The Securities and Exchange Commission (SEC) has granted an approval-in-principle to DreamCity Capital, a digital real estate investment platform in Nigeria. This marks a significant milestone in the country’s financial sector.
An “Approval in Principle” is a preliminary endorsement from a regulatory body, indicating that a proposal or application is acceptable, pending the fulfillment of specific conditions or requirements.
In a press statement released on Friday, Benjamin Akhamere, the Chief Executive Officer and Managing Director of DreamCity Group, expressed his excitement over the SEC’s approval. He noted that the approval, granted under the Accelerated Regulatory Incubation Programme, solidifies DreamCity Capital’s position as a key player in Nigeria’s growing digital asset offering platform ecosystem.
“DreamCity Capital is set to revolutionize real estate investing by providing equity investment opportunities for small and medium retail investors through digital technology,” Akhamere stated. He emphasized that the platform allows investors to acquire equity ownership in pre-vetted, funded, and greenfield commercially driven real estate projects.
Akhamere further elaborated on the platform’s unique features, highlighting its ability to individualize investment offerings, streamline stake ownership, and ensure transparent administration of individual real estate assets. This is achieved through a special purpose company framework, which manages investor equity and assets.
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“The platform offers a secure and efficient model for real estate investing,” he added.
The SEC’s approval is viewed as part of the commission’s broader effort to foster innovation within Nigeria’s capital market while ensuring strong investor protection. Akhamere remarked that DreamCity Capital’s inclusion in this programme underscores the company’s commitment to adhering to regulatory standards while driving innovation in the real estate sector.