General
Nigeria Secures $747m Syndicated Loan for Coastal Highway Project
By Adedapo Adesanya
Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to finance construction of the first phase of its planned 700km coastal highway project.
This was disclosed by the Ministry of Finance, via its spokesperson, Mr Mohammad Manga, on Thursday.
He said the loan is the first of its size for road infrastructure in Nigeria.
Deutsche Bank acted as global coordinator in the syndicate, which includes First Abu Dhabi Bank, African Export-Import Bank (Afreximbank), Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank.
Mr Manga noted that Phase 1, Section 1 of the project covers the stretch from Victoria Island to Eleko Village in Lagos.
The Ministry described the financing as Nigeria’s first syndicated loan of such magnitude for road infrastructure, highlighting it as a sign of strong global investor confidence in the country’s reform agenda and infrastructure pipeline.
The statement read, “The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance.
“The syndicate includes support from development finance institutions, export credit agencies and international commercial banks—notably First Abu Dhabi Bank, also acting as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria.
“Other lenders involved are the African Export-Import Bank, the Abu Dhabi Exports Office (ADEX), the ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).
“The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms.”
The initial section of the highway financed by the loan spans 47.47km, Mr Manga said, with the entire project expected to cost around $11 billion and be completed in about eight years.
The highway will eventually link the commercial capital, Lagos, to the southeastern port city of Calabar.
Mr Manga also explained that the highway, constructed using Continuously Reinforced Concrete Pavement (CRCP) was a reflection of a commitment to long-term resilience and efficiency.
“Engineered for a minimum lifespan of 50 years with minimal maintenance, it offers outstanding durability and cost-effectiveness,” he said.
“The project’s design and implementation have been shaped by comprehensive technical, legal, and environmental and social assessments, ensuring alignment with the highest international standards.”
Commenting on the loan, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated: “This deal reflects the success of our macroeconomic reforms and the return of international capital to support Nigeria’s development.
“We are focused on financing infrastructure in ways that are sustainable, transparent, and catalytic—and this transaction is a model of that vision in action.
“The closing of this market defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development.
“It positions the country as being ready for a full transition to the design, development, financing as well as operations and management of critical public infrastructure through Public Private Partnerships (PPPs).”
“It signals to investors and private sector participants, the sophistication and maturity of the Nigerian market and commitment of the government to sanctity of contracts and innovative structures to fund critical national infrastructure that will deliver sustained and inclusive growth,” he added.
General
Alleged Wiretapping: El-Rufai to File No-Case Submission as DSS Closes Case
By Adedapo Adesanya
The Department of State Services (DSS) has closed its case against former Kaduna State Governor, Mr Nasir El-Rufai, in the ongoing alleged wiretapping trial before the Federal High Court in Abuja.
At the resumed sitting on Tuesday, prosecuting counsel, Mr Oluwole Aladedoye, informed the court that the prosecution would not be calling further witnesses in the matter, prompting the formal closure of the DSS case.
Following the development, defence counsel, Mr Paul Erokoro, told the court that the defence intends to file a no-case submission, arguing that the prosecution has failed to establish sufficient evidence against the former governor.
The defence subsequently sought two weeks to file the application, while the prosecution requested two weeks to respond.
The defence also applied for a variation of some of the bail conditions earlier granted to El-Rufai, describing them as stringent and difficult to meet.
They argued that the bail terms were too stringent, particularly the requirements for level 17 civil servants with properties in Maitama or Asokoro, as well as verification and attestation letters from the Kaduna state traditional council.
However, the prosecution opposed the request, insisting that qualified public officers who meet the conditions exist and urging the court to refuse the application.
Delivering the ruling, Justice Joyce Abdulmalik declined the request to vary the bail conditions, ruling that there are civil servants who own properties at the said location.
The court, however, adjourned to September 22 for the filing of the no-case submission and continuation of the trial.
In February, the federal government filed a three-count charge against the former governor of Kaduna State over an alleged interception of communications belonging to Nigeria’s National Security Adviser (NSA), Mr Nuhu Ribadu.
In a television interview, he confessed that he and other unnamed individuals listened to conversations from Mr Ribadu’s phone after it was tapped by a third party. While acknowledging that such interception is technically unlawful, he argued that illegal surveillance was not unusual.
However, the FG, through the secret police, filed charges against Mr El-Rufai at the Federal High Court in Abuja.
General
LSWMO Seals Lekki Peninsula I-Fitness Gym Centre
By Modupe Gbadeyanka
The I-Fitness Gym centre around Jakande Roundabout, Lekki Peninsula, Eti-Osa, Lagos, has been sealed by the Lagos State government.
The facility was closed on Tuesday, June 23, 2026, by officials of the Lagos State Wastewater Management Office (LSWMO).
The gym centre was accused of indiscriminately discharging raw sewage into public drains via a pipe, thereby causing public nuisance and environmental pollution as well as endangering human health.
Announcing the closure of the premises of the organisation, the Lagos Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, reiterated the need for the public to adhere strictly to proper wastewater management practices.
He emphasised that any individual or organisation found contravening environmental regulations will be meted out with appropriate sanctions and possible prosecution in accordance with the enabling laws.
The Commissioner has come under fire lately because of the poor waste management system in the metropolis, causing the state to look dirty.
A chief of the African Democratic Congress (ADC), Mr Gbadebo Rhodes-Vivour, called for his resignation over the issue.
In a related development, Mr Wahab has clarified that the state government has given members of the National Union of Road Transport Workers (NURTW) the authority to arrest environmental violators.
In a statement, he explained that contrary to the misinformation being circulated by some bloggers and commentators, the recent engagement between the Lagos State Government and transport unions across the State is not intended to replace the statutory responsibilities of the Lagos State Environmental Sanitation Corps (LAGESC). LAGESC, in collaboration with the Lagos State Environmental and Special Offences Task Force, remains the duly empowered environmental enforcement arm of the Lagos State Ministry of the Environment and Water Resources.
“As we are all aware, several environmental challenges persist within parks, garages, and the public transportation ecosystem, including illegal trading activities and the indiscriminate disposal of refuse on road medians and within transport facilities. The State Government’s engagement with transport unions is aimed at fostering collaboration, promoting shared responsibility, and ensuring improved cleanliness and proper waste management within their respective parks and garages.
“This partnership does not in any way diminish, transfer, or replace the enforcement responsibilities of LAGESC and the Task Force. Rather, it is a complementary initiative designed to strengthen environmental compliance, sanitation standards, and stakeholder participation in maintaining a cleaner environment across the State.
“We therefore wish to reassure all Lagosians that environmental cleanliness remains a top priority of the Lagos State Government. We will continue to engage relevant stakeholders and partners in our collective effort to build a cleaner, healthier, and more sustainable Lagos,” he stated.
General
Nigeria’s Mobile Subscribers Grow 15.1 million Year-on-Year
By Adedapo Adesanya
Active mobile subscriptions in Nigeria increased by 15.1 million or 8.7 per cent year-on-year to 188.0 million in April 2026 from 172.9 million in April 2025, according to the latest data from the Nigerian Communications Commission (NCC).
On a month-on-month (MoM) basis, subscriptions grew by 2.3 million or 1.2 per cent from 185.7 million in March 2026, reflecting continued momentum in subscriber acquisition across the telecommunications sector.
The sustained growth in mobile subscriptions is largely attributable to the easing of key regulatory and operational challenges that previously constrained industry expansion.
Notably, improved compliance with SIM registration and National Identification Number (NIN) linkage requirements has facilitated the reactivation of previously deactivated SIM cards, contributing significantly to the increase in active subscriptions.
Furthermore, enhanced customer onboarding processes and more efficient SIM reactivation procedures implemented by network operators have further supported subscriber growth.
MTN Nigeria maintained its market leadership position, recording a net subscriber addition of 632,209, bringing its total to 96.4 million in April 2026, up from 95.8 million in March.
Trailing was Airtel Nigeria, which delivered the strongest growth among the major operators, adding approximately 1.0 million subscribers, bringing its customer base to 64.7 million from 63.6 million in the preceding month.
Globacom also sustained its recovery momentum, with its subscriber base expanding by 538,704 to 23.2 million from 22.6 million. Meanwhile, 9mobile (T2) recorded modest growth, increasing its subscriber base to 3.54 million from 3.48 million.
There are expectations that subscriber growth will continue as more Nigerians seek favourable rates when it comes to data and voice, while higher smartphone penetration, ongoing investments in 4G and 5G network infrastructure, and expanding broadband coverage continue.
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