Economy
Lagos to Float N100b Bond for Bus Reform Initiative
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State has disclosed that his administration would launch a public transportation infrastructure bond of N100 billion that would span between seven to 10 years.
This, he said at the weekend, would drive the implementation of his integrated public transportation system tagged the Bus Reform Initiative that would kick start this year with a sinking fund of N30 billion.
Addressing newsmen, Mr Ambode said his administration had identified the challenges Lagosians go through on a daily basis commuting via public transportation, saying the reform was aimed at providing a viable alternative.
He said the Bus Reform Initiative is a three-year plan aimed at introducing over 5000 air-conditioned buses to replace the yellow commercial buses, popularly called Danfo, which according to him, was no longer befitting for the state’s mega city status.
Hear him: “We decided that the best thing is to allow the yellow buses go and so the Bus Reform Initiative itself is a three-year plan of 2017 to 2019 in which it intends to bring in new buses of 5,000 units in the three-year plan.
“The bigger size buses will take 70 people and then the medium range buses will take 30 people. We believe that the middle range buses will be supplied up to 70 per cent of the total volume which will amount to about 3,600 units and then the longer range in that direction.”
“You are aware that the Federal Government paid the refund of the Paris Club Loan last December and this is a money belonging to the state governments due to the refund and so Lagos State decided not to touch its share of the Paris Club refund.
“Right now, we have a sinking fund of N14.5 billion that is already put in place to drive this public transportation bond.
“We refused to touch our money and we believe that the second batch of the refund should be paid next month and eventually that will be N29 billion that we will have. I will add another N1 billion to it making it N30 billion to kick start this initiative.
“By the time we have N30 billion as sinking fund to drive the bus initiative against the bond of N100 billion that we want to put into the market, there will be that credibility and credence that the bond will drive itself and that is the whole idea,” Governor Ambode added.
He said aside the bond, his administration also intends to give out franchise to interested stakeholders in multiple of 50 buses each, 100 buses, 200 buses and above, explaining that what is required is a down payment of 25 percent of the buses.
“So, these are bankable projects as we have a sinking fund and so our exposure as a government is just technically 75 percent. So, from the kind of machinery we want to use to run the buses, there are no cash takings, everything is automated and obviously, whoever has a franchise, whoever drives, they have the recourse to take part of the money while part of the intake also goes to the repayment of the facility and so it is a comprehensive template,” he said.
However, Mr Ambode pointed out that the state government expects the Danfo drivers, who would be absorbed into the new initiative to adapt accordingly, saying that the transport unions would be expected to take ownership to ensure sustainability.
“This is just a paradigm shift where Danfo drivers move from being addressed as Danfo drivers but as professional drivers. So, we will buy back the Danfos from them and it becomes the seed money to become eventual owners of those buses in the years the facility is spread.
“It is something we have been working on in the last one year and we don’t come out to say we are going to do anything without working properly on it. It is process and now we are at the advocacy process.
“We intend to start to go to the bus parks and all that to educate people and the integral part of these buses is what you see us trying to provide bus terminals, Laybys, bus stops. They are coming in pieces but they will become a complete cup of delivering this particularly product when we put them together,” he explained.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
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