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 Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
