BY

BOLAJI AFOLABI

Established in 1994 by the military administration of late General Sani Abacha, the Abuja Investments Company Limited, (AICL) is positioned as a government-owned investment enterprise charged with the responsibility to drive economic development in the federal capital territory. Its primary goal is to promote strategic investment and boost realistic economic growth of the FCT through different platforms and various approaches. Key functions of the AICL include Business Development; Investment and Development; Public-Private Partnership; Facility Management; and Infrastructure Development. The AICL has several subsidiaries and associates including Abuja Property Development Company, (APDC); Abuja Markets Management Limited, (AMML); Abuja Urban Mass Transport Company, (AUMTCO); Abuja Technology Village Free Zone; Abuja Film Village International Limited; PowerNoth/AICL Equipment Leasing Company. Others include Aso Savings and Loans PLC; Abuja Power Company Limited; Abuja Leasing Company; and Abuja Downtown Mall.

From 1994 till the exit of the military from national governance in 1999, the AICL recorded few achievements. During this period, the AUMTCO, and Aso Savings and Loans were established. With the dawn of democratic government in 1999, it was expected that the FCT, being an emerging federal capital will benefit hugely from the activities of the AICL. However, nothing much was achieved between 1999 and 2003. Somehow, Mallam Nasir El-Rufai, who administered the FCT from July 2003 to July 2007, was able to change the tide. Under his watch, the AICL came alive, recorded some measure of visibility and attracted positive public perception. Sadly, the AICL took a downward slide thereafter. None of the past ministers; Aliyu Modibbo Umar, Adamu Aliero, Bala Mohammed, and Muhammed Musa Bello provided the necessary political will and support for the AICL to maximally attain full potential. Indeed, it got worse between 2015 and May 2023 that many residents forgot that the company was still existing.

Many critical stakeholders were worried about the depth of neglect, static state, and institutional damage that the AICL was subjected to. Patterned after similar agencies in some developing nations, where measurable strides are achieved, the reverse happened with the AICL, that it became recurring causes of worries, and regrets to many people. Alhaji Aminu Mohammed, a former staff member of FCTA said, “it was shameful that the company remained largely dormant for many years.” Corroborating, Mr. Gilbert Gyang, an Abuja based investment expert declared, “the AICL, especially during the last administration was arguably comatose. It merely existed on paper, there was no visible investment initiative geared towards economic growth in the federal capital.” For Ms. Winifred Anosike, former banker, and development consultant, “it’s painful that the company was practically inactive for years. It was not only affecting economic growth in Abuja but impacted negatively on people and firms with result-driven initiatives who desired to contribute actively to the development of the capital city.”

With the emergence and subsequent inauguration of President Bola Tinubu on May 29, 2023, key players in the investment sector were hopeful that, the AICL may breathe again. Many hinged their thoughts on Tinubu’s background and experiences in accounting, financing, investment, governance, and leadership. Though with caveats; the choice of who minister’s FCT will be pivotal. Convinced that the AICL should be the “engine room” of economic growth and development of the capital city, many hoped that Tinubu will deploy the appropriate person to oversee the strategic ministry. Some stakeholders concluded that a wrong choice may consign the AICL into the “wilderness of inactivity” and likely extinction. Somehow, key players in the investment sector, at different fora and platforms were upbeat that Tinubu will pick the right person, who they hope will lead the way towards enabling the AICL to get back its mojo.

In August 2023, the deployment of Barrister Nyesom Ezenwo Wike as the Minister of the FCT; the 8th since Nigeria’s return to democratic government elicited public endorsement. Tinubu’s choice was largely celebrated by many stakeholders, as it renewed optimism about the prospects of AICL reviving its activities. Cognisant of Wike’s legendary achievements, as Rivers state Governor where he embarked on massive infrastructure development and more, turning the “Treasure Base” to the central investment hub in the South South zone, and emerging as second to Lagos state, many were confident that “light will come” to the AICL. A similar spate of enthusiasm and expectations was prevalent in and around the AICL. Many of the staff members also shared the positions.

The atmosphere at the Garki District offices of AICL on April 7, 2024 was ecstatic when news filtered in that Wike had appointed Dr. Maureen Tamuno as the Group Managing Director. A few hours later, it turned to frenzy after goggle checks were done by some staff members to have glimpses of her profile. Impressed, and satisfied with her multi-disciplinary academic background, and multi-faceted careers, her appointment was described as well-thought, and well-deserving. The unanimity of opinion was that, being a round peg in a round hole, the AICL will leverage on her far-reaching experiences and exposures as a former lawmaker, seasoned diplomat, public administrator, and boardroom strategist.

Aware and ready for the challenges ahead, many staff members were visibly excited when Tamuno assumed office the following day. Thus emerging as the first female chief executive of the AICL, since its 30 years of existence. Described as an accomplished technocrat with identifiable achievements in leadership, strategy, diplomacy, administration, and consulting, Tamuno, in her maiden speech confirmed the postulations of staff members. She emphasized her, “commitment to open-door policy to all staff, urging everyone to operate at the highest standard of transparency, confidentiality, accountability, and ethical business practices.” Continuing, she assured staff members that her, “strategic approach and consumer-centric philosophy are expected to propel the AICL to new heights of success.”

From reports, challenged by the enormity of the task ahead, conscious of the hugely untapped potential of the AICL, buoyed by the political support of Wike, and encouraged by the passion of the staff members, Tamuno literally hit the ground running. As a globally-recognized business development, management, and investment professional, she approached her assignment with iron-cast resolve, and the precision of a surgeon. First off, she embarked on critical reviews and overview of the AICL trajectory from inception; identified germane issues; evolved strategies for re-positioning the company; enunciated quick-wins, short-term, medium-term, and long-term measures for development, and some others. All these were geared towards delivering (or surpassing) the Ministerial mandate, and also ensuring that the AICL contributes its quota to Tinubu’s “Renewed Hope” agenda.

Indeed, it is imperative to note that the AICL, under the superintendent of Tamuno has literally drawn water out of rocks; which before now was largely unthinkable. That the soft-spoken and resourceful amazon; and her team were able to make noticeable impact within just one year, speaks volumes about her ingenuity, and indomitable spirit. In a broad sense, these achievements include encouraging economic diversification; expanding investment opportunities; exploring business and investment exchanges; deepening subsidiaries collaboration; and fostering diplomatic relationships.

In practical terms, the AICL, through some landmark initiatives has provided the platform for the promotion of trade and commerce, as well as economic growth and sustainable investment in the FCT. It is imperative to recall some of these laudable and trail-blazing projects. A few days back, the solar powered Farmers Market in Utako District and Kugbo International Market were commissioned by the FCT Minister of State, Dr. Mariya Mahmud. Speaking at the epoch making events, Mahmud eulogized Tamuno for completing the first-of-its-kind projects which, “would provide employment opportunities for a wide range of people in line with the “Renewed Hope” agenda.” While explaining that the projects are under the Public Private Partnership initiative of the AICL, Tamuno promised that, “under the Build Operate and Transfer (BOT) arrangement, the government will combine with the private sector to create profitable and sustainable public infrastructure. We identified Small and Medium Enterprises, (SMEs) as the backbone of any prosperous economy, because they create jobs that drive sustainable economic growth.” To underscore AICL’s commitment towards encouraging the informal sector, shops were gifted to some hardworking traders from all the six Area Councils of the FCT.

In October 2024, the AICL organized a two-day Abuja Business and Investment Summit with the theme: “Optimizing Investments Through Partnership.” The event, geared towards promoting investment opportunities in the FCT, was attended by major stakeholders in finance, investment, manufacturing, and other sectors. Participants opened new alliances, partnerships, and collaborations for new opportunities and innovations that will lead to micro and macro development. Tamuno, who by the way was one-time Nigeria’s Ambassador to Jamaica is leveraging on her diplomatic credentials and network to re-position the AICL. She is regularly engaging, and exploring investment opportunities with foreign countries through their diplomats in Nigeria. Through her participation at the maiden Nigeria-Kazakhstan Business Conference which was held in Abuja, in 2024, there are advanced plans for the establishment of city-to-city flights between both countries, as well as collaborations in agriculture, education, technology, logistics, and more.

Agreed, the journey is somewhat far but the AICL, under the new chief executive has shown unbridled commitment, and unflinching fervor in elevating the status, and relevance of the company towards engendering meaningful growth and development of the FCT. Tamuno has shown relentless drive and boundless energies towards justifying the confidence reposed in her by Wike. Posting an encouraging report-card in one year deserves commendations and encouragement. Mr. Olugbenga Okanlawon, an Abuja based public affairs analyst declared that, “she has shown that she is the right person for the job. Considering what the AICL has achieved in one year, it is clear that more grounds will be covered in terms of growth and development.” A frequent caller to the AICL who preferred anonymity said, “the GMD has brought a new lease of life to the place, and everybody has imbibed her can-do-it spirit with much pride, and belief.”

BOLAJI AFOLABI, a Development Communications specialist was with the Office of Public Affairs, The Presidency, Abuja.

By Jamilu Abdussalam Hajaj

President Bola Ahmed Tinubu’s visit to Katsina should have been a pivotal moment—an opportunity for the state to draw national attention to its pressing challenges, developmental milestones, and future aspirations. Unfortunately, what should have been a strategic communication moment for the state turned into a viral distraction.

From the streets of Katsina to the corners of social media, two things dominated the narrative: a campaign-style song from singer Rarara and a casual handshake between the President and Aisha Humaira. These moments, while lighthearted and culturally expressive, overshadowed the very essence of a presidential visit—governance, development, and accountability.

It raises a critical question: Was the state’s PR machinery asleep, or was the leadership not interested in framing the visit within a narrative that could catalyze national interest, policy focus, or even investment in Katsina?

In a time when states are competing for federal attention, donor support, and private capital, optics matter. Yet, in Katsina, a sitting governor was cheering a singer on and clapping joyfully to impress the President. A presidential visit is not just a ceremonial tour; it is a platform. It’s the time to walk the President through pressing realities— insecurity in rural areas, the economic potential in agriculture, the struggles with education, the underfunded health sector, the resilience of the people, and the efforts already underway to tackle these issues.

Instead, the silence around these important issues was deafening.

No strategic documentaries. No impactful speeches. No high-level stakeholder engagements positioned in the media. No community interactions that could inspire federal interventions. Not even a strong visual presentation of the state’s development agenda.

Governance is not just about doing the work; it’s about telling the story. And in that regard, Katsina missed the moment.

This visit should have been used to showcase the hard work of the administration (if there is any to show), to call for more support where needed, and to galvanize public interest and empathy. But when all that trends from a presidential visit are a song and a handshake, it’s safe to say the moment was poorly managed or, worse, completely misunderstood.

Moving forward, states must take public relations seriously—not for propaganda, but for perception, engagement, and strategic positioning. Because if you don’t control the narrative, someone else will. And often, they will focus on the trivial and mundane parts, not the transformational.

By Aminu Umar

The recent move by Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), to probe the handling of finances and contracts related to the Port Harcourt and Warri refineries has stirred a heated debate on whether the investigation represents a genuine drive for transparency or a politically motivated witch-hunt.

At the heart of the issue is the EFCC’s request for salary records and allowances of 14 key officials who served during the refinery rehabilitation period. These include high-ranking executives such as Abubakar Yar’Adua, Mele Kyari, Isiaka Abdulrazak, Umar Ajiya, Dikko Ahmed, Ibrahim Onoja, Ademoye Jelili, and Mustapha Sugungun.

Others listed are Kayode Adetokunbo, Efiok Akpan, Babatunde Bakare, Jimoh Olasunkanmi, Bello Kankaya, and Desmond Inyama. The commission appears focused on payments and administrative decisions linked to the multi-billion naira refinery resuscitation program.

However, conspicuously absent from the list of those summoned is Adedapo Segun, the current Chief Financial Officer (CFO) of the Nigerian National Petroleum Company Limited (NNPCL), who served as Executive Vice President for Downstream and was directly in charge of treasury, refinery operations, shipping, and trading. During this time, all payments related to the Port Harcourt and Warri refineries were made under his financial supervision.

This omission has raised several questions: Why is Segun not being invited or questioned if the goal is transparency? Why is the probe appearing selective?

Equally puzzling is the inclusion of Abubakar Yar’Adua, whose role is administrative rather than operational, while high-profile former Group Managing Directors (GMDs) such as Andrew Yakubu, and Emmanuel Ibe Kachikwu, who played central roles in refinery policy and contracts in previous administrations, appear to have been bypassed.

We are not saying Mele Kyari is innocent or guilty, but we must insist on a fair process,” a stakeholder familiar with the situation told this reporter. “This shouldn’t be a selective trial. The people who gave out the contracts and approved the funds must be investigated too.”

The tension is heightened by growing concerns that the probe is targeted at individuals from a specific region. Many observers fear this could deepen regional mistrust, especially if only northern executives are made scapegoats.

We are worried this is being used to paint Northerners as the only looters,” said one source. “You cannot fight corruption with bias. You need to look at all sides. This includes those who were ‘exonerated’ too quickly.”

Another burning question is why individuals such as Emmanuel Ibe Kachikwu, former Minister of State for Petroleum, and Andrew Yakubu, former GMD of NNPC, who had strategic influence on contract awards and rehabilitation policies, are not facing any scrutiny. Critics argue that anyone involved at any stage of the refinery rehabilitation—whether from policy, finance, or operational perspectives—should be equally held accountable.

Civil society groups and international anti-corruption bodies are now being urged to step in. The call is for an independent and thorough probe that includes all relevant stakeholders—without exception.

“We are calling on NGOs and international organisations to ensure that this is not a political trial. If you must clean up the refinery system, you must do it across the board,” the statement concluded.

In a country plagued by decades of failed refinery operations and opaque oil sector dealings, the public is watching this investigation closely. The EFCC is at a crossroads: its actions will either affirm its commitment to justice or expose it to accusations of being used as a tool for political vendettas.

For now, Nigerians wait—with growing skepticism.