Connect with us

General

$1.126bn Financing for Lagos-Calabar Coastal Highway Excites Tinubu

Published

on

Lagos-Calabar Coastal Highway

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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

General

NIMASA Confirms Oil Spill from Bonny Channel Vessel Collision

Published

on

Bonny Channel Vessel Collision

By Adedapo Adesanya

The Nigerian Maritime Administration and Safety Agency (NIMASA) has confirmed that a collision between vessels in the Bonny Channel, Rivers State, led to oil pollution in the affected area.

The agency’s Deputy Director and Head of Public Relations, Mr Osagie Edward, disclosed this in a statement, noting that the Deep Blue Forward Operating Base in Bonny received a distress call at about 11:30 a.m. regarding the collision.

He said the incident involved MV Valparaiso, a Singapore-flagged container vessel with IMO Number 9433054, and MT Lady Martina, a Nigerian-flagged oil products tanker.

According to the statement, the Deep Blue Base immediately deployed 10 armed personnel aboard the interceptor boat DB 214 to the scene.

The agency said five crew members aboard MT Lady Martina sustained varying degrees of injuries during the incident.

The spokesperson said the injured crew members were evacuated to the Forward Operating Base sickbay in Bonny for immediate medical treatment.

“Following the collision, MT Lady Martina drifted ashore and is currently aground along the Bonny Channel.

“MV Valparaiso also remains grounded at the Bonny Inner Anchorage pending damage assessment and further investigation,” Edward said.

He said the management of MAERSK had officially reported the incident to the agency.

Mr Edward said the Director-General of NIMASA, Mr Dayo Mobereola, had ordered a full investigation into the immediate and remote causes of the collision.

He added that NIMASA had established a Situation Monitoring Room to coordinate emergency response efforts and monitor developments from the incident.

Mr Mobereola had personally visited Rivers to inaugurate the monitoring room and oversee response operations in the state.

The Director-General also directed the agency’s Marine Environment Management Department to begin an Environmental Impact Assessment (EIA) of the affected area immediately.

Mr Mobereola urged officials to take necessary measures to mitigate the impact of the Tier One oil sheen and safeguard the marine environment.

Continue Reading

General

NAFDAC Destroys N1.8bn Sachet Alcohol, Expired Pharmaceuticals in Abuja

Published

on

NAFDAC sachet alcohol

By Modupe Gbadeyanka

Some counterfeit, expired, and unwholesome products worth over N1.8 billion have been destroyed by the National Agency for Food and Drug Administration and Control (NAFDAC) in Abuja.

The agency, in a statement on Friday, disclosed that the items were destroyed by fire at the Kuje dumpsite in the Federal Capital Territory (FCT).

The destruction exercise involved the incineration of counterfeit medicines, banned sachet alcohol, expired pharmaceuticals, fake chemicals and other unsafe products seized across Abuja and surrounding areas, including items voluntarily submitted by companies, NGOs, and the Association of Community Pharmacists of Nigeria (ACPN).

According to NAFDAC, this action demonstrates its commitment to ensuring that seized products do not re-enter circulation. It also reaffirms its commitment to enforcing the ban on alcoholic beverages packaged in sachets and PET bottles below 200ml, warning that enforcement actions and prosecution will extend to traders found in possession of such products.

Speaking during the exercise, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, represented by the Director of Investigation and Enforcement, Mr Martins Iluyomade, warned that counterfeit drug syndicates now deploy sophisticated cloning techniques to imitate genuine products, making it increasingly difficult for consumers to identify fake items.

She disclosed that the organisation recently intercepted several containers of suspicious products falsely declared to evade detection at the ports, stressing the need for stronger inter-agency collaboration and public vigilance.

The DG urged Nigerians to avoid patronising suspiciously cheap medicines and other regulated products, and to report suspicious activities to the nearest NAFDAC office or the NAFDAC Call Centre.

Continue Reading

General

Tinubu Lauds NDLEA $360m Drug Bust, Nigerian-Mexican Cartel Dismantling

Published

on

tinubu ndlea

By Adedapo Adesanya

President Bola Tinubu has commended the National Drug Law Enforcement Agency (NDLEA) for dismantling a sophisticated Nigerian-Mexican drug syndicate and uncovering a multi-million-dollar illicit drug production network operating in the country.

The President’s message was contained in a statement issued on Thursday by his Special Adviser on Information and Strategy, Mr Bayo Onanuga.

The NDLEA Chairman, Mr Mohammed Buba Marwa, had on Wednesday announced the breakthrough following a major operation carried out by the agency in collaboration with international partners after weeks of intelligence gathering and strategic planning.

According to President Tinubu, the operation, which led to the arrest of foreign nationals, local drug kingpins, and other collaborators, as well as the seizure of illicit drugs and chemicals valued at over $360 million, reflects the professionalism and commitment of the anti-narcotics agency.

“This successful operation, which led to the arrest of foreign nationals, local kingpins and other collaborators, as well as the seizure of chemicals and illicit drugs valued at over $360 million, demonstrates exceptional professionalism, courage, and unwavering commitment to safeguarding society from the devastating effects of narcotics,” the President said.

He praised the courage, resilience, and dedication displayed by NDLEA operatives during the operation and urged the agency not to relent in the fight against drug trafficking.

He warned that West Africa has increasingly become a major transit hub for cocaine, synthetic drugs, and unregulated pharmaceuticals being trafficked to Europe and North America.

According to him, beyond posing serious security threats, the drug trade is also destroying the future of many young people across the region.

The President also called on Nigerians to support the fight against illicit drugs by remaining vigilant and reporting suspicious activities to security agencies.

“I call on all Nigerians to see the fight against illicit drugs not NDLEA’s alone. Everyone has a role to play. We must remain vigilant and promptly report suspicious activities within our communities to assist security agencies in combating criminal networks,” he stated.

President Tinubu added that the successful operation sends a strong warning to criminal networks that organised crime and other threats to public safety will not be tolerated anywhere in the country.

“This landmark success is a strong message that our security agencies will not tolerate organised crime and criminality anywhere in the country, and that those who threaten public safety and national security will face the wrath of the law,” he said.

Continue Reading

Trending