By Adedapo Adesanya

Craneburg EKSG Motorway Company Plc, in collaboration with InfraCredit, has officially signed the final documents for its N32.5 billion 20-Year 22 per cent Fixed Rate Senior Guaranteed Infrastructure Bond issuance.

The signing ceremony, which took place in Lagos, had representatives from guarantor, the issuing houses, legal advisers, and capital market operators in attendance.

The proceeds from this successful issuance will be used to finance the Phase 1 construction of a 17.84km dual carriageway toll road in Ekiti State.

This project forms part of a broader 68km road network designed to unlock intra-state mobility, enhance logistics, and attract private capital into sub-national infrastructure delivery.

The purpose of funding and constructing, as well as the operation and maintenance of the 68km ring road in Ado Ekiti, Ekiti State is under a design, build, finance, operate, maintain and transfer (DBFOM) concession 20-year arrangement.

Commenting on the development, the Chairman of Chairman of Craneburg Construction Company, Mr Femi Edun, said: “We are honoured by the trust placed in us by the Ekiti State Government to deliver this transformative project under the innovative Annuity PPP Product.

“The product framework has been instrumental in mobilising long-term domestic capital that enables us to sustainably finance and execute this much-needed infrastructure project.

“As a company recognised for quality and timely delivery, we are committed to ensuring that this project sets a new benchmark for infrastructure development at the sub-national level.”

Also commenting, Managing Director of the lead issuing house, Anchoria Advisory Services Limited, Mr Sam Chidoka, said: “This transaction is a testament to what’s possible when innovation, strong governance, and private sector capital come together in service of national development.

“We are proud to have led the structuring and execution of this landmark bond issuance, the first of its kind in Nigeria’s debt capital market and proud of what it represents, a scalable blueprint for funding an infrastructure project through the capital markets.”

Anchoria Advisory Services Limited served as lead issuing house and bookrunner, supported by Coronation Merchant Bank, Greenwich Merchant Bank, and Iron Global Markets Limited as joint issuing houses.

According to a statement, the firm said the landmark transaction sets a replicable precedent for infrastructure financing across Nigeria, paving the way for future PPP-backed issuances where the private sector leads execution, risk sharing is institutionalized, and development is market-driven.

By Adedapo Adesanya

The Lagos State government has expressed concerns over the growing number of rickety vehicles operating on Lagos roads, saying they pose a risk to commuters and road users in the cosmopolitan city.

The government, through Lagos State Vehicle Inspection Service (VIS), has advised Lagosians to be vigilant and avoid boarding rickety public vehicles known as danfos.

The Director of the agency, Mr Akin-George Fashola, said reassured members of the public that impounded rickety vehicles would not be released for further use.

In a statement via the Lagos Ministry of Transportation on X, formerly Twitter, Mr Fashola said the vehicles, including one he personally apprehended, were in extremely poor condition, describing them as poorly maintained, with outdated parts and lacking essential safety features essentially ticking time bombs on Lagos roads.

He emphasized that rickety vehicles have been linked to numerous accidents in the state, often resulting in loss of lives, injuries, and property damage.

Further highlighting the dangers, Mr  Fashola pointed out several critical issues common among the seized vehicles: unstable tires due to expiration, potential brake failure caused by makeshift repairs, and disjointed body compartments weakened by rust all of which render them unfit for commercial use.

He noted that many of these vehicles operate mostly at night, further increasing the risks to unsuspecting passengers, urging the public to prioritize safety by avoiding any vehicle that appears to be in a deteriorated condition.

He added that the VIS is working closely with relevant stakeholders, including road transport unions, to ensure Lagos roads remain safe for all users, encouraging members of the public to report any sightings or experiences with rickety vehicles via the VIS complaint platforms at [email protected], or through the Ministry of Transportation hotlines: 09020004000 and 09020009000.

By Modupe Gbadeyanka

Commercial bus operators in Lagos State have been warned against route violations and illegal road parking across the metropolis or risk being apprehended to face the full wrath of the law.

This warning was given by the Special Adviser to Governor Babajide Sanwo-Olu on Transportation, Mr Sola Giwa, who said the government would no longer tolerate the excesses of the commercial bus drivers, especially those operating mini buses, colloquially known as Korope.

In a statement issued by the Director of Public Affairs and Enlightenment Department of the Lagos State Traffic Management Authority (LASTMA), Mr Adebayo Taofiq, the Governor’s aide emphasized the paramount necessity of unwavering adherence to traffic regulations, with particular regard to unauthorized route deviations.

According to him, the new directive is in alignment with the government’s overarching initiative to instil orderliness on Lagos roadways and ensure the uninterrupted flow of vehicular movement across the metropolis.

He further articulated that LASTMA operatives have been duly mandated to escalate enforcement strategies aimed at curbing reckless driving and unlawful practices that hinder urban mobility and disrupt the city’s traffic ecosystem.

Additionally, Mr Giwa issued a categorical directive against the indiscriminate occupation of public roadways for unauthorized parking and loading activities, which significantly aggravate traffic congestion and pose substantial risks to other road users.

He emphasized that, moving forward, all commercial operators must restrict their operations to designated bus stops and terminals to avert unwarranted impediments to vehicular circulation.

“Illegal parking and flagrant route violations have metamorphosed into a grave menace in Lagos, particularly due to the arbitrary conduct of mini bus operators. Such transgressions, which impede traffic fluidity and endanger public safety, will no longer be condoned.

“LASTMA has been expressly instructed to enforce absolute compliance with extant traffic laws and to apprehend defaulters accordingly,” Mr Giwa asserted.

“Furthermore, strict adherence to designated routes is imperative for security purposes, as it acts as a deterrent against unscrupulous elements who exploit commercial vehicles, particularly Korope, for illicit activities,” he added.

In light of these directives, LASTMA enjoins all road users, especially commercial transport operators, to cooperate fully with traffic enforcement authorities by adhering strictly to stipulated regulations and fostering a culture of responsible driving.