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Obaseki, InfraCorp, others seal N228bn deal for reconstruction of Benin-Asaba expressway

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…partners Triple A Infrastructure, InfraCorp on a 25-year highway concession project

…charges FG on concession of Benin-Auchi Road, others

…we’re making history in infrastructure devt funding, says Edo gov

The Edo State Governor, Mr. Godwin Obaseki, on Wednesday, signed a N228bn agreement with the Infrastructure Corporation of Nigeria (InfraCorp) and AAA Infrastructure Nigeria Limited (Triple A Infrastructure) for the reconstruction of the Benin-Asaba Expressway.

The road project is to be funded by Triple Infrastructure and InfraCorp and supported by the Edo State Government as an equity investor under the 25-year Highway Development Management Initiative (HDMI) Concession to Africa Plus Partners.

Signing the deal at the Government House, in Benin City, the Edo State capital, Obaseki who described the partnership as a great financing model for unlocking infrastructure development in the Country, urged for sustained partnership between States and the Federal Government.

According to him, “Between 2000 and 2001 when a Committee was set up to redesign the Pension arrangement in Nigeria, the whole idea was to move into a contributory pension arrangement and begin a process of capital formation in the Country by getting workers in the Country to contribute their pension and these pensions will be invested in rebuilding the infrastructure of this Country.

“That was the dream 30 years ago. I was on that Committee alongside Comrade Adams Oshiomhole. It was the Committee that gave birth to the pension funds that we have in the Country today. Those pension funds have in excess of N16 trillion under savings but no outlet to invest them on, but forced to invest in short-term papers issued by the Federal Government.

“With transactions like this coming on stream, we will be creating opportunities for these pension funds to take our savings and put them into investments that will really develop Nigeria. This transaction for us is significant and we believe and hope that it’s the first of several that will come.”

On the economic benefits of the project, the governor noted, “The Benin-Asaba artery is very critical to the economy of Nigeria because it’s that route that moves bulk of goods from the port in Lagos State, in the West, to the Eastern and South-South parts in Nigeria. You can imagine the cost that transporters and logistics managers have to bear and which has been translated into prices because of the bad nature of the roads.”

He continued: “60km of this road is in Edo State and a large portion of this road starts from Ring Road through Abudu and Agbor to Asaba. The Edo State Government at some point in time had to invest money to do remedial work on that road because we were almost cut off.

“I am glad that the Federal Government has now concessioned the road and not just to anybody but people who know what to do and have real money, not portfolio managers who sign contracts and sell the same.

“We know the winners of these concessions very well and this transaction we believe in and it is very core to the economy of Edo State. As a State, we have no hesitation to also invest our money on that road. We have already started investing as we have spent almost N1 billion doing remedial work on the road. Now that we have been offered equity shares on this road, I want to commit that the Edo State Government will invest in this concession to fast track the process and any other concession of roads that goes through Edo State.”

On ensuring the timely completion of the project, Obaseki stated, “Having started with this project, I want to implore you to fast track the process so that people will see that it is real and try to overcome the challenges caused by the rainy seasons.”

He further noted, “I hope that the Federal Ministry of Works would now consider very urgently to terminate the Benin-Auchi road contract and put up the road for concession as the Edo State Government will support that initiative because that is the way to go.

“Let us tell ourselves the truth, the Federal Government doesn’t have the kind of money required to rebuild the roads to the standard they should be and this is the way to go. The cost of this road, N228 billion, is more than a quarter of the entire budget of the Federal Ministry of Works. For us to continue the old model of expecting the Federal Ministry of Works to reconstruct our road is like a pipe dream.”

“This is a call on the Federal Ministry of Works to urgently terminate all contracts of the Benin-Auchi road and put up that road quickly for concession like this and the Edo State Government will support it,” Obaseki charged.

On his part, the Chief Executive Officer (CEO) of Triple A Infrastructure Nigeria Limited Mr. Ike Chioke, said the agreement with the State Government is for the complete reconstruction of the Benin-Asaba Expressway under the HDMI Concession to Africa Plus Partners.

Also, the Managing Director of Triple A Infrastructure, Niran Ajakaiye, while revealing further details of the partnership, reassured that the project will be world-class, noting that the road construction project will commence from Benin in Edo State, to Asaba in Delta State and terminate at the Second Niger Bridge.

He stated, “What we are going to do is expand and upgrade the road to world-class and best standard road. In some locations, we are expanding to 10 lanes, and in others, eight lanes and so on. We are glad to have the Edo State Government partner with us on this project as an equity investor.”

Ajakaiye added, “Once this road is done, it will be a world-class asset for the benefit of Edo and Delta States and will open up the corridor to the East and the West of the Country. Thanks for partnering with us.”

Edo: PDP Clears 10 Aspirants For Gubernatorial Primary

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Ahead of the September 21 Edo State governorship election, the Peoples Democratic Party has cleared its 10 aspirants to participate in the party’s primary election scheduled for February 22.

One of the 10 aspirants will emerge as the party’s candidate or flag bearer for the main election on September 21.

Meanwhile, the All Progressives Congress has raked in N650m from the sale of Nomination and Expression of Interest forms to 13 aspirants.

The PUNCH learnt that all efforts by the APC to reduce its governorship aspirants to six failed as 13 persons eventually bought the forms.

Court Stops Police From Arresting Edison Ehie, Chief Of Staff To Government House

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PHC/CTV/OPURUM/COURT STOPS POLICE FROM ARRESTING EDISON EHIE
31/01/2024

The Port Harcourt division of the Rivers State High Court has granted an ex-parte order restraining the Nigerian Police and other security agencies from arresting, detaining, and or harassing Edison Ehie.

The order which was granted following a motion ex-parte filed by the Chief of Staff to the Governor had sought to stop the police from arresting him over his alleged involvement in the burning of the Hallowed Chambers of the Rivers State House of Assembly last year.

Presiding Judge, Sika Aprioku granted the order before adjourning the matter to the 6th of February for hearing of the substantive application.

At the height of the political crisis in the state, the Martin Amaewhule led group had petitioned the police demanding that Mr Ehie be arrested, investigated, and prosecuted over allegations of his involvement in the suspected arson at the House of Assembly Complex.

Lagos To Commence Tolling On Lekki Toll Gate In March

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The Lagos State Government is pushing to resume tolling at the Lekki tollgate despite strong objections raised by residents, SaharaReporters has learnt.

Scores of Nigerian youths protesting police brutality were fired upon at the tollgate on the night of October 20, 2020, by Nigerian soldiers.

The tollgate was the epicentre of the October 2020 #EndSARS protest, following the demonstrations by youths against police brutality, among others.

The ensuing events led to the suspension of tolling operations at the tollgate amidst calls for justice for the victims of the shootings.

It also affected tolling at the nearby Lekki-Ikoyi Link Bridge, where tolling was also suspended.

Tolling on the Lekki Expressway and Lekki-Ikoyi Link Bridge is managed by Lekki Concession Company (LCC).

But sources told SaharaReporters that the state government has now resolved to resume tolling at the tollgate and the Lekki-Ikoyi Link Bridge, ignoring public outcry against the move.

“Lagos State Governor (Babajide Sanwo-Olu) has said there is no going back on the Lekki toll fee beginning in the first week of March 2024.

“Training is ongoing for Admiralty Link Bridge at Ikoyi to commence first week of March,” a government source said.

In March 2022, the state government said tolling on the Lekki tollgate would have to resume, adding that LCC owed both local and foreign lenders billions of naira.

But the LCC in April 2022, said it had again postponed toll collection at the Lekki-Ikoyi Link Bridge.

The suspension of toll collection, according to a statement by the LCC management, was to give residents more time to register for electronic toll devices.

The management said the resumption of services at the Lekki-Ikoyi Link Bridge Toll Plaza followed extensive consultations with and the support of key stakeholders including the residents’ associations, traditional rulers and community leaders, professional bodies, as well as the Lagos State Government.

But members of the Lekki Estates Residents and Stakeholders Association denied this and rejected tolling at the bridge.

The association said the resumption of tolling would aggravate the suffering of Lekki residents.

However, efforts made by our reporter to reach Gbenga Omotoso, the state commissioner for information and strategy failed as he neither answered his call nor replied to the text message sent to him.

Reps Receive 40 Bills On Constitution Amendment, Set December 2025 Deadline

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The Deputy Speaker, House of Representatives. Benjamin Kalu, has disclosed that the House received 40 bills regarding the review and amendment of the nation’s Constitution.

He added that the House is considering the December 2025 deadline to complete the review and amendment.

Kalu, who doubles as the Chairman, Constitution Review Committee, stated this on Wednesday at the maiden meeting of the committee while addressing journalists in Abuja.

He said, “It is the view of Mr. Speaker that we set a realistic timeline that does not conflict with electoral activities which would advertently or inadvertently affect the alteration process, specifically, December 2025, the time we are looking at to conclude the activities of this committee.

“It is not out of place to guess that there is some level of fatigue in the amendment process by some vocal sections of the populace. Whatever opinion you hold, it is important to let you know that we presently have 40 bills that are at various stages of consideration that relate to the alteration of the Constitution.

“We are well aware of our present challenging circumstances as a nation. The twin challenges of insecurity and economic difficulties could tamper with the confidence of our citizens. It is, therefore, our constitutional responsibility to respond to the 40 bills so far proposed and also attend to the duty of government to ensure the security and welfare of the citizens as provided by the constitution.”.

Recalling the significance of previous attempts at constitutional review, Kalu, who represents Bende Federal Constituency, Abia State, noted that since 1999, the House has made reforms including judicial reforms, electoral reforms, age reduction, among others.

“Since 2010, the National Assembly has successfully amended and made landmark changes to our constitution since it was first handed over to Nigeria in 1999 by the military regime of General Abdulsalam Abubakar.

“Since then, some of the significant amendments successfully made by previous efforts include judicial reforms, electoral reforms, age reduction, allowing younger persons to be appointed into the Independent National Electoral Commission as Chairman or Resident Electoral Commissioners and also allowing a lower age for contest into certain elective positions, moving certain responsibilities of government from the exclusive legislative cist into the Concurrent legislative list to allow for increased federalism among other things,” he said.

Ahead of the inauguration, the lawmaker highlighted actions to be undertaken including, “Expediting commencement of preparations, constitution of the secretariat and appointment of consultants as well as drafting of a work plan for the committee.”

The deputy speaker also called on the committee members to take the assignment seriously, reminding them of the reasons the attempt by previous assemblies did not yield the required results.

“In the last constitution review efforts, there were some key constitution amendment proposals that did not pass either because we did not fully understand their provisions or we did not have enough time to agree on them.

“An example was the proposal to create additional seats for women in Federal and State Legislative Houses. Let us use this opportunity to understand this proposal, hoping that those who are the promoters of this particular amendment will start their advocacy timely and be more thorough and comprehensive, reaching the stakeholders to control the mindsets of their representatives,” Kalu stated.

The 37-man committee is made up of representatives of the 36 states of the Federation and the Federal Capital Territory.

Kalu pledged the provision of adequate resources to enable the committee to deliver on its mandate.

“The secretariat will be very well equipped to function optimally and deliver results. We have created a partnership with the Policy and Legal Advocacy Centre which has committed to supporting the work of this committee as they have done in previous constitution review efforts,” he said.

The committee is billed for inauguration on February 26, 2024.

Femi Otedola Emerges Chairman Of First Bank

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Nigerian businessman and philanthropist, Femi Otedola has emerged the Chairman of First Bank.

FBN Holdings Plc, a leading financial institution in Nigeria, has announced the appointment of Mr. Olufemi Peter Otedola, CON, as its new Chairman of the Board of Directors.

This appointment, effective January 31, 2024, follows a recent meeting of the board where Mr. Otedola succeeds Alhaji Ahmad Abdullahi.

Mr. Otedola, a renowned business mogul with significant contributions in various sectors, is expected to bring his extensive experience and strategic insight to FBN Holdings. His leadership is anticipated to drive growth, innovation, and enhanced performance in the company.

The outgoing Chairman, Alhaji Ahmad Abdullahi, is commended for his tenure, during which he guided FBN Holdings through numerous challenges, maintaining its stature in the Nigerian financial landscape. The transition marks a new phase for FBN Holdings, with stakeholders and analysts keenly observing the potential impacts of Mr. Otedola’s chairmanship.

As the Nigerian financial sector continues to evolve, FBN Holdings, under Mr. Otedola’s leadership, is poised to strengthen its position in the market and deliver increased value to shareholders and customers

CBN Imposes Limit On Banks’ Foreign Currency Exposure

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The Central Bank of Nigeria (CBN) on Wednesday said the Net Open Position (NOP) limit of banks’ overall foreign currency assets and liabilities both on and off-balance sheet should not exceed 20 percent short or 0 percent long of shareholders’ funds unimpaired by losses using the gross aggregate method.

This was disclosed in a circular to all banks, titled ‘Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks’ jointly signed by Hassan Mahmud, director trade and exchange department of the CBN and Rita Ijeoma Sike, for director, banking supervision department.

The circular mandates that banks must adhere to a NOP limit, ensuring it does not surpass 20 percent short (holding more foreign currency assets than liabilities) or 0% long (not holding more foreign currency assets than the bank’s shareholder funds unimpaired by losses).

It said banks currently exceeding these prescribed NOP limits are obligated to make adjustments to their positions to align with the new regulations by February 1, 2024.

This move is aimed at mitigating risks associated with excessive foreign currency exposure and fostering a more resilient banking sector.

NOP refers to the difference between a bank’s foreign currency assets and liabilities. This includes both on-balance sheet and off-balance sheet items.

Regulatory bodies often impose NOP limits on banks to prevent excessive exposure to foreign currency fluctuations and potential financial instability.

These measures aim to enhance risk management within the banking sector, fostering stability and safeguarding against potential vulnerabilities associated with excessive foreign currency exposure.

In addition to the NOP limits, banks are required to diligently calculate their daily and monthly NOP, along with their Foreign Currency Trading Position (FCT), using specific templates provided by the Central Bank. This meticulous approach aims to enhance transparency in reporting and ensure that banks adhere to the regulatory framework.

These measures underscore the Central Bank’s commitment to fortifying the financial system against potential vulnerabilities, promoting responsible risk management practices within the banking sector.

Banks are urged to promptly adhere to these directives to maintain regulatory compliance and uphold the integrity of the financial system.

According to the circular, banks are also required to have adequate stock of high-quality liquid foreign assets, i.e. cash and government securities in each significant currency to cover their maturing foreign currency obligations. In addition, banks should have in place a foreign exchange contingency funding arrangement with other financial institutions.

The CBN emphasized the importance of strategic financial practices for banks to mitigate foreign currency risks effectively. The key recommendations include borrowing and lending in the same currency, known as natural hedging, to avoid potential mismatches associated with foreign currency exposure.

The circular underscored that the interest rate basis for borrowing should align with that of lending, stressing the importance of eliminating discrepancies in floating and fixed interest rates. This approach aims to mitigate basis risk linked to foreign borrowing interest rate fluctuations, fostering stability in financial operations.

The circular highlighted specific guidelines regarding Eurobonds. It stated that any clause related to early redemption should be initiated by the issuer, and approval must be sought from the CBN. This holds true even if the bond does not qualify as tier 2 capital. The CBN emphasizes the need for timely reporting in this regard.

Neymar Demands DNA Test To Confirm Third Child With Brazilian Model

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Neymar has reportedly demanded a DNA test after amid reports he is set to father a third child with a third different woman.

Reports emerged in Brazilian outlet Portal LeoDias that Neymar had an affair with Brazilian model and influencer, Amanda Kimberlly, while he was still with his now former partner, Bruna Biancardi.

The report claims Kimberlly is now four months pregnant, with news of the pregnancy coming as a surprise to Neymar.

Neymar was said to ‘receive the news with joy’, and wants to carry out a DNA test as soon as the child is born to confirm it is his.

Kimberlly hails from Sao Paulo and is best known for appearing on the Brazilian dating show ‘Are You the One?’ in 2016, with the model getting to know the Al-Hilal star soon after.

Kimberlly, who will reportedly give birth to a girl, dated several celebrities before meeting Neymar.

In a report, Portal LeoDias said:

Neymar is going to be a father for the third time. The mother is a Brazilian model who is four months pregnant.

‘She got pregnant while they were having an affair, including while the footballer was recovering from a knee injury.

‘There is concern about the health of the baby’s mother, who recently had to undergo some treatments. The pregnancy was a surprise, but they were having a romance.’

News of the pregnancy also comes after Neymar only became a father for the second time just three months ago in October when his daughter Mavie was born.

He then split with the mother of his daughter in November, amid rumours of the Brazilian star being unfaithful.

Neymar had faced accusations of cheating on Biancardi with compromising footage emerging last year of him partying with two different women in a Spanish nightclub.

A report in BILD even claimed the pair had a bizarre sex contract that allowed Neymar to flirt and sleep with other women.

There were specific conditions for the contract. This included that the Brazilian was not allowed to kiss women on the mouth, had to use a condom during sex, and that the relationship must stay secret.

There are also allegations he asked Brazilian OnlyFans star Aline Farias for nudes, with Farias reportedly releasing screenshots of her conversation with Neymar.

Meanwhile, in June he faced further allegations of infidelity with influencer Fernanda Campos, prompting him to post a grovelling apology to Biancardi on social media.

Neymar – who also has a son from a previous relationship with Brazilian influencer Carolina Dantas, started dating Biancardi in 2021.

They kept their romance private before going Instagram official in January 2022. In August of that year, they announced the end of the relationship, before rekindling it soon after.

JAMB under Oloyede made ₦‎50 Billion for FG in one year — Shettima

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Vice President Kashim Shettima has revealed that Prof Ishaq Oloyede is the first Registrar of the Joint Admission and Matriculation Board to have made over N50bn for the Federal Government within a year.

The Vice President, who represented President Bola Tinubu, disclosed this on Wednesday while speaking during a public engagement organised by the Economic and Financial Crimes Commission.

The dialogue on “Youth, Religion, and the Fight against Corruption” was held at the Musa Yar’Adua Centre, Abuja, where the Fraud Risk Assessment Project for Ministries, Departments, and Agencies was also launched by the EFCC Chairman, Ola Olukoyede.

While speaking on the issue of corruption in the public sector, the Vice President noted that JAMB had never made up to $1m for the Federal Government before Oloyede assumed office.

Shettima said, “One person I always respect is Prof Ishaq Oloyede. Over the years, JAMB never made upto $1m for the Federal Government.

“However, when Prof Oloyede assumed office, JAMB made over ₦50bn for the Federal Government in one year.”

Other dignitaries present at the dialogue were the Attorney General of the Federation, Lateef Fagbemi; a former Minister of Power, Babatunde Fashola; the Ọọni of Ifẹ, Ọba Enitan Ogunwusi; the Sultan of Sokoto, Sa’ad Abubakar; the President, Christian Association of Nigeria; the Chairperson, Nigeria Committee of Vice Chancellors, Professor Lilian Salami; and the Registrar of JAMB, Professor Ishaq Oloyede.

Festus Keyamo: No Local Airline Will Become Nigeria’s National Carrier

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The Minister of Aviation and Aerospace Development, Festus Keyamo, says no local airline will be designated to be the Nigerian national carrier.

He said that nominating one local airline to be the national carrier will be unfair to all other local airlines operating in the country.

Keyamo, who was a guest on Channels Televisions Politics Today on Wednesday, said that his ministry is already working on establishing what he referred to as “a proper national carrier”.

“I will push for one (national carrier) and I am working on one. Let me say this publicly now, no local airline will be a national carrier, a flag carrier. So, whoever thinks I am working to promote one to be a flag carrier, I am saying it as a matter of policy, it will be unfair to all the local operators,” Keyamo said.

“No local airline will be designated as a national carrier, I will not do it. We will establish a proper national carrier and people are talking to us, the Arabs are talking to us, the Chinese are talking to us, the Americans are talking to us on this already.”

During the last administration, Keyamo’s predecessor, Hadi Sirika, had launched Nigeria Air as a national carrier and the deal was shrouded in controversy.

The dust about the Nigeria Air is yet to settle with Keyamo insisting that the deal was not in the interest of the nation.

The minister said there are other deals on the table and wondered why the one involving the Ethiopian Airline was chosen by the former minister.

He said, “There were better deals on the table, why did we settle for this or why are we trying to settle for this? We have better deals on the table

“It was not a deal that was good for Nigeria. The whole composition and the totality of that deal was merely Ethiopian Air flying a Nigerian flag; it was not a national carrier.

“There is a national carrier and a flag carrier. So, why we were thinking a national carrier was coming, it was not a national carrier, it was a foreign airline trying to fly Nigerian flag,” Keyamo said.

The minister also said that the Economic and Financial Crimes Commission (EFCC) is investigating the controversial Nigeria Air deal.

“The EFCC is investigating that deal,” the Minister said, adding that “there is a criminal investigation going on. I have called for the report”.