News

Reps Applaud FCT Minister, Wike On AICL Improved Revenue, Infrastructure

Published

9 months ago

July 26, 2024

By Gloria Ikibah

The House of Representatives’ Committee on Federal Capital Territory, Chaired by Rep. Aliyu Muktar Betara has commended the Minister of FCT, Nyesom Wike on the ongoing infrastructural development projects across the nation’s capital, Abuja.

The lawmakers during an interactive session with the Group Managing Director of Abuja Investment Company Limited (AICL), Dr. Moreen Tamuno praised her ingenuity towards improved revenue generation since assumption of office.

The GMD who presented her scorecard and strategy adopted to the committee, in the turnaround of AICL said that the company only manage the District markets not the entire markets across the territory.

According to her, Wuse markets is owned 90 percent by the individuals who bought the shops while AICL owns 10 percent.

She stated: “For example, Wuse market is owned 90 percent by the owners, we own 10 percent. What Abuja Management does for Wuse market is to manage the facility there through the toll taking which they do collect on our behalf and then they manage the facilities, they manage the refuse collections and they also work with the market association.”

Tamuno also disclosed that AICL cannot increase prices like other privately owned markets across the territory, noting that the prices adopted by AICL are controlled by the government.

She added that the Company is also managing part of the leakages envisaged such as monitoring these system of fares collection which was initially collected manually.

This, according to her, will help to tackle the menace of revenue leakages and help to pay dividends to FCTA coffers.

Responding to question on Abuja Properties, she noted that AICL is saddled with the responsibility of owning properties on behalf of the government.

“Before I got here, apart from two regimes of el-Rufai and Moddibo, the rest regimes, Abuja Property was dealing directly with the Minister. So, we did not have a control over what Abuja Property does suffice me to say. But with the incoming of the new Minister he has streamline the system that all of these people will have direct reporting line.

“So, what they do or what they are meant to do is to manage estates, different cadres of estates for the Middle Class, for the High Class and and different kind of people and also declare profits and pay dividends also which has never been done. But in the last discussion last month, because of the new process that has been set up, they are committed to making sure that they will do this year, to declare dividend to AICL.”

On Abuja Transport scheme, she noted that “the Abuja AMMCO has been a little epileptic really. Because as we speak I think they have only about 84 buses and then most of the buses are not working. Before I came, I heard they are meant to sell but on our finding, we found out that the calibre of buses we have ASHOK were very strong bus and there was no need to sell, we would see how we could use some of them to repair others and have them running.

“So, they’ve not been able to break even, there are some epileptic problems that we are looking at to see how we can help them.”

On the Abuja Films Village, she said: “we heard the story of Abuja Film Village, even before I became the Group Managing Director, but suffice me to say that for 24 years nobody went to see where is this place. But when I assumed office all I was hearing is don’t go there they kidnap and all of that. But we were able to weather the storm to get to the point in Guzaki. We have about 3,000 hectares of land there, which is being encumbered already, we have mining is taking place there. We are working with FCT fortunately I did a memo to the Minister which he has approved graciously and set up an Inter-Ministerial Committee to know where our boundaries are. I saw miners on the plot he was really a tough place to go to.”

She explained that the Committee is expected to come up with the report to secure the parameters around the land and see what AICL could achieve there.

While noting that the entertainment industry is a thriving Sector, she explained that AICL has met some Stakeholders including Actors Guild who are already partnering with the company, with a view to stimulate the economy and create employment.

She noted that the company which was established over 30 years ago has metamorphosed to become an Holding Company is an investment arm of FCT and a Limited Liability Company, hence not in the Federal Government budget.

According to her, the two administrations ago set up other subsidiaries that suppose to work under AICL namely Power Launch which is a Leasing Company and Abuja Urban Mass Transit Company, Abuja Property Development and Abuna Market.

She added that AICL also has other subsidiaries namely Aso Savings, Abuja Tech Village where AICL owns 20 percent equity, and 6 percent with Abuja Intercontinental Hotel formerly known as Sheraton Hotel. She however noted that during the meeting held with the Hotel’s management, that the Hotel has recapitalized and gone PLC, thereby AICL share has reduced to 3 percent.

While noting that AICL is still in talk with Abuja Intercontinental Hotel since 3 percent is not sufficient to be on the board of the Hotel because it’s a nominal shareholder and could only go to General Meeting, efforts are ongoing to improve the system with a view to regularize the percentages of investment.

She noted that efforts are also being made to ensure that the company’s staff are well motivated by embarking on a lot of capacity building and to drive them to ensuring that we return dividends to owners which is FCT.

Dr. Tamuno who assured that the present AICL under her watch cannot afford to “leave FCT the way it was,” disclosed that her team has developed a “revolution in AICL. If you’ve ever been to the office before my resumption and you come now, from the gate you would know that there’s a change.

“We definitely are building bridges, we definitely are looking at how to reposition AICL and making progress. We’ve not had it good, thank God for the responsive Minister who listens and who’s ready to work to recapitalize. We have the muscle to weather what we are faced with.”

While thanking the lawmakers for the support and trust reposed in her team, Dr. Tamuno said: “Thank you Mr. Chairman for this opportunity to be able to tell you what Abuja Investment is all about but I want to reassure you that as your Junior Colleague, you can be sure that coupled with the fact that women want to do what we have to do, so we can sleep well. I will be able to do the needful and make cintei to FCT and of course to the renewed hope agenda of Mr. President, that I will do.”

Speaking after the AICL Group Managing Director’s presentation, Hon. Betara said: “As discussed with the Committee, you see a lot of members not you, before coming into Abuja Investment, but for us with the discussion we did to your previous team I told you, I was disappointed. Now I realize why the Minister of FCT is bringing in new hands into FCT.

“We know you, with the little time you came in, revenue has come up and we hope you’re not coming down.

“And I will advise you anybody that you’re not ready to work with, remove the person so that you can work well. The Committee is ready to support you and support FCT in general.”

On his part, Hon. Timilehin Adelegbe (APC-Ondo) who showered encomium on the new AICL management team led by Mrs. Tamuno said: “I met her when she was an Ambassador to Jamaica. I think in the whole Pacific she transformed Jamaica she’s very aggressive.

“So, when she was reeling out her achievements I think we have just seen little. What we need as a House is to encourage her and also urge her to do a holistic audit of staff who may be dragging you back which is very very important.”

On his part, Hon. Kanice More (APC-Imo), who applauded President Bola Tinubu for being gender sensitive in the appointment of women into critical sector of the economy, underscored the need to encourage the AICL Group Managing Director to achieve more fears.

He said: “I thank His Excellency Bola Ahmed Tinubu for demonstration of gender sensitivity, inclusivity and friendliness in appointing a Lady, a Woman ans she has demonstrated capacity. I took time to study her, and I’ve listened to her, she started newly we should equally encourage her and I strongly believe that with more encouragement she will do more; and of course, to whom more is given, more is expected.”

Also speaking, Hon. Regina Akume (APC-Benue) said: “Madam, I want to thank you, before I’m seeing a spirit of its not my problem and it’s not my business, it’s government’s business, it’s not my business, that’s the spirit I’m seeing in here.

“And I want advise you all, that as long as you do not take property seriously, you cannot even make your own business because what a man sows he reaps.

“So, please government is for all of us. If you’re put there to do something, I know women are good managers, yes we women are good managers. So put all the broken pieces out them together and make us proud. That’s what I’m asking of you because there’s so much there that you can do. There’s so much laxity and it’s not right. The Chairman has said it, he net with you all, he will support them. But you must make him proud.”

While applauding the achievements recorded so far under the leadership of the FCT Minister, Hon. Betara said: “You have a Minister that’s a Lawyer, maybe that’s why you guys have improved.

“You guys need to improve. He doesn’t tolerate and if it is with law, he knows everything. So, for the Committee, if there’s anything we will require from you before we start the oversight, we are going to write you.”

News

CBEX: 60 fraudulent Ponzi scheme operators to avoid in Nigeria

Published

9 minutes ago

April 15, 2025

Admin

The Economic and Financial Crimes Commission (EFCC) has warned citizens to steer clear of 60 illegal Ponzi scheme operators in Nigeria.

These companies, operating without registration with the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC), have been identified as potential threats to the financial well-being of unsuspecting Nigerians.

According to the EFCC, some of these operators have already faced legal action, with five convicted and another five pleading guilty, awaiting sentencing.

The commission’s warning comes as a timely reminder for Nigerians to exercise caution when investing their hard-earned money.

The list of operators to avoid includes companies operating in various sectors, including agriculture, investment, and finance.

Full list below;

Wales Kingdom Capital

Bethseida Group of Companies

AQM Capital Limited

Titan Multibusiness Investment Limited

Brickwall Global Investment Limited

Farmforte Limited & Agro Partnership Tech

Green Eagles Agribusiness Solution Limited

Richfield Multiconcepts Limited Forte Asset Management Limited

Biss Networks Nigeria Limited

S Mobile Netzone Limited

Pristine Mobile Network

Letsfarm Integrated Services

Bara Finance & Investment Limited

Vicampro Farms Limited

Brooks Network Limited

Gas Station Supply Services Limited

Brass & Books Limited

Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited

Crowdyvest Limited

Jadek Agro Connect Limited

Adeeva Capital Limited

Oxford International Group

Oxford Gold Integrated

Skapomah Global Limited

MBA Trading & Capital Investment Limited

TRJ Company Limited

Farm4Me Agriculture Limited

Quintessential Investment Company

Adeprinz Global Enterprises

Rockstar Establishment Limited

SU.Global Investment

Citi Trust Funding PLC

Farm Buddy

Eatrich 369 Farms & Food

Globertrot Farmsponsors Nigeria Limited

Farm Sponsors Limited

Cititrust Credit Limited

Farmfunded Agroservices Limited

Adamakin Investment & Works Limited

Cititrust Holding PLC

Green Eagles Agribusiness Solutions Limited

Chinmark Homes & Shelters Limited

Emerald Farms & Consultant Limited

Ovaioza Farm Produce Storage Limited

Farm 360 & Agriculture Company

Requid Technologies Limited

West Agro Agriculture & Food Processing Limited

NISL Ventures Limited & Estate of Laolu Martins

XY Connect Investment Limited

River Branch Unique Investment Limited

Hallmark Capital Limited

CJC Markets Limited

Crowd One Investment

Farmkart Foods Limited

KD Likemind Stakeholders Limited

Holibiz Finance Limited

Ifeanyi Okpe Oil & Gas Services

Servapps Nigeria Limited

Barrick Gold Mining Company

360 Agric Partners Limited.

How to Protect Yourself

To avoid falling prey to these illegal Ponzi schemes, Nigerians are advised to:

1 Verify investment opportunities with the CBN and SEC before committing funds
2 Be wary of unusually high returns on investment
3 Research the company’s background and reputation
4 Report suspicious activities to the EFCC

By being vigilant and informed, Nigerians can protect themselves from the dangers of Ponzi schemes and make informed investment decisions. Stay safe, and stay informed.

News

NCoS Refutes Claims of Starvation in Prisons, Ensures Transparency

Published

35 minutes ago

April 15, 2025

Admin

In response to recent allegations suggesting widespread hunger and fatalities among inmates, the Nigerian Correctional Service (NCoS) has firmly denied the claims, assuring the public that feeding standards remain intact and strictly monitored across custodial centres nationwide.

Speaking with journalist in Abuja on Tuesday, the Service’s Public Relations Officer, Abubakar Umar, dismissed the reports as “sensational, misleading, and devoid of truth.” He emphasized that the welfare of inmates, including their nutrition, remains a top priority under the supervision of both state and federal authorities.

“Inmates are not starving. There is no evidence, either in our records or from any credible oversight body, suggesting that custodial centres are neglecting their duty to feed inmates adequately,” Umar stated.

He explained that the Federal Government allocates a dedicated budget annually for inmate feeding, which is judiciously managed under stringent guidelines. “Every inmate is entitled to three meals daily — breakfast, lunch, and dinner — as clearly provided for in our operational manual,” he said.

Umar further questioned the credibility of the reports, citing the strict access protocols in place at custodial facilities. He noted that no unauthorized interviews with inmates could have occurred, given that access requires multiple layers of clearance, and the use of recording devices is prohibited within the facilities.

“How does a journalist claim to have interviewed inmates in such a controlled environment without any official clearance or access?” he asked. “That alone casts doubt on the authenticity of the reports.”

To reinforce its commitment to inmate welfare, Umar said the NCoS has put in place an internal monitoring system, with officers-in-charge held accountable for the utilization of resources, especially feeding provisions. He said supervisory structures exist at both the national and state levels to maintain compliance and discipline.

“Any officer found negligent or complicit in mismanaging resources faces disciplinary action in line with our code of conduct,” he stated.

While acknowledging operational challenges, Umar maintained that such issues have not translated into hunger or starvation within correctional centres. He warned that false narratives could damage the reputation of the Service and cause undue public concern.

“We are aware of the economic situation, but it has not compromised our duty to feed or care for those in custody,” he said. “We call on media houses to verify information through the appropriate channels before publication.”

Umar highlighted the current administration’s efforts in improving the welfare of inmates, including a significant 50 percent increase in the feeding budget approved by President Bola Tinubu’s government. He also lauded the Minister of Interior, Dr. Olubunmi Tunji-Ojo, for championing reforms in the correctional system.

“There is an ongoing review of inmate welfare and feeding programmes. Reforms are already underway and will yield even more positive changes,” he said.

He concluded by inviting civil society groups, media professionals, and international observers to visit correctional centres for independent assessments, stressing that transparency and accountability remain core to the NCoS’s operations.

“Our doors are open for oversight visits. We believe in constructive engagement that can help us do better,” Umar said. “We are not just holding inmates; we are working to rehabilitate and reintegrate them into society with dignity.”

The NCoS has reiterated its commitment to international standards on inmate care and has urged the public to disregard the alarming claims, which it described as fabricated and harmful to ongoing reform efforts.

News

Angry investors raid CBEX office, loot assets in Ibadan after digital Platform crash

Published

2 hours ago

April 15, 2025

Admin

A group of angry individuals, on Monday evening, stormed the CBEX office located in the Oke Ado area of Ibadan, Oyo State, looting furniture and other items after the digital trading platform reportedly crashed.

Eyewitnesses said the mob forcibly entered the premises, carting away tables, couches, and other office equipment.

The attack is believed to have been triggered by the sudden collapse of the platform, which allegedly left many users with zero balance in their accounts.

Following the incident, several users expressed frustration and grief over the loss of their investments, with some taking to social media to share their experiences.

A video circulating online shows a large crowd at the CBEX office, with individuals seen removing various items from the building.