Economy
Lagos Airport Road: Fashola Fires Back at Ambode
By Modupe Gbadeyanka
Some hours ago, Lagos State Government, Mr Akinwunmi Ambode, accused the Federal Ministry of Power, Works and Housing headed by his predecessor, Mr Babatunde Fashola, of frustrating efforts of his administration to carry out a “total reconstruction of the International Airport Road from Oshodi.
Miffed by remarks of his successor, who is also a member of his ruling All Progressives Congress (APC), the Minister released a statement, replying the Governor’s allegations.
In the statement signed by Special Adviser to the Minister on Communications, Mr Hakeem Bello, Mr Fashola said the allegations were false.
He said the allegations of lack of cooperation from the Ministry and frustration of Lagos State Government development initiatives were also simply not true.
According to him, in 2016, he approved the use of the Federal Ministry of works yard at Oworonsoki for Lagos State Government to create a lay-by to ease traffic.
The Minister further said he also approved that Lagos State be granted the rights to manage the street lighting on the 3rd Mainland Bridge to support the security initiatives of the state, a request he said the previous Federal Government administration had denied Lagos State for years.
During the same year, the Minister said he supported the approval of the World Bank Loan of $200 million to Lagos State, again a request he disclosed that the previous administration had denied the state.
“As far as International Airport Road which is currently the ground for alleged ‘frustration’ is concerned, the correct position is that the Lagos State government presented a request for four roads that it would wish to take over,” he said.
The statement noted that, “This is consistent with the position being canvassed by the Minister for states who are interested to apply to take over roads that are within their states.”
Mr Fashola said the Ministry has presented the memorandum conveying the request of the Lagos State government to the Federal Executive Council (FEC) as was done with a similar request by the Kaduna State Government in 2016.
“Due to the fact that two of the roads also connect Ogun State, the FEC could not reach an immediate decision on them because it requested the input of the other state government affected.
“The Kaduna State government requested the Federal Government to transfer two roads within Kaduna Metropolis to the state in November 2015. Due process was followed and the request of the state government was approved in August 2016, a period of 10 months.
“Federal Executive Council Memorandum are debated and commented upon by all members and in cases of roads, surveys, maps and other material have to be provided to assist members understand the location and connectivity of the roads, (in this case Four roads), in order to assist how they vote on the Memorandum.
“As far as the Presidential Lodge is concerned, it is under the management of the Presidency and not the Ministry.
“After the approval by Mr President that the Presidential Lodge can be handed over to the state government, there was a directive to the Ministry to work out the modalities for handing over.
“The Ministry has prepared a vesting instrument to convey the transfer and all that is needed is a survey plan.
“The Presidential Lodge is a high security location and officials of the Ministry also require security clearance to enter in order to do any works.
“Access to the lodge is not under the control of the Ministry,” Mr Fashola said in the statement.
The statement said, “The motive behind this public accusations must therefore be scrutinized coming barely a week after the Governor spoke with the Minister on the outstanding requests of the state for several minutes and the Minister took time to explain the situation of things to the Governor. (The first telephone conversation the Governor has had with the Minister since May 29, 2015).
“If there is any lack of co-operation it is on the part of the state government that has refused to acknowledge let alone approving the Ministry’s request for land of the National Housing Programme in Lagos.
“The Ministry is not frustrated by this lack of response and remains optimistic that a response will come from Lagos State.”
“The Ministry remains committed to serving the Government and Good People of Lagos and will treat all their requests on Merit and in accordance with necessary due process as will be done to other States,” the Minister assured.
“As far as the refund of N51 billion is concerned this is not a new item. Almost all if not all states have these claims and the Federal Ministry of Power Works and Housing has verified these claims. What is left is the process of raising the finance to pay the Debt owed to the States.
“Those who are familiar with the workings of Government will attest to the fact that it is an intricate sequence of processes, consultation and collaboration.
“Equating processes to a lack of co-operation is therefore akin to creating a storm in a tea cup,” the statement concluded.
By Adedapo Adesanya
The supply of Premium Motor Spirit (PMS), also known as petrol, increased by 55.4 per cent on a month-on-month basis to 71.5 million litres per day in November 2025 from 46 million litres per day in October.
This was contained in the November 2025 fact sheet of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Monday.
The data showed that the nation’s consumption also increased by 44.5 per cent or 37.4 million litres to 52.1 million litres per day in November 2025, against 28.9 million litres in October.
The significant increase in petrol supply last month was on account of the imports by the Nigerian National Petroleum Company (NNPC) Limited into the Nigerian market from both the domestic and the international market.
Domestic refineries supplied in the period stood at 17.1 million litres per day, while the average daily consumption of PMS for the month was 52.9 million litres per day.
The NMDPRA noted that no production activities were recorded in all the state-owned refineries, which included Port Harcourt, Warri, and Kaduna refineries, in the period, as the refineries remained shut down.
According to the report, the imports were aimed at building inventory and further guaranteeing supply during the peak demand period.
Other reasons for the increase, according to the NMDPRA, were due to “low supply recorded in September and October 2025, below the national demand threshold; the need for boosting national stock level to meet the peak demand period of end of year festivities, and twelve vessels programmed to discharge into October, which spilled into November.”
On gas, the average daily gas supply climbed to 4.684 billion standard cubic feet per day in November 2025, from the 3.94 bscf/d average processing level recorded in October.
The Nigeria LNG Trains 1-6 also maintained a stable processing output of 3.5 bscf/d in November 2025, but utilisation improved slightly to 73.7 per cent compared with 71.68 per cent in October.
The increase, according to the report, was driven by higher plant utilisation across processing hubs and steady export volumes from the Nigeria LNG plant in Bonny.
“As of November 2025, Nigeria’s major gas processing facilities recorded improved output and utilisation levels, with the Nigeria LNG Trains 1-6 processing 3.50 billion standard cubic feet per day at a utilisation rate of 73.70 per cent.
“Gbaran Ubie Gas Plant processed 1.250 bscf per day, operating at 71.21 per cent utilisation, while the MPNU Bonny River Terminal recorded a throughput of 0.690 bscf per day during the period. Processing activities at the Escravos Gas Plant stood at 0.680 bscf per day, representing a 62 per cent utilisation rate, whereas the Soku Gas Plant emerged as the top performer, processing 0.600 bscf per day at 96.84 per cent utilisation,” it stated.
By Aduragbemi Omiyale
The proposed share reconstruction of a local gaming firm, Secure Electronic Technology (SET), has been suspended.
The Lagos-based company decided to shelve the exercise after negotiations with potential investors crumbled like a house of cards.
Secure Electronic Technology was earlier in talks with some foreign investors interested in the organisation.
Plans were underway to restructure the shares of the company, which are listed on the Nigerian Exchange (NGX) Limited.
However, things did not go as planned as the potential investors pulled out, leaving the board to consider others ways to move the firm forward.
Confirming this development, the company secretary, Ms Irene Attoe, in a statement, said the board would explore other means to keep the company running to deliver value to shareholders.
“This is to notify the NGX and the investing public that a meeting of the board of SET held on Tuesday, December 16, 2025, as scheduled, to consider the status of the proposed share reconstruction and recapitalisation as approved by the members at the Extraordinary General Meeting (EGM) held on April 16, 2025.
“After due deliberations, the board wishes to announce that the proposed share reconstruction will not take place as anticipated due to the inability of the parties to reach a convergence on the best and mutually viable terms.
“Thus, following an impasse in the negotiations, and the investors’ withdrawal from the transaction, the board has, in the interest of all members, decided to accept these outcomes and move ahead in the overall interest of the business.
“The board is committed to driving the strategic objectives of SEC and to seeking viable opportunities for sustainable growth of the company,” the disclosure stated.
Business Post reports that the share price of SET crashed by 3.85 per cent on Tuesday on Customs Street on Tuesday to 75 Kobo. Its 52-week high remains N1.33 and its one-year low is 45 Kobo. Today, investors transacted 39,331,958 units.
By Adedapo Adesanya
Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.
During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.
Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.
Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.
The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.
Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”
Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”
According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn