By Tony Obiechina, Abuja

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has outlined how the Federal Capital Territory Administration (FCTA) can leverage Nigeria’s capital market to raise long-term funds for critical infrastructure projects instead of relying solely on annual budgetary allocations.

Speaking at the Abuja Business & Investment Summit and Expo (ABIE 2026) in Abuja, Agama said the capital market offers the FCT a sustainable financing model for roads, rail, housing, water, transport and other infrastructure through instruments such as infrastructure bonds, green bonds, real estate investment trusts (REITs), asset recycling and tokenised municipal securities.

He argued that Abuja’s development demonstrates that economic growth is driven by investment, stressing that “cities are not built by budgets alone. Cities are built by capital markets.”

According to him, the FCT should establish a long-term infrastructure bond programme backed by dedicated revenue sources such as ground rents, tenement rates, tolls, parking fees and land-use charges, noting that this would enable the territory to finance major projects without overburdening annual budgets.

“A budget can only spend what a single year has collected. A bond can spend what 30 years will collect,” Agama said, explaining that infrastructure projects generate long-term economic value that can be used to service debt over time.

The SEC boss said the territory could also access cheaper financing through green and sustainability-linked bonds for projects including mass transit, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure.

He further proposed the creation of an FCT Real Estate Investment Trust to unlock value from Abuja’s extensive property portfolio while giving ordinary Nigerians an opportunity to invest in the city’s real estate market.Agama also urged Abuja Investments Company Limited (AICL) to consider listing some of its businesses or establishing a listed infrastructure fund, saying this would raise capital without increasing government debt while improving corporate governance and transparency.

On the long-abandoned Millennium Tower project, he said the estimated over N400 billion completion cost should not be viewed as a budgetary burden but as an investment opportunity that could be financed through a special purpose vehicle and offered to investors via the capital market.

“The question is not whether Nigeria can afford the Millennium Tower. The question is whether we will let ordinary Nigerians own it,” he said.

Agama further proposed an asset recycling programme under which completed income-generating public assets, including terminals, markets, commercial properties and the International Conference Centre, could be securitised or concessioned to institutional investors, with proceeds reinvested in new infrastructure.He also called on the FCT to pioneer a regulated tokenised municipal bond programme that would allow citizens to invest as little as ₦10,000 through mobile phones in specific infrastructure projects.

According to him, the recently enacted Investments and Securities Act (ISA) 2025 has strengthened the legal framework for sub-national governments to access the capital market while providing enhanced investor protection and clearer regulation of digital assets.

Agama disclosed that Nigeria’s capital market has grown significantly, with total market capitalisation exceeding N217 trillion as of May 2026, comprising about N160.5 trillion in equities and N56.7 trillion in bonds.He said recent reforms, including the migration to a T+1 settlement cycle and regulatory measures to deepen market participation, have improved market efficiency and strengthened investor confidence.The SEC Director-General assured the FCTA of the Commission’s readiness to provide technical support for structuring and registering capital market instruments, saying the commission would work closely with the territory to unlock financing for infrastructure projects.He added that Nigeria’s capital market remains critical to mobilising domestic savings for national development, insisting that “money is not scarce; delivery capacity is scarce, and financing follows delivery capacity.”

Argentina football icon Lionel Messi bid farewell Sunday to his father, the global star’s emotional anchor and agent since childhood who passed away following a battle with cancer aged 68.

The eight-time Ballon d’Or winner touched down on a private flight from Miami late on Saturday with his wife Antonela Roccuzzo and their children and has remained surrounded by his close family since.

A private ceremony with a few teammates from the Argentine national squad is scheduled to take place at a cemetery in the town of Perez, adjacent to Rosario, later Sunday.

The gates of the town’s El Prado cemetery displayed handwritten messages from fans—”Stay strong, Leo, we love you” and “Stay strong, Messi family”—alongside a large floral wreath.

Messi’s teammates rallied around their captain following the announcement that Jorge Messi had passed away late Friday at a clinic in Rosario.

“It will surely do him good for us to be there,” Boca Juniors midfielder Leandro Paredes told journalists after his team’s match on Saturday.

“I need to speak with a few of my teammates to see if we go now or sometime tomorrow.”

According to some media outlets, midfielder Rodrigo de Paul — a close friend of Messi and his Inter Miami teammate — would travel to Argentina.

After scoring a goal in a 2-1 defeat to Monterrey in Miami on Saturday, De Paul paid tribute to his friend by taking off his shirt to reveal Messi’s number 10 jersey.

The cause of death was not disclosed, but local media reported that Jorge Messi had been suffering from cancer.

His unusual absence from the World Cup in June had already attracted attention.

Messi’s family asked the media for “humanity” during the tournament amid persistent rumours over Jorge’s health.

After bursting into tears after scoring against Algeria, 39-year-old Messi had admitted to dealing with “a situation outside of sports”.

“I went through a few difficult, complicated days,” he later acknowledged, “but I am grateful to the entire delegation and my teammates, because they stood by me, as always.”

Immediately after the World Cup final defeat against Spain, Messi returned to spend a few days with his family in Rosario.

A guiding figure throughout his son’s career, Jorge Messi was his first coach who left everything behind to accompany his son to Spain.

A metalworker in Rosario, 340 km north of Buenos Aires, Jorge managed youth teams at the small local club Grandoli.

He was the one who introduced Argentina’s future captain to the game aged four on vacant lots where local kids played.

His life changed course in 2000 when Barcelona invited the young prodigy, then aged 13, to Catalonia to continue treatment for a growth hormone deficiency while playing for the club’s youth teams.

Jorge left behind his job in Argentina, his wife, and his three other children to settle in Spain with Lionel.

“When we arrived in Barcelona, I used to lock myself in my room to cry alone, and my father did the same — either without me seeing him or thinking I didn’t see him. We pretended we were both fine, but we were struggling,” Messi later said.

His father was later the agent who negotiated astronomical contracts on his behalf, from Barcelona to Paris Saint-Germain and Inter Miami.

Messages of sympathy have poured in since Saturday from the football world, including from the clubs Messi played for and the Spanish Football Federation.

The Argentine Football Association (AFA) ordered a minute of silence before matches and that black armbands be worn at games across all age groups for the week.

 By Grace Alegba and Lawal Hazeeb

The collapse of online investment platforms has become an all too familiar story in Nigeria.

In spite of repeated warnings from regulators, financial experts and law enforcement agencies, thousands of Nigerians continue to lose millions of naira to fraudulent investment schemes.

From civil servants and traders to university students and even secondary school students, the victims cut across different age groups and social classes.

The common thread is the promise of quick and extraordinary financial returns.

The recent crash of the National Reading Culture (NRC), an online investment platform, once again exposed the dangers of the growing appetite for instant wealth.

The National Institute of Credit Administration (NICA) says the increasing number of victims points to a deeper problem beyond financial fraud.

The Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, weighed in on the disturbing trend.

He said the desire to become wealthy overnight remained one of the biggest drivers of online investment scams.

In an interview with the News Agency of Nigeria (NAN), Onalo urged Nigerians to reject the culture of quick riches and embrace patience, hard work and proper financial planning.

According to him, fraudulent investment promoters thrive because they exploit people’s emotions, financial pressures and desire for rapid success.

“If I ask you to put your hand in burning fire, you won’t. In the same way, people should avoid investment offers that promise extraordinary returns without credible evidence.”

He stressed that genuine wealth creation required discipline, persistence and informed financial decisions rather than shortcuts.

Onalo advised prospective investors to ask questions, verify investment opportunities and conduct thorough due diligence before committing their funds.

“There are pathways to becoming successful. Start from where you are, work hard, ask questions and always carry out due diligence before making financial commitments.”

He also encouraged Nigerians to seek guidance from credible professionals and institutions before making investment decisions.

According to him, people should not allow peer pressure or the apparent success of others to influence their financial choices.

“Do not be intimidated because someone appears to be making money faster than you. Focus on your own growth and avoid the temptation to cut corners,” he advised.

For many victims, however, the lessons came only after losing their savings.

One secondary school student told NAN that he invested his two months feeding allowance after seeing classmates make impressive profits.

He said one of his friends earned more than N300,000 from the scheme, convincing him to invest N47,000.

Unfortunately, the platform collapsed shortly afterwards.

His friend later refunded him N20,000 while hoping to recover his own investment, but the platform eventually shut down after repeatedly promising investors that their funds would be returned.

Another Senior Secondary School 2 student said she joined the platform late after hearing about the profits made by other students.

According to her, early participants appeared to make money, while those who joined later lost their investments when the platform crashed.

The experiences were not limited to teenagers. Akano Omotayo, an undergraduate, said he was introduced to the scheme by a close friend who appeared to have achieved financial independence through the investment.

Although he was not fully convinced about the platform’s legitimacy, he said his friend’s success persuaded him to take the risk.

Omotayo said he even borrowed money from a loan application to increase his investment, believing that greater risks would produce greater rewards.

Instead, he lost everything when the platform collapsed shortly after he invested.

He said the experience left him struggling to repay the loan while dealing with the disappointment of introducing another friend who also lost money.

“I have learned that every investment should be properly researched before committing money to it.

“People should never invest borrowed funds or money they cannot afford to lose,” he said.

Another student, Abubakar Mubarak, said convincing withdrawal screenshots and positive testimonials shared on a Telegram group encouraged him to invest.

The platform promised daily returns of 1.7 per cent and assured investors that withdrawals could be made at any time.

Mubarak said he managed to recover part of his investment before the platform crashed, but many of the friends he introduced were unable to recover either their capital or expected profits.

According to him, the losses damaged friendships because those he invited questioned his intentions.

He said the experience taught him never to recommend investment opportunities without proper verification and advised Nigerians not to rely solely on social media testimonials.

Financial analysts say Ponzi operators often use the profits of early investors to attract more participants before the schemes eventually collapse when new investments slow down.

They note that the widespread use of social media, encrypted messaging platforms and digital payment channels has made it easier for fraudsters to reach thousands of potential victims within a short period.

Experts also say improving financial literacy, encouraging responsible investment practices and strengthening public awareness campaigns are essential to reducing the incidence of online investment fraud.

For many victims, the financial losses may eventually be recovered through hard work.

However, the emotional trauma, damaged relationships and loss of trust often take much longer to heal.

As economic pressures continue to push many Nigerians in search of alternative income, experts insist that the safest investment remains one built on transparency, proper regulation and realistic expectations.

Regulators, experts, and victims all agree: do not trust any investment that promises big profits with zero risk. If you see one in Nigeria, stop, check the facts, and walk away. (NAN)