Business

Senate Scores Lagos High On W’Bank’s Loan Utilisation

Published

11 years ago

November 13, 2015

The Nigerian Senate has scored the Lagos State Government high over the utilisation of the $400 million loan given to the state by the World Bank for developmental projects and slum upgrade.
The World Bank had in 2010 approved a Development Policy Operation (DPO) loan for a total sum of $600 million to the Lagos State Government to be implemented in three tranches of $200 million per annum.
Two tranches of $200million each had been given to the state government during the previous administration.
President Muhammadu Buhari had in September written to the Senate to expeditiously approve the third tranche of $200million to enable the state to consolidate on the gains of the second tranche of the DPO II.
After inspecting projects which the monies had been used for in Lagos on Tuesday, the Senate Ad-Hoc Committee on Development Policy Operation gave the state a pass mark for judiciously utilizing the first two tranches of World Bank Loan, DPO I and DPO II, that was approved for the state in 2010 and 2013.
Chairman of the Committee, Senator Kabiru Gaya, who led other members of the Committee to inspect some capital projects in the state to which the loan was deployed, expressed satisfaction with the work done so far, urging other states to borrow a leaf from Lagos.
The Committee took time to inspect the 1.36km Lekki-Ikoyi Link Bridge, popularly called the Cable-stayed Bridge, the Cardiac and Renal Centre located within the Gbagada General Hospital and the Light Rail Project along the Mile 2- Orile corridor.
Gaya said, “I believe I like other members of the team are impressed and if other states can be like Lagos, I believe it’s easier to get this kind of loan and this loan can be utilised for such purposes. “It’s a very impressive outing, if every facility being utilised in the manner I have seen, I think there is need to give out more loans. What we have seen on ground is very nice, I appreciate and commend Lagos state government for using the fund for the purpose to which it was collected.”
Senator Chris Anyanwu, who is also a member of the Committee, said the projects inspected to a large extent portrayed the state as a centre of excellence. “What we have seen so far, from the hospital to the educational sector and the rail way, we know that Lagos is the centre of excellence; and it’s a state that boasts of housing all Nigerians and other international communities.
“I think the Cardiac and Renal Centre is very important to Nigerians not only to Lagosians and I believe that if it is completed on time, it would help the state government to generate revenue to be able to carry out other projects. I am very impressed and the contractors are doing a good job and I am sure for the DPO III that Lagos state has applied, it will also judiciously put it to use”, she said.
Senator representing Lagos East Senatorial District, Gbenga Ashafa, who joined other state government officials to show the Senate Committee around, thanked President Muhammadu Buhari for deeming it fit to put into fore, the development of infrastructure in Lagos state through the DPO.
Senator representing Lagos West Senatorial District, Solomon Olamilekan thanked the Committee for painstakingly going round to see things for themselves, saying it would go a long way to ensure the last tranche, if approved, is judiciously put to good use.
Other members of the Committee who were on the visit include Senator Buka Abba Ibrahim, Senator Emmanuel Paulker, Senator Duro Faseyi and Senator Ibrahim Abdulla.

Business

IPMAN Raises Concern Over Delay In Chinese Refinery Deal …Predicts Lower Fuel Prices Through Competition

Published

3 days ago

June 29, 2026

The Tide

The Eastern Zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to fast-track the conclusion of the proposed Technical Equity Partnership with two Chinese firms.

IPMAN made the appeal amid growing concerns over the delay in finalising the agreement initiated through the signing of a Memorandum of Understanding (MoU) on April 30, 2026, between NNPCL and Sanjiang Chemical Company Limited as well as Xinganchen (Fuzhou) Industrial Park Operation and Management Company Limited.

It said the proposed arrangement was designed to revive and expand operations at the Warri and Port Harcourt refineries, noting that successful implementation would strengthen the downstream petroleum sector and restore confidence in Nigeria’s oil and gas industry.

The former Unit Chairman and current Zonal Secretary of IPMAN, Eastern Zone (System 2E), Comrade Inimgba Emmanuel Okubowei, made the call in a statement issued by the union after the Good Governance Summit organised by the Working People United (WOPU) in Abuja, and obtained by TheTide in Port Harcourt, at the weekend.

Okubowei expressed concern over the continued hardship faced by Nigerians due to the high cost of Premium Motor Spirit (PMS), stressing that households and businesses were increasingly burdened by rising energy costs.

Okubowei stated that fuel prices would naturally decline once the Chinese partners commence full operations at the refineries, explaining that increased refining capacity and a more competitive market environment would positively influence pump prices.

The unionist further noted that the partnership would attract fresh investment, improve domestic refining output, increase petroleum product availability and create a more stable operational environment for industry stakeholders.

He maintained that healthy competition remains one of the most effective mechanisms for achieving fair pricing in the downstream petroleum industry and protecting consumers from avoidable price pressures.

The IPMAN official further argued that the entry of additional technically competent operators into the refining space would discourage monopolistic tendencies, improve operational efficiency and guarantee a more stable supply of petroleum products across the country.

He, therefore, appealed to the Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, and the management of the company to accelerate all outstanding processes required for the successful execution of the Technical Equity Partnership.

Okubowei also called on the NNPCL leadership to publicly explain the reasons behind the prolonged delay and provide Nigerians with a definite timeline for the commencement of the project.

He emphasised that transparency, accountability and timely communication would strengthen public confidence in the initiative, adding that prompt execution of the agreement would enhance Nigeria’s energy security, create employment opportunities, stimulate economic growth and provide lasting relief to millions of Nigerians through more affordable petroleum products.

King Onunwor

Business

Gas Economy: Decade of Gas, Pi-CNG/ EV Deepen Media Engagement

Published

3 days ago

June 29, 2026

The Tide

Poised to achieving an in-depth understanding of the Nigeria’s gas economy by it’s populace, the Decade of Gas Secretariat, in collaboration with the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), has deepened media capacity engagement across the country.

The media session, third in its series, and held at the Hotel President, Port Harcourt, recently, brought together 30 journalists from the television, radio, print, and digital media platforms to deepen their understanding of Nigeria’s gas development agenda and further enhance their reportage on the role of gas in driving economic growth, energy security, industrialization, job creation, and improved living standards.

Speaking during the session, the representative, Decade of Gas Secretariat,Taofeek Balogun , noted that the port Harcourt engagement followed two earlier sessions held in Lagos and Abuja, a move that began in 2025.

According to him, Nigeria’s gas sector continues to record significant progress, with year-to-date gas production reaching 7.85 billion standard cubic feet per day (bcfd).

Domestic gas utilization has surpassed the 2 bcfd mark, while gas exports have risen to their highest level in five years, reflecting growing demand across power generation, industries, transportation, exports, and household consumption.

Balogun emphasised the successful completion of the Obiafu-Obrikom-Oben (OB3) River Niger Crossing by NGIC/NNPCL, describing it as a critical infrastructure milestone that would improve gas transportation across the country, support industrial growth, attract investment, strengthen energy security, and contribute to economic development.

As part of efforts to expand domestic gas utilization, he reiterated the Federal Government’s commitment to increasing access to clean cooking solutions. The government’s target is to distribute cooking gas cylinders to five million households by 2030.

Following the successful rollout of the programme across the six geopolitical zones by the Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, implementation would now move to the state level, beginning with Bayelsa State in July 2026.

Under the initiative, Balogun said, 27,000 households in Bayelsa are expected to receive cooking gas cylinders within the year as part of the 1(one) million homes per year target.

Also speaking, the Chief Operating Officer of Pi-CNG & EV, Tosin Coker, highlighted ongoing efforts to expand the adoption of Compressed Natural Gas (CNG) and electric mobility solutions as cleaner and more affordable transportation alternatives for Nigerians.

He disclosed that the Federal Government is promoting the adoption of CNG across Ministries, Departments and Agencies (MDAs) through the conversion of existing vehicle fleets and the procurement of CNG-powered vehicles as part of broader efforts to reduce transportation costs and improve energy efficiency.

Coker said “more than 100,000 vehicles have now been converted to CNG nationwide under the initiative, reflecting growing acceptance of alternative fuel solutions and supporting the country’s transition towards cleaner and more sustainable transportation”.

Participants commended the initiative for strengthening media capacity and improving public understanding of developments within Nigeria’s energy sector.

The Decade of Gas Secretariat and Pi-CNG & EV further reaffirmed their commitment to sustained stakeholder engagement and public awareness as Nigeria continues its journey towards a gas-powered economy.

Business

Group Seeks Media Partnership To Enhance Business Growth

Published

3 days ago

June 29, 2026

The Tide

The Chief Executive Officer of Kefa Communication, Mr. Obihele Victor Amos, has called for stronger collaboration between business organisations and media institutions to enhance business growth, economic expansion and wider public engagement across communities.

Amos made the call during a press briefing in Port Harcourt at the weekend.

He emphasised that strategic media partnership remains critical to improving visibility for businesses and attracting investment opportunities.

According to him, the media occupies a central position in shaping public perception and creating awareness that can support enterprise development and economic sustainability.

He also noted that, many emerging businesses continue to face growth limitations due to insufficient publicity and inadequate access to effective communication channels.

“Stronger engagement with the media would help bridge information gaps and create better connections between businesses and potential customers”, he said.

The CEO further stated that responsible and developmental journalism could play a significant role in promoting innovation and encouraging healthy competition within the business environment.

He stressed that beyond informing the public, the media serves as a platform for influencing policies and encouraging stakeholder participation in economic development.

Amos further disclosed the group is committed to building relationships with media organisations through continuous engagement and collaborative initiatives.

He said such partnerships would create opportunities for entrepreneurs and support efforts aimed at expanding market access.

The business leader also urged media practitioners to sustain professionalism and continue highlighting stories that promote enterprise and national development.

He expressed confidence that improved synergy between the media and the business community would contribute to employment generation and economic resilience.

Some participants at the briefing described the initiative as a welcome development capable of strengthening public understanding of business opportunities.

There were also calls for sustained cooperation among stakeholders to drive inclusive business growth and long-term development.

King Onunwor