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$1.126bn Financing for Lagos-Calabar Coastal Highway Excites Tinubu

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Lagos-Calabar Coastal Highway

By Modupe Gbadeyanka

The successful closing of about $1.126 billion in financing for the execution of Phase 1, Section 2 of the Lagos–Calabar Coastal Highway has been welcomed by President Bola Tinubu.

A statement issued on Friday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that the funding package was secured by the Federal Ministry of Finance.

Mr Tinubu described this as a landmark because it marks a significant milestone in the delivery of Africa’s most ambitious and transformative infrastructure projects.

He praised the Ministries of Finance and Works and the Debt Management Office (DMO) for working together on the transaction, adding that the federal government will continue to explore creative financing to fund critical projects across the country.

“This is a major achievement, and closing this transaction means the Lagos-Calabar Coastal Highway will continue unimpeded. Our administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country,” the President was quoted as saying in the statement.

Phase 1, Section 2 covers approximately 55.7 kilometres, connecting Eleko in Lekki to Ode-Omi, key economic corridors and significantly enhancing national trade efficiency and logistics connectivity.

The successful financing follows the earlier closing of the $747 million financing for Phase 1, Section 1, and demonstrates the scalability and bankability of the Lagos–Calabar Coastal Highway project.

The financing was fully underwritten by First Abu Dhabi Bank (FAB) and Afreximbank, with partial risk mitigation support provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), marking ICIEC’s largest transaction since the country’s institutional and regulatory reforms. The structure reflects growing confidence in Nigeria’s reformed investment climate and its capacity to deliver infrastructure.

SkyKapital acted as Lead Financial Advisor, coordinating structuring, lender engagement, and execution. Environmental and Social advisory services were provided by Earth Active (UK), ensuring complete alignment with the IFC Performance Standards, the Equator Principles, and international ESG best practices. Hogan Lovells, as International Counsel, and Templars, as Nigerian Legal Counsel, led the legal advisory services.

Describing the transaction as a “defining moment in Nigeria’s infrastructure journey,” the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the fund will be deployed responsibly and judiciously to deliver on the project within timelines.

“The signing on December 19, 2025, of $1.126 billion financing for Phase one — section two of the Lagos-Calabar Coastal road marks a defining moment in Nigeria’s infrastructure journey, following the successful closing of the $747 million financing for Phase one section one on July 9, 2025.

“Collectively, these landmark transactions firmly establish the Lagos-Calabar Coastal Highway as one of the defining flagship projects of President Bola Tinubu’s Renewed Hope agenda, embodying the administration’s commitment to bold, transformational infrastructure.

“This financing is particularly notable as it represents, for the first time, a truly underwritten transaction of this magnitude for a Nigerian road infrastructure project. The facility was fully underwritten by First Abu Dhabi Bank ($626 million) and Afreximbank ($500 million), with partial coverage provided by ICIEC, making it the largest ICIEC-supported transaction since the institution’s creation,” Mr Edun said.

Construction is being executed by Hitech Construction Company Limited, whose rapid on-site progress and early opening of key road sections have earned commendation from lenders for engineering excellence, operational discipline, and execution speed.

In line with the federal government’s commitment to transparency and fiscal discipline, a comprehensive Value-for-Money (VfM) assessment was conducted by the Federal Ministry of Works in coordination with SkyKapital, and the assessment was independently reviewed and confirmed by GIBB.

The successful close of Phase 1, Section 2, represents a clear step-change in market confidence. It demonstrates Nigeria’s ability to move decisively from vision to execution and from reform to delivery.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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WCO Renews Customs CG Adeniyi’s Tenure as Council Chair

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adewale adeniyi customs

By Adedapo Adesanya

The World Customs Organisation (WCO) has extended the tenure of Nigeria’s Comptroller-General of Customs, Mr Adewale Adeniyi, as Chairperson of its Council for another year.

The decision was taken at the 147th and 148th Council Sessions in Brussels, Belgium, citing his leadership and contributions to global customs administration.

Comptroller Adeniyi returned to Abuja on June 29 to a reception by officers and management of the Nigeria Customs Service at its Maitama headquarters.

The management team also congratulated him on the six-month extension of his appointment by President Bola Tinubu.

Speaking on his return, the Comptroller-General said he had expected to hand over in Brussels, but was instead given a renewed mandate, which he dedicated to the Service.

The extension at both international and national levels is expected to support ongoing reforms, trade facilitation, and partnerships within the Nigeria Customs Service.

The six-month domestic extension is expected to provide continuity for ongoing reforms within the Customs Service while paving the way for a smooth leadership transition.

During the transition period, the Presidency said Mr Adeniyi, working with the Nigeria Customs Service Board, will ensure the promotion of eligible officers to the rank of Comptroller of Customs and the compulsory retirement of officers who have attained 60 years of age or have served 35 years.

Mr Adeniyi joined the Nigeria Customs Service after graduating from Obafemi Awolowo University (OAU) in the late 1980s and rose steadily through the ranks of the service.

Mr Adeniyi’s first tenure extension was due to expire on August 1, 2026, but President Tinubu approved the additional six months to enable him to complete key reforms within the Customs Service.

The presidency, via a statement, said the extension was granted “to enable him to consolidate the implementation of the National Single Window and ensure an orderly succession in the service.”

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Oyetola Urges West, Central Africa to Strengthen Port State Control

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Badagry Seaport

By Adedapo Adesanya

Nigeria’s Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has called on maritime administrations across West and Central Africa to strengthen Port State Control (PSC) systems as a critical strategy for enhancing maritime safety, facilitating trade and unlocking the full potential of Africa’s Blue Economy.

Speaking earlier at the Abuja Memorandum of Understanding (Abuja MoU) Regional Workshop for Directors-General/Chief Executive Officers of Maritime Administrations and Heads of Port State Control in Lagos, the Minister said effective maritime governance has become indispensable to Africa’s economic transformation, particularly under the African Continental Free Trade Area (AfCFTA).

Mr Oyetola said the workshop aligns with President Bola Tinubu’s Renewed Hope Agenda, which recognises the Marine and Blue Economy as a major driver of economic diversification, trade, employment and sustainable development.

“As Nigeria works to consolidate its position as Africa’s leading maritime hub, we recognise that world-class maritime governance, effective Port State Control, safe shipping practices and adherence to international standards are indispensable foundations for achieving that vision,” the Minister said.

He noted that strengthening Port State Control across the region would not only improve maritime safety but also support Africa’s broader economic aspirations by creating an efficient, secure and internationally compliant maritime transport system capable of facilitating seamless intra-African trade.

“The success of the African Continental Free Trade Area depends significantly on efficient, secure and internationally compliant maritime transport systems. As maritime administrations, we bear a collective responsibility to ensure that our ports, shipping operations and regulatory systems support the free flow of commerce, strengthen regional connectivity and contribute meaningfully to Africa’s economic integration and global competitiveness,” he stated.

Speaking on the workshop’s theme, A Future-Ready Port State Control Regime: Leadership, People, Governance and Performance for Safer Maritime Systems, Mr Oyetola described it as both timely and strategic, noting that the maritime industry is undergoing unprecedented transformation driven by technological innovation, environmental obligations, evolving regulations and changing geopolitical realities.

According to him, these developments require Port State Control regimes that are not only robust but also adaptive and future-ready.

The Minister described the workshop as the first major strategic intervention under the Abuja MoU Port State Control Strengthening Programme, designed to equip Directors-General and Chief Executive Officers of maritime administrations to champion institutional reforms, strengthen governance frameworks and improve maritime safety performance across the region.

Reaffirming Nigeria’s commitment to international maritime standards, Mr Oyetola said the country has consistently supported the vision of the International Maritime Organisation (IMO), which regards Port State Control as one of the most effective mechanisms for eliminating substandard shipping, protecting the marine environment and safeguarding the welfare of seafarers.

On his part, the Secretary-General of the Abuja MoU, Mr Sunday Umoren, described collaboration among member states as essential to building a safer, more efficient and globally competitive maritime sector in West and Central Africa.

Also speaking, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr Dayo Mobereola, stressed the need for greater investment in capacity building and institutional development, revealing that only 16 of the Abuja MoU’s 22 member states currently conduct Port State Control inspections consistently.

He disclosed that Nigeria conducted 917 Port State Control inspections in 2025, achieving an inspection rate of 23.5 per cent, significantly exceeding the Abuja MoU benchmark of 15 per cent.

Mr Mobereola said the country’s performance demonstrates its commitment to enforcing international maritime conventions and promoting safer shipping within the region.

The Lagos workshop is expected to produce practical recommendations for strengthening Port State Control implementation across the Abuja MoU region while laying the foundation for a more harmonised, efficient and globally respected maritime safety regime in West and Central Africa.

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Presidential Economic Advisory Council: Presidency Backs Gbajabiamila, Disowns Adeyemi

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Presidential Economic Advisory Council Adeyemi Adeniyi Matthew

By Modupe Gbadeyanka

The presidency has thrown its weight behind Chief of Staff to President Bola Tinubu, Mr Femi Gbajabiamila, over the controversy surrounding the fictitious Presidential Economic Advisory Council, which Mr Adeyemi Adeniyi Matthew said he heads as the Director General.

Mr Adeyemi claimed he gave Mr Gbajabiamila about N400 million to pay a balance of N200 million to secure the council’s job. He further alleged that he was asked to part with 48 per cent of an allocation to his office.

While Mr Gbajabiamila dissociated himself from the council, it was found out that the organisation had a budgetary allocation under the presidency.

Reacting to this issue, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, in a statement on Wednesday, absolved Mr Gbajabiamila from the fraud.

Below is the full statement;

We are aware of the public interest in the matter of a man called  Adeyemi Adeniyi Matthew, who has been parading himself as the director-general of a fictitious Presidential Foreign Intervention Promotion Council cum Presidential Economic Advisory Council.

The office of the Chief of Staff to the President first blew the whistle on the existence of the illegal agency, following complaints from officials of the Nigerian Investment Promotion Council that another government agency appeared to be functioning at cross-purposes with it.

The Chief of Staff, on October 17, in a letter, asked the DSS and the Police to probe the activities of ‘fraudsters and imposters’ forging appointment letters purportedly from his office.

“The attention of this office has been drawn to the activities of certain individuals and groups engaged in the forgery of official appointment letters purportedly issued from my office. The fake documents, bearing falsified signatures, reference/folio numbers, and seals, have been used to claim leadership appointments to non-existent entities, with particular reference to the Presidential Foreign Intervention Promotion Council.

“The aforementioned entity under the leadership of one Prince Adeniyi Adeyemi Matthew as Director-General is said to have an office at the Federal Secretariat Complex Phase 111, 2nd Floor. Also, they have been parading themselves as a legitimate government agency, hosting meetings with both foreigners and Nigerian citizens, and even going so far as to request a note verbale from the Ministry of Foreign Affairs to the United States of America to facilitate visas for some of their staff.

“The above development not only constitutes a serious criminal act but also undermines the integrity of the presidency and the credibility of official government communication.

 “I therefore urge you to initiate a thorough investigation to identify and apprehend those involved and also to uncover the network facilitating the forgery,” the Chief of Staff wrote in his petition to the security agencies.

The letter to the security agencies was accompanied by a copy of the forged appointment letter, a copy of the request for a note verbal to the Ministry of Foreign Affairs, and pictures of engagements obtained from the illegal agency’s website.

Around the time the Chief of Staff lodged the complaint with the security agencies, the existence of the fake agency had raised concerns within the Foreign Affairs Ministry.

In a letter on October 15, 2025, the Foreign Affairs Ministry wrote to the office of the National Security Adviser and the Chief of Staff to the President, requesting clarification on the status of Adeyemi’s agency. The letter, which Ambassador Anderson Madubuike signed, followed Adeyemi’s October 10 meeting with ambassadors at the Wells Carlton Hotel and Apartments in Asokoro, without recourse to the ministry.

“This act contravenes extant rules and regulations guiding diplomatic practices globally,” the Ministry of Foreign Affairs said in its letter.

On October 20, the Office of the National Security Adviser wrote to the Office of the Secretary to the Government of the Federation, on the request of the Foreign Affairs Ministry.

On 29 October,  the OSGF wrote to the Chief of Staff requesting clarification. “This has become expedient owing to several requests from governmental and non-governmental bodies seeking to ascertain the status of the appointment under consideration”

Two days earlier, the Chief of Staff sent his own clear rebuttal to the Foreign Affairs Ministry, stating that he had never issued an appointment letter to Adeyemi as director general of the fake presidential foreign investment promotion council. The Chief of Staff could not have issued a letter of appointment to a non-existent agency. Moreover, the Chief of Staff does not make appointments or write letters, as these are the exclusive preserve of the Office of the Secretary of the Government of the Federation.

On November 5, 2025, the Chief of Staff responded to the OSGF, again flatly denying Adeniyi Adeyemi and his spurious agency. “Prince Adeniyi Matthew, director-general of the Presidential Foreign Investment Promotion Council, is unknown to any office, nor do we have any dealings with the said council.

“My attention was drawn to a letter of this purported application, which is fake, and my office has instructed the police and other relevant security agencies to carry out investigations on the person and the entity he claims to represent”, the chief of staff wrote.

The Police made the first move by responding to the chief of staff’s letter dated 17 October and began their investigation. On 27 October, Adeyemi was arrested in Abuja at the Secretariat office where he operated his elaborate scam.

The police searched the office and Adeyemi’s home in Suleja, recovering vital documents and exhibits. In Adeyemi’s statement to the police, he claimed that one Dolapo Babatunde Tanimola assisted him in procuring the fake appointment letter. Following his claim, the police went after the said Tanimola.  The Police found that Tanimola died in a fire incident at Kachi Hotel in Abuja on 22 October, five days before Adeyemi’s arrest. Tanimola’s body was seen by the police at the morgue, confirming the death.

The police were able to establish that the agency Adeyemi purportedly headed was fictitious, that he forged his appointment letter and the documents recovered in his office and home, that he falsely paraded himself as a government appointee, and that he falsely solicited a note verbal from the Foreign Affairs Ministry to enable him and his staff to obtain US visas. The police also found that Adeyemi operated 34 bank accounts, with nine opened in the names of his fictitious agencies, known as the FCT Investment Promotion Agency and the Public Private Partnership (FIPA-APP), and the FCT Investment Promotion Act.

The Police found that Adeyemi, using the fake documents he created, fraudulently opened a CBN account by misleading the Office of the Accountant-General of the Federation. According to the police, no government money has been transferred into the account.

“The act of the suspect constitutes criminal forgery, impersonation and obtaining by false pretence, thereby bringing the office of the Chief of Staff to the President and the Presidency to disrepute before the public and international community”, the police wrote in the report of the investigation conducted by the assistant commissioner, Kabir Mogaji.

Based on their investigations, the police filed an eight-count charge at the Federal High Court in Abuja against Adeyemi and two of his accomplices on November 27, 2025. He is due in court on July 27.

Adeyemi was on police bail when he recently claimed that the Chief of Staff had appointed him as DG of the fictitious agency. This claim contradicted his statement to the police in November last year.  His new claim prompted the Chief of Staff, on June 8, to issue a disclaimer consistent with earlier advisories that the man, called Adeyemi,  is an impostor.

The case of Prince Adeniyi Adeyemi Matthew is a clear case of a con artist who appears to have built a web of false claims to deceive unsuspecting government officials and the public into playing by his scam book. He has a history of fraudulent misrepresentation. In November 2016, he paraded himself as an ambassador and President-General of the World Youth Organisation (WYO), an affiliate of the United Nations (UN). He claimed to have been elected in New Delhi, India. The local media celebrated him until the UN denied the existence of such a body.

Politicians and members of the public who are weaponising Adeyemi’s claim against the Chief of Staff should refrain from swallowing his narrative hook, line and sinker. They are advised to await the trial of Adeyemi and his accomplices, as well as the court’s judgement, as comments made today are sub judice.

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