The Administrators of the Fund Supervisor who served through the interval beneath overview had been:

Dr. Demola Sogunle


mr. Oladele Sotubo

Chief Government

Mr. Shuaib Audu

Government Director

Mrs. Busola Jejelowo

Government Director

Mrs. McCarthy Wunmi is Ehis-Uzenabor

Government Director

Prof. Olayinka David-West

Unbiased Non-Government Director

Mrs. Boiled Ifeoma

Non Government Director

Mrs. Funke Amobi

Non Government Director

Mrs. Bridget Oyefeso-Odusami

Non Government Director

mr. Babatunde Majiyagbe

Non Government Director

mr. Olimide Oyetan

Non Government Director

Administrators’ and associated events’ curiosity within the items of the REIT:

Not one of the administrators of the Fund Supervisor, FBNQuest Trustees Restricted and United Capital Trustees Restricted has any direct useful curiosity within the items of the REIT.

Tasks of the Fund Supervisor:

The Investments and Securities Act, 2007 requires the Fund Supervisor to maintain correct books of account and put together annual monetary statements, which give a real and truthful view of the state of affairs of the Actual Property Funding Belief through the interval lined by the monetary statements.The Fund Supervisor is answerable for holding correct accounting information, which disclose with cheap accuracy, at any time limit, the monetary place of the REIT and allow the Fund Supervisor to make sure that the monetary statements adjust to the relevant rules.

The Fund Supervisor can also be answerable for sustaining sufficient monetary sources to fulfill its commitments and to handle the dangers to which the Fund is uncovered.

Tasks of the Trustee:

The tasks of the Trustee as offered by the Belief Deed and different Supplemental thereto, the Securities and Alternate Fee’s Guidelines and Laws made pursuant to the Investments and Securities Act, 2007 are as acknowledged under:

  • monitoring of the actions of the Fund Supervisor and the custodian on behalf of and within the curiosity of the Unitholders;

  • monitoring the register of Unitholders or contributors;

  • ascertaining the Fund Supervisor’s compliance with the Relevant Laws;

▪ ascertaining that the month-to-month and different periodic returns/reviews referring to the Fund are despatched by the Fund Supervisor to the Fee;

  • exercising any proper of voting conferred on it because the registered holder of any funding and/or ahead to the Fund Supervisor inside a …cheap time all notices of conferences, reviews, circulars, proxy solicitations and another doc of a like nature for

  • making certain that charges and bills of the fund is inside the prescribed limits; and

  • appearing always within the curiosity and for the good thing about Unitholders of the scheme.

Administration of the REIT:

Throughout the interval beneath overview, the allocation to liquid property exceeded the utmost 10% restrict as offered within the Belief Deed. This was because of the decline within the valuation of the Actual Property property which impacted on the share holdings of the liquid property. Aside from this, the Fund was administered in accordance with the relevant rules, taking into cognisance prevailing market situations in addition to preserving and minimising doable losses to unit holders’ funds.

Charitable donations:

The REIT didn’t make any charitable donations through the interval.


PricewaterhouseCoopers, the REIT’s Auditors, have indicated their willingness to proceed in workplace.


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