HOW LAGOS BIG BOY TAYO AMUSAN MAKES BILLIONS FROM THE PALMS SHOPPING MALL!

The Palms  located in Lekki,  Lagos is one of the largest shopping malls in Nigeria and one of its kinds. The mall which opened in 2005 has over 65 stores and a modern cinema with a parking lot for over a 1000 cars. The mall is owned by  Persianas Properties Limited, part of the Persianas group promoted by Nigerian billionaire businessman Tayo Amusan, a property developer.The mall has 21,000 square meters lettable retail space and has multinational consumer shops as part of its tenanats. Located inside the palms are shops like Game, Shoprite, Lifemate furniture, Wrangler, Max, telecoms companies, banks, top fashion brand stors, and several others.

According to findings, these tenants pay a huge sum to have their stores located inside this popular mall, as rent is measured by square meters. Each square meter goes for 1million naira, hence shops pay their rent according to the number of square meters it occupies, and rent is paid for about 5 years and above. Shops like Game, shoprite, Max, Lifemate and co which occupy over 30 square meters pay rents as huge as 30 million and above annually, or about 200 million since rent is paid in arrears of about 4 years and above.The Palms is owned by a dashing and stylish young man Mr. Tayo Amusan, an outgoing socialite who plays big in real estate business in Nigeria. Tayo Amusan is currently the owner, Chairman and Managing Director of Persianas Nigeria Limited. He incorporated PNL in 1990 to develop luxury residential, retail, entertainment and hospitality centres as well as commercial developments in Nigeria. Tayo has over 25 years of experience in Real Estate in Western Africa. His past real estate successes were based on exploiting a supply gap for residential accommodation for a selected niche of the upper income expatriate market. His biggest project has been the world-class Palms Shopping Mall, which is regarded as the benchmark for retail development in West Africa. In addition to his various business interests, Tayo also serves on the board of several companies including Garages Limited and Southern Petroleum Limited. He also acts as an advisor on oil and petroleum matters to Masefield Limited in the United Kingdom. Tayo is a graduate of Business Administration from the University of Atlanta.

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About Unknown

Deji Sadiq, a.k.a DEJI OF LAGOS is a LASU trained Economist turned freelance journalist, a Blogger, an information strategist, a public affairs analyst and a committed activist with a passion for equal opportunities.