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.
General
Adelabu’s Sister, Twin Nephews Regain Freedom as Police Kill Kidnappers
By Dipo Olowookere
The younger sister of the former Minister of Power, Mr Adebayo Adelabu, Mrs Olaide Busayo Adegoke John-Paul, has been rescued by officials of the Nigeria Police Force (NPF).
The woman was freed from her kidnappers along with her twin sons, Peter and Paul, on Saturday evening.
They were abducted on Wednesday morning while the former employee of the Central Bank of Nigeria (CBN) was taking her children to school in Ibadan, Oyo State.
The unfortunate incident reportedly occurred at about 7:30 am on June 3, 2026, throwing residents of the area into panic. The 43-year-old mother was taken from her vehicle by the gunmen and driven away with her 12-year-old twin sons.
This evening, in an operation by security operatives, the victims were rescued, while two of the suspected kidnappers were fatally shot in a gun duel, and two firearms were recovered from the gang.
The police are now combing the area where the rescue operation took place to apprehend some of the fleeing kidnappers, who are believed to have escaped with gunshot wounds.
The news of the rescue of the kidnapped victims has thrown the family of the former Minister into a frenzy.
General
FG, Honeywell Explore Sustainable Development Opportunities
By Modupe Gbadeyanka
The federal government and the Honeywell Group are strengthening a partnership aimed at achieving sustainable development in Nigeria.
The company on Thursday held a meeting with the Minister of Interior, Mr Olubunmi Tunji-Ojo, in Abuja. Both parties explored ways to promote economic development, reaffirming the importance of public-private sector cooperation in advancing Nigeria’s development agenda and improving service delivery for citizens.
The Senior Adviser to the Honeywell Group, Mrs Oduwaye Nsidi-Sakiri, reaffirmed the organisation’s commitment to supporting national development through constructive engagement and collaboration.
“We commend the remarkable progress that has been made. These achievements are a reflection not only of leadership but also of the dedication and hard work of the entire team within the Ministry,” she said.
She explained that the visit reflected Honeywell Group’s longstanding tradition of maintaining proactive and constructive relationships with government institutions, regulatory agencies, and other key public-sector stakeholders. She further expressed the group’s willingness to explore opportunities for collaboration in support of government initiatives and national development objectives.
Also speaking, Honeywell Group Chief Operating Officer, Mrs Tomi Ayo-Tugbo, commended the Ministry for reforms that are delivering tangible improvements in the lives of Nigerians, reiterating the firm’s commitment to supporting the country’s growth and prosperity.
On his part, Mr Tunji-Ojo praised the company for its longstanding contributions to Nigeria’s economy and acknowledged the critical role of the private sector in driving economic growth, creating jobs, and supporting national development.
He further assured the delegation of the Ministry’s readiness to engage with stakeholders and collaborate with responsible corporate organisations in advancing initiatives that promote economic development, innovation, and improved service delivery.
The Minister emphasised that the reforms being implemented across the Ministry and its agencies are designed not only to improve operational efficiency but also to strengthen national security and enhance public confidence in government institutions.
“Our goal is to build institutions that work efficiently for the people. We are committed to creating systems that are transparent, technology-driven, and capable of delivering services in a manner that reflects the aspirations of a modern Nigeria,” he stated.
“The government cannot achieve sustainable development alone. Strong partnerships between the public and private sectors are essential to building a prosperous nation. We value organisations such as Honeywell Group that have consistently invested in Nigeria and contributed to the country’s growth over several decades,” Mr Tunji-Ojo added.
General
FG Orders MDAs to Secure Funding Before Awarding Contracts
By Adedapo Adesanya
The federal government has directed that no new public contracts should be awarded without first getting the funds, as part of efforts to improve project delivery across the country.
Director-General of the Bureau of Public Procurement (BPP), Mr Adebowale Adedokun, disclosed this on the sidelines of the Inaugural Hosting of The Procurement Evolution in Abuja on Thursday.
Mr Adedokun said President Bola Tinubu had approved measures to raise resources needed to settle outstanding obligations to contractors, describing timely payment as critical to an efficient procurement system.
“Mr President has given a directive on when funds should be raised to address the concerns of contractors who are yet to be paid. With this, procurement processes will be much better because payment is now tied to procurement.
“Meaning that no award will be further issued without resources or funding available. So these are the things that the President has asked us to do.”
The BPP boss said the government was also implementing 23 procurement reforms aimed at improving transparency, efficiency and value for money in public spending.
According to him, committees to drive the reforms will soon be inaugurated by the Secretary to the Government of the Federation (SGF).
He said the reforms were designed to ensure that Nigerians benefit directly through improved infrastructure, healthcare, education and better living conditions.
“The president wants Nigerians to feel the effects of this transformation by having good roads, good hospitals, good educational institutions, and a good living wage for all workers.”
The Secretary to the Government of the Federation (SGF), Mr George Akume, said public procurement remained central to the Tinubu administration’s Renewed Hope Agenda.
Mr Akume noted that ongoing reforms, including proposed amendments to the Public Procurement Act 2007, the Nigeria First Policy, Nigeria e-Marketplace initiative, community-based procurement and affirmative procurement programmes, were intended to strengthen local industries and promote economic inclusion.
The SGF, represented by Mr Abubakar Kana, Permanent Secretary, General Services Office, Office of the SGF, added that the reforms would enhance transparency, simplify procurement processes and leverage technology to improve service delivery and national development.
“As we move forward, our collective responsibility is very clear.
“We must ensure that procurement processes are simplified. without compromising accountability, that technology is fully leveraged to eliminate inefficiencies and that all stakeholders work collaboratively to achieve shared national goals.
“The federal government remains fully committed to supporting the Bureau of Public Procurement in driving these reforms and ensuring that public procurement becomes a catalyst for economic growth, infrastructure development and improved quality of life for all our citizens.”
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