An essay on increasing interest of South African key players in the Nigerian financial market and experience of a tourist

pproaching Cape Town international airport around 10.30am on November 5, 2007 is the vastest sprawling terrain of manicured green land I had ever seen when the aero plane was descending in preparation for landing. I wondered what it could be because it's a complete departure from the bird's eye view of all the cultivated lands I have seen so far! Few hours later after settling down at EHL Guest house owned and managed by an enterprising Nigerian lady where we lodged, the picture was clearer to me when we embarked on wine tasting binge at Spier and Neethlingshof Wine Estates situated in the inspiring wine fields of Cape Town! Agreed no two cities can ever be the same, yet in terms of building structures, city layout, new cities may be built to take after one another. However, the uniqueness of the natural landforms, sheltered valley of rolling hills, foresight of the early Dutch settlers and subsequent colonialists to incorporate the natural contours and features in the planning of Cape Town and the suburbs have certainly made this unique part of the earth one of the many wondrous creations of God beautified by man in the contemporary world.

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Wine fields and a ranch of cattle, ostrich, zebra, bulls in the Durbanville hills of South Africa

Index Asset Management Limited (Index Asset) a derivative wealth management firm from the ongoing reforms in the Nigerian financial market and First Guarantee Pension Limited (FGPL) at the instance of NOVARE of South Africa were invited to a closed conference in Cape Town. Index Asset established in 2006 is registered with the Securities & Exchange Commission poised to creatively grow wealth of clients while FGPL is one of the 23 licensed pension fund administrators in Nigeria. The main thrust of the 2-day meeting was to jointly review likely areas of collaboration and this exposed the Nigerian delegation to some tourism attractions in one of the most beautiful cities in the world. Success of the encounter is owned to the sincerity of all the parties involved and more importantly Professor Vesper Owei (a native of Bayelsa-State in Nigeria) of Cape Town University of Technology who initiated and anchored the meeting of the tripartite financial institutions. It is one outing that reconfirms the increasing interest of first economies in the Nigerian developing financial market.

Seye Adetunmbi (L) CEO of Index Asset during his presentation to NOVARE in Durban Ville on 6/11/07

NOVARE founded in 2000 is a Cape Town based actuaries and Consultants, the biggest and the best investment consulting firm in South Africa. NOVARE depicts the meaning of its name "Let it be New". This name reflects the nature and spirit of the business whose focus is to engineer and implement innovative liability-driven investment solutions that enable their wide range of clients to meet specific investment objectives. NOVARE currently has 19 institutional clients which include South African Local Authorities Pension Fund, Soweto Pension Fund, government of Botswana etc. with R13billion worth of assets under advice and R3billion investments out of which R1.6billion are in alternative assets.

Wine Tasting is better experienced than imagined; this is my take on my encounter in this regard during a short remarkable business trip to South Africa! Partaking in this major pastime characterised with tourism in Cape Town and being my first time, it was a major new discovery for me. One now appreciates better the state-of-the-art winery having savored the best of world-class wines in a uniquely beautiful environment. Panoramic view of Table Mountains and Devil's Peak which had University of Cape Town at the base of the hill leaves one with a lasting memory.

Wine Tasting at Spier Wine Estate (L) and Seye (R) signed the visitor's book on 5/11/07

Wine tasting at Neethlingshof Wine Estate founded 1692; Seye (R) inside the wine Cellar of Neethlingshof

Neethlingshof is the South Africa wine producer of the year an award earned in 2002 at the London international wine & spirit competition. The best wines produced in any year are bottled under the signature Lord Neethlingshof label, the limited edition reserve wines representing the cr�me de la cr�me of the prestigious Neethlingshof range. I could not resist the urge to buy some of the vintage wines of the brand with arresting flavours as take-away to Nigeria to further register the memorable encounter.

Eti Health and Leisure (EHL) is the indisputable "home away from home" for Nigerians and other West Africans the target market of the remarkable entrepreneurial initiative of Mrs Ngozi Owei a.k.a. Ziggy. EHL was founded in August 2006 to meet the need of Medical Evacuations from Nigeria and native meals of guests. The business has earned 4-star graded guest house in Cape Town by the South African Tourism Council. The personal touch Ziggy a Cape Town Business School MBA graduate puts into the business makes her hospitality venture to standout. I was able to eat my regular native Iyan, eba, amala with ogbolo/draw assorted-meat soup during my stay in the guest house.

L-R: CEO of EHL, Prof Owei & Seye at EHL Guest House Dinner at Nelson Eye's Restaurant

Package of EHL includes airport shuttle and everything is done professionally while insisting to personally chauffer drive her guest house guests from the airport. It is certainly a must stopover for West African elites who visit Cape Town as evident in the visitor's book of EHL. Having a steak in the evening of my first day in Cape Town at the ever busy Nelson Eye's restaurant at the base of Table Mountains was a worthy experience! The restaurant was named after Lord Horatio Nelson, British greatest sailor who won several wars (1775-1783) and lost his right eye in the process. The background history of a restaurant that had outlived the founder was quite fascinating to me. Likewise having Dinner at MOYO restaurant hosted by NOVARE inside the Spier Wine Estate is tourists' delight. Guests are welcomed with water to wash their hands and mild face painting is done thereafter for non-objecting guests!

Shanties of Cape Town Stellenbosch, city of oldest buildings

Cape Town's location in the valley and viewing the surrounding hills under a unique weather situation is an experience most tourists may not forget in a hurry. The city is characterised with mild weather year-round, Mediterranean climate with little rain and over 11 hour sunshine per day. One can now see why it is jokingly said that Cape Town could sometimes have four seasons in a day! The Municipal council spent over R600million on private security in 2007 aside from the conventional police force to keep the city safe for tourism and the convenience of residents.

Dinner at MOYO Restaurant in Spier Wine Estate is certainly tourists' delight

It is argued in some quarters that if South African first economy could synergize with the vibrant entrepreneurial drive of Nigerians with the largest population in Africa, the continent would be better for it. I share this sentiments too all other things being equal.

Seye with a bull's horn at MOYO where NOVARE treated their Nigerian guests to dinner

Like any other society that is not perfect, Cape Town has its low points too! Langa, the black township revealed the shanties of the sprawling city. Though apartheid is dead and gone, the scar of the wound is apparent everywhere! This is evident in the transport system that favours only those with personal cars among other realities. Cape Town was not structured to cater for this cadre of the society; at the peak of apartheid, blacks were required to vacate Cape Town by 6 pm after the day's job. The city remains predominantly a white and coloured community. The Mayor of Cape Town is a lady who won her election under Democratic Alliance which has more seats in the parliament than African National Congress.

Devil's Peak (L) and a shot at Robben Island (L) from the Cape Point on the Table Mountain

The climax and most touching part of my encounters in Cape Town was when I got to the highest part of the city on the Table Mountain where I was able to behold Robben Island where "Madiba" the world's living greatest statesman was imprisoned for 27 years and the expansive Cape Town and appreciate better how the city got the name. Robben Island is now a Museum and it is about 45 minutes by boat from the water front at the foot of the mountain. Also driving some meters down in the direction of the road leading to Cape of Hope, the lowest part of Africa was quite exciting! In all as a geographer, it was yet another consummated touring experience indeed optimizing the opportunity of a resourceful sojourn in Cape Town.

L-R: Nze Chidi Duru, Director of Index Asset; Seye Adetunmbi Chief Executive Officer of Index Asset; Johan Henn, Chief Executive Officer of NOVARE; Tshakalisa Matiwaza of Mvelaphanda Group Limited a key shareholder in NOVARE; Derrick Roper, Director of NOVARE & Mr Orlando Ojo, Chairman Index Asset