Politics
Lagos Assembly Approves Full Takeover Of Lekki Concession Company
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 Political Crisis: PANDEF Urges Restraint, Mutual Forbearance
Accordingg to the statement, the Board and National Executive Committee of PANDEF, noted with very grave concern the recent spate of political developments in Rivers State.
“Regrettably, these developments have now degenerated into the decision of the Rivers State House of Assembly to commence impeachment proceedings against the governor and deputy governor.
“This is a deeply disturbing situation that demands urgent attention in order to forestall further escalation and breakdown of law and order.
“This concern is heightened by the critical importance and strategic centrality of Rivers to the Niger Delta region and to the broader socio-political stability and economic wellbeing of Nigeria as a whole”, the statement said.
The Forum called on all parties involved in the resurgent political imbroglio to sheathe their swords and embrace peace.
“This should be guided by the principles of give-and-take, dialogue, tolerance, and political equanimity.
“All stakeholders must place paramount importance on peace, development and the welfare of the people of Rivers.
“We must now focus squarely on good governance and development of the state,” the Forum said.
PANDEF commended President Bola Tinubu, the leadership of the All Progressives Congress (APC), respected elders of Rivers State, and other well-meaning Nigerians for their previous and ongoing efforts aimed at restoring peace and stability in the state.
Politics
Wike’s LGAs Tour Violates Electoral Laws — Sara-Igbe
Speaking in an interview on Saturday, January 10, Chief Sara-Igbe alleged that the minister had flouted regulations governing the commencement of electioneering campaigns by moving from one local government area to another to galvanise political support.
According to him, the action amounted to a clear breach of electoral guidelines being carried out with a troubling sense of impunity that could undermine the rule of law.
“Wike has violated the electoral laws of campaigning by going from local government to local government to talk to the people. He travelled from one local government to another. As a result of his visits to local government areas, he has broken election regulations and continues to do all these things without fear of repercussions”, Chief Sara-Igbe said.
The remarks came as Chief Wike was set to round off a state-wide “thank-you” tour that covered all 23 local government areas of Rivers State.
Although the minister had described the tour as an appreciation visit following support for President Bola Tinubu in the 2023 general elections, critics say the engagements have assumed an overtly political character.
Observers note that during several stops, including recent visits to Andoni and Bonny local government areas, the minister rallied supporters across party lines under what he termed a “Rainbow Coalition,” a move widely interpreted as part of a broader political strategy.
During these engagements, Chief Wike was also reported to have made remarks perceived as a veiled challenge to the authority of Governor Siminalayi Fubara, while repeatedly referencing the 2027 elections and urging supporters to prepare to “correct the mistake” of 2023.
Chief Sara-Igbe warned that allowing such activities to continue unchecked could erode public confidence in Nigeria’s electoral process and called on relevant authorities to enforce existing laws without fear or favour.
Politics
EFCC Alleges Blackmail Plot By Opposition Politicians
The Commission, in a statement on Wednesday, claimed that there were plans by the same group to escalate a smear campaign against its Chairman, Ola Olukoyede, to frustrate ongoing investigations and prosecutions involving prominent individuals.
The statement endorsed by the agency’s spokesman, Mr Dele Oyewale, claimed that the action was intended to distract the Commission through unfounded allegations of political bias in the discharge of its duties.
The EFCC warned that it would not stand by and watch “those recruited into this ignoble enterprise” or allow any attempt to derail it from “the patriotic task of improving public accountability in Nigeria.”
The Commission made it clear that those recruited into this venture were under close watch, adding that it would not tolerate any attempt to distract it from the patriotic task of improving public accountability in Nigeria.
“The EFCC reiterates its non-political stance in all its activities. Facts on the ground clearly show that any political actor belonging to the ruling party or opposition party, with corruption baggage, has no hiding place from the operational radar and dynamics of the Commission.
“As a matter of fact, several strong members of the ruling and opposition parties are either facing trial before the courts or being investigated by the Commission.
“It is needful that Nigerians appreciate the fact that the Commission is keeping faith with its Establishment Act in all its operations.
“Therefore, the Commission reiterates its commitment to justice, without fear or favour, in the fulfilment of its mandate,” the statement pointed out.
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