General
Lagos to Complete Pen Cinema Flyover November
By Modupe Gbadeyanka
The construction of the Pen Cinema Flyover in Agege area of Lagos State is expected to be delivered in November 2017, the state Governor, Mr Akinwunmi Ambode has assured.
Speaking during an inspection of the site yesterday, Mr Ambode explained that the 1.4km Flyover which will run from Agege down to the Abeokuta Expressway, will be a key intervention strategy by his administration to address the perennial traffic often associated with the area
Accompanied by key members of his cabinet, the Governor said though the project might bring about some inconveniences, he assured them that the end result will change the face of Agege forever.
“I greet all the people in Agege community. This year will be a prosperous year for all of you. You know, I’ve always wanted to do something in this community, I want to reduce the sufferings that arise from the traffic congestion in this neighbourhood, so I have decided to do the Pen Cinema Flyover starting from the beginning of this road by Total and then run straight for one kilometre down and then an additional 400metres, totalling 1.4km to decongest this neighbourhood up to the Abeokuta Expressway.
“But you can see that I have inconvenienced you by the demolition that has taken place here. It is temporal. In the next 10 months by the grace of God, we will deliver this project by November 2018,” Mr Ambode told scores of residents who thronged out to catch a glimpse of him.
Appealing to residents and community leaders to cooperate with the contractor ahead of the planned closure of some parts of the road from Thursday, January 4, Governor Ambode assured residents whose properties were demolished to give way for the project would be adequately compensated.
“They are going to work day and night. But why am I here? First to appeal to you for those that we have demolished their properties, we will compensate you fully.
“Secondly, starting from Thursday, January 4, there would be partial closure of some of the roads here, so we have provided alternative routes where your vehicles will be passing. So, we would do this month by month, so that the area that we have finished, we would come back to the main road and Agege would never be the same again.
“We are bringing prosperity to your doorstep and I have come to appeal to everybody, community leaders, all our school children that you should not worry, it has come with a little pain, but by the time we come back at the end of the year, Agege will look like Victoria Island and Ajah.
“Everywhere we go, we know there is economic prosperity around that neighbourhood, so my coming here is to plead with you to bear with us and cooperate with us,” the Governor said.
While noting that the contractor will work day and night to deliver the project on schedule, the Governor said he would visit the site of the construction regularly to ensure the project is completed on time.
Earlier, Commissioner for Waterfront Infrastructure Development, Mr Ade Akinsanya, while giving a brief of the project said on completion, it will permanently address the gridlock in the Agege axis.
Mr Akinsanya said the planned restriction of movement will enable the contractor take full advantage of the weather and space to deliver seamlessly the critical aspect of the flyover construction that falls within the Pen Cinema roundabout and railway crossing at Old Abeokuta Road junction.
By Adedapo Adesanya
President Bola Tinubu is expected to be among the leading public figures attending the next edition of the Africa CEO Forum, which will take place on May 14-15, 2026, in Kigali, Rwanda
A strong Nigerian private-sector delegation will also take part, including Mr Aliko Dangote, Mr Wale Tinubu, Mr Ofovwe Aig-Imoukhuede, Mrs Adesuwa Ladoja, Mrs Rachel More-Oshodi, Mrs Zouera Youssoufou, Mr Karim Noujaim, Mr Dany Abboud, Mr Ayo Otuyalo and Mr Chukwuerika Achum. Nigeria’s Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, will also be present.
According to a statement on Tuesday, the 2026 edition will convene in Kigali to address a defining question for Africa’s future: how to achieve the scale necessary to compete, integrate and thrive in a fragmenting world.
It comes as global power dynamics continue to evolve, while the ability of Africa to rely on competitive, agile and internationally integrated corporate champions has become a defining corporate imperative. In this shifting global landscape, one lesson is clear: scale is no longer optional. It is the first line of defence.
Organised by Jeune Afrique Media Group and co-hosted by the International Finance Corporation (IFC), the Africa CEO Forum 2026 will convene Africa’s leading public and private decision-makers around a clear conviction: scale can only be achieved through shared African ownership.
The Forum will explore three strategic levers to build continental scale. First is shared equity, which will look to unlock cross-border equity investment to create multinational African champions. Mobilise African institutional capital across markets to strengthen resilience and enhance long-term returns.
Also, is shared infrastructure, which will take on designing complementary infrastructure to integrate African value chains. Champion transformative projects that serve regional, not merely national, needs and create truly connected markets.
Thirdly is shared frameworks, which is set to harmonise standards, rules and regulations to boost investor confidence and enable the free flow of capital, goods and services. Build future-proof digital rails for health, education, agriculture and cross-border payments.
Speaking on this, Mr Amir Ben Yahmed, President of the Africa CEO Forum, stated: “If Africa wants to compete in a world defined by scale, it must move beyond economic patriotism and embrace a new model: African capital investing together. Shared ownership, cross-border partnerships and continental ambition will define the economic future of Africa and the next generation of African champions.”
On his part, Mr Makhtar Diop, Managing Director at IFC, stated: “Africa has the capital and the opportunity to grow and create quality jobs. What matters now is putting that capital to work at scale. That means building trust, sharing risk, and investing across borders. The Africa CEO Forum brings leaders together to connect policy and private investment, and to help shape Africa’s next phase of growth.”
By Adedapo Adesanya
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has directed the Nigerian Shippers’ Council (NSC) to investigate the allegations of systemic efforts to undermine local barge operators at the nation’s seaports.
The Minister issued the directive during the recent 2026 First Quarter Citizens/Stakeholders’ Engagement, Sectoral Performance Review, and Ministerial Management Retreat of the Federal Ministry of Marine and Blue Economy, held in Lagos.
During the engagement, representatives of barge operators alleged that there was a coordinated and deliberate attempt by certain foreign interests to edge them out of business.
According to the Special Adviser to the Minister, Mr Bolaji Akinola, they claimed that these actions, if left unchecked, could significantly weaken local capacity and disrupt the balance of competition within Nigeria’s maritime logistics chain.
The operators expressed concern that policies, operational bottlenecks, and preferential treatment allegedly being accorded to some foreign-linked entities by certain terminal operators were creating an uneven playing field.
According to them, these challenges are gradually eroding their market share and threatening the survival of indigenous businesses.
Responding to the concerns, the minister emphasised the federal government’s commitment to protecting local investments and ensuring fair competition within the maritime industry.
He directed the council, as the port economic regulator, to carry out a thorough and impartial investigation into the claims.
Mr Oyetola stressed that any form of anti-competitive behaviour or policy inconsistency that disadvantages Nigerian businesses would not be tolerated.
The minister also reiterated the importance of stakeholder engagement as a platform for identifying sectoral challenges and shaping responsive policy interventions, stressing that the government remains focused on strengthening the marine and blue economy sector as a driver of national growth, job creation, and sustainable development.
By Modupe Gbadeyanka
The presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Peter Obi, has asked to know the real beneficiaries of the repeated payments made by the federal government to settle outstanding debts in the power sector.
Over the weekend, President Bola Tinubu approved the payment of N3.3 trillion for the “full and final” payment for debts in the electricity sector.
The action, according to a statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, was to ensure improvement in electricity supply in the country.
In a post on Tuesday, the former Governor of Anambra State questioned why the government is allegedly making the same payment it announced almost two years ago.
“On May 17, 2024, N3.3 trillion was approved for the same purpose. On July 25, 2024, another N4 trillion bond was approved to settle similar debts. There have also been other approvals in between, all targeted at addressing the same power sector liabilities.
“This raises a fundamental question: were the previous approvals mere announcements without execution?” he queried.
“During the 2023 campaign, President Bola Tinubu made a clear promise: that if he failed to deliver stable electricity, Nigerians should not re-elect him.
“Today, the reality is that power supply has worsened to the extent that there are even discussions about disconnecting the Presidential Villa from the national grid.
“Each time legitimate concerns are raised, what we see appears more like policy pronouncements than measurable progress.
“Now, again, we are confronted with another N3.3 trillion approval to settle power sector debts,” Mr Obi further said.
The chieftain of the African Democratic Congress (ADC) said, “These debts were largely accumulated under successive administrations of the All Progressives Congress between 2015 and 2025. This raises serious concerns about accountability, transparency, and effectiveness in public financial management.”
“It is important to note that government institutions and agencies, including the Presidential Villa, owe a significant portion of these debts. Year after year, budgets were made and funds appropriated. Why then were these obligations not settled when due? And from what source will this new payment be made? Are we resorting once more to borrowing to service inefficiencies?
“Key questions remain unanswered: How did the debt accrue? What is the actual total debt in the power sector? Which components of the debts are due to operators’ inefficiency and should be borne by them? Why have previous approvals not translated into tangible improvements? Who are the real beneficiaries of these repeated payments?
“Is the N3.3 trillion approved on April 6, 2026, the same as the N3.3 trillion approved in May 2024, and how does it relate to the N4 trillion bond approved in July 2024?
“Nigeria must move beyond recycled announcements and confront the power sector crisis with sincerity, transparency, and decisive reforms.
“Until we do so, we will remain trapped in a cycle of debt and darkness.
But with discipline, accountability, and the right leadership, a new Nigeria is still possible,” he wrote.
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