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 Modupe Gbadeyanka
The Group Chief Human Resource Officer of Interswitch, Mr Franklin Ali, has highlighted the importance of creating deliberate opportunities that support women’s professional growth.
Speaking at a virtual session organised by the company to commemorate International Women’s Day (IWD) 2026 under the theme Give to Gain, he noted that, “At Interswitch, we believe empowering women goes beyond celebrating milestones like International Women’s Day. It requires creating meaningful platforms where women can learn, share experiences, and gain the visibility needed to grow as leaders. Through initiatives like Give to Gain, we encourage our women to recognise the value they bring and confidently amplify their impact within the organisation and beyond.”
At the event, which also featured the Deputy Chief Executive of Stanbic IBTC Bank Limited, Ms Bunmi Dayo-Olagunju, the leading African technology company reaffirmed its commitment to empowering women across its workforce and fostering an inclusive workplace culture.
In her presentation, which focused on Give to Gain – Give Value, Gain Visibility, Ms Dayo-Olagunju emphasised the importance of intentional value creation and visibility in shaping professional growth for women in the workplace.
Drawing from her experience in the financial services sector, she also shared perspectives on how women can intentionally position themselves for greater impact, build influence within their organisations, and translate consistent value delivery into meaningful professional growth.
It was gathered that Interswitch distributed customised care packages to female employees across its offices. The gesture served as a token of appreciation for the resilience, dedication, and excellence demonstrated daily by women across the organisation.
Beyond the session and care packages, Interswitch continues to support women across its workforce through a range of internal policies to promote well-being and work-life balance. These include access to top-notch creche facilities, a robust maternity leave policy, and an exclusive spousal allowance initiative, all of which reinforce the company’s broader commitment to creating a supportive environment where women can thrive both professionally and personally.
This year’s International Women’s Day initiative reflects Interswitch’s recognition of the vital role women play in shaping the company’s continued growth and success. Across technology, operations, product development, finance, and leadership, women within the organisation continue to drive innovation and strengthen service delivery.
By Modupe Gbadeyanka
A bridge connecting the Luma-Babana-Agwara communities in Niger State was destroyed by terrorists on Monday. The incident claimed the lives of eight people.
The bridge is a vital route used by residents travelling to the Babanna border market, which operates every Monday.
According to reports, the hoodlums used an improvised explosive device (IED) to bring down the facility located along Luma Road in Borgu Local Government Area of Niger State.
The Chairman of Borgu Local Government, Mr Mohammed Nasir Abdullahi, who confirmed the attack, noted that authorities were working to verify the full extent of the damage.
“There was actually an attack by the bandits, and we are trying to verify the magnitude. A bridge was actually damaged. Already, we have sent people to the area to verify things for us,” Vanguard quoted him as saying.
It also quoted a source as saying, “In the early hours today, bandits stormed Borgu local government area of the state and bombed the Lunma-Babana bridge. Apart from bombing the bridge, the bandits also detonated bombs between Rafingiwa and Babana, and another at Woro and Kaiama, forcing residents to flee the area.”
By Aduragbemi Omiyale
No fewer than 40 residents of Iwaa, Oyo, Obajana and Apata communities in Kogi State have completed a training programme on fish farming and entrepreneurship.
This is an initiative of the Obajana plant of Dangote Cement Plc designed to empower inhabitants of its host communities.
This scheme builds on a series of previous community empowerment programmes, including training in poultry production, solar entrepreneurship, and fashion design, among others.
At the graduation ceremony witnessed by representatives of the federal government, the Kogi State Government, and the Industrial Training Fund (ITF), as well as traditional rulers and other key stakeholders, the Plant Director, Mr Azad Nawabuddin, described the skills acquisition programme as a strategic scheme aimed at promoting job creation and driving overall economic development within the host communities.
“In learning the art and business of fish farming, you have embraced a cycle of life that teaches responsibility. You nurture, you wait, you adapt, and in time, you harvest. This mirrors the journey of community development itself: it is not built in a day, but through consistent effort, shared knowledge, and collective commitment,” he stated.
According to him, fish farming does not stand alone. It creates ripples by providing food for families, income for households, and opportunities for others.
“One fishpond can support a network: feed suppliers, transporters, market women, and processors. In this way, what begins as an individual skill becomes a communal asset,” he added.
Also commenting, the General Manager and Head of the Social Performance Department at Dangote Cement in Obajana, Mr Ademola Adeyemi, said the event was part of the Corporate Social Responsibility (CSR) scheme of the company.
“We don’t Lord ourself on the communities. We jointly agree to carry out this CSR programme. We invest proactively in skills, in people, and in ideas that can uplift communities. Through partnerships like the one we have with the Industrial Training Fund, we ensure that our interventions are not just well-intentioned, but impactful and sustainable,” he disclosed.
A representative of the Technical Adviser on CSR to the Kogi State Governor, Mr Akinola Oluropo Babatunde, commended Aliko Dangote for his support for communities in Kogi State.
He urged beneficiaries to make proper use of the opportunity and have a positive impact on their communities.
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