“ABUJA IS NO LONGER A CITY OF ABANDONED PROJECTS”

R-L: FCT Minister of State, Dr Mariya Mahmoud; Senate President, Obong Godswill Akpabio; FCT Minister, Barr Ezenwo Nyesom Wike; Managing Director, Levant Construction Limited, Mr Elie Tannous at the Commissioning of Transit Way N2, on Tuesday, July 7, 2026

FCTA PRESS RELEASE

“ABUJA IS NO LONGER A CITY OF ABANDONED PROJECTS” 

— PRESIDENT TINUBU SAYS

…AS NEW N2 TRANSIT WAY OPENS CBD-WUSE CORRIDOR

President Bola Ahmed Tinubu, GCFR, today said the Federal Capital Territory has turned a new corner in infrastructure delivery with the opening of the Transit Way N2 Corridor, now linking the Central Business District directly to the Wuse District through two standard-engineered bridges.

Speaking during the event marking the 50th Anniversary of the FCT and the third year of the Renewed Hope Administration, the President described the new road as “an economic artery”, that will cut travel time, ease congestion, and unlock commercial activity for millions of commuters and businesses.

President Tinubu recalled the charge given to the Honourable Minister of the FCT, Barrister Nyesom Wike, CON, upon his appointment.

“When I gave the FCT Minister, Barrister Nyesom Wike, CON, Mr. Project, the mandate to oversee the Federal Capital Territory, my directive was single, clear, and uncompromising: deliver tangible results to the people, eliminate delays, and return Abuja to its master plan,” the President stated.

He added: “I also stressed that the 'Renewed Hope Agenda' must not just be a slogan written on billboards, but a living reality that our people can see, touch, and drive upon. He has not failed me. He has continued to surpass my expectations.”

The President noted that movement between Wuse and the Central Area was once defined by bottlenecks and lost productivity.  

“For years, traveling between Wuse and the Central Area meant navigating bottlenecks, losing productive man-hours, and enduring frustrating traffic gridlock. Today that has changed,” he said

President Tinubu declared that the era of abandoned projects in Abuja is over, citing a new contract regime of funding, monitoring, and delivery.

“Abuja is no longer a city of abandoned projects. The era of contractors taking mobilization money and disappearing into thin air is permanently over in the FCT. Under the Renewed Hope Agenda, if we sign a contract, we fund it, we monitor it, and we commission it”, he declared.

He commended the FCT Administration for vision and discipline in execution, and thanked contractors for “working around the clock to meet this deadline and building to the highest possible standards.”

Nigeria: FG Removes FCTA from TSA

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Nigeria: FG Removes FCTA from TSA

The Federal Government’s decision to exempt the FCTA from the Treasury Single Account marks a significant shift in Nigeria’s fiscal management framework.

The TSA, introduced to centralize government revenues and curb leakages, has long been hailed as a cornerstone of financial discipline.

However, President Tinubu insists that Abuja’s unique administrative and developmental needs require flexibility beyond the rigid confines of the TSA.  

President Tinubu explained that the exemption was necessary to eliminate bureaucratic bottlenecks and allow the FCTA to access funds quickly for critical projects.

He emphasized that Abuja, as the nation’s capital, must operate with “liquidity, speed, and corporate flexibility” to deliver world-class infrastructure.   

Since the policy shift, Abuja has witnessed accelerated infrastructure delivery, including road construction, housing projects, and institutional reforms. Minister Nyesom Wike has been credited with translating the financial autonomy into tangible results, such as resolving the Nigerian Law School’s long-standing land title issue and commissioning new facilities for the legal sector. 

Nigeria’s FCTA Exits Treasury Single Account: Tinubu’s Bold Fiscal Shift

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Nigeria’s FCTA Exits Treasury Single Account: Tinubu’s Bold Fiscal Shift

President Bola Tinubu has officially removed the Federal Capital Territory Administration (FCTA) from Nigeria’s Treasury Single Account (TSA), arguing that the move provides financial flexibility and has already accelerated infrastructure development in Abuja. He credited FCT Minister Nyesom Wike for translating this policy into visible projects and institutional reforms. 

Background on the TSA

The Treasury Single Account (TSA) was introduced in Nigeria to centralize government revenues, reduce leakages, and enforce fiscal discipline. By pooling funds into a single account, ministries and agencies had limited direct access, which often slowed down project execution due to bureaucratic bottlenecks. The FCTA’s exemption marks a significant departure from this framework.

Tinubu’s Rationale

President Tinubu explained that removing the FCTA from the TSA was necessary to give Abuja’s administration liquidity, speed, and operational flexibility. He emphasized that the FCTA must be able to interface directly with financial institutions to deliver critical projects without bureaucratic delays. According to him, skeptics initially questioned the wisdom of this “financial liberation,” but the results are now evident in the rapid transformation of the capital city. 

Impact on Abuja’s Development

The exemption has allowed the FCTA to:

- Accelerate infrastructure delivery by eliminating bureaucratic delays in accessing funds.

- Expand urban renewal projects, including road construction and housing developments.

- Strengthen governance and justice institutions, such as resolving the Nigerian Law School’s long-standing land title issue by issuing its Certificate of Occupancy.

- Commission new facilities, including the Body of Benchers Office Annex and staff quarters at the Nigerian Law School in Bwari. 

Storms: Humanity’s Relentless Adversary

Symbolic Photo showing the devastation caused by storms

Storms: Humanity’s Relentless Adversary

Storms are among nature’s most formidable forces, a reminder that despite humanity’s technological progress, we remain vulnerable to the raw power of the earth’s atmosphere. 

They arrive with little regard for borders or human ambition, tearing through landscapes and societies with devastating consequences.

The destructive impact of storms is felt on multiple levels. Entire nations have seen their economies crippled by hurricanes, typhoons, and cyclones. Infrastructure painstakingly built over decades can be reduced to rubble in hours. Roads, bridges, and power grids collapse under the weight of torrential rains and violent winds, leaving communities isolated and governments scrambling to respond.

For developing nations, the financial burden of rebuilding often deepens cycles of poverty and inequality, while wealthier nations face the sobering reality that no amount of preparation can fully shield them from nature’s wrath.

Beyond the economic toll lies the human tragedy. Families are displaced, homes are lost, and lives are shattered. Storms do not discriminate; they uproot the vulnerable and the powerful alike. Yet, it is often the poorest who suffer most, lacking the resources to evacuate or rebuild. 

The psychological scars of surviving such disasters linger long after the winds have calmed, manifesting in trauma, grief, and a profound sense of insecurity.

Storms also reshape the environment itself. Coastlines erode, forests are flattened, and agricultural lands are inundated, threatening food security and long-term sustainability.

In some cases, storms alter geography so drastically that maps must be redrawn. These changes remind us that humanity’s relationship with nature is not one of dominance but of coexistence, fragile and precarious.

A Legacy of Vision and Continuity at UBA

A Legacy of Vision and Continuity at UBA

The announcement that Tony Elumelu will step down as Group Chairman of United Bank for Africa (UBA) on August 21, 2026, marks the end of an era defined by bold vision, transformative leadership, and a relentless belief in Africa’s potential.

For twelve years, Elumelu has been the architect of UBA’s evolution from a Nigerian institution into what is now proudly called “Africa’s Global Bank,” a financial powerhouse serving over 50 million customers across 20 African countries and four continents.

Under his stewardship, UBA expanded its footprint, connected African businesses to global opportunities, and proved that an African institution could compete confidently on the world stage. 

The bank itself credited him with shaping UBA into one of Africa’s most respected financial institutions, emphasizing innovation, resilience, and purpose as the pillars of its growth.

Elumelu’s own reflections on the transition were filled with gratitude and optimism, underscoring his belief that leadership is not about clinging to a position but knowing when to usher in a new chapter.

His successor, Emmanuel N. Nnorom, is no stranger to the world of corporate leadership. Currently the Group CEO of Heirs Holdings and Chairman of Transcorp Hotels Plc, Nnorom brings a wealth of experience and strategic insight to the role.

Elumelu himself expressed confidence in Nnorom’s ability to provide continuity and direction, urging shareholders, customers, and partners to extend to him the same trust and support that defined his own tenure.

This transition is not merely a change of guard; it is a reaffirmation of UBA’s enduring vision. The institution has pledged to continue building Africa’s leading financial powerhouse, enabling trade and investment, empowering communities, and creating sustainable value across the continent.

Central China’s Deadly Storms - A Stark Reminder of Climate Vulnerability

An aerial view shows flooding in Pingshan village at Xiaoyi town in Hengzhou, China’s southern Guangxi region on July 6, 2026. (Photo by CNS / AFP) / CHINA OUT

Central China’s Deadly Storms - A Stark Reminder of Climate Vulnerability

The recent storms that tore through central China have left a trail of devastation, underscoring the fragility of communities in the face of increasingly volatile weather.

State media reports confirm that eight lives were lost and 275 people injured after severe convective weather struck Hubei province, with cities such as Huangshi and Huanggang bearing the brunt of the disaster.

Tornadoes were sighted in some areas, and at least one person remains missing. Rescue operations are ongoing, with authorities evacuating over 400 residents to safety.

The tragedy in Hubei coincided with another calamity in the south. Heavy rains and flooding linked to Typhoon Maysak claimed two more lives in Guangxi, forcing the evacuation of 48,000 people.

In Nanning, the provincial capital, officials raised flood control measures to their highest level after torrential rains breached dams, bursting reservoir walls and sending torrents of muddy water into communities. Images of submerged homes, stranded cars, and rescue workers navigating floodwaters in inflatable boats paint a grim picture of the scale of destruction.

Beyond the immediate human toll, these events highlight the broader challenge of climate change. Scientists have long warned that extreme weather events will grow in intensity and frequency as global temperatures rise due to fossil fuel emissions.

Elumelu To Step Down As UBA Chairman, Nnorom Named Successor

Tony Elumelu

Elumelu To Step Down As UBA Chairman, Nnorom Named Successor

United Bank for Africa (UBA) has announced a significant leadership transition. Tony Elumelu, who has served as Group Chairman for twelve years, will step down on August 21, 2026.

Emmanuel N. Nnorom has been named as his successor, marking the beginning of a new chapter for one of Africa’s most prominent financial institutions.

UBA’s statement paid tribute to Elumelu’s transformative leadership, crediting him with expanding the bank’s reach from a Nigerian institution into what it now proudly calls “Africa’s Global Bank.”

Under his stewardship, UBA grew to serve over 50 million customers across 20 African countries and four continents, connecting businesses and economies through innovation, resilience, and purpose.

The bank emphasized that Elumelu’s vision proved that an African institution could compete confidently on the global stage.

In his farewell remarks, Elumelu described the transition as one filled with gratitude, pride, and optimism. He highlighted his objective of building an institution that would outlive individuals, one capable of empowering entrepreneurs, supporting governments, rewarding shareholders, and transforming lives.

PRESIDENT TINUBU COMMISSIONS BODY OF BENCHERS OFFICE ANNEX IN ABUJA

L-R Chairman, Body of Benchers, HRM Albert Akpomudje, SAN, FCT Minister, Barr Nyesom Wike, Secretary to the Government of the Federation, Senator George Akume, Former Chief Justice of Nigeria, Justice Olukayode Ariwoola, Chief Justice of Nigeria, Justice Kudirat Kekere Ekun, Minister of State, FCT, Dr Mariya Mahmoud during the commissioning of the newly completed Body of Benchers office annex in Abuja on Monday

FCTA PRESS RELEASE 

RESIDENT TINUBU COMMISSIONS BODY OF BENCHERS OFFICE ANNEX IN ABUJA

…REAFFIRMS COMMITMENT TO THE RULE OF LAW

President Bola Ahmed Tinubu, GCFR, has officially commissioned the newly completed Office Annex for the Body of Benchers located in the Institutional and Research District of the Federal Capital Territory (FCT), Abuja.

Speaking during the commissioning ceremony in Abuja on Monday, July 6, 2026, President Tinubu disclosed that the state-of-the-art edifice, represents a critical milestone in the administration’s Renewed Hope Agenda, aimed at strengthening democratic institutions, ensuring judicial independence, and enhancing the operational capacity of the apex regulatory body of the Nigerian legal profession.

President Tinubu who was represented by the Secretary to the Government of the Federation, Chief George Akume, emphasized that providing top-tier infrastructure for the legal community is a constitutional duty of the Executive to foster efficiency, rather than an interference in judicial independence.

"Today’s ceremony is not merely a celebration of a beautiful edifice crafted with architectural excellence. It is a resounding affirmation of our administration’s steadfast commitment to the rule of law, the independence of our institutions, and the dignity of the Nigerian legal profession," President Tinubu stated.

The President highly commended the Honorable Minister of the FCT, Barrister Ezenwo Nyesom Wike, for his aggressive infrastructural drive, noting that the timely completion of the project reflects the FCT's ongoing urban renaissance.

He also highlighted ongoing holistic interventions in the legal ecosystem, including the construction of two 300-bed hostels at the Nigerian Law School in Bwari, the completed Nile University access road, and a dedicated new Fire Service Station for the institutional district, stressing that the FCT was witnessing a remarkable renaissance due to the scale of ongoing infrastructure development.

“When I appointed the Minister, I gave him a clear mandate: to transform Abuja into a modern, functional, and world-class capital city. Over the last three years, the scale of infrastructural development, urban renewal, and project delivery in the FCT has been unmatched. From the Court of Appeal Complex and the newly developed Judges' Quarters to massive road networks like the Outer Southern Expressway, this city is witnessing a remarkable renaissance”, President Tinubu stated.

PRESIDENT TINUBU COMMISSIONS 10-UNIT STAFF QUARTERS IN NIGERIAN LAW SCHOOL, BWARI

An aerial view of the newly constructed staff quarters for the Nigerian Law School, Bwari , on Monday

FCTA PRESS RELEASE

PRESIDENT TINUBU COMMISSIONS 10-UNIT STAFF QUARTERS IN NIGERIAN LAW SCHOOL, BWARI

…AS FCT MINISTER REVEALS PRESIDENTIAL APPROVAL FOR ADDITIONAL 20-HOUSING UNITS

In a major boost to legal education and institutional welfare, President Bola Ahmed Tinubu, GCFR, has commissioned 10 newly completed and furnished staff quarters at the Nigerian Law School, Bwari in the Federal Capital Territory.

Represented at the event by the Secretary to the Government of the Federation (SGF), Senator George Akume, President Tinubu stated that the provision of accommodation for the Nigerian Law school was part of a strategic intervention aimed at upgrading the infrastructure of the nation's premier legal training institution under the Renewed Hope Agenda.

While noting that a world-class legal system cannot be built upon dilapidated infrastructure, President Tinubu maintained that providing dignified shelter for the administrators and instructors who mold the country's future legal minds is a matter of national priority.

"The legal profession stands as the sentinel of our democracy, the very guardian of the rule of law. But we must ask ourselves: how can we expect the next generation of legal minds to be properly molded if the teachers, the instructors, and the administrators who shape them are left without decent, dignified shelter? What we are witnessing here today is a direct answer to that question." President Tinubu stated.

He commended the FCT Minister, Barrister Nyesom Wike, for his aggressive project execution, noting that the financial liberation of pulling the FCTA out of the Treasury Single Account (TSA) has yielded undeniable results, giving local administration the liquidity and corporate flexibility to deliver massive projects without bureaucratic delays.

President Tinubu further lauded the FCT Minister for granting Certificate of Occupancy to the Nigerian Law School and waiving the associated fees to correct what he described as a long-standing structural failure in the legal institution.

“Barr. Wike has not just built roads; he has looked at the institutional fabric of this capital territory and declared an emergency where emergency was due. When he discovered that this premier institution, the Nigerian Law School, had operated for years in Bwari without a formal title, he moved very swiftly to correct the anomaly by waiving the Certificate of Occupancy (C-of-O) processing fees and demanding its issuance within one week. By so doing he has corrected a longstanding structural and historical failure in this legal institution.

The President also further used the occasion to reaffirm his administration's commitment to completing initiated projects and urged Nigerians to remain steadfast in their support for the current government.

"Do not be swayed by the antics of naysayers who seek to diminish our collective progress. Let us stand together, unified in purpose, recognizing that the temporary challenges of today are paving the way for a grander, more prosperous tomorrow”, the President charged.

The AI Capital Cycle

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One of the most significant trending stories in the global financial sector right now is the surge of capital deployment into artificial intelligence infrastructure, with private credit emerging as a critical financing tool. Financial institutions worldwide are reshaping their models to adapt to this AI-driven cycle, while simultaneously navigating consumer resilience, inflation pressures, and competitive deposit environments.

The AI Capital Cycle

The financial sector is experiencing a multi-year capital cycle tied to artificial intelligence. Alternative asset managers are channeling billions into data centers, energy systems, and compute infrastructure to support AI growth. This investment wave is not only reshaping technology but also redefining financial services, as firms seek new ways to manage risks tied to such large-scale buildouts.

Role of Private Credit

Private credit has become a key financing mechanism in this transformation. Unlike traditional bank lending, private credit offers flexible structures that can support the unique demands of AI infrastructure projects. This trend is creating new competition between banks and alternative asset managers, as both vie for relevance in financing the next stage of technological expansion.

Consumer Finance Resilience

Despite macroeconomic uncertainty and higher-for-longer interest rates, consumer spending remains resilient. However, analysts highlight a growing gap between higher- and lower-income households, with inflation, particularly in energy costs, posing risks to lower-income groups. This divergence is shaping how banks and consumer finance companies adjust their strategies.

Banking Sector Adaptation

Banks are evolving their models across deposits, payments, and technology. The deposit environment has become more competitive, forcing institutions to innovate in customer engagement. Artificial intelligence is being deployed to improve efficiency and client interaction, but adoption hinges on maintaining trust, security, and accountability.

Capital Markets Recovery

Capital markets activity is beginning to recover, with momentum in equity and investment-grade debt issuance. This signals renewed confidence, though institutions remain cautious given the complex forces shaping the industry.

Xenophobia and the Nigerian Exodus from South Africa

Xenophobia and the Nigerian Exodus from South Africa

The renewed wave of xenophobic attacks in South Africa has once again forced Nigeria to take decisive action to protect its citizens.

The Federal Government announced that another batch of Nigerians will be evacuated on Tuesday, July 7, 2026, continuing a series of repatriation flights that began last month. This latest move underscores the gravity of the situation, as violent protests and targeted attacks against migrants show no signs of abating.

Nigeria’s Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu, made the announcement via her official X handle, urging Nigerians who feel unsafe to take advantage of the government-sponsored flights. She emphasized that while investments and properties can be rebuilt, lives lost cannot be replaced. Her words reflect the urgency of the crisis, as two Nigerians, Musa Yunana Joe and Charles Iroegbu, were recently killed in the violence 14.

This evacuation marks the fourth operation since June, with three previous batches already returned home. President Bola Ahmed Tinubu extended the evacuation deadline beyond June 30, allowing more citizens to escape the escalating hostility.

The final flight is expected to arrive in South Africa on July 10, signaling the government’s determination to conclude the process while maximizing safety.

The broader context reveals that Nigeria is not alone in this struggle. Several African nations have repatriated their citizens as fringe groups in South Africa demand the removal of illegal migrants, blaming them for unemployment and poor services.

The Border Management Authority reports that over 35,000 people have already been deported or repatriated since June 7.

Analysts, however, argue that these social problems stem more from government failures than from the presence of migrants.

Nigeria has signalled its readiness to escalate matters diplomatically, warning that “all options are on the table” if attacks on its citizens and their investments continue.

Editorial: The AI Cycle Reshaping Banking and Consumer Finance

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Editorial: The AI Cycle Reshaping Banking and Consumer Finance

The global financial landscape is undergoing a profound transformation as artificial intelligence becomes the backbone of innovation and resilience. Banks and consumer finance institutions are no longer merely adopting technology, they are redefining their very architecture around it. This AI-driven cycle is influencing how money moves, how risk is managed, and how trust is maintained in an era of digital acceleration.

Banking Models in the Age of Intelligence

Modern banking is shifting from traditional efficiency metrics to algorithmic adaptability. Institutions are embedding AI into their operational cores, using predictive analytics to anticipate customer needs and optimize liquidity.

The result is a new paradigm of smart banking, where data models guide lending decisions, fraud detection, and even regulatory compliance.

AI’s influence extends to personalized financial experiences. Banks now deploy machine learning to tailor product offerings, credit lines, savings plans, and investment portfolios, to individual behavior patterns.

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This personalization is not just a competitive advantage; it’s a survival strategy in a market where digital-first challengers are eroding legacy institutions’ dominance.

Yet, this transformation comes with tension. The reliance on AI raises questions of transparency and accountability. Regulators are pressing for explainable algorithms, ensuring that automated decisions remain fair and auditable. The balance between innovation and oversight defines the next frontier of banking governance.

Consumer Finance Resilience

On the consumer side, AI is fortifying resilience amid economic volatility. Intelligent credit scoring models now integrate non-traditional data, such as transaction histories and behavioral analytics, to assess risk more accurately.

This has expanded access to credit for previously underserved populations, particularly in emerging markets.