How FCT Can Finance Abuja Infrastructure Through Capital Market – SEC DG

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has outlined how the Federal Capital Territory Administration (FCTA) can leverage Nigeria’s capital market to raise long-term funds for critical infrastructure projects instead of relying solely on annual budgetary allocations.

 

Speaking at the Abuja Business & Investment Summit and Expo (ABIE 2026) in Abuja, Agama said the capital market offers the FCT a sustainable financing model for roads, rail, housing, water, transport and other infrastructure through instruments such as infrastructure bonds, green bonds, real estate investment trusts (REITs), asset recycling and tokenised municipal securities.

 

He argued that Abuja’s development demonstrates that economic growth is driven by investment, stressing that “cities are not built by budgets alone. Cities are built by capital markets.”

 

According to him, the FCT should establish a long-term infrastructure bond programme backed by dedicated revenue sources such as ground rents, tenement rates, tolls, parking fees and land-use charges, noting that this would enable the territory to finance major projects without overburdening annual budgets.

 

“A budget can only spend what a single year has collected. A bond can spend what 30 years will collect,” Agama said, explaining that infrastructure projects generate long-term economic value that can be used to service debt over time.

 

The SEC boss said the territory could also access cheaper financing through green and sustainability-linked bonds for projects including mass transit, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure.

 

He further proposed the creation of an FCT Real Estate Investment Trust to unlock value from Abuja’s extensive property portfolio while giving ordinary Nigerians an opportunity to invest in the city’s real estate market.

 

Agama also urged Abuja Investments Company Limited (AICL) to consider listing some of its businesses or establishing a listed infrastructure fund, saying this would raise capital without increasing government debt while improving corporate governance and transparency.

 

On the long-abandoned Millennium Tower project, he said the estimated over N400 billion completion cost should not be viewed as a budgetary burden but as an investment opportunity that could be financed through a special purpose vehicle and offered to investors via the capital market.

 

“The question is not whether Nigeria can afford the Millennium Tower. The question is whether we will let ordinary Nigerians own it,” he said.

 

Agama further proposed an asset recycling programme under which completed income-generating public assets, including terminals, markets, commercial properties and the International Conference Centre, could be securitised or concessioned to institutional investors, with proceeds reinvested in new infrastructure.

 

He also called on the FCT to pioneer a regulated tokenised municipal bond programme that would allow citizens to invest as little as ₦10,000 through mobile phones in specific infrastructure projects.

 

According to him, the recently enacted Investments and Securities Act (ISA) 2025 has strengthened the legal framework for sub-national governments to access the capital market while providing enhanced investor protection and clearer regulation of digital assets.

 

Agama disclosed that Nigeria’s capital market has grown significantly, with total market capitalisation exceeding N217 trillion as of May 2026, comprising about N160.5 trillion in equities and N56.7 trillion in bonds.

 

He said recent reforms, including the migration to a T+1 settlement cycle and regulatory measures to deepen market participation, have improved market efficiency and strengthened investor confidence.

 

The SEC Director-General assured the FCTA of the Commission’s readiness to provide technical support for structuring and registering capital market instruments, saying the commission would work closely with the territory to unlock financing for infrastructure projects.

 

He added that Nigeria’s capital market remains critical to mobilising domestic savings for national development, insisting that “money is not scarce; delivery capacity is scarce, and financing follows delivery capacity.”

Osun 2026: Yiaga Africa decries pre-election violence, seeks robust security

A non-governmental organization, Yiaga Africa has lamented the spate of pre-election violence ahead of August 15 governorship election in Osun State.

Speaking during an interview on Arise Television on Friday, the Executive Director of the group, Samson Itodo, described it as a serious cause for concern.

Itodo said civil society organisations involved in elections paid a visit to the Inspector-General of Police, noting that the Osun election was not just tense, but highly competitive.

“The level of pre-election violence leading up to the election is a huge cause for concern, particularly the reports of political abductions and loss of lives.

“We wanted to draw the IGP’s attention to the state of security and the need to ensure a safe and credible election.

“There are individuals who think that they have access to federal might and want to instrumentalize security agencies to undermine the elections.

“We call on President Bola Tinubu to issue a strong and highly worded statement to the security agencies to allow the process go on normally and not to interfere with the election.

“The president also needs to call people around him and warn that anyone who thinks because of access to federal might wants to abuse such, will face the full wrath of the law.

“That’s the kind of confidence that people want to see, because as far as we are concerned, the people of Osun State are ready to vote, but they are concerned about certain factors,” he said.

2027: Ortom denies plot to replace Aondoakaa as Benue PDP candidate

Former Benue State governor and leader of the Peoples Democratic Party, PDP, in the state, Chief Samuel Ortom has rejected reports claiming that he and other senior members of the party are considering replacing the party’s 2027 governorship candidate, Chief Michael Aondoakaa, SAN, with the Executive Secretary of the Nigerian Shippers’ Council, Dr Pius Akutah.

Ortom described the reports circulating on social media as false and misleading, saying they misrepresented the purpose of a recent meeting involving some prominent Benue stakeholders.

In a statement released by his media assistant, Zege Terhide, the former governor said the report was a “mischievous” distortion of the discussions held during the meeting.

He explained that the meeting brought together himself, Senate Minority Leader Senator Abba Moro, Aondoakaa and other notable Benue indigenes, including Chief Simon Shango, Prof. Iyorwuese Hagher, Dr Pius Akutah, Emmanuel Ameh and Dr Matthias Byuan.

According to Ortom, the gathering was part of broader consultations involving influential stakeholders, aimed at creating a strategic partnership that would serve the interests of Benue State.

He firmly denied that the issue of changing the PDP governorship candidate featured in the discussions.

“At no time during the meeting was the replacement of Chief Aondoakaa as the PDP governorship candidate discussed, contemplated or placed on the agenda,” Ortom said.

The former governor said there was nothing unusual about political figures consulting with stakeholders, noting that such engagements were part of the democratic process.

He consequently criticised those attempting to portray the meeting as a secret political arrangement.

“It is, therefore, mischievous for anyone to take a legitimate meeting of Benue leaders and manufacture an entirely different motive for it,” he said.

Ortom further explained that engagements involving politicians and influential individuals should not automatically be viewed as evidence of hidden political schemes.

“Political consultations and engagements across party lines are neither strange nor secret conspiracies, particularly when they are driven by the larger interest of the people,” he stated.

Addressing the controversy surrounding the 2027 PDP ticket, Ortom made it clear that Aondoakaa remained the party’s candidate for the Benue governorship election.

“Chief Michael Aondoakaa, SAN, remains the duly nominated governorship candidate of the PDP in Benue State for the 2027 election,” Ortom declared.

He said Aondoakaa continued to enjoy the backing and confidence of the PDP leadership and members across the state.

Ortom also expressed optimism about Aondoakaa’s prospects if elected, pointing to his experience, competence and understanding of the challenges confronting Benue.

According to the former governor, the PDP candidate had the capacity to provide effective leadership and drive improvements in critical areas, including security, economic recovery and sustainable development.

He warned those behind the alleged replacement story to stop circulating what he described as fabricated claims capable of creating unnecessary tension within the party and among Aondoakaa’s supporters.

“Political journalism and commentary must be anchored on facts, not conjecture, deliberate falsehood or the attribution of imaginary motives to legitimate engagements,” he cautioned.

Ortom called on PDP members, Aondoakaa’s supporters and other residents of Benue to disregard the report and concentrate on the party’s preparations ahead of the 2027 elections.

He maintained that the controversy would not derail the PDP’s efforts to unite stakeholders and build a strong coalition of Benue people ahead of the election.

EFCC Arrests Spiritualist For Alleged Sextortion

The Economic and Financial Crimes Commission (EFCC), has arrested one Odigie Moses, a self-acclaimed spiritualist for alleged sextortion to the tune of $1,100 (One Thousand, One Hundred Dollars).

He was arrested in Ekpoma, Edo State.

The suspect, who misrepresented himself on Zelle, a social media platform as possessing spiritual healing powers, was contacted by his victim, an Indian woman, who was in need of spiritual intervention on some life-threatening challenges. The suspect subsequently deceived her into taking a naked spiritual bath, which he recorded live without her permission, and thereafter blackmailed her to send him money, else he would make the video public.

Investigation by the EFCC revealed that the victim had to pay the sum of $1,100 to the suspect in order to prevail on him not to release her nudity to the public.

He will be charged to court as soon as investigations are concluded.

Keyamo, Onyema, Babalakin Set For LAAC 30th Conference

The Minister of Aviation and Aerospace Development, Festus Keyamo, Chairman of Bi-Courtney Aviation Services Limited, Dr. Wale Babalakin and Chairman of Air Peace Limited, Allen Onyema are the leading dignitaries billed to lead discussions at the 30th edition of the League of Airports and Aviation Correspondents (LAAC) Annual Conference schedule to hold on Thursday, September 10, 2026, at the Providence Hotel, Ikeja, Lagos.

The conference, which has become Nigeria’s foremost aviation industry dialogue platform, will bring together top government officials, aviation regulators, airline operators, airport managers and other stakeholders in the aviation industry to deliberate on the theme: “Towards a Sustainable Aviation Industry: Balancing Government Revenue Demands with Sector Growth.”

The event will witness the unveiling of the second edition of LAAC’s Champions of Aviation publication which chronicles the achievements and exploits of aviation agencies, airline operators, and other industry players. Keyamo is the Special Guest of Honour, while Babalakin will chair the event and Onyema, will deliver the keynote address, bringing his extensive industry experience to bear on discussions expected to shape policy recommendations for sustainable growth in Nigeria’s aviation industry.

Speaking on the forthcoming conference, Chairman of the LAAC Conference Committee, Mr. Wole Shadare, described this year’s theme as timely, noting that the aviation industry is at a critical point where government revenue expectations must be carefully balanced with policies that encourage investment, competitiveness and long-term sustainability. According to Shadare, “The aviation industry remains a strategic driver of economic development, trade, tourism and national integration. However, increasing fiscal pressures and multiple charges have continued to generate conversations about the need to strike a balance between government revenue generation and the growth of the industry.”

He added that the conference would provide a credible platform for robust engagement among policymakers, regulators and operators, with the objective of developing pragmatic recommendations that would support a more competitive and sustainable aviation sector. “We have assembled some of the most respected voices in the industry to examine these issues from different perspectives. We expect meaningful conversations that will ultimately contribute to policy reforms capable of strengthening Nigeria’s aviation ecosystem,” Shadare said.

On his part, Chairman of LAAC, Mr. Sulaiman Idris, affirmed the conference underscores the association’s commitment to promoting informed discourse on issues affecting the aviation industry through constructive engagement with stakeholders. He noted that for three decades, the annual conference has served as an important platform for shaping conversations around aviation development and policy in Nigeria.

“Our annual conference has earned the confidence of industry stakeholders because it consistently addresses contemporary issues affecting aviation. As we mark the 30th edition, we remain committed to fostering dialogue that supports sustainable growth, enhances operational efficiency and promotes policies that will make Nigeria’s aviation industry more competitive,” he said.

He urged aviation professionals, government agencies, private operators, financial institutions, and members of the public with an interest in aviation to participate in the conference. The 30th LAAC Annual Conference is expected to attract a broad spectrum of participants from across the aviation value chain, with discussions focusing on sustainable financing, regulatory policies, investment climate, infrastructure development, operational efficiency and strategies for ensuring that government’s efforts at ramping up revenue do not undermine the growth and competitiveness of Nigeria’s aviation industry.

Fayose Vows To Deliver Tangible Results As He Assumes Board Chairman Of The REA

Former Ekiti State Governor, Ayo Fayose, has been inaugurated as Chairman of the Governing Board of the Rural Electrification Agency (REA), with a pledge to mobilise the political will and resources required to expand electricity access across underserved communities.

Fayose was inaugurated alongside other members of the REA Governing Board on Friday by the Minister of Power, Joseph Tegbe, in Abuja.

Also inaugurated were Alhaji Ahmadu Abubakar, Ilyasu Makinta and three other members and non-executive directors, while Abba Aliyu assumed office as the Managing Director of the agency.

Speaking after his inauguration, Fayose thanked President Bola Tinubu for the confidence reposed in him and other members of the board.

He said his immediate priority would be to reposition the agency and ensure that its programmes deliver tangible improvements in electricity access, particularly at the grassroots.

Fayose pledged to use his position to provide the political support required to attract funding for both the short- and long-term programmes of the agency.

“Work has started in earnest; we are reaching out very fast and appealing to people to ensure the work is done,” he said.

The former governor assured Nigerians that the new board would work to justify the confidence placed in it by the President.

“I want to use this window to assure Nigerians that your expectation about my appointment and my colleagues will not be dashed.

“We will give our best to achieve the renewed hope of President Tinubu for the country to be better for us all,” he added.

He said the agency must also ensure that the growing Nigerian population benefits from improved access to energy.

According to him, expanding electricity access would have a direct impact on communities and improve economic opportunities for ordinary Nigerians.

“We are not just providing electricity; we are looking at the population of the country who need to feel the impact of the energy,” he said.

The new REA chairman said the agency would work towards ensuring that communities experience tangible benefits from its interventions.

Also speaking, REA Managing Director, Abba Aliyu, thanked President Tinubu for the opportunity to serve and pledged to work with the board to expand electricity access.

Aliyu said the agency would continue its efforts to provide power to both served and underserved communities across the country.

Earlier, Tegbe said Nigeria’s electricity sector was undergoing a shift from simply measuring power generation in kilowatts and megawatts to assessing how many communities and people were actually being powered.

He described REA as a strategic institution within Nigeria’s power sector, saying its mandate went beyond connecting communities to electricity.

“We are moving from just counting kilowatts and megawatts to how many communities and people were powered in the country,” the minister said.

Tegbe said every mini-grid project, solar home system and electrification project represented an investment in human capital, economic inclusion and national development.

He said the electrification of markets, schools, primary healthcare centres, farms and productive businesses could unlock economic opportunities and improve livelihoods.

“REA is fundamentally an institution for expanding opportunity,” he said.

The minister said the agency’s role had become increasingly important as the Federal Government continued implementing the Electricity Act and deepening reforms across the Nigerian Electricity Supply Industry.

He described REA as a bridge between national electricity policy and grassroots development, noting that the agency was expected to ensure that the benefits of power sector reforms reached communities beyond major urban centres.

“Not only in our major cities but also in the remotest communities across the federation,” Tegbe said.

According to him, the constitution of the new board demonstrates President Tinubu’s commitment to strengthening governance and accountability across government institutions.

Tegbe charged the board members to provide effective strategic oversight, promote transparency and innovation, and ensure that public resources entrusted to the agency are used efficiently.

He also urged them to build productive partnerships with development organisations and private-sector investors to accelerate rural electrification.

The minister said the board had assumed office at a critical stage in the country’s power sector reforms and must focus on delivering measurable results.

He urged the members to ensure that every decision taken by the board reflects the needs of ordinary Nigerians.

“Most importantly, I encourage you to continually ask one fundamental question whenever decisions come before the board: ‘How does this improve the lives and livelihoods of ordinary Nigerians?’”

Tegbe expressed confidence that if the board maintained that principle as its guide, REA would continue to exceed expectations and make a measurable difference in electricity access across Nigeria.

Lagos State Governor Felicitates Lagos APC Chair, Ojelabi At 68

The Governor of Lagos State, Mr. Babajide Sanwo-Olu, has congratulated the State Chairman of the All Progressives Congress (APC), Pastor Cornelius Ojelabi, on his 68th birthday.

 

The Governor lauded Ojelabi’s steadfastness and commitment to progressive values, saying they have helped to shape the ruling party and positively impacted many lives.

 

Governor Sanwo-Olu, in a statement released on Friday by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, described Pastor Ojelabi as a religious leader, seasoned politician, and administrator who has used his positions to mobilise enormous support for the APC and foster development in Lagos State.

 

The Governor added that, with his role as party chairman, Pastor Ojelabi has contributed significantly to the growth and development of Lagos State. He said the party helmsman had contributed greatly as a council chairman, commissioner, member of the House of Representatives, making him an important figure in the growth of the state.

 

He said: “On behalf of my lovely wife, Ibijoke, the government, and the good people of Lagos State, I join family, friends, political and religious associates, leaders, and members of the All Progressives Congress in Lagos State to celebrate our chairman, Pastor Cornelius Ojelabi, on his 68th birthday.

 

“Pastor Ojelabi has contributed significantly to our dear State and our party. He has served his community, the church, local government, constituency, Lagos and Nigeria in different capacities.

 

“Pastor Ojelabi has displayed a high level of integrity, dedication and professionalism in all the public offices he served within and outside Lagos State.

 

“As Lagos APC chairman, he has worked tirelessly with other party leaders and members for us to retain Lagos, which has been under the progressives for almost three decades.

 

“As Pastor Cornelius Ojelabi celebrates his 68th birthday, I pray that he will be surrounded by good health, happiness and continued success.”

Sahara Upstream Deepens Investment In African Oilfield Services

Sahara Upstream is accelerating the next phase of its oilfield services strategy, strengthening Arahas Global Oilfield Services (Arahas) and SGIR Rigs and Energy Limited as integrated platforms designed to support growing demand for world-class upstream services across Africa.

As part of this strategic direction, Sahara has appointed Gopi Nath as Director, Oilfield Services, with responsibility for providing strategic oversight for both businesses as they drive operational integration, expand service capabilities, and deliver greater value across the upstream value chain.

The development reflects Sahara’s continued investment in building indigenous oilfield services capacity capable of supporting Africa’s evolving energy landscape through engineering excellence, operational reliability, innovation, and sustainable execution.

Speaking on the appointment, Ade Odunsi, Executive Director, Sahara Upstream, said the next phase of growth for Africa’s upstream industry will depend on strong regional service companies with the capability to execute increasingly complex projects safely, efficiently, and sustainably.

“Building resilient energy systems requires equally resilient service businesses,” Odunsi said. “Arahas and SGIR are strategically positioned to deliver the technical expertise, operational excellence, and customer-focused solutions required by operators across the continent. Gopi’s appointment strengthens our ability to accelerate that ambition.”

He noted that Sahara continues to invest in businesses that create long-term value across Africa’s energy sector.

“Our objective is not simply to grow two businesses. We are building integrated service platforms capable of supporting exploration, drilling, engineering, project delivery, and production operations at a standard that competes globally while remaining rooted in Africa.”

Arahas was established to deliver high-impact oilfield services anchored on engineering excellence, operational reliability, innovation, and sustainability, while SGIR provides drilling, engineering, project execution, and field support services that enhance operational efficiency across upstream operations.

Together, both businesses form a critical component of Sahara Upstream’s long-term strategy to strengthen local capacity, improve execution, and provide integrated solutions across the upstream value chain.

Commenting on his appointment, Gopi Nath said Sahara has built strong foundations for creating one of Africa’s leading oilfield services platforms.

“This is an exciting period for Sahara’s oilfield services business. We have exceptional talent, established capabilities, and a clear strategic direction. My focus will be on strengthening collaboration across Arahas and SGIR, enhancing customer value, driving execution excellence, and expanding our service offerings to meet the evolving needs of Africa’s energy industry.”

He added that the businesses would continue setting new benchmarks for safety, innovation, operational performance, and stakeholder value while supporting sustainable energy development across the continent.

Dangote Confident On Group’s Projected $100 Billion Revenue Target By 2030

Aliko Dangote, has expressed confidence of his company meeting estimated revenue growth in the next four years.

He said detailed internal modelling had reinforced management’s confidence that the Group’s target of generating US$100 billion in annual revenue by 2030 was achievable.

Dangote said this when Senior executives from leading global investment banking and financial services firm Goldman Sachs toured the company’s integrated petroleum refinery, petrochemicals and fertiliser complex in Lagos.

The delegation, led by Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking, Anthony Gutman, visited the Dangote Petroleum Refinery & Petrochemicals, Dangote Fertiliser Limited and supporting infrastructure during a recent visit to Nigeria.

He noted that the projections were based on conservative assumptions and had strengthened the company’s conviction that it could pursue an even more ambitious long term growth strategy.

He added that the level of employee participation in the recent private placement of the Dangote Petroleum Refinery reflected strong internal belief in the company’s growth strategy and prospects.

Dangote said the refinery and associated industrial facilities demonstrate the transformative potential of long-term investment in Africa, adding that the Group’s growth ambitions extend well beyond its current strategic plan.

“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030. The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.

Speaking after an extensive tour of the 700,000 barrels per day refinery, the Goldman Sachs executives remarked, “It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive.”

The Goldman Sachs team included Adib N. Zouein, Co Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Jimi Adesanya, Head of Sub-Saharan Africa Sales (excluding South Africa). They were received by President and Chief Executive of Dangote Industries Limited, Aliko Dangote; Group Vice President, Oil & Gas, Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird; Group Executive Director, Oil & Gas, Fatima Aliko Dangote; Chief of Staff to the President/CE, Ibrahim Dikko; Group Chief Branding and Communication Officer, Anthony Chiejina; Group Chief Economist, Dr Hassan Mahmud; and Group Chief Strategy Officer, Aliyu Suleiman; Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Musa Bala, among others.

Guinness Rewards Consumers With N17 Million In First Week of ‘Open For More’ Draw

Guinness Nigeria has started rewarding consumers under its nationwide ‘Open For More’ National Consumer Promotion (NCP), with an impressive ₦17 million in rewards to 107 winners during the campaign’s first live draw held on July 31, 2026.

The inaugural draw instantly transformed the fortunes of consumers across the country, producing seven new millionaires, who each received ₦1 million, alongside 100 additional winners, who each walked away with ₦100,000. The milestone marks the beginning of a series of weekly live draws that will see hundreds more Nigerians rewarded throughout the promotion.

The seven ₦1 million winners are Marcus Barieepie, Ani Valentine Ogochukwu, Okafor Sochima, Taiwo Adebola, Zubair Rukayat, Oluwatobi Femi, and Ebubechukwu Okolo.

The live draw was conducted under the supervision of the Federal Competition and Consumer Protection Commission (FCCPC) to ensure transparency and fairness. Representatives of the commission present included Dr. Olubunmi Otti, Zonal Coordinator, FCCPC Southwest, and Mrs. Abosede Ogundeji, Surveillance and Investigation Officer.

Speaking during the draw, Ramanathan S, representing Guinness, said the promotion reflects the brand’s enduring commitment to celebrating and rewarding the consumers who have supported Guinness over the years.

“For decades, Nigerians have made Guinness a part of their milestones and celebrations. Today, we are proud to give back by putting ₦17 million directly into the hands of 107 consumers in our very first draw. This is only the beginning. Over the coming weeks, many more Nigerians will experience life-changing rewards as we continue to celebrate the loyalty of the people who have made Guinness part of their stories.”

He added that all weekly draws will continue to be streamed live across Guinness Nigeria’s official platforms, enabling consumers to witness the winner-selection process in real time and reinforcing the transparency and credibility of the promotion. He also encouraged eligible consumers nationwide to participate, noting that every valid entry presents another opportunity to win.

The ‘Open For More’ National Consumer Promotion offers consumers the chance to win ₦1 million every day, ₦100,000 cash prizes for 1,000 winners, and a Toyota Land Cruiser Prado as the grand prize. Altogether, the promotion will reward consumers with more than ₦400 million in cash and prizes.

To participate, consumers simply need to purchase specially marked bottles of Guinness Foreign Extra Stout or Guinness Smooth, locate the unique code beneath the crown cork or can lid, and enter the code via the designated campaign platform.

With ₦17 million already won in its opening draw, the campaign is off to a remarkable start, reinforcing Guinness Nigeria’s commitment to rewarding consumer loyalty through transparent processes and unforgettable experiences that go beyond the product. Consumers are encouraged to look out for specially marked promotional packs and follow Guinness Nigeria’s official communication channels for updates, winner announcements, and details of upcoming draws.