Brief Profile of the Fund Manager
SFS Capital Nigeria Limited (“SFS Capital”) is a non-bank financial institution established in May 2011, with a focus on asset management. The company is duly registered as a Portfolio/ Fund Manager and Investment Adviser with SEC. SFS Capital is a carve-out of the investment management business of Skye Financial Services Limited. Since inception, SFS Capital has established itself as a leading asset management company in the financial market.
The fund management activities of SFS Capital have billions of Naira under management. Its clients‟ include retirement benefit schemes, Trustees, corporations, high net worth individuals, investment trust, reserve funds and saving schemes. The company also provides bespoke investment advisory services to its diversified client base.
SFS Capital has considerable financial market expertise with an experienced and versatile management team. The company has a track record of being client-focused, acting with integrity and giving honest and reliable investment advice.
Track Records - The Skye Shelter Fund
SFS Capital manages the Skye Shelter Fund (“the Fund”). It is a close-ended Real Estate Investment Trusts (“REIT”), and the first REIT to be listed and traded on the floor of the Nigerian Stock Exchange (“NSE”). As at 31 December 2012, the Fund had a net assets value (NAV) of N2.25 billion.
The Fund‟s performance since inception confirms the investment expertise of the firm‟s management. A REIT provides the vehicle for diversification of investment, considering the fact that real estate investment has low correlation with equity and fixed income markets. It also bridges the administrative, knowledge and capital requirement needed to have exposure to real estate investments. The launch and growth of the Fund is a reconfirmation of the innovative culture of the firm.
Since inception the Fund has distributed a cumulative of N30.09 (including 2012 distribution). This is a return of 30.09% of the unit price at inception. Notwithstanding the dismal performance of the capital market over the last five years, the Fund‟s NAV had increased about 12.5%. This is in addition to the amount distributed.
Executive Management Team of the Fund Manager
The Executive Management team of the Fund Manager is currently constituted as follows:
Dr. 'Layi Fatona (Chairman)
Dr. 'Layi Fatona (Chairman) is a Petroleum Geologist with over thirty-five years of practice, commencing with a seven year stint in the Petroleum Engineering and Exploration & Production Departments at The Shell Petroleum Development Company of Nigeria Ltd (SPDC).
He obtained both the Master of Science and Doctorate degrees from the Royal School of Mines at the Imperial College of Science Technology and Medicine, University of London, in 1976 and 1980 respectively. He is the Chairman of Geotrex Systems Limited, Nigeria's foremost independent Exploration & Production Consultants, which has provided expertise to all the major oil operators in the country.
Dr Fatona is a past President and Fellow of the Nigerian Association of Petroleum Explorationists, (NAPE), and a Certified Petroleum Geologist of the American Association of Petroleum Geologists (AAPG). He is the 2010 recipient of the prestigious Aret Adams Award, of the Nigerian Association of Petroleum Explorationalists (NAPE) and is also a leading authority on the geology of the Niger Delta Oil and Gas Province.
Dr Yemi Kale (Non-Executive Director)
Dr Yemi Kale (Non-Executive Director) holds a First Class BSc. degree in Economics from the Addis Ababa University, Ethiopia in 1999 and a MSc. Degree in Economics with distinction in 2000 and PhD. Degree in Economics from the London School of Economics and Political Science (LSE) in 2003. Dr Kale is the Statistician General of the Federation and Chief Executive Officer National Bureau of Statistics.
He worked as an equity analyst at Goldman Sachs and for several years as a quantitative analyst at Merrill Lynch Financial Services from where he was made Group Head of Research and Investment Strategy at Investment Banking and Trust Company Plc. (now Stanbic IBTC Bank plc), where he rose from Assistant Manager to Assistant General Manager. In this role which he held for several years, he was also directly responsible for the Funds Management and Registrars Departments, in addition to the Research and Strategy department.
He was later appointed Special Adviser to the Minister of Finance on Domestic and International Financial institutions as well as Public Policy and Administration. Dr Yemi Kale was also involved in the initial team that drafted the guidelines for The Nigerian Sovereign Wealth Fund and also participated as a member of various technical teams set up as part of the National Economic Management Team. He was later appointed Technical Adviser to the Minister of National Planning on Macroeconomic Policy, Infrastructure development and Trade Policy and regional Integration In 2009, he was presented the African Financial Analyst of the year award by Africa Investor. Dr Yemi Kale is a Non-Executive Director of DSU Capital Limited and Kayle Synergies Limited and is a fellow of the Royal Statistical Society, UK, a member of the World Economics Association and a member of the Royal Economic Society, UK.
Mr. Yemi Gbenro (Non-Executive Director)
Yemi has over 2 decades experience in Investment Banking and Investment Management in Nigeria. He attended the University of Lagos where he obtained a Bachelor‟s Degree in Business Administration in 1981 and subsequently a Master Degree in Marketing from the same University in 1995. He is a banker with over 19years experience. He worked with NAL Bank Plc where he acquired varied experience in capital markets and corporate banking; he also worked with EIB International Bank where he headed the Corporate Finance Division of the Bank.
Yemi has attended several senior management development programmes locally and overseas, including the Advanced Management Programme at INSEAD, France in 2011.
Mr. Patrick Ilodianya – Managing Director/CEO
Patrick has over a decade of experience in Investment banking and Investment Management, within and outside Nigeria. He was the Top graduating student with a B.Sc in Accounting from the University of Lagos in 1998 and also has an MBA from Lagos Business School Pan-African University in 2006. Patrick became a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2010 and a Honourary Senior Member of the Chartered Institute of Bankers of Nigeria (HCIBN) in 2010. He is also an Associate Member of the Chartered Institute of Taxation (ACIT) (2004) and the Chartered Institute of Stockbrokers (ACIS) in 2008. In addition, he is a qualified stockbroker of The Nigerian Stock Exchange, a registered Bond Trader with SEC and is currently on the final stage of acquiring the United States-based Chartered Financial Analyst (CFA) qualification.
Patrick has attended various overseas training/job internships conducted by Citibank in New York; ING in Belgium/Holland; IESE Business School, University of Navarra in Spain; Fortis Investments in United Kingdom/Belgium/France/Holland; and Commerzbank in Germany.
Patrick worked with Stanbic-IBTC for almost a decade and spent the balance of his career pioneering a local joint venture with Fortis Investments of Luxembourg prior to joining Skye Bank Plc as the Group Head Investment Management Group. Patrick subsequently participated in a management Buy-out/carve out of the investment management group at Skye Bank Plc to participate in the formation of SFS Capital Nigeria Ltd. Patrick is the Manging Director / CEO of SFS Capital Nigeria Ltd.
Patrick is also a recipient of the Prestigious Award by the Securities & Exchange Commission for His contribution to the development of the Nigerian Capital Market.
Mr. Dimeji Sonowo - Director
Dimeji Sonowo brings on board a decade of experience in Investment Banking and Asset Management to create bespoke Investment Solutions to the clients of the firm. Dimeji was previously Head of Asset Management at IBTC Asset Management Limited where he was responsible for managing the investment portfolios of institutional and high net worth individual clients. He holds a B.Sc in Accounting from Ogun State University in 1999 and he became a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2012.
Dimeji is a registered officer with the Securities and Exchange Commission (SEC). Dimeji was an executive in the investment management group at Skye Bank Plc. Dimeji Subsequently participated in a management Buy-out/carve out of the Investment Management Group of Skye Bank Plc to participate in the formation of SFS Capital Nigeria Ltd.