NEWS
Wema Bank Boosts SME Growth, Lands €50m EIB Funding
By Tony Obiechina, Abuja
Wema Bank has secured a €50 million financing facility from EIB Global, the development arm of the European Investment Bank, to expand lending opportunities for small and medium-sized enterprises (SMEs) across Nigeria, with a special focus on businesses owned by women and young entrepreneurs.
The agreement, signed in Lagos, represents the first partnership between EIB Global and Wema Bank.
Under the arrangement, at least half of the funding will be allocated to youth-owned enterprises, while the remaining portion will support businesses owned, managed, or primarily serving women.Speaking during the signing ceremony, EIB Vice President Ambroise Fayolle described the deal as a significant step toward promoting youth employment, gender equality, and women’s economic empowerment in Nigeria.
Fayolle noted that the initiative will also encourage entrepreneurs to adopt sustainable financing practices, reflecting EIB Global’s commitment to climate-focused investments as the European Union’s climate bank and a key partner in the Global Gateway programme.
According to EIB Global, the facility is supported by the European Union’s Global Gateway initiative and aligns with Nigeria’s Financial Inclusion Strategy. In addition to the funding, Wema Bank will receive technical assistance through the Greening the Financial Sector Programme to strengthen climate-related lending and support sustainable business investments.
Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said the partnership would deepen the bank’s longstanding commitment to empowering businesses and underserved groups.
He explained that the facility is designed not only to improve access to finance for SMEs but also to help close gender gaps and create economic opportunities for young Nigerians through entrepreneurship and self-employment.
Oseni added that eligible businesses, including participants in entrepreneurship development programmes, would have access to the financing support.
NEWS
US Names Nigerian Suspect, Three Firms in ISIS Financing Sanctions
By David Torough, Abuja
Nigeria’s security challenges came under renewed focus on Tuesday as the United States sanctioned a Nigerian national and three Nigeria-based companies over alleged links to Islamic State financing, while suspected bandits killed six farmers in Kaduna State, highlighting persistent threats from terrorism and armed violence.
The U.
S. Department of State announced the designation of Nigerian citizen Mukhtar Adamu Muhammad and three Bureau De Change firms operating in Lagos and Kano as part of a wider international network accused of facilitating financial transactions for the Islamic State of Iraq and Syria (ISIS). The action, taken under Executive Order 13224, also targeted two other individuals based in France and Syria, as well as companies operating in Türkiye and Syria.According to the U.S., the designated network enabled ISIS to move funds across Europe, the Middle East and West Africa. American authorities alleged that Mukhtar Adamu Muhammad used money exchange businesses in Nigeria as conduits for financing ISIS-West Africa operations.
The Nigerian firms listed in the sanctions are Generation Currency Bureau De Change Limited, Lagos; Nine to Nine Exchange Bureau De Change Limited, Ikeja, Lagos; and Manhattan Bureau De Change Limited, Kano.
The U.S. government reiterated its commitment to working with Nigeria and other international partners to disrupt terrorist financing networks and combat the activities of ISIS globally. Washington also referenced Nigeria’s cooperation in a May 2026 operation that reportedly led to the killing of Abu-Bilal al-Minuki, identified as the second-in-command of ISIS.
Meanwhile, in Kaduna State, suspected bandits attacked farmers working in Kujijiro farmlands in Kuyello District of Birnin Gwari Local Government Area, killing six people and triggering fresh concerns over rural insecurity.
The Birnin Gwari Emirate Progressives Union (BEPU), which confirmed the attack, described the killings as tragic and warned that continued assaults on farming communities could undermine efforts to restore lasting peace in the area.
The group said the victims were carrying out lawful farming activities when they were attacked and killed, adding that communities in eastern Birnin Gwari have continued to experience security breaches despite ongoing interventions.
BEPU warned that insecurity in farming communities could discourage agricultural activities during the current planting season, potentially affecting food production and worsening economic hardship through higher food prices.
The union called on the Federal Government, Kaduna State Government, security agencies and other stakeholders to intensify operations against criminal groups operating in the area and ensure adequate protection for residents.
As of press time, neither the Kaduna State Government nor the State Police Command had issued an official statement on the incident.
The twin developments underscore the complex security challenges confronting Nigeria, where efforts to combat terrorism financing are unfolding alongside persistent attacks by armed groups on rural communities, raising concerns over national security, food production and public safety.
NEWS
Tinubu Courts Global Investors, Backs Digital Future for Nigerian Youths
By David Torough, Abuja
President Bola Ahmed Tinubu has assured global investors that Nigeria’s youthful population is equipped with the skills, adaptability and technological capacity needed to compete in the global digital economy, as the Federal Government intensifies efforts to deepen economic reforms and digital inclusion.
The President gave the assurance on Tuesday at the State House, Abuja, while receiving a delegation from Mastercard led by its Global Chief Executive Officer, Michael Miebach.
Tinubu described Nigeria’s large youth population as the country’s most valuable asset and welcomed Mastercard’s proposal to train five million businesses and equip them with digital capabilities aimed at boosting productivity, financial inclusion and economic growth.
According to the President, ongoing reforms have repositioned and stabilised the economy, creating a more attractive environment for investment while opening opportunities for small businesses and young entrepreneurs to participate in the global marketplace.
“The most important asset is our youth,” Tinubu said, noting that more Nigerian youths would be empowered with digital skills to address present and future economic challenges.
He stressed that the formalisation of Nigeria’s vast informal business sector would accelerate digital adoption, attract investments and create jobs, while improving access to financial services for micro, small and medium-sized enterprises (MSMEs).
The President also highlighted the importance of efficient payment platforms and stronger financial inclusion mechanisms, urging deeper collaboration between Mastercard and institutions such as the Bank of Industry, which maintains a large database of MSMEs across the country.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said recent fiscal and economic reforms were creating fresh opportunities in digital payments, credit systems and business formalisation.
He disclosed that more than 10,000 informal businesses had been applying for formal registration daily in recent months, attributing the trend to reforms introduced by the Tinubu administration.
Oyedele added that government efforts to digitise public services and expand access to credit — including mortgages, consumer loans, student loans and small-business financing — were opening new opportunities for private sector participation.
He noted that Nigeria remains a major fintech hub on the continent, hosting five of Africa’s nine fintech unicorns.
Speaking during the meeting, Mastercard CEO Michael Miebach reaffirmed the company’s commitment to supporting Nigeria’s economic transformation agenda.
Miebach, who said he established Mastercard’s Nigerian operations in 2011, described the country as a strategic market with immense growth potential.
According to him, Mastercard currently helps prevent about $200 million in fraud annually in Nigeria while facilitating roughly $2 billion in foreign exchange inflows.
He said the company was working to unlock opportunities for Nigeria’s estimated 40 million small businesses through digital skills training, cybersecurity support and financial inclusion initiatives.
Miebach revealed that Mastercard has developed a three-year programme aimed at helping small businesses digitise their operations and safely participate in the online economy.
He also announced plans for technical workshops and investments in cybersecurity infrastructure, including a Cyber Centre of Excellence focused on threat intelligence, incident response and emerging risks associated with artificial intelligence.
The Mastercard chief expressed confidence that Nigeria’s ongoing reforms, coupled with stronger fiscal and monetary policy coordination, would strengthen the country’s position as Africa’s largest and most dynamic economy.
The meeting underscored growing collaboration between the Federal Government and global financial technology players as Nigeria seeks to accelerate digital transformation, boost entrepreneurship and expand opportunities for its rapidly growing youth population.
NEWS
How Rural Infrastructure is Transforming Lives Across the FCT
By Jumai Ahmadu
While much attention has been given to the remarkable transformation taking place within the city centre of Abuja, perhaps one of the most impactful achievements of the current Federal Capital Territory Administration under the leadership of the Minister, Barr.
Ezenwo Nyesom Wike, is the unprecedented expansion of infrastructure into rural communities and area councils.For decades, many farming communities across Abaji, Kwali, Kuje, Bwari, Gwagwalada, and the Abuja Municipal Area Council (AMAC) struggled with poor road networks that limited access to markets, healthcare facilities, schools, and other economic opportunities. During the rainy season, some communities were virtually cut off, forcing farmers to watch their produce perish before reaching buyers.
Today, that narrative has changed and keeps improving.
The construction and rehabilitation of strategic roads across the area councils have opened up new economic corridors, connecting isolated communities to urban markets, and improving the livelihoods of thousands of residents, particularly farmers, who form the backbone of rural economies.
Among the projects making significant impacts are the Airport–Kuje Road, the Kuje–Gwagwalada Dual Carriageway, rural access roads in Kwali and Abaji, and the newly commissioned access road linking communities around the second runway corridor of the Nnamdi Azikiwe International Airport.
For many indigenous communities, these projects represent more than infrastructure; they symbolize inclusion, recognition, and economic empowerment.
Speaking on the impact of the newly completed road network, Mr. Istafanus Ishaya, an indigenous farmer from Pai Community in Kwali Area Council, noted: “For years, transporting our yam, maize, and cassava to markets in Gwagwalada and Abuja was a nightmare. Vehicles avoided our roads, and middlemen took advantage of us.
“Today, transport costs have reduced, buyers come directly to our farms, and we earn better income from our produce.”
Similarly, Mallam Ibrahim Mangalu from Kwaita Community in Abaji Area Council explained that improved road access has significantly reduced post-harvest losses.
“Before now, a substantial portion of our farm produce was lost because it could not reach the market on time. With the new roads, we can move our produce quickly, and our earnings have improved considerably.”
In Kuje Area Council, Mrs. Grace John, a groundnut farmer from Chukuku Community, described the development as life-changing.
“Our children now get to school more easily, healthcare services are more accessible, and traders come directly to our community to purchase farm produce. The road has brought development closer to us.”
Another beneficiary of the ongoing infrastructure revolution, Mr. Jude Onaria, a native of Kuje Area Council, described the completion of the Kuje–Gwagwalada Dual Carriageway as the fulfilment of a long-awaited dream.
“As someone born and raised in Kuje, seeing the construction and completion of the Kuje–Gwagwalada Road is truly a dream come true.
“This is a project that residents have heard about and waited for since the early 2000s. For many years, successive administrations talked about it, but little progress was made.
“Today, we can see and use the road. Beyond easing transportation, it has improved business activities, reduced travel time, and given residents renewed confidence that development is reaching our communities.”
His remarks reflect the sentiments of many long-time residents who view the project not merely as a road but as the fulfilment of decades of expectation and a symbol of government’s commitment to inclusive development.
For communities around Tungan Madaki, where residents had long endured the consequences of surrendering ancestral lands for the construction of the airport’s second runway, the newly commissioned access road has restored hope and connectivity.
Chief Musa Yangoji, an elder from the community, observed: “For many years, our people felt forgotten despite the sacrifices made for national development. This road has reconnected us to the rest of Abuja and opened opportunities for businesses and farmers alike.”
These testimonies reflect the experiences of many indigenous groups across the FCT, including the Gbagyi, Bassa, Gade, Gana-Gana, Koro, Egbira, and Hausa communities who have historically occupied the territory and whose livelihoods depend largely on agriculture and local commerce.
Beyond improving transportation, the road projects have stimulated economic activities, increased land values, attracted private investments, and enhanced access to social services.
Farmers can now transport produce faster and at lower costs, while traders and investors can reach communities that were previously inaccessible.
The multiplier effect of these projects is already becoming evident. Increased mobility is encouraging agricultural expansion, reducing transportation bottlenecks, creating new business opportunities, and fostering stronger economic integration between rural communities and urban markets.
As roads improve, so too do prospects for education, healthcare delivery, tourism, and overall social development.
As Abuja marks fifty years of its creation, the extension of infrastructure to rural communities stands as one of the most enduring legacies of the current Administration.
For many a resident, the transformation or rural communities speaks to the vision of President Bola Tinubu being realised through Minister Wike that all Nigerians matter and that the Renewed Hope Agenda is not just sloganeering, but a practical demonstration of good governance.
Across the six area councils, a new reality is emerging—one where roads are not merely connecting places but connecting people to opportunities, prosperity, and a renewed sense of belonging.
For many rural residents, the value of these projects is measured not by kilometres of asphalt laid but by improved livelihoods, increased incomes, easier access to markets, and the hope of a better future for their children.
As the FCT continues its journey of growth and development, the story of rural infrastructure remains one of the clearest examples of how government investment can directly improve the lives of ordinary citizens.
By bringing development closer to the people and unlocking the economic potential of rural communities, the Administration is laying the foundation for a more inclusive, prosperous, and connected Federal Capital Territory.
Dr. Jumai Ahmadu is Director, Reform Coordination and Service Improvement Department (RC&SID) of the FCTA.
jumaiabuahmadu@yahoo.com


