General
Lagos to Take Full Ownership of Lekki Concession Company
By Adedapo Adesanya
The Lagos State Government is set to buy out the stakes of other shareholders in the Lekki Concession Company (LCC), which operates the Lekki toll plaza, making it the sole owner.
This followed the approval of Governor Babajide Sanwo-Olu’s loan request of $53.9 million by the Lagos House of Assembly.
In June, the Mr Mudashiru Obasa-led house received the request for the conversion of an African Development Bank (AfDB) loan to LCC as a privately owned company of the state government and to assume full ownership.
It was then committed to Committee on Finance to further look into it and report its findings to the House.
Giving his presentation, Chairman of the Committee, Mr Rotimi Olowo, posited that upon the buy-out of all the shareholdings interest of the Concession Company Limited by the state; Lagos State Government became the subsisting shareholders of LCC with 75 per cent shareholding and the Office of Public-Private Partnerships (PPPs), shareholding 25 per cent respectively.
He further stated in the report that the original $53.9 million loan obligation from a private sector facility, AfDB had been resolved after series of engagements between AfDB, LCC and the state government to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12 million bi-annual as against the 4.12 per cent of $2.746 million per bi-annual thus giving a savings of $1.16 million bi-annual or $3.24 million per annum.
The House, therefore, granted the executive the approval to convert the AfDB loan to the public sector loan backed up by a sovereign federal government guarantee on behalf of the state government.
It also authorised the state government to issue a counter-guarantee in favour of the federal government along with an Irrevocable Standing Payment Order (ISPO) to deduct from Lagos State Government statutory allocations.
According to the report, the servicing of the loan obligations would mature in August 2034.
Debating on the report before the initial approval; Mr Gbolahan Yishawu (Eti-Osa II) supported that the recommendation, saying it was a smart move as the interest rate would not injure what the state was spending on capital expenditure. He added that it would also reduce the interest risk as well as the rate by moving the loan from the private to the public sector.
Contributing, Mr Abiodun Tobun (Epe I), while going in tandem with the recommendation of the Committee, stated that saving 3.1 per cent in interest rate difference would further reduce the burden on the state government and encouraged the savings to be used to develop other sectors of the economy.
On his part, Mr Femi Saheed (Kosofe II) reasoned that the restructure of the loan was an indication of transparency in the state’s financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan. He deemed the request a standard financial procedure practised all over the world.
The Speaker of the House, Mr Mudashiru Obasa, following deliberations, directed the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the resolution of the House to the Governor.
By Adedapo Adesanya
Nigeria is eyeing stronger diplomatic and strategic ties when it comes to sustainable development as it participates in the 2026 edition of Abu Dhabi Sustainability Week (ADSW).
President Bola Tinubu arrived in Abu Dhabi, United Arab Emirates (UAE), on Sunday. His plane landed at the Presidential Wing of Zayed International Airport at exactly 11:30 pm local time.
He was received by Sheikh Shakhboot Nahyan Al Nahyan, UAE Minister of State for Foreign Affairs; the UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi; Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar; and members of the Nigerian diplomatic mission in Abu Dhabi.
Several other ministers, including the Minister of Budget and Planning, Mr Atiku Bagudu; the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole; and the Director-General of the National Intelligence Agency, Mr Mohammed Mohammed, welcomed President Tinubu at his hotel.
President Tinubu arrived in Abu Dhabi from Europe, where he spent part of his end-of-year break, engaging in fruitful discussions with Rwandan President Paul Kagame and French President Emmanuel Macron, according to a statement by the presidency.
The 2026 Abu Dhabi Sustainability Week, with the theme The Nexus of Next, All Systems Go, is a global platform that brings together world leaders, policymakers, investors, and experts to advance dialogue and action on sustainable development, climate action, energy transition, and inclusive economic growth.
This visit further reinforces the strong diplomatic and economic ties between Nigeria and the United Arab Emirates (UAE), while positioning Nigeria as an active contributor to global conversations on sustainable development.
By Modupe Gbadeyanka
The failure of the Independent National Electoral Commission (INEC) to account for about N55.9 billion earmarked for the purchase of some materials for the 2019 general elections has forced the Socio-Economic Rights and Accountability Project (SERAP) to file a lawsuit against the commission.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP asked the court for an order of mandamus to compel INEC to disclose the names of all contractors paid the sum of money.
It was claimed that the N55.9 billion was meant for the purchase of smart card readers, ballot papers, result sheets and other election materials for the 2019 general elections, which produced the late Mr Muhammadu Buhari as President for a second term in office.
SERAP is relying on the latest annual report published by the Auditor-General on September 9, 2025, to ask for the use of the funds, which is said to be missing or diverted.
The organisation argued that the electoral umpire “must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
“INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered,” a part of the statement issued by the group stated.
“INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.
“These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law,” it further declared.
By Adedapo Adesanya
The Ministry of Finance has directed all shipping companies and airlines operating in Nigeria to submit their manifests through the Single Window Project (SWP) as part of efforts to strengthen cargo tracking and transparency.
The submission of shipping manifests before the change of policy was handled exclusively by the Nigeria Customs Service (NCS) for onward cargo processing and port clearance.
However, following a memo from late last year signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, all shipping firms and airlines were directed to integrate with the National Single Window platform to ensure seamless Manifests submission.
“I would like to bring to your attention that His Excellency, President Bola Ahmed Tinubu inaugurated the National Single Window (NSW) Project on the 16th of April 2024.
The NSW Project aims to streamline and automate import and export processes at Nigeria’s entry & exit ports, with the dual goals of enhancing trade facilitation and increasing government revenue.
“By integrating the operations of multiple government agencies involved in trade processes on one platform, the NSW platform will ensure faster clearance of goods and services, improve operational efficiencies at the imports and significantly reduce bureaucratic bottlenecks.
“Key components of the Single Window as defined by the World Trade Organisation (WTO) and World Customs Organisation (WCO) include: (a) a single-entry point i.e. traders, shipping lines, airlines and other stakeholders should submit all required import and export documentation through a single-entry point on a centralized digital platform, and (b) single submission i.e. all documentation should only be submitted once and data only entered once.
“As a result, the NSW Platform will be the single-entry point of submission for all Sea and Air Manifests. Therefore, all shipping lines and airlines are therefore directed to integrate with the NSW Platform to ensure seamless Manifests submission,” parts of the memo read.
The Comptroller-General of the NCS, the chairman of the Nigerian Revenue Service (NRS), the Managing Director of the Nigerian Ports Authority (NPA), the Managing Director of the Federal Airports Authority of Nigeria (FAAN) and the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) were copied in the memo.
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