General
Tinubu Praises Dangote for Oworonshoki-Apapa Expressway Completion
By Aduragbemi Omiyale
The President of Dangote Industries Limited, Mr Aliko Dangote, has been commended for the completion of the busy Oworonshoki-Apapa Expressway.
The businessman was lauded for rehabilitating this road by President Bola Tinubu at its commissioning over the weekend in Lagos.
Mr Tinubu, who was represented by the Senate President, Mr Godswill Akpabio, described the 37-kilometre road project as the 10th Wonder of the World, explaining that the importance of Lagos State to Nigeria makes it very vital and as such must work for the benefit of all.
“Lagos is home to all, I thank Aliko Dangote for coming up with this initiative and in partnership with HiTech have delivered the Tenth Wonder of The World.
“Lagos is not the only state experiencing growth and development under the renewed hope agenda. I also congratulate the Minister of Works, Mr David Umahi, for his passionate commitment to structural development across Nigeria,” he said.
Also speaking, Mr Umahi commended the Dangote Group for delivering a well-executed project, adding that the quality of the Dangote Cement is a testament to the value seen on the road.
“I was once trapped for 8 hours on my way to the airport and so, I understand how terrible the road was. We are celebrating this project today because it was well done and a display of new technology. It is fully completed with solar-powered streetlights.
“In the same vein, the Third Mainland Bridge wasn’t just another rehabilitation work, a road that has been standing for about 40 years… to ensure that our bridges last longer, I’m happy to announce that Mr President has approved the ban on the excavation of sands 10 kilometres from bridges across Nigeria,” the Minister said.
Also, the Governor of Lagos State, Mr Babajide Sanwo-Olu, represented by his deputy, Mr Obafemi Hamzat, revealed that about 20 companies had relocated from the Apapa axis of the state owing to the condition of the road.
“We are grateful to Aliko Dangote, HiTech for the excellent job they did. It used to take over seven hours to drive from one end of the road to the other, it now takes around an hour,” he said.
In his remarks, Mr Dangote stressed that the road “severely hampered the evacuation of goods and restricted access to the markets, paralyzing the shipping and manufacturing industries and disrupting supply chains across the entire economic landscape.”
“Before the completion of this road, it used to take two weeks before we get to the port, and in about 18 months, we lost over N60 billion in demurrage.
“The successful completion of this project is an example of the positive impact that can be achieved when the public sector collaborates with the private sector,” Mr Dangote said
He further said, “Utilising the visionary framework of Executive Order 007 in Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, the Dangote Group has been able to mobilise capital for the complete refurbishment of the entire 37 kilometres length of Apapa-Isolo-Oworonshoki road and its expansion to 10 lanes.”
Mr Dangote added that the Group was privileged to partner with the Federal Government in the transformative efforts, reaffirming its commitment to national development and prosperity.
He also stated that the scheme must be revisited to make it more viable for the private sector participants, noting that, “In this case, we have so far recovered only 40 per cent of our investments and the balance is not due until 2027, we consider this project merely as Corporate Social Responsibility.
“We believe that a more commercial interest rate recovery should be allowed given the high cost of capital in the Nigerian fiscal environment.”
The road project was commenced in 2018 under the former administration of Mr Muhammadu Buhari.
By Adedapo Adesanya
The Nigerian Shippers’ Council (NSC) saved over N348.8 million for port users and resolved 19 complaints in the first quarter of 2026.
According to its sectoral data report from the council’s quarterly newsletter, which covered January to March 2026, the agency’s continued intervention in disputes within the maritime sector is aimed at reducing trade frictions and protecting shippers from unfair practices.
A breakdown of the complaint status shows that, out of 32 cases handled during the period, 19 were successfully resolved, 12 are still ongoing, and one has been closed.
In terms of financial impact, the NSC’s dispute resolution efforts led to a total savings of N348,813,072.06 for stakeholders, particularly importers, exporters, freight forwarders, and shipping agents.
Further analysis of the report indicates that shipping companies and their agents accounted for the highest number of complaints, with 22 cases filed against them.
“Other entities complained against include seaport terminal operators (1), government agencies (3), exporters (1), importers (1), de-consolidators (1), and freight forwarders/clearing agents (3).
“The complaints lodged during the period cut across a wide range of operational and financial issues. Prominent among them were container deposit refund disputes, which recorded the highest frequency with five cases, followed by arbitrary charges (4).
Other issues included unsettled demurrage (2), missing cargo (2), service failure (2), damaged cargo (2), wrong port of discharge (2), and non-release of auction cargo (2).
“Additional complaints involved delays in cargo transfer, breach of trust, invoice cancellation, lack of telex release, delay in releasing export documents, export fraud, waiver-related disputes, demurrage and detention of vessels, breach of contract, and unjustified demurrage charges,” the data report stated.
The data also reveals that the majority of complainants were shippers, including importers and exporters, alongside freight forwarders and shipping agents, reflecting the operational challenges faced by key players in Nigeria’s port value chain.
The NSC, as the port economic regulator, noted that it has consistently leveraged its complaints and dispute resolution mechanism to address grievances and ensure fairness in commercial transactions within the maritime industry.
By Adedapo Adesanya
The Federal Executive Council (FEC) has approved the establishment of the National Research and Innovation Development Fund (NRIDF) as part of efforts to strengthen Nigeria’s research, science, technology and innovation sector.
The approval was granted during the council’s meeting presided over by President Bola Tinubu on Monday.
According to a statement issued by the Federal Ministry of Innovation, Science and Technology, Head of Press and Public Relations, Mrs Pauline Sule, the fund will be supervised by the ministry and managed through a 17-member National Council on Research and Innovation.
The council will be chaired by Vice President Kashim Shettima, while the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, will serve as vice chairman.
Reacting to the development, Mr Udeh described the approval as a major step towards building an innovation-driven economy and strengthening Nigeria’s research ecosystem.
He said the initiative aligns with the federal government’s economic agenda aimed at achieving a $1 trillion economy under the Renewed Hope programme.
The Minister, however, noted that the fund would still undergo legislative, administrative and operational procedures before full implementation and disbursement begin.
According to him, the National Research and Innovation Development Fund is expected to provide strategic financial support for researchers, innovators, startups and technology developers across the country when fully operational.
He added that the initiative would help strengthen local research capacity, encourage the commercialisation of innovations and deepen collaboration between academic institutions and industry players.
The ministry also stated that the fund is expected to improve Nigeria’s competitiveness within the global technology and knowledge economy.
By Aduragbemi Omiyale
One Mr Taofeek Daniel Oriola has been convicted and sentenced to nine years’ imprisonment for money laundering.
He was sentenced by Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Monday, May 11, 2026.
His journey to the correctional centre started when he used part of the proceeds of his unlawful activity derived from fraudulent cryptocurrency transactions to acquire some properties, which have now been forfeited to the federal government.
The said properties include a 2014 Range Rover (Supercharged) with VIN Number SALGS3TF7EA180971, a five-bedroom apartment with boys’ quarters in the Ibeju-Lekki area of Lagos State, a parcel of land measuring 653.479 square metres situated at Ibeju-Agbe in Ibeju-Lekki, and one iPhone 16.
The convict, in April 2026, committed the offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
Mr Oriola was brought before the court by the Economic and Financial Crimes Commission (EFCC) on a three-count charge bordering on money laundering and concealment of proceeds of unlawful activities.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a 2014 Range Rover (Supercharged) with VIN No. SALGS3TF7EA180971, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act.
“That you, TAOFEEK DANIEL ORIOLA (Male), adult, sometime in April 2026 in Lagos State, within the jurisdiction of this court, engaged in the disguise of the true source of a five-bedroom apartment with boys’ quarters situated at Ibeju-Agbe, in the Ibeju-Lekki area of Lagos State, which you knew formed part of the proceeds of your unlawful activity derived from fraudulent cryptocurrency transactions, and you thereby committed an offence contrary to Section 18(2) of the Money Laundering (Prevention and Prohibition) Act, 2022 and punishable under Section 18(3) of the same Act,” two of the three charges read.
After pleading “guilty” to the charges when read to him, Justice Osiagor sentenced him to three years’ imprisonment on each count, to run concurrently, with an option of a N200,000 fine on each count. The judge also ordered him to undertake seven days of community service.
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