Business

Govs slammed for wasting N160bn on unviable airports

Published

2 years ago

August 28, 2024

Govs slammed for wasting N160bn on unviable airports

Six state governments including Ekiti, Ebonyi, Jigawa, Yobe, Nasarawa, and Bayelsa have spent about N160bn on airport projects that opposition politicians and aviation professionals classified as unviable.

Stakeholders say the huge public funds expended on the facilities have amounted to waste. They condemned the state governors and asked Nigerians to hold them responsible for the waste.

However, some industry players advised that the facilities be converted into skill acquisition centres for the benefit of the citizens.

Some called on relevant authorities to probe the money spent on the unviable projects

Checks by the PUNCH showed that the six states spent over N160bn on their various airport projects, but the facilities have not attracted a considerable number of aircraft for charter or commercial purposes.

Apart from the Murtala Muhammed Airport, Lagos; Nnamdi Azikiwe International Airport, Abuja, and Port Harcourt International Airport, Port Harcourt, Rivers State, that generate about 80 per cent of revenues for the Federal Airports Authority of Nigeria, other airports constitute a financial burden to FAAN.

But, despite the challenges facing most of the aerodromes in the country, more state governments have continued to pump scarce resources into the construction of more airports with most designating them as “cargo airports.”

In the last decade, no fewer than 10 state governments have mooted or commenced such projects.

Some of the states include Osun, Ebonyi, Ogun, Benue, Zamfara, Nasarawa, Abia, Ekiti, and Bayelsa. Sadly, most of these projects were never completed, while others were abandoned by their successors in office.

They include Asaba Airport, Ebonyi Airport, Bayelsa Airport, Ogun Cargo Airport, MKO Abiola International Airport, Osun, which is uncompleted, Ekiti Cargo Airport, Anambra Cargo Airport, Abia Airport, Wachakal Airport in Damaturu, and Dutse International Airport in Jigawa.

Others are Lafia Airport in Nasarawa which is uncompleted, Kebbi Airport, Auchi Airport in Edo which is uncompleted, Zamfara Airport, and Gombe Airport.

In 2017, Governor Willie Obiano of Anambra State commenced his move to build an airport in the state. Six years later, the governor renewed his zeal for the project, A cargo airport in Umueri, in the Anambra East Local Government Area.

Anambra State is surrounded by airports in Delta, Imo, and Enugu states but the governor embarked on the project.

Though many believed the project was new in the plans of the government and needless, the governor in April 2017 flagged off the airport project.

At the flagging-off ceremony in April 2017, Obiano said that the government wanted to create an airport city in the state with a model that would accommodate two runways, an aviation fuel dump, an airport hotel, an industrial business park, an international convention centre, as well as a facility for aircraft maintenance.

He had initially boasted that the airport with a cost implication of $2b as at when it was conceived would join some of the most advanced airports in the world with a capacity to land any of the most sophisticated vessels known to man.

In 2021, the state government said N6b was spent and not $2b as alleged in some quarters.

Also, the immediate past aviation minister, Hadi Sirika, conveyed the approval for the construction of the Ebonyi airport through correspondence to then Governor David Umahi, now Minister of Works. The letter was signed by the Director of Safety and Technical Policy, Capt Talba Alkali, on behalf of the ministry in 2019.

At the commissioning of the airport, Umahi revealed that he spent over N36bn to build the airport, located in Onueke, Ezza South Local Government Area. But as at the time of filing this report, the airport situation is best described as comatose.

The immediate past Ekiti State Governor, Kayode Fayemi, expended N16bn public funds on the Akure airport, but the airport has also refused to attract aircraft over its non-viability.

When the governor conceived the idea, it was greeted by criticisms from stakeholders both in the state and beyond but the governor vetoed the cargo airport which is currently not in use.

As of January 2023, the Special Adviser to Governor Biodun Oyebanji on Budget, Economic Planning, and Performance Management, Niyi Adebayo, revealed that N16.6bn had been spent on the yet-to-be-completed facility in Ekiti State.

He explained that the fund was used for perimeter fencing, completion of the runway and taxiway, terminal building, and payment of compensation for the farmers whose farmlands were acquired for the project.

In Jigawa State, ex-governor Sule Lamido, also pumped N4bn to build an airport for the state, one that was commissioned in 2014 by former President Goodluck Jonathan.

The airport facility is located less than 100km from Aminu Kano International Airport, making experts describe it as wasteful spending.

Also, in Bayelsa, former Governor Seriake Dickson spent N70bn on the construction of an airport which began in 2012 and was completed in February 2019.

The amount spent on the airport by the governor has been disputed by some stakeholders, among which was the former National Chairman of the All Progressives Congress, Adams Oshiomole.

Oshiomhole had stated that the project gulped over N100bn but Dickson insisted that it was done at the rate of N70bn.

Same for Yobe State where the transport commissioner, Abdullahi Kukuwa, had recently told newsmen that the state spent more than N18bn on the unused airport project initiated in 2017.

Like its counterpart, the Nasarawa cargo airport project was initiated in December 2015 during the second tenure of a former Governor Umaru Al-Makura, who said he had the vision to open the state for investment opportunities.

The project was estimated at N10bn and was to ease cargo traffic at the Nnamdi Azikiwe International Airport in the Federal Capital Territory, Abuja, because Nasarawa is the closest state bordering the FCT.

Bank

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

Published

9 hours ago

May 12, 2026

Sahara Weekly

Atlantian Crown Bank Rebrands as Arizona Global Bank LLC, Begins Licensing for Global Expansion

_By AGP News

*UNITED KINGDOM OF ATLANTIS* — In a move signaling a push into international markets, the Royal Throne of the United Kingdom of Atlantis on Sunday announced the corporate transformation of Atlantian Crown Bank LLC into *Arizona Global Bank LLC*, as part of a wider restructuring to position the institution for global banking and financial innovation.

The announcement was made at a press conference in the UKA capital by *HRM Queen Amb. Cletus C. Leaticia*, Chief Executive Officer of the newly named bank. She told reporters the rebranding marks _“more than a name change”_ and reflects a strategic pivot toward digital finance, cross-border investment, and modern banking standards.

_“This transformation represents our commitment to innovation-driven banking and our vision to become a globally competitive financial institution,”_ Queen Leaticia said.

*Licensing Process Underway*

According to the Department of Financial Administration and Corporate Affairs, which issued the official communication, Arizona Global Bank LLC has formally begun the process of applying for a *Banking Operational Licence* under UKA’s financial regulatory framework.

Once licensed, the bank plans to operate as a modern financial enterprise focused on four pillars:

1. Innovation-driven banking and digital financial solutions

2. Corporate financing and structured investment services

3. International financial partnerships and cross-border trade facilitation

4. Financial inclusion initiatives

Bank officials stressed that the institution will _“maintain strict compliance with all banking regulations and supervisory standards”_ set by UKA financial authorities.

*Strategic Shift Amid Global Ambitions*

Management described the rebranding as part of a broader restructuring initiative to _“strengthen the bank’s international identity, expand its global financial footprint, and align operations with contemporary banking standards.”_

Representatives called the licensing and rebranding process a _“major milestone”_ aimed at supporting economic growth, international trade, and cross-border investment initiatives.

*No Disruption to Existing Commitments*

Addressing potential concerns from clients and partners, management reassured stakeholders that _“all existing institutional commitments, operational objectives, and long-term strategic plans remain fully intact throughout the transition process.”_

The Royal Throne indicated that further updates on the licence approval, commencement of operations, corporate partnerships, and investment programmes will be released through official UKA and Arizona Global Bank LLC channels.

_The Department of Financial Administration and Corporate Affairs, Royal Throne of United Kingdom of Atlantis, issued the official statement._

Bank

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Published

10 hours ago

May 12, 2026

Sahara Weekly

Fidelity Bank grows Gross Earnings by 45.6% for FY 2025

Lagos, Nigeria – Fidelity Bank Plc, a leading Nigerian financial institution, has announced its audited financial results for the year ended 31 December 2025, reporting Gross Earnings growth of 45.6% from N1.04 trillion in 2024 to N1.52 trillion in FY 2025, reflecting stronger topline momentum across core business segments.

The Group recorded a Profit Before Tax of N347.7 billion. This performance was underpinned by a 38.7% year-on-year increase in interest income to N1.11 trillion (FY 2024: N803.1 billion) and a 44.7% year-on-year rise in fees and commission income to N113.4 billion (FY 2024: N78.4 billion).

On the balance sheet, total assets grew by 18.6% year-on-year to N10.46 trillion (FY 2024: N8.82 trillion), while customer deposits increased by 16.1% year on year to N6.89 trillion (FY 2024: N5.94 trillion), reflecting continued franchise strength and growing customer confidence in the brand. Net loans and advances declined by 2.4% year-on-year to N4.28 trillion (FY 2024: N4.39 trillion) as customers paid down on their mature obligations.

The Bank also strengthened its capital position during the period, with eligible capital rising to N561 billion, above the regulatory minimum of N500 billion for banks with international authorisation. In addition, capital adequacy remained robust, with Capital Adequacy Ratio of 30.94 percent as at 31 December 2025 (FY 2024: 23.47 percent).

Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Business

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Published

12 hours ago

May 12, 2026

Sahara Weekly

ALIKO DANGOTE FOUNDATION’S FORGES PARTNERSHIP WITH ISLAMIC DEVELOPMENT BANK

Ms. Zouera Youssoufou, Managing Director & CEO of Aliko Dangote Foundation (ADF) in company with Mr. Ahmed Iya, Head of Community Engagement & Polio Eradication of ADF visited Dr. Rami Ahmad, Vice President (Operations) of the Islamic Development Bank at IsDB Headquarters in Jeddah.

The delegation used the occasion to highlight the activities of the Foundation so far which made great impact on people of all races by enhancing opportunities for social change through strategic investments that improve health and wellbeing, promote quality education, and broaden empowerment opportunities for individuals and communities.

Dr. Rami also expressed his expectation of a good and rewarding partnership between the two organisations, as many member countries of the IsDB face pressing debt challenges that constrain their investments in people and livelihoods.