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Abuja Business and Investment Summit ends in grand Style

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The inaugural Abuja Business and Investment Summit kicked off last Wednesday, October 16, 2024, at the Shehu Musa Yar’Adua Centre, Abuja, under the theme “Optimizing Investments through Partnership.”

 

The event gathered top government officials, captains of industries, Heads of Foreign Missions, development partners, business leaders as well and prospective investors. The summit is aimed at showcasing the vast investment potential within Nigeria’s Federal Capital Territory (FCT).

 

In his opening remarks, the minister for the Federal Capital Territory, Barr. Nyesom Wike, delivered a powerful address, calling for collaborative investments. He highlighted that Abuja presents significant opportunities across sectors, such as agriculture, healthcare, tourism, construction, mining, and renewable energy. He emphasized that his administration plans to launch nine major projects next week to enhance investment conditions in the FCT.

 

“Security is paramount in attracting investors. The safety of our investments is our top priority’,’ Barr. Wike said.

 

He also emphasised the ongoing security measures to foster a conducive business environment for residence and investors in the FCT.

 

Wike further outlined that the FCT is poised for investment due to its strategic location and developing population.

 

“Abuja is not just the political capital of Nigeria; it is a place of opportunities waiting to be harnessed.” He added.

 

He also encouraged both local and foreign investors to explore vast opportunities in real estate, technology, Agro-business, and more.

 

Former Central Bank of Nigeria, CBN and the incumbent governor of Anambra State, Prof Charles Soludo, in his keynote speech, raised concerns regarding Nigeria’s low Foreign Direct Investment (FDI) flows. He pointed out the need for Nigerians to support local products.

 

The Anambra state governor described foreign companies exiting Nigeria as “opportunistic” firms that jump from one country to another “the day they have itchy feet”.

 

“Dear friends, there is what we call the new mercantilism and pseudo-nationalism; it’s both a threat and an opportunity. In today’s world, in many countries, new nationalism is back. Economic nationalism is back, new mercantilism is back,”

 

“People are saying ‘America first’. We must be intentional. The agenda of ‘Nigeria first’ as a philosophy is something that we must mainstream. This will require us to intentionally nurture national champions for sustainability.

 

“If you see the companies that have pulled out of Nigeria, how many of them happen to be national companies? None. The day they have itchy feet, they jump to the next one (country), they are very opportunistic. Extremely opportunistic, with no emotions to it. So, for long-term sustainability, we must nurture the domestic capital and build them.” He said.

 

He expressed the hope that “both forex and price level will stabilise and the interest rate and monetary policy will loosen” for business owners to borrow at reasonable rates to have real return on investments

 

He also said lower interest rates would shore up domestic investment, even foreign investment.

 

Continuing, he maintained that the oil and gas sector would remain a game-changer for the Nigerian economy, he however encouraged the government of the day to shore up daily oil production to around three million barrels per day to boost forex.

 

“In the short to medium term, the oil and gas sector will remain the game changer for Nigeria. It is still going to be very critical,” he said, adding that addressing security challenges and fostering ease of doing business would help fast-track economic recovery.

 

In her remark, Amb. Maureen Tamuno, PhD, the Group Managing Director of the Abuja Investment Company Limited, AICL and the summit’s host, expressed confidence in the selected panelists, anticipating that their insights would pave the way for new economic growth.

 

“This summit is aimed at promoting investment opportunities in the Federal Capital Territory while facilitating networking among investors,” she stated.

 

In messages of support, Mr. Alade Akinremi, representing the Minister of Foreign Affairs, emphasized the importance of partnerships to maximize returns on investments. He reflected on the uniqueness of the FCT as a melting pot of Nigerian families, fostering an inclusive business environment.

 

Former First Lady of Benue State, Mrs. Yemisi Suswan, highlighted challenges in affordable housing, urging stakeholders to consider upgrading informal settlements in the FCT. Meanwhile, Hon. Shino Oyedeji from the House of Representatives praised the summit for aligning with President Ahmed Tinubu’s vision of a “New Nigeria.”

 

A series of panel discussions commenced, focusing on critical topics including infrastructure development and the establishment of Public-Private Partnerships (PPPs) as effective means for enhancing infrastructure and services in the territory.

 

The summit aims to forge necessary partnerships to amplify Nigeria’s potential for investment, drive growth, and enhance economic prosperity across various sectors.

 

The event climaxed on Day 2 with a series of insightful panel discussions:

 

The first panel, with the theme; Leveraging Technology for Economic Growth was moderated by Mrs. Kate Pam Semiek, CEO of Stalwart Group, who zeroed in on how Nigeria can utilize emerging technologies—such as artificial intelligence, blockchain, and the Internet of Things—to foster economic development.

 

Panelist Precious Adah Ogbuehi, Regional Head for West Africa at Tepfx, emphasized the transformative power of technology in trading.

 

She stated that in the age of AI, trading has become effortless.

 

’You simply invest your money, and the AI manages the trades while you sleep,” she said.

 

She described technology as an “enabler,” integral to accelerating progress—no longer a luxury but a necessity.

 

On his own, Mr. Soyinka Shodunke, Chief Information Officer at MTN Nigeria, reinforced this idea by stating that he processes about 52 billion records daily thanks to technological capabilities. Meanwhile, Mr. Yusuf Shafeek Isah, Managing Director of Abuja Technology Village, highlighted Abuja’s strategic location as a beacon for potential investors.

 

The second panel discussion, moderated by Kimberly Nwanachukwu, focused on the investment opportunities within Nigeria’s thriving entertainment sector, which reportedly contributes over $7 billion annually to the economy.

 

 

 

Dr. Emeka Rollas of the Actors Guild of Nigeria, AGN, lamented that despite Nollywood’s potential, many producers struggle financially.

 

“Nollywood isn’t earning to its full potential, which results in a visible disparity among industry professionals,” he said.

 

Abiodun Akanbi, Chief Investment Officer at the AICL, noted that Abuja is poised to become a major entertainment hub, with plans for a dedicated Abuja Film Village.

 

Fidelis Duker, Chairman of FAD Media Group, called for government support in building infrastructure for the industry. “Just as stadiums aren’t built by footballers, the government should invest seriously in film,” he stated.

 

The founder of the Best of Nollywood Award, BON, Seun Oloketuyi on his own gave kudos to the organisers for this noble summit.

 

‘’I appreciate the organisers of the event for deeming it fit to include entertainment to the summit, this does not happen every time. People don’t always mix entertainment with business summits in this part of the world. He therefore encouraged AICL to boost the economy of Abuja by partnering with notable entertainers.

 

The third panel was moderated by Arise News correspondent Nissi Ochoche Gabriel. The speakers examined how streamlined government policies could bolster investment.

 

Mrs. Toyin Bashiru, a partner in a legal firm, discussed the impact of technology in simplifying regulatory processes and reducing the need for physical document stamping. Dr. Emomotimi John Agama from the Securities and Exchange Commission, SEC spoke on financial literacy, stressing its importance for small and medium-sized enterprises looking to attract investment.

 

“Transparency and effective processes build confidence, which is essential for achieving our investment goals” He encouraged. While also addressing the challenges of financial mismatches that hinder long-term business growth.

 

The day’s final panel, moderated by business development expert Jacklin Yawa, delved into the agriculture sector—a field facing a $35 billion funding gap despite its significant contribution to Nigeria’s GDP.

 

Akin Orebiyi, founder and CEO of Ewari Farms, projected that Africa’s agribusiness market would reach $1 trillion by 2030, stressing the need for investments in various facets of agriculture, from production to logistics. Mr. Oladele emphasized the importance of cluster farming to reduce operational costs through shared resources.

 

CEO of Mainstay Agro Allied Limited, Promise Amahah, highlighted that successful agriculture goes beyond just farming. He called attention to the need for extensive pre- and post-production planning to unlock untapped potential in the Federal Capital Territory.

 

Meanwhile, the summit’s goodwill message, delivered by Dayo Israel, commended Ambassador Tamuno for facilitating the event and reiterated the importance of creating a conducive environment for businesses to thrive.

 

“As we come together to explore investment opportunities, we must ensure Abuja and Nigeria are recognized as trustworthy partners for investors.

 

With these discussions, the Abuja Business and Investment Summit 2024 is set to generate critical insights and forge valuable partnerships aimed at enhancing Nigeria’s economic landscape’’ He added.

 

 

 

The summit concluded on a high note, emphasizing the critical role women play in driving Nigeria’s economic growth.

 

In her insightful opening remarks, the Special Guest of Honour, Dr. Mariya Mahmoud, the Minister of State for the Federal Capital Territory (FCT) outlined that empowering women entrepreneurs is not just a matter of equity; it is an economic imperative. While she also highlighted that women-owned businesses represent about 41% of Small and Medium Enterprises (SMEs) in Nigeria, and urged stakeholders to help overcome barriers such as limited access to financing and mentorship for women entrepreneurs.

 

Dr. Mahmoud underscored the dual impact of women in business: driving innovation and fostering social change.

 

“Women are breaking barriers in various sectors, including technology, agriculture, manufacturing, and services. Their contributions are as diverse as they are impactful,” she added.

 

The convener of the summit, Ambassador Maureen Tamuno, also echoed these sentiments in her welcome address. She called for leaders and change-makers to dismantle barriers that hinder women’s progress, fostering a business environment that promotes gender equity. Her remarks set the stage for two impactful panel discussions centred on women’s empowerment and impact investment.

 

The first panel discussion, titled ‘Women Development and Economic Empowerment’ explored strategies to fuel inclusive economic growth through investment in women-led enterprises. Moderator Hasatu Adegbite, a National Consultant with UN Women, guided a dialogue featuring prominent leaders, including Pamela Shodipo, Executive Director of Fidelity Bank, who discussed targeted financial products aimed at supporting women entrepreneurs.

 

Princess Layo Bakare Okeowo, CEO of FAE Limited, emphasized the importance of employing women, noting that “80% of her staff are women because they are detail-oriented. Bonaventure Okhaimo, COO of the Development Bank of Nigeria, highlighted the bank’s commitment to funding women-led Micro, Small, and Medium Enterprises (MSMEs) and offering capacity-building programs.

 

The second panel delved into “Impact Investment,” led by moderator Treasure Okuku. Panelists include Mrs. Kai Orgah, MD/CEO of ARM Investment Managers, Dr. Mrs Felicia Mogo, Fiaona Ahmed, Ahime, and Dr. Kayode Akinade, who discussed the significance of investments that not only generate financial returns but also yield positive social impact. Together, they illustrated how Nigeria can harness impact investing to stimulate development across vital sectors like healthcare, education, and agriculture.

 

Senator Binta Garba gave her success story, encouraging women not to give up no matter how tough the situation.

 

The summit also provided a platform for attendees to share inspiring success stories, fostering a culture of resilience and determination among women entrepreneurs.

 

In her closing remarks, Ambassador Tamuno expressed gratitude to all participants, attributing the summit’s success to their collective efforts. She reaffirmed her commitment to continuing the work of AICL in empowering women and driving economic growth in Nigeria.

 

The summit concluded with a renewed call for collaboration and partnership as essential tools for promoting innovation and creating lasting economic impact.

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Alleged 76bn, $31.5m Fraud: EFCC Arraigns Ex AMCON MD, Ahmed Kuru, Four Others in Lagos

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5 hours ago

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January 20, 2025

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The Economic and Financial Crimes Commission (EFCC) on Monday, 20 January, 2025 arraigned a former Managing Director of Assets Management Corporation of Nigeria AMCON, Ahmed Kuru and four others for allegedly defrauding Arik Airline N76 billion and $31.5 million, respectively.

 

Other defendants are former Receiver Manager of Arik Airline Ltd, Kamilu Omokide, Chief Executive Officer of the airline, Captain Roy Ilegbodu, and Super Bravo Ltd and Union Bank PLC.

 

The defendants were arraigned before Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos on a six-count charge bordering on theft, abuse of office and stealing by dishonestly taking the property of another.

 

The defendants, however, pleaded not guilty to all the six-count charges when they were read to them.

 

Count one reads: “That you, Union Bank Nigeria Plc, sometime in 2011 or thereabouts, in Lagos, within the jurisdiction of this Honourable Court, with the intention of causing and/or inducing unwarranted sale of Arik Air loans and bank guarantees with Union Bank, made false statements to the Assets Management Corporation of Nigeria (AMCON), regarding Arik Air Limited’s performing loans, following which you transferred a bogus figure of N71,000,000,000.00 (Seventy-One Billion Naira) to AMCON.”

 

Count two reads: “That you, Ahmed Lawal Kuru, Kamilu Alaba Omokide as Receiver Manager of Arik Air Limited, and Captain Roy Ilegbodu, Chief Executive Officer of Arik Air Limited in Receivership, sometime in 2022 or thereabout, in Lagos, within the jurisdiction of this honourable court, fraudulently converted to the use of NG Eagle Limited the total sum of N4,900,000,000.00 (Four Billion Nine Hundred Million Naira only), property of Arik Air Limited”.

 

Count five reads: “That you, Kamilu Alaba Omokide, Ahmed Lawal Kuru and Capt. Roy Ilegbodu, on the 12th day of February, 2022 or thereabout, in Lagos, within the jurisdiction of this Honourable Court, being public officers, directed to be done in abuse of the authority of your office and with intention of obtaining undue advantage for yourself and cronies an arbitrary act, to wit: intentionally authorizing the tear down and destruction of 5N-JEA with Serial No. 15058 valued at $31.5million (Thirty One Million, Five Hundred Thousand Dollars), an arbitrary act, which act is prejudicial to the economic stability of the Federal Republic of Nigeria and Arik Air Limited”.

 

The counsel to the first and third defendants, Prof Taiwo Osipitan, SAN, informed the court of a motion for bail application dated November 28, 2024 and November 29, 2024 for the two defendants.

 

Osipitan prayed the court that the defendants be granted bail on liberal terms.  According to him, the first defendant had no criminal records and that the EFCC granted him administration bail  which he didn’t jump.  “We pray the court grants bail to the two defendants on the same liberal terms given to them by EFCC,” he said.

 

EFCC Counsel, Wahab Shittu SAN, filed counter-affidavits dated December 2, 2024 against the first defendant and also another counter affidavits dated December 22, 2024 against the third defendant.  Shittu prayed the court to dismiss their bail applications.

 

According to him, the two defendants are facing serious offences of economic sabotage. However, he agreed with the second and third defence counsel that they are presumed innocent pending the determination of the court. Shittu , however, added that the temptation of the defendants leaving the country was very high. He thereafter prayed that accelerated hearing be granted and the defendants’ international passports be seized by the court.

 

“But if my lord decides to be magnanimous to grant them bail, we shall be praying for stringent conditions because we are particular about their attendance in court. “We urge that they should submit their international passports with the court in order to ensure that they come for trial,” he said.

 

The counsel to the second defendant, Olasupo Shasore, SAN in his motion for bail dated December 6, 2024 and filed on the same day, urged the court to also grant bail to his client on self recognition.

 

The prosecuting counsel in his counter affidavits dated January 17, 2025, opposed the bail application of the second defendant.

 

He said the application for bail was incompetent and should be struck out. Shittu cited relevance laws to buttress his argument. “My lord, the record of this court is to the effect that the second defendant, at one point, absconded in which your lordship had to issue a bench warrant. “The learned silk for the second defendant is not the defendant on trial and it is very unhealthy for a counsel to stand as a surety for a defendant.

 

“I urge my lord, in exercising his discretion, to take all this into consideration because our concern is the appearance of the second defendant in court so that he does not abscond.”

 

After listening to the arguments from all the parties, Justice Dada granted bail to the defendants in the sum of N20 million Naira each with two sureties in like sum.   The sureties must be gainfully employed and deposed to means of identification.

 

She also directed that the defendants must submit their international passports with the registrar of the court.

 

Justice Dada adjourned the matter till March 17, 18, and 19, 2025 for commencement of trial.

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Absence Of Oba Otudeko, Bisi Onasanya, Others Stalls Arraignment Over N12.3Billion Fraud As Otudeko’s Lawyer Protests In Court

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January 20, 2025

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The counsel for Oba Otudeko, Chairman of Honeywell Group, who is facing charges of a N12.3 billion fraud, appeared before a Federal High Court in Lagos on Monday to protest the charge.

Mr. Bode Olanipekun (SAN) informed the court that he was protesting because the charge had not been served on Otudeko or the two other individuals charged alongside him, the News Agency of Nigeria reports.

Olanipekun informed the court that, despite not being served with the charge, the defendants were shocked to learn about the planned arraignment through the media when the story broke last Thursday.

The 13-count charge was filed by the Economic and Financial Crimes Commission (EFCC) against Oba Otudeko, former Managing Director of FirstBank Plc. Olabisi Onasanya, and former Honeywell board member Soji Akintayo.

Olanipekun is the counsel for the three defendants.

They were charged alongside the company, Anchorage Leisure Ltd.

 

The EFCC alleges that the defendants obtained the sum under false pretenses.

 

According to the EFCC, the four committed the fraud in tranches of N5.2billion, N6.2billion, N6.150billion, N1.5billion and N500million, between 2013 and 2014 in Lagos.

 

The 13-count charge, filed by EFCC counsel, Bilikisu Buhari, on January 16, 2025, further claimed that the defendants used forged documents to deceive the bank.

Specifically, count 1 accused the defendants of conspiring “to obtain the sum of N12.3Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-TECH DYNAMIC LINKS LIMITED and Stallion Nigeria Limited, which representation you know to be false.”

 

In Count 2, it was alleged that the defendants, on or about 26th day of November, 2013 in Lagos, “obtained the sum of N5.2 billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V TECH DYNAMIC LINKS LIMITED which representation you know to be false.”

 

The 3rd count alleged that the defendants, between 2013 and 2014 in Lagos, obtained N6.2billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation you know to be false.”

 

In the 4th count, they were accused of conspiring to spend the N6.15billion, out of the monies.

According to the Commission, the offences contravened Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and was punishable under Section 1(3) of the same Act.

Counts 5 reads: “That you, Chief Oba Otudeko, Stephen Olabisi Onasanya, Soji Akintayo and Anchorage Leisure Limited on or about 11th day of December, 2013 in Lagos, procured Honeywell Flour Mills Plc to retain the sum of N1.5 billion, which sum you reasonably ought to have known forms part of proceeds of your unlawful activities to wit: Obtaining by False Pretense and you thereby committed an offence contrary to Section 18(c), 15 (2) (d) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”

Meanwhile, Otudeko had reportedly fled Nigeria ahead of his scheduled arraignment on fraud charges.

 

According to TheCable Newspaper, Otudeko’s exit from the country is linked to the mounting legal pressures and financial disputes he is facing.

The newspaper reported that the businessman left the country via one of the land borders.

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Loan controversy: Bisi Onasanya’s lawyer condemns media trial….Judge adjourns case to February 13

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10 hours ago

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January 20, 2025

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In line with his resolve to defend himself and clear his name, Dr. Bisi Onasanya through his lawyer, Adeyinka Olumide-Fusika, SAN, at a session at the Federal High Court Lagos on Monday, January 20, 2025, demanded the service of proof of evidence and summons.

Onasanya, a chartered accountant and a former Group Managing Director of First Bank is defending himself against a controversial loan that allegedly occurred at First Bank 12 years ago. The retired banker is refuting the allegations alongside three others namely former Chairman of the bank, Chief Oba Otudeko, a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Ltd.

At a hearing at the Federal High Court in Lagos on Monday, Fusika condemned the media trial his client had been subjected to, saying he was not formally invited by the EFCC or served a notice of the charge.

He expressed surprise at seeing news stories in major newspapers linking Dr Onasanya to a trial on loan controversy during his time as First Bank Group Managing Director without prior notification.

“My Lord, it is concerning that my client has been unduly exposed to media trial without being formally served. This is a procedural anomaly that undermines his right to a fair hearing and personal dignity,” Olumide-Fusika said.

The prosecuting counsel, Rotimi Oyedepo, denied any involvement by the EFCC in the media coverage of the case.

He stated that the commission had not issued a press statement and suggested that journalists may have obtained information through other means.

“My Lord, we disassociate ourselves from any media reports,” Oyedepo said.

The EFCC also applied for an ex parte motion to issue a bench warrant for the defenders’ arrest and sought permission to serve them through substituted means, alleging they had evaded service.

Olumide-Fusika opposed the motion, arguing that his client had always been available and had not evaded service. Demonstrating his determination to clear his name, the senior lawyer prayed to the court to have the EFCC serve the charge and the proof of evidence in the open court.

“This application is unwarranted and speculative. My client has neither avoided service nor absented himself from this matter. The claims of the prosecution are baseless. Since I am here and my client is ready to go ahead with this case, I ask to be served the charge and the proof of evidence here in the court,” Olumide-Fusika argued.

Justice Chukwujekwu Aneke, who presided over the case, dismissed the EFCC’s motion for substituted service on Onasanya since he has accepted to be served in the open court.

The judge consequently ordered that the EFCC serve Olumide-Fusika the charge and proof of evidence in open court.

The EFCC complied with the directive, and Olumide-Fusika who confirmed the receipt of the document extracted a confirmation from the prosecution counsel that the proof of evidence submitted is exhaustive and there wouldn’t be an addendum. The defence counsel said EFCC’s confirmation should be on record, insisting that his client was ready to defend himself and clear his name.

Justice Aneke adjourned the case to February 13, 2025.

It will be recalled that Onasanya, through his Communication Advisor, Mr Michael Osunnuyi, had earlier dismissed allegations, describing the claims as baseless and an attempt to tarnish Onasanya’s stellar reputation for professionalism, integrity and humaneness.

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