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2026 Appropriation Act: Ilori-Diamond Unveils $25m Investment Fund, Maps Out Nigeria’s Next Wealth Corridors

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…urge investors to closely track government spending 

alleged a senior FCDA official demanded bribe to approve project

By Gloria Ikibah

The Chairman of Dar Global Financials, Kunle Ilori-Diamond, on Wednesday unveiled a $25 million acquisition fund targeted at Nigeria’s microfinance banking and real estate sectors, while urging investors to closely track government spending under the 2026 Appropriation Act to identify emerging opportunities.

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Speaking at a world press conference in Abuja, Ilori-Diamond argued that the most successful investors are often distinguished not by privileged access but by their ability to interpret public information before others.

Drawing parallels with recent moves by major business figures, he noted that investment decisions often signal future economic trends.

He said: “The difference between people who actually go ahead in business and investment, and people who don’t, is the kind of information that they pay attention to.

“If someone takes a lot of fortune to invest in a power-generating company ahead of a certain year, and that happened in the last quarter of 2025, it means there’s something going to happen in 2026 that we don’t know about, that he does know about.”

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N3.48 Trillion Roads Budget Holds Investment Clues
Ilori-Diamond pointed to the Federal Government’s allocation of N3.48 trillion for road construction, describing it as one of the clearest indicators of where future wealth creation could occur.

He explained that infrastructure projects frequently transform land values and commercial prospects.

According to him, major opportunities exist along strategic corridors earmarked for federal investment, including the Calabar-Maiduguri Road Corridor, the Maiduguri-Sokoto Corridor, and several presidential legacy projects.

“If N3.48 trillion is being allocated to road construction in Nigeria, all you need to know is where those roads are going to be.

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“Government is simply telling you where it wants to spend its money. That is where you can gamble yours as well, because government is playing big in that aspect.

“The budgetary emphasis is locked into concluding critical multi-regional mega highways. Anything that is a presidential legacy project happening around a certain place is a good place to invest in”, he noted.

Abuja Expansion Set to Create New Property Hotspots
The investment banker also highlighted Abuja’s growing real estate potential, citing what he described as a substantial allocation towards urban road infrastructure.

He specifically identified locations around the airport corridor and expanding satellite towns as areas likely to benefit from government-backed growth.

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“Anywhere that is a corridor in Abuja is going to blow up because there is N1.6 trillion allocated to just roads.

“If I had a lot of money, I would be investing massively in Kuje, in airport corridors like Kyami, in Lugbe and along the frontier between Abuja and Kaduna”, he emphasised

Agriculture Remains a Goldmine
Turning to agriculture, Ilori-Diamond said investors should align their business decisions with sectors receiving substantial government support.

He noted that the Ministry of Livestock Development had received an allocation of N81.8 billion, while the Federal Ministry of Agriculture and Food Security was backed by a capital budget of N1.3 trillion.

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He therefore urged Nigerians to study government priorities before committing capital.

“The kind of business that can thrive is the one that the government is already doing, because the government doesn’t want to fail.

“If the Ministry of Livestock is trying to stabilise livestock feeds, then all you need to do is find money and start producing livestock feeds because it is in alignment with the budget”, he stated.

The Dar Global Financials chairman also identified Niger State as a key destination for agribusiness investments.

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“If government allocates N420 billion to Niger State and wants to succeed, they will create roads, power and security around that investment. If you want to start a food processing firm, that is where you should be looking”, he added.

Launches of $25m Acquisition Drive
At the centre of the conference was the formal launch of Dar Global Financials’ $25 million acquisition fund, which will focus on purchasing struggling microfinance banks and real estate development firms across Nigeria.

According to him, the strategy will involve restructuring and scaling acquired businesses rather than dismantling them, adding that founders who wished to retain a stake in their businesses would be accommodated.

“A couple of investors and investment bankers came together and put a capital of $25 million into a pool to invest in Nigeria.

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“We are trying to acquire microfinance banks and real estate development firms that already have established brands across Nigeria.

“If there is any microfinance bank that is not really doing well and they are looking at liquidating or selling it off, we are looking at buying it from them.

“If you don’t want to sell entirely, we can structure it so that you still retain up to 15 per cent of the company while we take over operations,” Ilori-Diamond announced.

Mortgage Revolution Planned
Ilori-Diamond further disclosed that Dar Global intends to integrate acquired microfinance banks with its real estate investments to expand access to housing finance.

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He argued that existing mortgage systems remain inaccessible to many Nigerians, particularly workers in the private sector.

“What we want to do in the market now is disrupt it.”
“Everybody can get access to a mortgage. We finance the house, you move into your house, and then you pay over a period of years.

“A simple civil servant cannot even afford to get a house comfortably under the current structure”, he asserted.

Calls for Stronger Public-Private Partnership
Responding to questions from journalists, Ilori-Diamond called on government to strengthen collaboration with private investors.

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“One of the reasons this press conference is happening is for government to see the need to partner with the private sector.

“Partnership with the private sector is not only about funding or resources; it is also about connections, approvals and getting things done on time”, he said

On insecurity, he advised investors to focus on locations where government has committed significant resources.

“If government is spending in a particular place, they will want to make that place safe because their own money is there. Just follow their money and you might be lucky”, he noted.

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Corruption Allegation Against Development Official
In one of the most dramatic moments of the conference, Ilori-Diamond alleged that a senior development control official demanded a bribe in exchange for approving a project.

The businessman said such practices discourage investment and undermine economic development.

“There is a certain development control official who said if I don’t pay him N100 million, he would not approve it.

“I stayed abroad for many years. I decided to come back because I believe in Nigeria and I am putting my money in Nigeria. We have people in offices who are frustrating that kind of investment,” he alleged.

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He called on authorities to investigate allegations of corruption within development control agencies and ensure swift action where wrongdoing is established.

“If we don’t stop such people, they will do it to everybody. People who are struggling to put up a business will feel Nigeria is not a good place to invest”, he added.

‘Performance Must Matter’
Ilori-Diamond also urged the Federal Government to hold public officials accountable for budget implementation.

“If two times in a row you cannot prove something tangible that you’ve done, you should be relieved”, he said.

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He praised the use of ministerial scorecards and called for stricter performance assessments across government agencies.
Dar Global Financials officially opened applications from microfinance banks and real estate firms seeking acquisition, partnership or restructuring under the newly launched investment fund.

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ASUU decries unpaid 2022 salaries, demands education review

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The Academic Staff Union of Universities, ASUU, has called for a comprehensive review of Nigeria’s education system and decried the non-payment of the balance of lecturers’ withheld salaries from the 2022 nationwide strike.

The National President of ASUU, Prof. Chris Piwuna, made the call on Friday during a press conference in Jos, Plateau State.

He was flanked by other officials of the union including Bauchi Zonal Coordinator, Prof. Timothy Namo; branch chairmen of ASUU from the University of Jos and Plateau State University,Profs Jurbe Molwus and Dr Vincent Choji respectively as well as the Legal Committee chairman of the union and other union members on ground .

Addressing journalists, Piwuna read the union’s press text titled: “Nigerian Universities and Nigeria Today :Our Worries ,Our Propositions”

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Speaking on the 2022 withheld salaries, Piwuna said: “In words and deeds, the Federal Government appears to have turned its back on paying the outstanding balance of lecturers’ three-and-half months arising from the 2022 nationwide strike action of ASUU.”

He noted that the union “had applauded President Bola Ahmed Tinubu’s initial pro-labour disposition for paying the four out of the seven-and-half months’ salaries withheld by the last administration.”

However, he added: “The non-payment of the balance has left a strong bitter taste in the mouths of ASUU members.”

Piwuna further stated: “The repeated union’s arguments that its members made extraordinary sacrifice to cover the last ground during the provoked-strike action and that paying the withheld salaries would further cement industrial harmony on the university campuses appear to have fallen on deaf ears. This is a sad development.”

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The ASUU President said NEC “rejected government’s position” and “resolved to use all legitimate means available to the union to make the government reciprocate the goodwill ASUU members have demonstrated.”

He also expressed concern over “continuous delay in the payment of 25/35% wage award and promotion arrears of our members,” and called on “the Federal and affected State Government to urgently pay these entitlements in order to encourage our members and guarantee industrial harmony in our Universities.”

On the December 2025 FGN-ASUU Agreement, Piwuna said: “The signing of the December 2025 FGN-ASUU Agreement was seen by many as a significant move to arrest restiveness among academic staff of Federal and State universities and chart a new path of growth and stability for the Nigerian University System (NUS).”

But he lamented that “the haphazard implementations of the Agreement by governments at the two levels leave much to be desired; making the resurgence of campus unrest inevitable.”

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He cited funding challenges, noting that “Vice-Chancellors of other federally-owned universities are struggling to partially implement the financial component of the Agreement or raise their empty hands in helplessness due to non-funding of their monthly salary bills by the federal government.”

At the state level, he said “only about 10% or less among the governors have openly endorsed the new salary package for academics; several others are playing the ostrich.”

Consequently, Piwuna announced that “NEC resolved to grant some affected state and federal universities permission to embark on varying degrees of industrial action to press home their demands.”

Among the institutions listed are Plateau State University, Bokkos, Nasarawa State University, Keffi, Gombe State University, Abia State University, and Kaduna State University.

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The ASUU President also condemned the harassment of members in some universities.

“The recent harassment of our members by Vice Chancellors in the following universities, Enugu State University of Science and Technology (ESUT), Imo State University (IMSU), and very recently Abia State University (ABSU), will not be tolerated by NEC,” he warned.

“For the avoidance of doubt, NEC will not consider calling off the action in these universities, until the victimisation of our members stops.”

Piwuna further accused the Federal Ministry of Finance and the Office of the Accountant General of the Federation of stalling payments.

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“The federal ministry of finance has deliberately stalled the payment of our promotion arrears and its foot dragging tactics in the release of our monthly salaries is becoming a trigger for restiveness on our campuses,”he said.

On broader national issues, ASUU called for a rethink of government policies.

“ASUU calls for a comprehensive review of Nigeria’s education system to reflect the country’s peculiar socio-economic, cultural, technological and developmental realities rather than merely replicating models developed for other societies,” Piwuna said.

He added that “greater attention must be given to research, technical education, agriculture, innovation and the development of skills relevant to Nigeria’s needs.”

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The union also criticized the TETFund policy on “tenable and non-tenable universities,” describing it as “discriminatory,” and condemned the rising insecurity ahead of the 2027 elections, saying: “The political class are the most significant and dangerous threat to Nigeria’s security. They are the ‘tribe’ that threaten us all.”

Piwuna concluded that “to derive maximum benefits from Nigeria’s public universities, however, the Federal and State governments must take urgent steps to address all outstanding issues of academic staff welfare as well as all matters arising from the FGN-ASUU Agreement of December 2025.”

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Adeleke camp condemns release of APC Assembly candidate allegedly found with gun

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The Imole Campaign Council has commended the Nigerian Navy for what it described as professionalism and neutrality in Osun State, while condemning the reported release of an All Progressives Congress House of Assembly candidate allegedly arrested with a gun.

In a statement issued on Friday by its spokesman, Pelumi Olajengbesi, the council said its attention had been drawn to “the arrest and subsequent controversial release of an All Progressives Congress member, Babatunde Festus Komolafe, who is also the APC House of Assembly candidate for Atakumosa East/West Local Government Area.”

According to the statement, Komolafe, popularly known as BFK, was apprehended by naval personnel in his hometown of Ifewara on Thursday.

The council alleged that “during a routine search conducted by men of the Nigerian Navy, the APC candidate was arrested alongside his supporters while travelling in a campaign vehicle reportedly belonging to the APC after a gun was allegedly discovered in the vehicle.”

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It said the arrest had become public knowledge after a video of the suspects circulated widely on social media.

“The arrest is no secret, as a video showing the suspects has since gone viral and attracted public outrage,” the statement read.

The campaign council further claimed that the suspects were released shortly after their arrest due to pressure from senior APC figures.

“However, we gathered reliably that the arrested APC candidate and his co-perpetrators were immediately released following pressure from APC top goons,” it stated.

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The statement added that “a news outlet even chronicled how the naval officer in charge was forced to release the suspects and asked to step aside.”

Despite its criticism of the release, the council praised the conduct of the armed forces during the ongoing governorship election campaigns.

“The Imole Campaign Council commends the men and officers of the Nigerian Armed Forces, especially the Nigerian Navy, for their neutrality and professionalism since the commencement of the governorship election campaigns,” the statement said.

It added, “The men and officers of the Nigerian Armed Forces have been proactive in arresting troublemakers regardless of party affiliation. Special salute to our gallant troops!”

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The council, however, insisted that releasing a suspect allegedly found with an unauthorised firearm was dangerous.

“That said, the release of a suspect who was caught with an unauthorised gun is unacceptable. It sends the wrong signal to political criminals whose pastime is killing and maiming,” the statement declared.

The group linked the incident to what it described as the APC’s past conduct in Osun State.

“This is particularly alarming because of the APC’s antecedents in Osun. Just two weeks ago, the police launched an attack on military personnel to rescue five APC hoodlums, including the notorious APC thug, Asiri Eniba, arrested by the Nigerian Navy for shooting sporadically in Ile-Ife with pump-action guns,” it alleged.

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The council called on the National Security Adviser, Nuhu Ribadu, to intervene.

“We call on the National Security Adviser, Nuhu Ribadu, to look into this grave injustice and punish the suspects,” the statement said.

It concluded, “No politician is above the law, and no political thug should be released to keep fomenting trouble.”

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US missionary kidnapped in Niger released after nine months in captivity

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An American Christian missionary, Kevin Rideout, has been released to U.S. officials after spending over nine months in captivity in Niger.

His organization, the Charlotte-based SIM International, confirmed on Friday that Rideout is in good health and will soon be reunited with his family.

“We are grateful to confirm that our good friend and brother in Christ, Kevin Rideout, has been released after over nine months in captivity,” SIM International Director Phil Bauman told CNN in a statement.

“Kevin is in good health in the care of US officials,” the statement said, adding Rideout will soon be reunited with his family.

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Rideout was abducted on October 21, 2025, from outside his home in the capital city of Niamey by three unidentified men who fled toward the western Tillaberi region—an area known for active Islamist militant groups.

Following the incident, the U.S. Embassy in Niger heightened its security protocols and warned of elevated kidnapping threats across the country.

According to reports, Rideout is currently in FBI custody, though specific details regarding his release, his exact timeline, and the identity of his captors remain undisclosed.

Niger continues to grapple with intense violence and instability driven by militant groups affiliated with al-Qaeda and Islamic State forces operating along its borders.

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