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Lagos Assembly Approves Full Takeover Of Lekki Concession Company

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The Lagos House of Assembly has approved Gov. Babajide Sanwo-Olu’s request for the state to assume full ownership of Lekki Concession Company (LCC) Ltd, a privately owned company.
The House made the resolution to approve the governor’s request sequel to the presentation of the Committee on Finance report during plenary session in Lagos on Monday.
The Tide reports that the House had received the request from the Executive on June 21 “and was committed to the Committee on Finance to further look into it and report its findings to the House’’.
The committee’s Chairman, Mr Rotimi Olowo (Somolu I), in his presentation, said the state would become the subsisting shareholders of LCC with 75 per cent shareholding and the Office of Public Private Partnerships, shareholding of 25 per cent, respectively
The lawmaker added that this was sequel upon the buy-out of all the shareholding interest of the company by the state government.
Olowo further said the original $53.9 million loan obligation from a private sector facility had been resolved after series of engagement between Africa Development Bank (AFDB), the company and the state government.
He said: “The agreement was to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12 million biannual.
“This is against the 4.12 per cent of $2.746 million per bi-annual, therefore, giving a savings of $1.16 million bi-annual or $3.24milliom per annum.
“The House, therefore, granted the executive the approval to convert the AFDB loan to the public sector loan backed up by sovereign Federal Government guarantee on behalf of the state government.
“This also authorise the state government to issue a counter guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order (ISPO) to deduct from the state’s statutory allocation.”
Olowo noted that the servicing of the loan obligations would have a maturity till August 2034.
Debating on the report before the approval, Mr Gbolahan Yishawu (Eti-Osa II) supported the committee’s recommendation, saying” it was a smart move as the interest rate would not injure what the state was spending on capital expenditure’’.
Yishawu added that it would also reduce the interest risk as well as the rate by moving the loan from private to public sector.
Mr Abiodun Tobun (Epe I) said the saving of 3.1 per cent in interest rate difference would reduce the burden on the state government and encourage the savings to be used to develop other sectors.
Mr Femi Saheed (Kosofe II) said restructure of the loan was an indication of the transparency in the state financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan.
Saheed noted that the request was a standard financial procedure practised all over the world.
The Speaker of the House, Mr Mudashiru Obasa, thereafter, directed the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the resolution of the House to the governor.

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2023: ‘Unknown Persons’ Stole My Academic Certificates, Tinubu Tells INEC

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The presidential candidate of the All Progressives Congress (APC), Asiwaju Bola Tinubu, has told the Independent National Electoral Commission (INEC) that his academic certificates were stolen by unknown persons while he was on self exile.
Tinubu, a former Lagos State Governor, was one of the National Democratic Coalition (NADECO) Chieftains who fled the country under the regime of the late General Sani Abacha.
Abacha had clamped down on academics, activists and other technocrats opposed to his regime.
In his sworn affidavit in support of his nomination form for the office of the president, Tinubu said he “went on self exile from October 1994 to October 1999 (and) when I returned and discovered that my property including all the documents relating to my qualification and my certificates in respect of paragraph 3 above were looted by unknown persons.”
While Tinubu skipped information regarding his primary and secondary education in the INEC form, he, however, said he attended University of Chicago between 1972 and 1976, where he obtained B.Sc in Economics.
He also said he had B.Sc in Business and Administration, as well as certificate in Public Account.
Tinubu’s latest claims appear to contradict his previous election submissions, especially in 1999, when he ran and won the Lagos State governorship election.
He had said then that he attended St Paul Children’s Home School, Ibadan, between 1958 and 1964; while his secondary education was at Government College Ibadan (GCI), between 1965 and 1968.
Following a backlash, the former governor withheld his primary and secondary schools academic records when he recontested in 2003.
He had claimed that from Ibadan, he proceed to Richard Daley College, Chicago, from 1969 to 1971.
He finally said he attended both Chicago State University and the University of Chicago.
All the submissions were, however, challenged as fraudulent by a prominent Nigerian lawyer, late Gani Fawehinmi.
Fawehinmi, who argued the matter up to the Supreme Court, which dismissed the case on technical grounds.
In his forms, presidential candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, presented the Master’s degree he obtained in 2021, as his highest educational qualification.

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PDP Chieftain Hails Aduda’s Emergence As Senate Minority Whip

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A chieftain of the People’s Democratic Party (PDP), Honourable Hellen Taiwo-Adebakin, has congratulated Senator Philip Tanimu Aduda on his emergence  as Senate Minority Whip
Adebakin, while rejoicing with the Senator said, Aduda’s elevation was a great honour for the good people of the FCT that he represents, who daily yearn for effective inclusion in the affairs of Nigeria.
Hon Adebakin, Secretary of the former and current ex-National ex-officio members of the PDP also described the new feat attained by the Senator as a product of loyalty and consistency to the PDP.
“I am using this opportunity to rejoice with one of our leaders in PDP, Senator Philip Aduda over his emergence as the Senate Minority Whip. Your elevation to this enviable position was a product of hard work, commitment to legislative duties and loyalty to the party. I pray to God Almighty to continue to guide as you assume this position,” Adebakin said.
She, therefore, urged him to continue to be a good ambassador of the party, stressing that the Senator will move to a higher position in the Red Chamber when the PDP returns to power at the centre in 2023.

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Senate Lauds Gbajabiamila’s House Leadership As Speaker Turns 60

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The Senate has lauded House of Representatives’ Speaker, Femi Gbajabiamila on his 60th birthday.
The Senate gave the commendation in a statement by its spokesman and Chairman, Media and Public Affairs Committee, Senator Ajibola Basiru in Abuja.
The statement reads: “The upper legislative chamber, Senate of the Federal Republic of Nigeria wishes to congratulate an outstanding achiever, an astute legal light, a man of exemplary social standing and the Speaker of the House of Representatives, Right Honorable Olufemi Hakeem Gbajabiamila on his 60th birthday.
“Achieving this major milestone – a perfect 10, six times, over which you have attained calls for recognition and celebration; especially having achieved so much for yourself, the society and the nation.
“The Senate recognises you as a man of good upbringing and a well-bred personality who had traversed the universe in search of education and had achieved so much in your chosen legal career before making outstanding pursuits in legislative politics.
“Your services as an extraordinary lawmaker have been impeccable rising from being a member of the House of Representatives to becoming the minority leader, majority leader and then holding the prestigious position of the Speaker of the elite Assembly”.
“Your being one of the two longest-serving members of the House of Representatives also calls for all accolades that can be showered on you today.
“You have surely had many adventures in life but we still see you travelling farther to further stabilise the Nation’s polity and we pray for long life and good health for you as all things get better with age for you.
“While we rejoice with you, we hope you will have an amazing birthday. Congratulations!”

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