Politics

Lagos Assembly Approves Full Takeover Of Lekki Concession Company

Published

4 years ago

August 11, 2021

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.

Politics

Rivers Assembly Resumes Sitting After Six-Month Suspension

Published

2 days ago

September 19, 2025

The Tide

The Rivers State House of Assembly yesterday resumed plenary session after a six-month state of emergency imposed on the state by President Bola Tinubu elapsed on Wednesday midnight.

President Bola Tinubu had lifted the emergency rule on September 17, with the Governor of the state, Siminalayi Fubara, his deputy, Ngozi Odu, and members of the state assembly asked to resume duties on September 18.

The plenary was presided over by the Speaker of the House, Martins Amaewhule, at the conference hall located within the legislative quarters in Port Harcourt, the state capital.

The conference hall has served as the lawmakers’ temporary chamber since their official chamber at the assembly complex on Moscow Road was torched and later pulled down by the state government.

The outgone sole administrator of the state, Ibok-Ete Ibas, could not complete the reconstruction of the assembly complex as promised.

Recall that on March 18, President Bola Tinubu declared a state of emergency in Rivers following the prolonged political standoff between Fubara and members of the House of Assembly loyal to the Minister of the Federal Capital Territory, Nyesom Wike.

He subsequently suspended the governor, his deputy, Ngozi Odu, and lawmakers for six months and installed a sole administrator, Vice Admiral Ibok-Ete Ibas (rtd.), to manage the state’s affairs.

The decision sparked widespread controversy, with critics accusing the president of breaching the Constitution.

However, others hailed the move as a necessary and pragmatic step.

Politics

2027: Bayelsa APC Adopts Tinubu As Sole Candidate … As Lokpobiri, Lyon Shun Meeting

Published

1 week ago

September 12, 2025

The Tide

The Bayelsa State Chapter of the All Progressives Congress(APC) have passed a ‘Vote of Confidence’ on President Bola Tinubu and also adopted him as sole candidate of the party for the 2027 presidential polls.

Speaking in Yenagoa, the state capital, during the ’12th Expanded Stakeholders’ meeting of the party, the APC National Chairman, Prof. Nentawe Yilwatda, stressed the importance of the state’s chapter of the party to its national leadership.

Represented by the party’s Deputy National Chairman (South), Chief Emma Eneukwu, the National Chairman urged all stakeholders to unite to secure victory for the party, come 2027 general elections, adding that the party will give the state chapter the necessary support it requires to win in all future polls.

He appealed to aggrieved leaders of the party in the state to jettison their differences and tow the path of peace, describing the reconciliatory move as commendable while promising that the party’s national leadership will do all within its powers to ensure its success.

“President Tinubu is a pragmatic leader, and a progressive determined to transform Nigeria for the betterment of all. The developmental strides recorded by the president is attracting governors and National Assembly members from the opposition into the APC.

“We’ll ensure that the interest of the

party is managed. Bayelsa is important to our party, and we must do whatever we have to do, for the victory of the party in the state. We have a very good candidate in the president and that is why the South- South governors are taking the lead to join our party in support of the president for his reelection”, he said.

“Mr. President is on the move to take Nigerians to the promised land, and the only way to achieve this is in unity. The leadership of the party in the state need to show more tolerance and carry everyone along. Other state governors in other regions that are not in our party will soon join us, so that if the president is returned, everything will go smoothly.

“I want the former governor of the state, Chief Timipre Sylva, to personally lead the reconciliation so we can achieve the unity we desire. Forget all differences and bring everyone together”, he added.

Also speaking, the leader of the state chapter of the party and former Minister of State, Petroleum Resources, Chief Timipre Sylva, noted that the national secretariat of the party had not treated the state fairly, noting that if the national leadership of the APC had given the state the support it needed, the party would have achieved more.

Chief Sylva called on absentee leaders of the party at the meeting, particularly Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and former Governor-elect of the State, Chief David Lyon, to close ranks and work with other leaders to move the party forward.

“I wonder why the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri and former Governor-elect, Chief David Lyon are not here. We’re all Bayelsans, we’re all Ijaw people, they should come and let’s work together for the greater interest of the party. We did well in 2023, but not what we expected.

“2027 is already a done deal, if we have the support of the national leaders of the party. Today we’re more ready than ever before.The only thing we lack is support from the party at the national level. With your support we’ll be the strongest, and nobody will be able to stand us in elections”, Chief Sylva said.

In his remarks, the Managing Director /Chief Executive Officer of the Niger Delta Development Commission (NDDC), Chief Samuel Ogbuku, noted that most people thought the party was no more in existence, but that the NWC could see that the party is alive and kicking.

“Reconciliation is on and those in charge are doing well. The party has members in the state who were ‘victory-hungry”, he said.

Earlier, State Chairman of the party, Dr Dennis Otiotio, said the meeting was to critically appraise the performance of the president and also adopt him as the sole candidate of the party for the 2027 presidential election.

By Ariwera Ibibo-Howells, Yenagoa

Politics

Alleged Smear Campaign Against Yakubu, CSOs Demand Apology From Uzodimma

Published

1 week ago

September 12, 2025

The Tide

The Transparency and Accountability Rights Initiative, a coalition of Nigerian Civil Society Organizations (CSOs), has issued a strong condemnation of Imo State Governor Hope Uzodimma, accusing him of orchestrating a malicious smear campaign against the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu, and development advocate Dr. Chima Amadi.

During a press conference held in Owerri, the coalition called the campaign a “dangerous and shameful display” designed to distract the public from the governor’s performance in office.

The CSOs directly linked the Greater Imo Initiative (GII) —the group that made the allegations on September 4, 2025—to Governor Uzodimma, describing the group as his “mouthpiece and attack dog.”

“Every word spoken against INEC was spoken on his behalf.

“By falsely alleging that Professor Yakubu has an alliance with Dr. Amadi to compromise the 2027 elections, Uzodimma has not only maligned a man of proven integrity but also assaulted the very foundation of our democracy”, said Dr Agbo Frederick, speaking for the coalition.

The coalition described Professor Yakubu as a “beacon of electoral professionalism” and called the attempt to soil his reputation “defamatory and a national security risk.”

They also defended Dr. Amadi, a “respected development scholar,” stating that the governor’s accusations were “laughable, desperate, and dangerous.”

The CSOs see the motive behind the campaign as an attempt to “silence the dissent, intimidate the opposition, and divert attention from the governor’s abysmal record in office.”

The coalition issued four key demands to Governor Uzodimma: An immediate retraction of the false and defamatory allegations against Professor Mahmood Yakubu and Dr. Chima Amadi.

A public apology to both men within seven days, to be published in at least three national newspapers and broadcast on major television networks.
An end to diversionary tactics and proxy propaganda.
A renewed focus on governance, including addressing insecurity, unemployment, and poverty in Imo State.

The CSOs warned that failure to comply would force them to “review our position with a view to seeking legal redress from Governor Uzodimma for defamation, false accusation, and reckless endangerment of lives.”

“Governor Uzodimma must be reminded that he did not find himself in the seat of power to chase shadows.

“We call on all Nigerians to reject Uzodimma’s diversionary antics as they are nothing short of desperate plots by a government terrified of accountability”, the statement concluded.