Business

FG, Ogun To Fund Lagos-Ota-Abeokuta Road Construction

Published

3 years ago

September 6, 2023

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

Business

SMEs Dev: Firms Launch N100m Loan Scheme

Published

21 hours ago

March 30, 2026

The Tide

The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

Business

Yenagoa’s Radisson Hotel Ready December — NCDMB, Other

Published

21 hours ago

March 30, 2026

The Tide

The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .

He said this while addressing visiting top executives of Edison Corporation and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.

The Board in a statement from the Directorate of Corporate Communications said all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.

Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.

“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.

“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.

He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery

“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”

The Board’s Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.

In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.

“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.

“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.

Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.

The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.

“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality. We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the boss noted.

Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.

By: Ariwera Ibibo-Howells, Yenagoa

Business

RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing

Published

21 hours ago

March 30, 2026

The Tide

The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of all Annual Individual Income Tax Returns for all taxable residents of the state.

This was contained in a public notice by the Service to the taxable residents of the state in compliance with statutory provisions.

The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.

Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.

According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.

The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.

It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.

RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .

The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.

It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.

Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.

The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.

The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.

Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.

By: King Onunwor