General
$1.126bn Financing for Lagos-Calabar Coastal Highway Excites Tinubu
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.
By Adedapo Adesanya
The Nigerian Air Force (NAF) is investigating the reported fatal civilian casualties during airstrikes while pursuing Islamist militants around Jilli Market, around the Borno-Yobe border near Fuchimiram village in the Geidam Local Government Area of Yobe State.
In a statement on Sunday, the Director of Public Relations and Information for the Nigerian Air Force, Air Commodore Ehimen Ejodame, said it “treats all reports of possible civilian harm with the utmost seriousness and empathy.”
According to eye witnesses and local government official accounts, at least 200 people are feared dead after Nigerian military jets struck the village market.
“In line with this commitment, the CAS has directed an immediate activation of the Civilian Harm Accident and Investigation Cell (CHAI-Cell) to immediately proceed to the location on a fact-finding mission on the allegation,” the statement read.
NAF maintained that it remained “firmly committed to professionalism, accountability, and transparency in the conduct of its missions.”
In an earlier statement, the Nigerian Air Force confirmed mop-up air strikes in the Jilli axis, but did not state whether any civilian casualties were recorded.
“Coming amid intensified efforts to track and neutralise terrorist elements responsible for recent attacks on security forces within the wider theatre, the follow-on strikes were aimed at fleeing remnants and regrouping cells seeking to exploit the difficult terrain,” NAF said.
However, Brigadier General Dahiru Abdulsalam, a military adviser to the Yobe state government, said, “Some people from Geidam LGA (local government area) bordering Gubio LGA in Borno state who went to the Jilli weekly market were affected.”
Several persons were feared killed and others wounded after the suspected accidental airstrikes at Jilli Market in the Geidam Local Government Area of Yobe State.
Jilli, a border community with Damasak in Borno State, is located over 200 kilometres from Damaturu, the Yobe State capital.
Lawan Zanna Nur Geidam, the councillor and traditional head of Fuchimeram ward in Yobe’s Geidam district, told Reuters that those injured were being taken to hospitals in Yobe and Borno.
“It’s a very devastating incident at Jilli Market. As I’m speaking to you, over 200 people have lost their lives from the air strike at the market,” he told Reuters.
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By Adedapo Adesanya
President Bola Tinubu has been tasked to ensure that an alleged missing N2.9 billion of public funds from the Nigerian Communications Satellite Limited (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA) is accounted for.
In a statement on Sunday, the Socio-Economic Rights and Accountability Project (SERAP) said the President must ask the Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, to explain what happened to the money, as the two agencies are under his supervision.
The group said the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi (SAN), should investigate the missing funds or any other diverted funds from the agencies documented in the previous annual reports by the Auditor-General.
According to the statement, the allegations were documented in the latest annual report published by the Auditor-General on September 9, 2025.
SERAP argued that these allegations, involving critical public institutions, represent a grave violation of the public trust and a fundamental breach of Nigeria’s anti-corruption laws and international obligations.
“We’ve urged President Bola Tinubu to direct @bosuntijani, Minister of Communications, Innovation and Digital Economy, and the Management of both the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA) to account for and explain the whereabouts of the alleged missing or diverted N2.9 billion of public funds from NIGCOMSAT and NNRA.
“We also urged him to direct Mr Lateef Fagbemi, SAN, the Attorney General of the Federation and Minister of Justice and anti-corruption agencies to investigate the alleged missing or diverted funds, and any other diverted public funds from the two agencies documented in previous annual reports by the Auditor-General,” the organisation said.
The rights group stressed that anyone found responsible should be prosecuted where sufficient admissible evidence exists, adding that any missing or diverted public funds must be fully recovered and returned to the treasury.
“Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury,” the statement added.
“Accountability in NIGCOMSAT and NNRA is critical given their strategic roles in Nigeria’s digital economy and national safety systems. Mismanagement in these agencies not only wastes scarce public resources but also threatens national development, technological progress, and public safety,” it concluded.
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