Category: Business Day

A faction of JonahCapital Nigeria Limited has asked the Economic and Financial Crimes Commission (EFCC) to investigate a claim that more than $300 million was invested in the development of River Park Estate, Abuja.

The faction, led by Adeniran Ogunmuyiwa, a director and founder of JonahCapital, disputed the claim and urged the Federal Government to exercise caution over an ongoing arbitration involving the River Park project at the International Chamber of Commerce (ICC) in Paris, France.

Ogunmuyiwa alleged that the arbitration could expose Nigeria to a claim for hundreds of millions of dollars over an investment that, according to him, was never made.

The dispute centres on Plot 4, Cadastral Zone E30, Lugbe West, Abuja, now known as River Park Estate. JonahCapital Nigeria Limited acquired the property through a Development Lease Agreement (DLA) with the Federal Capital Development Authority (FCDA) in 2007.

The development has since become the subject of a dispute between Nigerian investors and a Ghanaian-linked faction over the ownership and control of JonahCapital and the rights arising from the lease agreement.

The Ghanaian faction has commenced arbitration against the FCDA, arguing that the development lease remains valid until 2030, despite its termination last year.

Ogunmuyiwa, however, rejected the claim that JonahCapital funded or provided infrastructure for River Park Estate.

In a letter dated August 10, 2026, and addressed to Nyesom Wike, Minister of the Federal Capital Territory (FCT), Ogunmuyiwa said he signed the original Development Lease Agreement with the FCDA and was involved in the company’s dealings concerning the project.

He alleged that an ownership dispute within JonahCapital had led to changes in the company’s corporate records between 2024 and 2026.

According to him, JonahCapital was not incorporated by the Ghanaian individuals now claiming ownership of the company, nor was it sold to them.

Ogunmuyiwa also disputed claims attributed to Samuel Esson Jonah that JonahCapital invested more than $300 million in infrastructure at River Park Estate.

He said JonahCapital did not provide infrastructure or funding for the development, adding that the infrastructure was financed by Paulo Homes Limited under an agreement with the company.

The petition to the EFCC, written by lawyers led by Oluwabunmi Adebiyi and received by the commission on August 11, called for an investigation into the alleged $300 million investment claim and the parties behind it.

The petitioners asked the EFCC to demand documentary evidence showing that the funds were brought into Nigeria and spent on the River Park project.

They listed Certificates of Capital Importation (CCI), bank statements, foreign inward remittance records, Central Bank of Nigeria documentation, foreign exchange records, investment agreements, audited accounts, payment vouchers and evidence of payments to contractors and suppliers among the documents they want investigators to examine.

They also asked the commission to establish the source of the alleged funds, the accounts from which they originated, the Nigerian accounts that received them, the dates and amounts of transfers, and how the funds were deployed.

The petitioners further asked the EFCC to investigate the roles of Samuel Esson Jonah and Kojo Mensah, including representations allegedly made before the ICC and documents relied upon to support the $300 million investment claim.

They said that if the investment claim was false, it would go beyond a private commercial dispute because it was being relied upon in an international arbitration involving a project connected to the Nigerian government.

The faction also alleged that filings at the Corporate Affairs Commission (CAC) were altered to remove legitimate shareholders and directors and replace them with individuals aligned with the competing ownership claim.

It further alleged that Jonah was never a director of JonahCapital but later presented himself as one.

According to the petition, Jonah was admitted as a shareholder after the company was established, with an understanding that he would contribute capital to the project. The petitioners allege that he failed to provide the agreed funding and was removed as a shareholder in 2008.

The petitioners said Ogunmuyiwa subsequently sought alternative financing from Paul Odili of Paulo Homes Limited, which they claim funded activities including the settlement of indigenous settlers and the construction of access roads, water reticulation and other primary infrastructure.

The faction therefore urged the EFCC to investigate what it described as an attempt to establish a false history of ownership and investment in order to obtain financial or proprietary rights over River Park Estate.

The dispute comes as the FCT administration faces arbitration over the project, with Wike recently confirming that Nigeria had been taken before the ICC in France.

The competing claims have not been determined by a court, the EFCC or the arbitral tribunal. They remain allegations pending investigation and determination by the relevant authorities.

At its core, the dispute concerns three questions: who owns JonahCapital, who has the authority to represent the company, and whether more than $300 million was actually invested in River Park Estate.

Ogunmuyiwa’s faction says the Ghanaian-linked faction has no right to represent JonahCapital and that there is no evidence that the claimed $300 million was invested in the project. It wants the EFCC to trace the funds and determine whether they entered Nigeria and were used for River Park.

The other side has taken the dispute to international arbitration, arguing that its rights under the development agreement remain valid.

The key issue for investigators is therefore whether the alleged $300 million can be traced through verifiable financial records showing its source, entry into Nigeria, recipients and use in the River Park project.

The Department of State Services (DSS) has called for stronger collaboration among security agencies, government institutions, traditional authorities and communities to confront terrorism, banditry and other emerging security threats in the North-West.

The call was made at the second North-West Zonal Conference of State Directors of Security, hosted by the Department of State Services (DSS) in Katsina State on Thursday, with the theme, ‘Unite Against Terror.’

Representing the Director-General of the DSS, Oluwatosin Adeola Ajayi, the Chairman, North-West Forum of State Directors of Security and Kano State Director of Security, Husseini Abubakar, said the conference provided an opportunity for security stakeholders to compare experiences, assess evolving threats and develop effective strategies against terrorism and banditry.

He said, ‘This edition of the Northwest SDSS Conference gives us another opportunity to compare notes, share experiences, assess evolving and endemic security challenges, particularly the threat of banditry, and devise appropriate containment strategies in the effort to secure our communities.’

Abubakar, who conveyed the goodwill of the DSS Director-General, said the Service under the current leadership was working to strengthen its tactical capabilities and improve the capacity of its personnel to respond to security challenges.

He also commended the existing synergy among security and law enforcement agencies in the North-West, noting that such cooperation remained critical to addressing terrorism and other forms of criminality.

‘As we go into the technical session, I am optimistic, and we should bear in mind that the war against terror is a task that must be accomplished,’ he said.

In his welcome address, Alhassan Iliyasu, the Katsina State Director of Security, said the conference was designed to strengthen intelligence-led operations and develop coordinated responses to security threats confronting the region.

He said the theme, ‘Unite Against Terror,’ was deliberately chosen to emphasise that the fight against terrorism and banditry could not be left to security agencies alone.

‘By uniting against terror, it involves everybody, not only the security agencies, but the entire society,’ he said.

He said Katsina had adopted a community-based approach to security, with the state government, security agencies, community watch structures and vigilante groups working together to prevent and respond to threats.

According to him, the security architecture had contributed to the state’s improved response to security challenges.

‘If you observe in Katsina State, that theme, ‘Unite Against Terror,’ is no longer news because we live as one family. At any point in time, however late the day is, whoever you call among the action agencies, we are responding,’ Iliyasu said.

He said the purpose of the conference was to examine security challenges in the North-West ‘from the nitty-gritty,’ review existing countermeasures and develop new strategies capable of tackling banditry and related criminal activities.

The conference comes amid persistent security concerns in parts of the North-West, where banditry, terrorism, kidnapping, arms trafficking and other forms of organised criminality have continued to challenge communities and security institutions.

The conference brought together State Directors of Security and other stakeholders from the seven North-West states of Katsina, Kano, Kaduna, Jigawa, Kebbi, Sokoto and Zamfara, as well as heads of security agencies, traditional rulers, government officials and retired security personnel.

IHS Nigeria Limited in partnership with the Osun State Board of Technical and Vocational Education (OSSBTVE), on Monday commenced the Osun Teacher-Shift 2.0 programme, a capacity-building initiative for 209 Technical and Vocational education teachers aimed at strengthening technical and vocational education in the State.

The opening ceremony, which was held in Osogbo, Osun State Capital, marked the commencement of the training which is now in its second year with the theme, ‘From Shift to Impact: Reimagining the Role of Teachers in a Changing World’.

In attendance were State Government functionaries, school administrators, and education stakeholders from the State.

Delivering the keynote address at the ceremony, Titilope Oguntuga, Director, Sustainability, IHS Nigeria, said the programme represented the company’s continued commitment to strengthening technical and vocational education, empowering teachers and preparing learners for success in a rapidly changing world.

She said IHS Nigeria believes that lasting transformation begins with teachers, noting that the initiative aligns with one of the company’s sustainability pillar on education and economic growth through investments that strengthen access to quality education, build capacity and equip people with skills needed for economic development.

‘Last year, during the inaugural edition of this programme, we challenged teachers to embrace a Mindset Shift, to see themselves not simply as instructors, but as facilitators of transformation, innovation, and lifelong learning.

‘This year, we are building on that foundation by challenging participants to turn that mind shift into meaningful action. ‘From Shift to Impact’ is about translating ideas into improved teaching practices, stronger classroom engagement and better learning outcomes,’ Oguntuga said.

She added that participants would explore innovative teaching approaches, effective communication, sustainable and industry-relevant practices during the training, stressing that, ‘the true success of this programme will be measured not by what happens over the next few days, but by the positive changes your students experience when you return to your classrooms.’

‘This programme also reflects our broader commitment to sustainability and quality education. By strengthening teacher capacity, promoting innovative teaching practices, and preparing learners with future-ready skills, we are contributing to building more resilient communities and supporting sustainable national development,’ Oguntuga noted.

Dipo Eluwole, the Commissioner for Education, Osun State, who was represented by Akinwale Ajetunmobi, the Special Adviser on School Monitoring, described the Teacher Shift Initiative as a timely intervention that aligns with the state’s vision of strengthening education through improved teacher capacity and strategic partnerships.

Ajetunmobi, who spoke on the theme, ‘Leadership, Accountability and Excellence in Public Education,’ stressed the need for quality leadership, accountability and commitment to excellence in the education sector, noting that ‘every investment in education must ultimately translate into better teaching, improved student achievement and stronger schools.’

Ajetunmobi added that the administration of Governor Ademola Adeleke has continued to prioritise education through investments in infrastructure, teacher welfare, curriculum development, technical and vocational education, digital learning opportunities and strategic partnerships.

‘By strengthening the teachers’ professional capacity and equipping them with contemporary knowledge and practical skills, the initiative will improve classroom effectiveness and better prepare our students for emerging opportunities in the modern economy.

‘He urged participants to embrace the training and translate the knowledge acquired into improved classroom practice and institutional performance.’

In his opening remarks, Dapo Ademola-Adesina, Special Adviser to Governor Ademola Adeleke on Technical and Vocational Education, described the programme as an initiative that has evolved from a human capacity training workshop held last year into an annual programme sponsored by IHS Nigeria Limited.

According to him, the training is designed to build teachers’ confidence, sharpen their classroom skills and knowledge, while supporting the state’s drive to strengthen technical and vocational education.

‘We are all aware that Nigeria today faces real and pressing challenges in job creation, employment opportunities and skill acquisition.

‘But the good news is this: we shall overcome if we make the right choices as a State-choices that prioritise Technical and Vocational Education Training (TVET) through the deliberate pursuit of skill acquisition,’ he said.

Earlier in his welcome address and overview of the teacher-shift initiative, Olaonipekun Kazeem, the Executive Director of Focus Teens Foundation, said that while the 2025 edition of the programme focused on shifting teachers from traditional teaching methods to transformational learning, the 2026 edition is aimed at achieving practical and measurable impact in classrooms.

‘We want to begin to see physical, practical change. We want to ensure that our students are well-read, well-equipped to take on the world and to be more economically ready and economically viable, in the best interest of the state as a whole,’ Kazeem said.

He stated that 209 teachers from the Osun State Board of Technical and Vocational Education would be participating in the training, which is structured into three cohorts, with each cohort undergoing two days of intensive sessions focused on practical classroom implementation, leadership, coaching and evidence-based outcomes.

The Federal Government is moving to turn Nigeria’s Startup Act from a legal framework into practical funding, tax, export and regulatory benefits for startups, as it pushes more than 15 government institutions to work together on implementation.

The National Information Technology Development Agency (NITDA) said the success of the law would no longer be measured by its existence, but by how easily startups and investors can access the incentives it provides.

The agency made the call at the Nigerian Startup Act (NSA) Incentives Activation Co-Creation Session in Abuja, organised by NITDA’s subsidiary, the Office for Nigerian Digital Innovation (ONDI).

The push marks a shift in focus from designing the policy to delivering its benefits to businesses, particularly startups seeking capital, tax relief, regulatory support and access to export markets.

Speaking through Victoria Fabunmi, national coordinator of ONDI, NITDA director-general Kashifu Inuwa said the government must now move to the next level of implementation.

‘We want to be able to say that the actors in our ecosystem have been able to benefit significantly from the legislation that has been passed,’ Inuwa said.

He said this would require government agencies, private-sector players and other stakeholders to work together to remove institutional bottlenecks.

The Startup Act, signed into law on Oct. 19, 2022, was designed to create a more supportive environment for innovation, improve access to funding and strengthen collaboration between government and technology businesses. But the structure of the incentives makes implementation more complicated because they cut across several areas of government.

Elma Andah, acting lead, Strategy, Research and Analytics at ONDI, said the law contains more than 31 incentives spread across six broad categories.

They include tax and fiscal incentives, regulatory support, funding access, exports and trade, ecosystem development, and training and capacity building.

More than 15 government institutions are involved in delivering the incentives, making coordination a major test for the policy.

‘No single institution can deliver all these incentives alone. Implementation requires coordination across more than 15 MDAs,’ Andah said.

The government is now seeking clearer ownership of each incentive, simpler application procedures and stronger monitoring systems to ensure that eligible businesses can access the benefits.

The challenge is particularly important because several incentives are linked.

A startup seeking government funding may also need tax support. A company preparing to export may require regulatory approvals, while an investor seeking a tax credit could depend on the startup labelling system.

Without coordination, entrepreneurs could face the same bureaucratic barriers the law was intended to reduce.

NITDA said institutions responsible for trade, finance, communications, innovation, digital economy, science and technology must therefore align their policies and processes.

The agency also called for continuous engagement with startups and investors so that government can adjust implementation as the needs of the ecosystem change.

Nigeria’s startup ecosystem has expanded despite economic pressures, with more than 3,000 startups and several technology companies that have gained international recognition.

Nigerian startups attracted about $410 million in funding in 2024, according to figures presented at the session.

The government sees the Startup Act as a tool to deepen that investment pipeline and improve the ability of local companies to scale.

Some implementation structures are already in place. These include the Startup Consultative Forum and its governance framework, the digital startup support engagement portal, improved startup labelling timelines, the Startup Investment Seed Fund framework and efforts to operationalise a regulatory sandbox.

States are also being engaged on adopting the Startup Act, according to ONDI.

The next phase is to connect those structures with the incentives promised under the law.

For founders, the significance of the government’s latest push will depend less on new policy announcements and more on whether businesses can obtain tax relief, funding, regulatory support and export assistance without navigating multiple disconnected government systems.

NITDA said recommendations from the co-creation session would feed into efforts to strengthen the implementation framework.

The broader objective is to create a system in which government agencies act as parts of one startup-support network rather than separate institutions, allowing Nigerian businesses to grow faster, attract more investment and compete in global markets.

Airtel Nigeria has surpassed 17,000 cell sites as the telecommunications operator increase network expansion across the country, adding more than 1,000 sites annually to extend high-speed connectivity to underserved communities.

The expansion brings Airtel closer to the 18,000-cell-site milestone and reinforces the operator’s growing infrastructure footprint across Nigeria’s 774 Local Government Areas.

According to Airtel Africa’s latest annual report, its Nigerian operation added more than 1,050 new sites during the 2025-26 financial year, as the company continued to invest in network coverage, capacity and resilience.

The latest expansion represents a significant increase from the approximately 15,000 sites Airtel operated two years ago. By early 2026, the company had crossed the 17,000-site mark, following the addition of about 2,000 sites over two years.

More than 99 percent of Airtel Nigeria’s sites are now 4G-enabled, with the operator continuing to deploy new infrastructure and upgrade existing locations to meet rising demand for mobile voice and data services.

The network expansion is also reaching communities that have historically had limited access to telecommunications infrastructure, including Kukawa in Borno State, Okomu-Udo in Edo State, Chimbi in Niger State, Orile Ijaiye in Oyo State, Kopii in Benue State and Aran-Orin in Kwara State.

Airtel has said a significant portion of its network investments is being directed towards deep rural communities, small towns and the outskirts of major cities.

At a media roundtable in February, Dinesh Balsingh, Airtel Nigeria’s CEO said the company would maintain the scale of its network expansion during 2026.

‘Everyone has the right to digital connectivity, including people in deep rural markets and small communities,’ Balsingh said.

Beyond expanding geographical coverage, the investment is designed to improve the quality and reliability of connectivity for existing users.

In 2025, Airtel upgraded capacity at about a quarter of its existing sites, deploying higher-capacity radios and migrating portions of its backhaul infrastructure from microwave to fibre.

The operator has also continued to strengthen its spectrum position. Since November 2025, Airtel has added 20MHz of spectrum, which it expects to fully integrate across its sites during the current quarter.

Balsingh said the company’s investment programme was focused on strengthening coverage, capacity and network resilience, with the benefits expected to translate into improved customer experience.

‘We have invested with discipline and clarity to strengthen our network nationwide. Those investments are now translating into measurable improvements in performance, customer experience and reach, including in underserved communities,’ he said.

Independent network measurements have also pointed to improvements in Nigeria’s mobile connectivity environment. Ookla’s Speedtest Global Index reported a median mobile download speed of 97.74 Mbps for Nigeria in June 2026.

However, for Airtel, the infrastructure rollout is not only about expanding its physical footprint but also increasing the speed, capacity and stability available to customers in areas where demand for mobile services is rising.

Ismail Adeshina, director of marketing at Airtel Nigeria, said the company’s investments were aimed at making connectivity more useful to Nigerians as consumers, families and businesses increasingly depend on mobile services for communication, commerce and access to essential services.

The expansion is also expected to support Nigeria’s wider digital economy, particularly as mobile connectivity becomes l important to sectors such as financial services, agriculture, education, healthcare, logistics and e-commerce.

‘With mobile connectivity serving as the platform for financial services, commerce, education, healthcare, agriculture and enterprise, expanding the physical network effectively increases the number of Nigerians able to participate in those activities,’ Adeshina said.

For rural communities, stronger mobile networks can improve access to agricultural information, market prices, weather updates and advisory services, while small businesses can use reliable mobile data for digital payments, customer engagement, logistics and online commerce.

The continued rollout comes as Nigeria’s telecommunications sector faces growing demand for mobile broadband, driven by smartphone adoption, digital payments, streaming, social media, cloud-based services and other data-intensive activities.

Airtel’s expansion positions network investment as part of the broader infrastructure required to increase participation in Nigeria’s digital economy and not just a telecommunications strategy.

Tourism is often associated with beautiful landscapes, cultural festivals, heritage sites, reserves and hospitality. Before any tourist centre becomes an attraction, there must be a groundswell of popular acclaim and acceptance from a critical mass of the target population driving word of mouth, attention and footfalls to it. It is these first signs of potential that investors look for before directing their investments into any area.

If we want our tourism ideas and projects to become more than a destination and an asset class that attracts investments, we have to put on the cap that investors wear. The question is, what does an investor look for before choosing which tourism destination becomes an asset class?

Investors tend to ask a simple, and very important, question: can this destination consistently create value? If your tourism destination cannot ace this important question, you can be certain that the investor will take his business elsewhere.

That question is what separates a destination from an asset.

A destination attracts visitors. An asset attracts capital. A destination may become popular overnight; an asset continues to create value over generations.

For Nigeria to unlock tourism’s full economic potential, we must move beyond promoting attractions alone. We must build confidence: confidence that transportation is reliable, infrastructure works, experiences are worthwhile, service is professional and investments can generate sustainable returns.

Long before a visitor boards an aircraft, books a hotel room or registers for a festival, that person has already made an investment based on trust. The same is true, at a larger scale, for the hotel developer, airline operator, conference organiser, tour company and institutional investor.

Tourism, therefore, is not built only on attractions. It is built on confidence.

Every destination can attract visitors. Only a few attract sustained investment. The difference lies in six important transformations.

From seasonal attractions to living ecosystems

Many tourism destinations are built around annual events, but far fewer are built around year-round economic activity.

Years ago, while working as a journalist, I wrote an article titled A Tale of Two Cities. It reflected on how one of our cities in Nigeria becomes vibrant during a major festival, only to return to near silence after the celebrations end. The streets are empty, businesses are slow and economic activity fades.

The lesson remains relevant: festivals create moments; ecosystems create sustained prosperity for all stakeholders.

A festival may attract visitors, but an ecosystem attracts investors. The critical question is not simply what happens during the festival. It is what happens during the other days of the year when the bells for the festival have stopped ringing.

Can visitors return for food, culture, heritage, business, leisure, conferences, sport or family experiences? Can local businesses remain active after the event? Can jobs and enterprise be sustained?

Tourism becomes investable when a destination continues to create value long after an event has ended.

From access to enduring connectivity

Accessibility is essential, but it is never permanent. It must continually evolve.

I once came across a case study of a thriving American town that became deserted. Hotels closed, businesses disappeared and residents moved away. The town itself had not changed. What brought people there before was still there, but the town no longer enjoyed the status it once had. What brought this about? A new highway had simply been constructed that bypassed it. Travellers no longer needed to stop there, and the traffic – and economic activity – flowed elsewhere. Any illusion that it was a viable tourist attraction was dissolved with that one act.

The lesson is clear: destinations cannot build infrastructure only for today’s travel patterns. They must anticipate tomorrow’s and work ahead to stay relevant for those who invest in them.

Roads, airports, digital access, last-mile transport, signage, safety and seamless movement within a destination all matter. A location that is difficult to reach, difficult to navigate or difficult to leave will struggle to retain both visitors and investors.

Today’s competitive advantage can become tomorrow’s forgotten route if connectivity is not deliberately sustained and updated to match current realities, tastes and stature of the audience.

From visitor numbers to economic multipliers

Tourism is often measured by arrivals. It should be measured equally by economic impact.

One passenger arriving in a city supports far more than an airline. That journey can create business for airports, hotels, restaurants, transport operators, retailers, artisans, event organisers and local communities.

One journey. Many beneficiaries.

This is why tourism can be such a powerful driver of inclusive growth. Its benefits can extend beyond a single operator or sector when the destination has deliberately connected its value chain.

The challenge for tourism planners is to ask, ‘What can be built into the visitor experience that multiplies benefits for local communities while improving returns for investors?’

The answer may include curated local experiences, reliable transport, destination merchandising, skilled tour guides, conference facilities, food markets, cultural centres, digital booking platforms and partnerships that keep more visitor spending within the local economy.

Connectivity multiplies prosperity.

From ownership to collective stewardship

Over the years, I have had the privilege of being involved in advertising, marketing communications, festivals and promotional campaigns. Many generated excitement and achieved recognition. Yet some gradually faded – not because they lacked creativity, but because they never outgrew their founders.

Too many of the tourism events we hold dear are driven by the vision of a single individual rather than the dreams of a community or nation.

We must come to the realisation that an idea becomes an enduring asset when ownership becomes collective. The government must see value in it. Communities must protect it. Businesses must invest in it. Young people must find opportunity in it. The media must amplify it. Airlines, hotels, transport providers and other enablers must support it.

The greatest compliment any tourism initiative can receive is when people begin to say, ‘This belongs to all of us.’

That is when it ceases to be merely an event and begins to become an institution. Before this can happen, it must be centrally driven and consciously midwifed till it becomes part of our DNA.

From informal service to a professional standard

Tourism must also learn from aviation in the area of training, certification and professional discipline.

In aviation, competence is not assumed. It is demonstrated, assessed, renewed and, where necessary, independently verified. From pilots and engineers to cabin crew, dispatchers, safety personnel and maintenance organisations, there are recognised standards that build confidence in both the people and the institutions that serve the industry.

Tourism needs a similarly deliberate approach.

Beyond obtaining a degree or attending a course in catering, hotel management or hospitality, there is a need for a credible tourism and hospitality training institute, or an industry-led framework, that provides practical, globally benchmarked courses and certifications for people who work across the value chain.

This should cover hotel and guest-house operations, tour guiding, destination management, customer service, food and beverage, events, transport, safety, sustainability and tourism enterprise management.

More importantly, it should provide a transparent means of grading both professionals and organisations. A visitor should be able to recognise that a hotel, tour operator, attraction, restaurant or destination service provider has met defined standards of quality, safety, service and sustainability – much as recognised quality certifications give confidence in other sectors.

Such a framework should not exist merely to issue certificates. It should create a culture of continuous improvement, clear career progression and accountability.

Tourism jobs must also be elevated into professions that people are proud to pursue and grow within. The receptionist, tour guide, chef, driver, guest-relations officer, housekeeper, event coordinator and destination manager are not peripheral workers. They are often the people who determine whether a visitor leaves with a good story – or never returns.

When tourism workers are properly trained, respected, certified and rewarded, the entire visitor experience improves. When organisations are transparently assessed against credible standards, investors gain greater assurance that quality is not accidental.

Professionalism is not an optional extra in tourism. It is part of the infrastructure of confidence.

From isolated projects to an investment ecosystem

Tourism should not be viewed in isolation because each investment can strengthen another.

Better airports can attract more airlines. More airlines improve accessibility. Greater accessibility attracts more visitors. More visitors encourage hotel investment. Better hotels attract conferences. Conferences increase business travel. Business travel supports aviation. More aircraft movements strengthen the business case for maintenance facilities and skilled aviation services.

Each investment reinforces the next.

This is how destinations become asset classes: not through isolated projects, but through connected systems that reduce risk, increase confidence and create multiple opportunities for value.

Aviation: An often unseen tourism asset

Aviation is one of the critical enablers of this confidence.

At Aero Contractors, we have seen how reliable air connectivity supports economic activity far beyond the airport. For decades, we have helped connect commercial centres, supported strategic industries and made movement possible across challenging routes.

In the oil and gas sector, aviation has long enabled the safe movement of personnel to offshore platforms and remote operational locations. These services are about more than transportation; they support one of Nigeria’s most strategic economic sectors.

During a recent visit to long-standing partners in Sokoto, a simple statement stood out: ‘One Aero. One Sokoto.’ It reflected the value of dependable connectivity over time.

I also recall arriving in Warri and being warmly welcomed by an official, who described Aero Contractors as an airline that helped open the route and connect the region more effectively with the rest of Nigeria.

Such experiences reinforce an important truth: airlines do not simply connect airports. They connect economies, people and possibilities.

There is also an aviation contribution that tourists may never see but investors understand very well: Maintenance, repair and overhaul capability.

Reliable aviation depends on reliable maintenance. A strong MRO reduces operational risk, strengthens airline confidence, supports skilled employment and can attract engineers, inspectors, regulators and operators into the country. It helps build the dependable aviation ecosystem that makes regional connectivity more sustainable. An MRO may never appear on a tourism brochure, but it quietly supports the confidence on which tourism depends.

The real objective

As Nigeria seeks to diversify its economy, tourism presents a significant opportunity. But our ambition should not simply be to increase visitor numbers. We should seek to create destinations that remain valuable, relevant, competitive and investable twenty, thirty and even fifty years from now.

That requires continuity: moving from seasonal attractions to year-round ecosystems.

It requires connectivity: ensuring access today while anticipating tomorrow’s travel patterns.

It requires economic multiplication: seeing every visitor as a catalyst for broader prosperity.

It requires collective ownership: transforming initiatives into institutions embraced by communities and stakeholders.

It requires professional standards: building a tourism workforce and service culture that is trained, certified, respected and continuously improved.

And it requires credible enablers: the often unseen infrastructure, including aviation and maintenance capability, that makes the entire system dependable.

Tourism does not begin when a visitor arrives. It begins much earlier – with confidence.

Confidence to travel. Confidence to invest. Confidence to return.

When people trust a destination, visitors come. Businesses follow. Investment grows. Communities prosper.

That is how destinations become asset classes.

When Tony O. Elumelu steps down as Group Chairman of United Bank for Africa (UBA) on August 21, 2026, it will mark the end of one of the most defining chapters in modern African banking. Retiring after completing the maximum 12-year tenure limit for non-executive directors mandated by the Central Bank of Nigeria (CBN), Elumelu leaves an indelible footprint on African commerce. His retirement is not an exit from active economic leadership but a decisive pivot of his strategic focus towards the real-sector engines driving the continent’s next industrial revolution: energy security, power infrastructure, and cross-border industrialisation.

Elumelu’s legacy at UBA: The sheer scale of Elumelu’s legacy at UBA is evident. in sheer scale. When he assumed the chairmanship in 2014, he championed a vision that expanded UBA into Africa’s Global Bank, scaling operations across 20 African nations alongside key international financial hubs in New York, London, Paris, and Dubai. Under his watch, the bank’s asset base expanded past ?33 trillion, serving well over 50 million customers worldwide. More importantly, he institutionalised Africapitalism, the economic philosophy asserting that the African private sector must take the lead in driving long-term economic and social transformation.

Industry observers are asking whether UBA and the broader banking landscape will ever be the same without Elumelu’s direct boardroom influence in terms of personality and visionary flair, deal-making instinct, and high-level global advocacy. However, his ultimate triumph lies in institutionalising governance so thoroughly that the bank no longer depends on a single personality. The election of Emmanuel N. Nnorom, a veteran chartered accountant with over 40 years of cross-sector leadership spanning banking, auditing, and corporate restructuring, as the incoming Group Chairman reflects a deliberate, succession-driven strategy. Nnorom’s deep institutional familiarity as a former executive and director across UBA and Transcorp guarantees capital market stability and strategic continuity.

Freed from commercial banking oversight constraints, Elumelu’s next chapter concentrates his capital and expertise directly where Africa’s macro-structural bottlenecks persist: energy, power, and infrastructure. Through his proprietary investment company, Heirs Holdings, Elumelu is executing a vertically integrated real-sector expansion.

The epicentre of this new chapter is the upstream and midstream energy landscape, especially with the strategic acquisition of a 20% stake in Seplat Energy. Assuming the chairmanship of Seplat Energy, effective January 1, 2027. positions Elumelu at the helm of Africa’s primary indigenous energy producer. Following Seplat’s landmark acquisition of ExxonMobil’s shallow-water assets (Mobil Producing Nigeria Unlimited) and the operationalisation of the ANOH Gas Processing project, Elumelu will oversee an energy behemoth uniquely structured to solve Nigeria’s domestic gas supply deficit and drive export capacity.

Concurrently, his leadership at Transcorp Group, where he remains chairman, continues to reshape the power sector. Through Transcorp Power and TransAfam Power, the group commands a vital share of Nigeria’s total electricity generation capacity, directly feeding industrial clusters and urban centres. When linked with the hospitality footprint of Transcorp Hotels and the healthcare and real estate ventures under Heirs Holdings, Elumelu’s portfolio represents an ecosystem designed to capture value across every layer of the real economy.

As he steps into this expansive post-UBA era, Elumelu’s single most high-impact focus should be the Gas-to-Power Industrialisation Corridor. Energy poverty remains the single greatest tax on African economic growth. By aligning Heirs Energies’ gas reserves, Seplat’s massive production capability, and Transcorp’s power generation infrastructure, Elumelu can build an integrated energy value chain that directly bridges the continent’s power deficit. Such an outcome would unlock manufacturing productivity, power regional trade and create millions of jobs.

Alongside these corporate endeavours, his undivided attention will supercharge the Tony Elumelu Foundation (TEF), accelerating its mission to empower thousands of young African entrepreneurs who form the backbone of the continent’s future economy.

Tony Elumelu leaves UBA at the absolute peak of its institutional prestige, having permanently rewritten the narrative of African banking. As he steps forward into this next chapter of industrial leadership, energy transformation, and philanthropic impact, the global business community honours his legacy and eagerly anticipates the monumental milestones yet to come.

I wish him robust health, continued visionary boldness, and unprecedented success as he shapes Africa’s economic destiny.

Premier League champions Arsenal have reportedly reopened talks with Galatasaray over a possible deal to sign Nigerian striker Victor Osimhen as Mikel Arteta continues his search for a new centre-forward.

According to The Telegraph, Arsenal have held discussions with the Turkish champions regarding the 27-year-old Super Eagles forward, who has emerged as an alternative target as the Gunners assess their attacking options.

Arteta is keen to add another proven No. 9 to his squad ahead of the new season, with Atletico Madrid striker Julian Alvarez understood to be Arsenal’s preferred target.

However, a deal for the Argentine has proved difficult to complete, prompting the London club to explore alternatives.

Osimhen’s name has now returned to Arsenal’s radar, with the Nigerian having previously been linked with a move to the Emirates Stadium.

Galatasaray interested in Arsenal players

The discussions between Arsenal and Galatasaray could also involve players moving in the opposite direction.

The Turkish club have reportedly shown interest in Arsenal forwards Gabriel Martinelli and Ethan Nwaneri, with Osimhen’s future potentially becoming part of wider transfer discussions between the clubs.

Osimhen has established himself as one of Europe’s most prolific strikers since moving to Galatasaray.

After joining the club on loan from Napoli in 2024, he scored 15 league goals in 25 appearances before returning for another outstanding campaign.

Last season, he scored 15 goals in 22 Turkish Super Lig appearances as Galatasaray secured another league title.

Overall, Osimhen has scored 59 goals in 74 appearances for the Turkish club, helping them win back-to-back Super Lig titles.

Osimhen’s future remains uncertain

Galatasaray made Osimhen’s move permanent last summer for a Turkish-record pound 75 million after his impressive loan spell.

Despite the significant investment, uncertainty continues to surround the striker’s future, with interest from several major European clubs and Saudi Pro League side Al-Hilal.

Osimhen previously demonstrated his pedigree in Serie A with Napoli, scoring 26 goals in 32 league appearances during the 2022-23 campaign as the Italian club won the Scudetto.

His goalscoring record and physical presence have made him an attractive option for Arsenal as Arteta seeks greater depth and firepower in attack.

The Gunners are looking to strengthen their squad after narrowly missing out on major attacking targets, while Alvarez remains their leading option for the centre-forward position.

Should Arsenal fail to reach an agreement for the Atletico Madrid star, Osimhen could emerge as one of the most prominent alternatives.

For Galatasaray, however, retaining their prized Nigerian striker would be a major priority after his impact over the past two seasons.

With Arsenal now reportedly in direct talks with the Turkish champions, Osimhen’s future could become one of the defining transfer stories of the final weeks of the summer window.

Caverton Offshore Support Group Plc has reported half-year results that point to a business finding its footing again, with revenue accelerating through the second quarter and losses narrowing markedly from the first three months of the year.

The Group’s half-year revenue for the six months ended June 30, 2026 came to N14.7 billion. Second-quarter revenue of N8.6 billion was 41 per cent higher than the N6.1 billion recorded in the first quarter, while the quarterly loss narrowed to N3.7 billion from N5.0 billion – an improvement of some N1.2 billion quarter on quarter. The Group closed the half year with a loss of N8.7 billion, with net finance costs of N8.4 billion remaining the principal weight on the bottom line – underscoring why the Group’s debt restructuring programme sits at the centre of its recovery plan.

Beneath the headline loss, the operating picture is firmer. Operating profit before administrative costs reached N7.3 billion, a margin of roughly 50 per cent on revenue, reflecting the disciplined cost management that first showed through in the Group’s first-quarter numbers.

The clearest driver of the recovery is Caverton Marine. Through its relationship with Stena Bulk, one of the world’s leading tanker operators, the Group now participates in three Suezmax tankers trading internationally a rare source of foreign-currency revenue for a Nigerian-listed company. That relationship is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company and Stena Bulk that pairs NNPC’s national position and Stena Bulk’s fleet with Caverton’s indigenous operating platform.

Closer to home, the Group’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is bringing battery-electric passenger ferries to Lagos waterways. A prototype is already in service and Caverton holds a firm order from Lagos State for ten vessels an early-mover position in clean inland-water transport that the Group believes can be replicated across other states as the fleet enters service and ferry operations mature into steady, recurring revenue.

In aviation, the recovery is anchored on the Group’s partnership with NHV, Belgium based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.

In the meantime, Caverton is sweating the assets it already owns, monetising its Maintenance, Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (ATC), while its unmanned aerial vehicle business (UAV), developed with the National Agency for Science and Engineering Infrastructure (NASENI), continues to scale from a small base after more than doubling year on year in the first quarter.

Underpinning the plan is a restructured debt profile: the Group has reworked its remaining dollar-denominated bank facilities to improve long-term sustainability and reduce the foreign-exchange exposure that has driven finance costs in recent periods.

Commenting on the performance, Olabode Makanjuola, Group Chief Executive Officer, said: ‘The first half of the year tested us, but the direction of travel is now visible in the numbers. Quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling. Meanwhile our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact.’

‘The Board and management look to the remainder of 2026 with measured confidence as the marine business scales, the aviation restructuring and partnership comes on stream, and the benefits of the restructured balance sheet take hold,’ he added.

President Bola Tinubu met with the leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) at the Presidential Villa in Abuja, urging beneficiaries of government compressed natural gas (CNG) conversion projects to lower commuter fares. The President noted that CNG benefits are currently restricted to the pockets of vehicle owners rather than trickling down to the public.

The appeal responds to public outcry that fares charged by CNG beneficiaries match those of petrol vehicles. President Tinubu promised expanded access to conversion projects and confirmed plans to publish reports on the utilisation of fuel subsidy savings. Reflecting on his May 29, 2023, inauguration announcement ending the Premium Motor Spirit (PMS) subsidy, he revealed he proceeded despite strike threats to secure the nation’s financial health.

The President however, promised to do more in the CNG project to ensure that more people have access to the conversion.

‘Equally, the introduction of compressed natural gas. Well, I will appeal to you, we will do more. We will encourage you, but ask your drivers to let it trickle to the commuters too, because whatever benefit that is coming from CNG is going to the pocket of truck owners. It’s not spreading as fast as I would like it, but it should spread.

The President also promised to publish reports on government utilisation of subsidy savings.

The President had on the 29th of May, 2023, during his inauguration announced the removal of subsidy on Premium Motor Spirit PMS, that drained over N20 trillion in two decades

The President speaking at the meeting with NUPENG officials, on Thursday, at the presidential Villa, Abuja, revealed why he did not serve notice before the announcement.

‘ I received threats that if I served noticed; you may go on strike, but I insisted that fuel subsidy will be gone. And today, it is to the benefit of our great country,’ he said. ‘ I will soon publish the utilization of what we received’.

Tinubu said he listened to people; ‘ they say common man and all of that. Who are the people receiving the salaries in the local government administration? Are they not common men and women receiving salaries regularly at the state level, are they not common man and woman? The ordinary people are receiving salaries at the federal government regularly, and it affects all the market women around us, including your wives’.

The President also noted the economy is not a child’s play.

‘It’s a system of financial reengineering and reset that you impress, and I want to thank you for the cooperation and collaboration, the understanding,’ he said.

BusinessDay gathered that the meeting was in furtherance to the President’s recent announced to restructure the Nigeria National Petroleum Company Limited NNPCL to prepare it for listing on the capital market.

It was gathered that the President met the Union whose responsibilities include amongst others, to protect workers’ welfare, negotiates employment terms, and handles industrial relations across the country’s energy industry, to prepare them for the new oil and gas sector.

The Union advocates for junior staff and petroleum tanker drivers across oil majors and service companies.

Just few days ago, the President also approved a landmark reform that replaces project-by-project negotiations with a transparent investment framework designed to unlock up to US$50 billion in deep offshore investment and restart Nigeria’s large, capital-intensive offshore developments that have remained stalled for decades.

The approval also enables NNPC Limited, as the Government’s nominated counterparty under the Production Sharing Contracts, to proceed with the necessary amendments to eligible Production Sharing Contracts required to implement the framework.

The reform establishes a transparent, rules-based investment framework capable of supporting the next generation of deep offshore developments, beginning with the approximately US$10 billion Bonga South West project, while strengthening Nigeria’s competitiveness for globally mobile investment capital.

The President who described the NUPENG as ‘very good partner of government in progress’, stated that the union ‘occupy a very critical nerve of the economy of this country’.

‘ I’m glad you have seen the effect of being able to find funding for long-term projects; Lagos-Ibadan Road, Abuja-Kaduna, Abuja-Kano, and Sokoto-Badagri and the highways and many other road network, it’s all for the good of us and the good of our economy and the safety of our people.’

The President while also speaking on th refineries, assured that ‘ the refineries are going to come back to work,’ adding that ‘ ‘ We’re just building a very firm reset and structural reworking of the economic of it.

‘Ordinary flame and smoke of refinery doesn’t mean that it’s working until it’s profitable and yield the value for which it is built.

‘I’m not a man who go look come back at everything because I’ve accepted the asset and liability of my predecessors, no matter what has happened in the years past, it’s my responsibility now as the president to fix it, make it work, I take responsibility for that, and I’m going to do it’

He appealed to the officials of NUPENG to work together with the government to strengthen democracy, adding that ‘ democracy is about celebration of freedom and opportunity that must be cherished by all of us.

‘It’s not easy to manage a democratic regime, full of twists and turns, hill and valleys, and all of that. But it’s through perseverance, endurance, and good determination that we can bring about a relief of a newborn baby and a pregnancy, you see the joy of life. It is the motherhood is painful, but the joy is everlasting and dumb and I will promise you, you will enjoy better Nigeria’.

Akanni Oladiti, the President of the Nigeria Union of Petroleum and Natural Gas Workers, ( NUPENG, speaking earlier, appealed to President to check casualisation of workers in the oil industry in the country.

The NUPENG leader described the trend as unwholesome, expressing concern that efforts to make the oil companies involved, particularly in the upstream oil and gas sector to shelve the practice have been constantly rebuffed.

He said:’Your Excellency, our relationship with the International Oil Companies and the indigenous players in

the upstream sector has been very cordial. However, we want to seize this opportunity to bring to your attention an unhealthy trend we have been trying to correct with little to no success. It is the

casualisation of workers, particularly in the upstream sector.

‘For a sector that is strategic and taken as the economic jugular of the nation, NUPENG and its counterpart, the PENGASSAN have been tolerating these unwholesome practices, knowing full well

the enormous disruption that any industrial actions could cause to the economy.

‘We also do not want to be seen to be hostile to the Minister of Labour, Muhammad Maigari Dingyadi, who has been very supportive and operates an open-door policy in his relationship with our Union.

‘We have engaged the management of some of the affected companies without results. Mr. President, we urge you to use your good offices to stop casualisation of workers in our sector.’

While commending the present administration for its rehabilitation and dualisation of federal highways which he noted will ease movement of petroleum trucks, Oladiti also appealed to President Tinubu to see to the rescucitation of the Nigerian Pipelines and Storage Company (NPSC) depots across the country.

He maintained that injecting life into the depots would complement the ongoing positive step to revive the ailing refineries.

‘ We’ve seen real progress in the rehabilitation of federal highways, making

journeys safer for our tanker drivers,’ he said.

‘Mr. President, your administration has turned federal highways into massive construction sites. We

must not fail to mention the ongoing, unprecedented projects, 750- kilometer, six lane Lagos – Coastal

Highway and the 1,068- kilometer Sokoto- Badagry Superhighway that will traverse seven states in the

country.

‘For our members, a good road is the difference between arriving home safely and never arriving at

all. Every stretch of highway rehabilitated or constructed, means fewer accidents, fewer spillages,

fewer lives lost, and lesser stress for the men behind the wheel. Mr. President, that is a reform our

members feel in their bones, and for it we say thank you.

‘We also want to commend your administration’s move to revive the Warri and Port Harcourt refineries through partnership with Chinese firms.

‘Your Excellency, we want to humbly request that the same energy and drive to inject life back to the

refineries be extended to the decaying Nigerian Pipelines and Storage Company (NPSC) depots of

country.

‘We strongly recommend they can be handed over to private investors to manage under an equity arrangement.’

The President of NUPENG also urged President Tinubu to promote grassroots development by ensuring that state governors comply with the Supreme Court judgment on financial autonomy of the local governments’.