General
Capital Market Can Attract Funds to Solve Nigeria’s Infrastructure Deficiency—Yuguda
By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has again emphasised that the current infrastructure deficiency in Nigeria can be solved with the help of the capital market.
While addressing the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja over the weekend, he said all that was needed was for the government to partner with the private sector to bridge the infrastructure gap by approaching the capital market for funding.
“We have a huge infrastructural deficit in the country like insufficient power, lack of good roads among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders.
“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while the government focuses on other issues,” the SEC DG said, appealing to the relevant stakeholders to cooperate with the agency to achieve this goal.
He also said for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence.
Mr Yuguda acknowledged CIS as a key partner in the commission’s regulation of the market, assuring that the SEC would continue to provide the needed support.
“On behalf of the Board and staff. We will give you all possible co-operation you desire to make your job easy. We are here to support this market and make it the market we all desire,” he said.
The SEC boss stated that derivatives trading has commenced for people who want to manage their risk, adding that the SEC is working to increase the literacy of Nigerians so they can take better decisions.
“The future for this country is bright and we have the young population to push it. We can have a much better standard of living than we have now and we hope you will continue to give a lot to the market.
“We are committed to any initiative that will further spur the growth of the capital market. We also have a review of the ISA bill pending at the National Assembly and that bill has a lot that will revitalize this market,” he added.
In his remarks, the President of CIS, Mr Oluwole Adeosun, commended the SEC for the relationship that exists between the Commission and the Institute and thanked the Management for always supporting the organisation.
“Thank you always because you have embraced the institute and made it clear that you desire a very harmonious relationship and we are happy about it.
“You have shown this in your actions since you came into office and we appreciate you for all your efforts, we pray that investors benefit greatly from their investments in the capital market. Thank you for all your support to the CIS Bill,” he said.
The former President of CIS, Mr Olatunde Amolegbe, also thanked the DG for the efforts the management has been making to support the CIS, adding that the institute has been able to function effectively due to the support of the SEC.
General
Terra Industries Unveils Defence Drones, Robots to Support Nigerian Military
By Adedapo Adesanya
Nigeria-backed startup Terra Industries has launched drones and mine-clearing robots for the country’s military use to fight Islamic militants and reduce reliance on imported defence equipment.
The startup on Monday unveiled interceptor drones, mine-clearing unmanned vehicles and battlefield intelligence software that officials said could help troops confronting insurgents who have increasingly used roadside bombs and drones in recent attacks.
The launch shows a growing effort by Nigeria to reduce dependence on imported military hardware and build domestic defence manufacturing capacity, after years of buying aircraft, armoured vehicles and surveillance systems from countries including China, Turkey, Pakistan and the United States.
However, procurement delays, maintenance bottlenecks and rising foreign exchange costs have strengthened the case for local production, with Terra Industries among the first of such beneficiaries.
Terra Industries had previously focused on civilian drones and security technology before expanding into defence systems. In February, it signed a pact with Defence Industries Corporation of Nigeria (DICON) as part of efforts to boost the country’s defence industrial capacity and advance indigenous high-technology development.
“We are unveiling new defence systems such as our interceptor UAVs, our minesweepers, ground vehicles that can detect IEDs on the ground, and our battlefield intelligence software,” according to Mr Nathan Nwachukwu, the chief executive officer of the firm.
The need for security has risen in recent years, as groups such as Islamic State and al-Qaeda are gaining ground in Africa, converging along a swathe of territory that stretches from Mali to Nigeria, which is also battling with Boko Haram and other cells which remain active despite repeated military offensives.
Militants have stepped up attacks against army positions using improvised explosive devices (IEDs) and drones, forcing armies to invest in counter-drone systems, electronic warfare and autonomous ground equipment.
Major General Babatunde Alaya, head of the state-owned DICON, said collaboration with Terra Industries was necessary, given troop casualties caused by hidden explosives and roadside bombs.
DICON has long been central to Nigeria’s ambition to produce more of its own defence equipment, but progress has historically been slow. Partnerships with private firms are increasingly seen as a faster route to innovation and scale.
Terra Industries, which is valued at $100 million, has also announced plans to expand beyond Nigeria, including a manufacturing facility in Ghana, signalling ambitions to serve a wider African market and position itself in the region’s growing security technology industry.
General
Tinubu Tasks Ambassadors to Attract Foreign Investment
By Adedapo Adesanya
President Bola Tinubu has charged Nigeria’s newly appointed ambassadors and high commissioners to help pursue foreign investments from their designated countries, charging them to strengthen strategic partnerships and reposition the country’s global image in line with evolving diplomatic realities.
This is contained in a statement by Mr Yomi Odunuga, Special Adviser on Media and Publicity to the Secretary to the Government of the Federation (SGF), Mr George Akume.
According to Mr Odunuga, the President, represented by the SGF, gave the charge at the opening of an induction course for the envoys in Abuja.
The President said that the appointments of the envoys reflected the administration’s confidence in their capacity to advance Nigeria’s interests on the international stage.
He noted that the global system was undergoing rapid transformation driven by shifting geopolitical dynamics, economic uncertainties, technological disruptions, climate challenges and emerging security threats.
He added that the developments had made the role of diplomats more critical than ever.
”The international system is evolving rapidly. We must be prepared to meet these challenges by focusing on how best to protect and promote Nigeria’s national interest,” he said.
President Tinubu urged the envoys to adopt a modern, results-oriented approach to diplomacy by combining traditional methods with digital engagement, public diplomacy and strategic communication.
He underscored the importance of telling Nigeria’s story in a compelling and credible manner while projecting the achievements of his administration, also calling on them to be proactive and innovative in fostering partnerships, promoting trade and attracting foreign direct investment and technology to Nigeria.
According to him, safeguarding the welfare of Nigerians in the diaspora must remain a top priority.
He also announced a reordering of Nigeria’s foreign policy framework, known as the 4D Doctrine.
He said that the doctrine, originally anchored on Democracy, Development, Demography and Diaspora, had now been rearranged to Demography, Development, Diaspora and Democracy.
According to him, the adjustment places Nigerians at the centre of foreign policy and is aimed at ensuring that international engagements deliver tangible benefits to citizens.
The president further stressed the need for professionalism, integrity and patriotism in the conduct of diplomatic duties, reminding the envoys that they serve not only as government representatives, but also as custodians of the country’s image abroad.
He also emphasised accountability, urging missions to be result-driven, prudent in resource management and guided by clear, measurable goals that would contribute to economic growth and national development.
He encouraged the participants to fully engage in the induction programme, noting that it was designed to equip them with the knowledge and skills required for effective diplomatic service in a rapidly changing world.
He commended the National Assembly for the swift confirmation of the nominees and urged the envoys to justify the confidence reposed in them.” You have a special responsibility in helping to reposition Nigeria in global affairs. The world is watching,” he said.
General
Aisha Achimugu Denies $13m Discovery Claim, Calls Report Misleading
By Adedapo Adesanya
Lagos-based socialite and chief executive of Oceangate Engineering Oil & Gas Ltd, Ms Aisha Achimugu, has denied reports that $13 million was discovered in her residence, describing the claim as inaccurate and misleading.
Ms Achimugu denied the claims during an appearance on Channels Television’s Politics Today late on Monday, where she addressed allegations surrounding a raid on her home by the Economic and Financial Crimes Commission (EFCC).
Addressing the widely circulated claim, Ms Achimugu insisted that no such sum was recovered from her residence.
“Let me also correct an impression that 13 million dollars was not found in my house when my house was raided. And let me also correct that what is published on the website of EFCC is a certain state. I want to believe that it is not Lagos state because the state was not clear.
“So, it’s what is out there. So I won’t also entertain that it’s a Lagos state because that hasn’t been thrown at me. My house was raided, yes, but only $50,000 and 13 million naira belonging to my mom were found in my house and then again, my personal belongings. I don’t know where Nigerians got the impression that I had 13 million dollars in my house. I’m not a bank, so I won’t keep 13 million dollars in my house,” she stated.
She, however, declined to comment extensively on the matter, citing ongoing legal proceedings, but explained that the foreign currency in her possession was kept for practical reasons, noting that her children study abroad.
“It is important to have some foreign currency available for emergencies,” she said.
Speaking on the source of her wealth, Ms Achimugu maintained that her financial success is rooted in legitimate business ventures.
She disclosed that her company participated in oil block bidding rounds between 2022 and 2024 and emerged successful through what she described as a transparent process. Achimugu also dismissed suggestions that her success is tied to political connections.
Recall that Justice Emeka Nwite of the Federal High Court in Abuja affirmed the final forfeiture of $13 million linked to the Lagos socialite in March.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
In 2024, the businesswoman gained significant media attention for a seven-day birthday celebration in Grenada, which was attended by high-profile guests, reportedly including Lagos State Governor Babajide Sanwo-Olu.
The socialite also defended her widely publicised birthday celebration, noting that it had been “planned for 10 years” and was not funded with any money under investigation.
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