Business

FEC Approves N221.9bn For New Lekki Seaport

Published

12 years ago

December 6, 2013

The Federal Executive Council (FEC) on Wednesday in Abuja approved the signing of an agreement for the development of the Lekki deep sea port in Lagos State.
The Minister of Transport, Alhaji Idris Umar, stated this while briefing State House correspondents on the outcome of the weekly FEC meeting presided over by Vice-President Namadi Sambo.
He said the seaport project would be executed at the cost of $1.345 billion (about N221.9 billion).
Umar said it would be executed through the Private-Public-Partnership arrangement, and has been concessioned to Messrs Lekki Ports LFTZ Enterprise for 45 years.
He said 20 per cent is for the Federal Government in terms of the project’s equity shares, with 18.5 for the Lagos State Government and 61.5 for the private investors.
The minister said 800 million dollars out of the project cost would be funded through debt financing, while the balance would be contributed by equity.
He said the seaport when completed would give Nigeria its first deep sea port since independence and end congestion at the Apapa port.
“The economic benefits of this port to this country and to the economy of the country in particular need not to be over-emphasised.
“Not less than 9.3 billion dollars will be accrued to the (Nigeria Ports Authority) NPA, made up of 2.6 billion dollars from marine services and royalties and then 6.7 billion dollars’ share of profits from the investments.
“Other benefits that will accrue will be the ripple effects of operation of the port from Customs charges and other economic benefits which will not be less than 379 billion dollars over the period of 45 years.
“The ports will create jobs of not less than 162,000. It is therefore of immense benefit to the economy of this country. Therefore, that underscores the need for us to have this deep sea port.”
The minister further stated that the port would automatically revert to the Federal Government at the end of the concession period.
Also speaking, the Minister of State for Works, Alhaji Bashir Yuguda, said FEC further approved about N30 billion for the construction/rehabilitation of some roads across the country.
He said the road projects were meant to fast track the development of infrastructure and boost socio-economic and agricultural activities.
“The projects include the construction of Kankara-Gurbi road in Katsina State at the cost of N1.4 billion and theconstruction /rehabilitation of Yashi-Duguri-Yalo Road in Bauchi State at the cost of N1.75 billion.
“Also, there is the construction of Isoko Ring Road in Delta at the cost of N2.1 billion and the Jarmai-Bashar Road in Plateau State at the cost of N1.38 billion.
Others include the rehabilitation of Wukari/Akwana Road in Taraba at the cost of N3.97 billion, and the construction of Ajase/Offa/Erin-Ike/Osun State Boundary Road in Kwara at the cost of N1.24 billion.
“There is also the Takum-Dongawa Road and Katsina-Ala at the cost of N1 billion, and the rehabilitation of Amanwaozuzu-Uzoagba-Eziama-Orie-Amaohia road in Imo which will gulp N1.275 billion.
“The rest will see N1.48 billion being spent on the construction of River Ebba Bridge at Cheche, Katcha Local Government Area in Niger, and the construction of Bida-Sacci-Nupeko Road in Niger which will gulp N8.673 billion,” Yuguda said.
In his contribution, the Minister of Information, Mr Labaran Maku, told State House correspondents that the National Good Governance Tour would resume with a visit to Kaduna state on Saturday.
He also stated that the Minister of Sports, Malam Bolaji Abdullahi briefed the council on the forthcoming National Youth Games (NYG) billed to start this weekend in Abuja.

Representative of the wife of Rivers State Governor, and Commissioner for Women Affairs, Mrs Joeba West (left) cutting the tape with the assistance of her Commerce and Industry counterpart, Barr Chuma Chinye, at the opening of the 3rd Port Harcourt Xmas Discount Market in Port Harcourt , yesterday.
Photo: Chris Monyanaga

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

8 hours ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

8 hours ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing

Published

8 hours ago

March 30, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of all Annual Individual Income Tax Returns for all taxable residents of the state.

This was contained in a public notice by the Service to the taxable residents of the state in compliance with statutory provisions.

The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.

Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.

According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.

The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.

It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.

RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .

The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.

It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.

Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.

The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.

The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.

Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.

By: King Onunwor