Business
FG, Ogun To Fund Lagos-Ota-Abeokuta Road Construction
After several decades of suffering, respite is on the way for commuters plying the Lagos-Ota-Abeokuta Expressway, as the Federal Government on Thursday proposed to jointly rehabilitate the road with the Ogun State Government.
Minister of Works, Engr. Dave Umahi, made the proposal during a courtesy visit to Governor Dapo Abiodun in his office at Oke-Mosan, Abeokuta.
The minister was on a tour of federal roads in the Gateway State, along with officials of the ministry.
Responding to Governor Abiodun’s complaints over the frustration experienced by Ogun and Lagos States during President Muhammadu Buhari’s administration, Umahi disclosed that the period of bureaucracy in road construction in the country was over.
Umahi noted that if the Federal Government is looking for corporate organisations to get involved in road construction and management, state governments should not be denied the same opportunity.
He said: “Let me say something about the frustration you had while you and the Lagos State Government wrote to take over the reconstruction of the Lagos-Ota-Abeokuta Road.
“Let me announce to you that it falls under our new program, HDMI, which is the High Way Development Management Initiative. It is a public-private partnership programme.
“People should begin to look at a state as a corporate entity. If you are looking for investors to come and invest on our roads; to construct, to own, to maintain and toll, why shouldn’t a state do that?
“So, on this Lagos-Ota-Abeokuta Road, I want us to work together, we’ve done 30% of the work. You can own 60per cent, we own 40per cent and you can do your portion of the 60per cent. You can give it to a contractor of your choice.
“I don’t believe in bureaucracy; we cannot reset the economy with the type of bureaucracy we have.
“If I get your request on this by WhatsApp, I will respond to you immediately. We will handle it under our HDMI”.
The Minister spoke on some other federal roads in the state, saying some of them are under reconstruction.
According to him, the Ikorodu-Sagamu remains about eight kilometres to be completed, with the deadline for its completion set for November 2023.
Other roads are the Abeokuta-Ajebo Road at 21per cent completed, the overlay of the Ore-Sagamu portion of the Sagamu-Ore-Benin carriageway and the Papalanto to the Benin Republic border, being done by Dangote through the Tax Credit Scheme.
The Minister, who also noted that the Federal Government under the leadership of President Bola Tinubu is open to any state willing to have a Public Private Partnership programme (PPP) with them, said the Federal Government is also planning to bring new security initiatives on the highways.
Umahi expressed appreciation to Ogun State for its commitment to repairing roads in its domain, whether State or Federal.
“In Ogun State, nobody is saying this is federal roads, this is state roads. When people are suffering, they don’t understand which one is which. Fix the roads and we can talk about who owns it. Anyone that is shouting and complaining is playing politics”, he said.
Addressing the entourage, Governor Abiodun recalled what he and his colleague in Lagos State, Babajide Sanwo-Olu, went through getting the Federal Government’s permission to take over the reconstruction of the Lagos-Ota-Abeokuta Expressway.
He expressed regret that despite the Federal Government meeting some of the requirements, the two states were frustrated, leading to further deterioration of the road.
He said: “I would like to highlight the Lagos-Ota-Abeokuta Road; Ota is a city that has earned us the prestigious title of being the industrial capital of Nigeria. It is a city where we share boundaries with Lagos State and you can hardly tell the difference between Ota and Lagos State.
“That road, I think the contract must have been awarded maybe in 2012 or 2010 under the administration of President Obasanjo. Since then, the contract has been subjected to so many reviews.
“When I assumed office, Governor Sanwo-Olu and I went to see President Buhari and we wrote one letter on a joint letterhead requesting for that road to be transferred to us.
“We brought a letter from our bankers. At that point in time, it was probably about N70billion, saying that this is N70billion that we want to put into the reconstruction of the road.
“Then, there was no Minister. We were told that because the road is under contract, what they would like to do is to partner the states and we said okay, let us sit down, and discuss on the basis of the partnership.
“That road is about 77 kilometres, let us discuss the basis of that partnership, Your Excellency, we made no progress”.
The Governor commended the Federal Government for bringing a new lease of life into the way and manner that approvals are given for road construction.
Abiodun expressed the hope that the Federal Government would help to fast-track the reconstruction of the Sagamu end of the Sagamu-Ore Road.
By: Nkpemenyie Mcdominic, Lagos
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
