News

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

Published

10 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

Five Nigerian Secondary schools that allow students to operate mini businesses as part of their curriculum

Published

7 minutes ago

May 10, 2025

Admin

In Nigeria a growing number of schools have adopted mini enterprise programs that require students to design products or services manage budgets market to real customers and reinvest profits.

These initiatives foster teamwork financial literacy and creative problem solving while generating small revenues that support school projects or charities.

Below are 5 standout institutions where student led ventures move beyond classroom theory into genuine marketplace operations setting graduates on a path to business success.

1. Loyola Jesuit College, Abuja
Each term, students form teams that research market needs, write detailed business plans and launch ventures such as handcrafted soap labels or small event-planning services.

They procure supplies, manage production, establish brand identities and sell through pop-up campus stalls as well as online channels. Faculty advisors lead sessions on cost calculation, bookkeeping and customer relations.

Profits fund outreach initiatives, reinforcing both civic responsibility and business know-how.

2. Greensprings School, Lagos
Under the Young Entrepreneurs Programme, students operate cooperatives focused on projects ranging from organic produce farming to custom T-shirt design.

A campus makerspace equipped with 3D printers and sewing machines enables rapid prototyping. Participants validate demand at public fairs and via social-media campaigns.

Professional workshops cover trademark registration, supply-chain logistics and online marketing strategies. A capstone pitch event invites business leaders who award grants and incubation opportunities.

3. Dowen College, Lagos
The BizTech Club integrates enterprise roles into the timetable by assigning students to positions such as chief executive, finance director or marketing lead.

Past ventures have included coding tutorials for primary-school pupils and a healthy-snack café on campus. Live performance dashboards display revenue, costs and customer feedback in real time, teaching data-driven decision making.

Field trips to tech hubs and talks by startup founders connect these student enterprises to Nigeria’s wider innovation ecosystem.

4. American International School, Abuja
In the Enterprise Challenge, cross-grade teams design scalable services, such as virtual peer-tutoring networks, sustainable cleaning cooperatives or mobile-device repair units, over a full academic term.

Senior students mentor juniors, and all participants submit funding proposals to an alumni investment panel. Successful teams receive revolving seed capital, dedicated workspace and official after-school-club status, ensuring continuity.

The programme builds leadership skills and establishes ventures that operate year after year.

5. British International School, Lagos
The Young Innovators Hub supports ventures spanning eco-friendly fashion (upcycling local textiles) to sensor-based waste-collection solutions.

Students attend weekend intensives on e-commerce development, customer segmentation and rapid-iteration techniques.

Collaboration with local SMEs provides real-world client briefs, enabling learners to deliver commissioned work and build professional portfolios.

Annual showcases connect student teams with investors, grant programmes and accelerator partners, accelerating the transition from a student side project to a full-fledged startup.

Embedding genuine enterprise activities in these curricula gives students experience testing ideas managing operations and learning from outcomes in a guided setting.

The initiative cultivates resilience creativity and fiscal discipline essential for success in Nigeria’s entrepreneurial landscape.

News

Alleged $1m scam: Supreme Court overturns Fred Ajudua’s bail

Published

19 minutes ago

May 10, 2025

Admin

The Supreme Court has overturned a decision of the Court of Appeal which granted bail to Lagos businessman and former socialite, Fred Ajudua, who is standing trial for allegedly defrauding a German company of $1 million over three decades ago.

In a unanimous ruling on Friday, the apex court held that the Appeal Court erred in granting bail and ordered Ajudua’s return to correctional custody.

The court also directed trial judge, Justice Mojisola Dada, of the Lagos State High Court, to resume hearing of the criminal case.

Ajudua was initially charged before Justice Josephine Oyefeso of the Lagos High Court, but the case was later re-filed by the Economic and Financial Crimes Commission (EFCC) and reassigned to Justice Dada.

At his re-arraignment on July 6, 2018, Justice Dada denied Ajudua’s bail application on health grounds, noting that the case had suffered repeated delays for over 13 years.

“This case is one of the oldest in Lagos State. Bail is refused and the defendant is to be remanded in prison custody,” she ruled.

Following the ruling, Ajudua’s counsel, Olalekan Ojo, SAN, approached the Court of Appeal in Lagos, where Justice Mohammed Garba overturned Justice Dada’s decision, holding that bail was a constitutional right. The court also allowed Ajudua to remain free under his previous bail conditions.

Dissatisfied with this decision, the EFCC approached the Supreme Court.

News

TInubu admits taking tough decisions to enable Nigeria grow

Published

26 minutes ago

May 10, 2025

Admin

President Bola Tinubu on Friday defended his administration’s economic reforms, saying he took some decisions to sustain healthy growth for Nigeria.

He stated this at the State House in Abuja while receiving a special envoy from the Amir of the State of Qatar, Dr Mohammed bin Abdulaziz Al-Khulaifi.

Tinubu noted that ongoing reforms to streamline Nigeria’s tax system have made it easier for foreign investors to do business in the country.

“We are making efforts to reform our tax system. Going by the experiences of the past and the need to depart from old ways, our reforms have been hard.

“I made tough decisions so that we could grow. We are gradually seeing the light at the end of the tunnel,” the President was quoted as saying in a statement by his spokesman, Bayo Onanuga.

“You can’t find a better partner than Nigeria. I always follow the global issues and your efforts. You have to do more in Nigeria to help fight poverty in the humanitarian area.

“You have done well in developing a knowledge-based economy in Qatar, but what about Nigeria?”

The President said Nigeria’s partnership with Qatar could be improved by looking into food sovereignty and economic prosperity.

Tinubu indicated Nigeria’s readiness to build on the momentum generated by his state visit to Qatar in 2024, pledging to implement all bilateral agreements between the two countries.

He directed the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Minister of Information and National Orientation, Mohammed Idris; and the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, to work together to ensure the timely execution of the agreements.

“To all the members of the delegation, I want to say a big thank you for coming to Nigeria. We are grateful to God for what we have experienced as partners in progress. I am also glad that the Amir of Qatar greatly remembers the issues discussed during my visit last year.

“Let me commend the brotherly relations between Qatar and Nigeria. The ambassador knows that I take Qatar very seriously. We are willing to go further in our bilateral relations,” he said.

According to Tinubu, the Qatari government has demonstrated maturity and foresight in working for global peace and deserves commendation.

“I am proud of your efforts to bring peace and stability to the world. I see your efforts in human development, peace, and prosperity. Like you, we are sandwiched between the challenge of terrorism and helping our neighbours. We are conscious of who our friends are and those helping us to ameliorate the problems,” he said.

Dr Al-Khulaifi, Qatar’s Minister of State for Foreign Affairs, conveyed Amir’s strong interest in expanding bilateral cooperation, announcing that a high-level Qatari business delegation would visit Nigeria in the coming weeks to explore opportunities in agriculture, food security, and other critical sectors.

He also conveyed the Amir’s desire to strengthen the strategic partnership with Nigeria, particularly in peace-building, agriculture, and petrochemicals. He expressed pride in the current level of relations and looked forward to expanding both government-to-government and people-to-people ties.

“We are proud of the level of relations we have reached with Nigeria. I am very impressed with our partnership with the country, which is not just government-to-government but also people-to-people.

“Our ambassador has been following up with the projects. We have much to do together in agriculture, food, and petrochemicals. We have some companies telling us that we should create a way for them to come into Nigeria,” he was quoted as saying.

Al-Khulaifi, whose responsibilities include mediating peace in Africa and the Middle East, added, “The message I have from His Highness, Amir of Qatar, is that he wants Nigeria to be a strategic partner in Africa,” he added.