Business

Senate Scores Lagos High On W’Bank’s Loan Utilisation

Published

10 years ago

November 13, 2015

The Nigerian Senate has scored the Lagos State Government high over the utilisation of the $400 million loan given to the state by the World Bank for developmental projects and slum upgrade.
The World Bank had in 2010 approved a Development Policy Operation (DPO) loan for a total sum of $600 million to the Lagos State Government to be implemented in three tranches of $200 million per annum.
Two tranches of $200million each had been given to the state government during the previous administration.
President Muhammadu Buhari had in September written to the Senate to expeditiously approve the third tranche of $200million to enable the state to consolidate on the gains of the second tranche of the DPO II.
After inspecting projects which the monies had been used for in Lagos on Tuesday, the Senate Ad-Hoc Committee on Development Policy Operation gave the state a pass mark for judiciously utilizing the first two tranches of World Bank Loan, DPO I and DPO II, that was approved for the state in 2010 and 2013.
Chairman of the Committee, Senator Kabiru Gaya, who led other members of the Committee to inspect some capital projects in the state to which the loan was deployed, expressed satisfaction with the work done so far, urging other states to borrow a leaf from Lagos.
The Committee took time to inspect the 1.36km Lekki-Ikoyi Link Bridge, popularly called the Cable-stayed Bridge, the Cardiac and Renal Centre located within the Gbagada General Hospital and the Light Rail Project along the Mile 2- Orile corridor.
Gaya said, “I believe I like other members of the team are impressed and if other states can be like Lagos, I believe it’s easier to get this kind of loan and this loan can be utilised for such purposes. “It’s a very impressive outing, if every facility being utilised in the manner I have seen, I think there is need to give out more loans. What we have seen on ground is very nice, I appreciate and commend Lagos state government for using the fund for the purpose to which it was collected.”
Senator Chris Anyanwu, who is also a member of the Committee, said the projects inspected to a large extent portrayed the state as a centre of excellence. “What we have seen so far, from the hospital to the educational sector and the rail way, we know that Lagos is the centre of excellence; and it’s a state that boasts of housing all Nigerians and other international communities.
“I think the Cardiac and Renal Centre is very important to Nigerians not only to Lagosians and I believe that if it is completed on time, it would help the state government to generate revenue to be able to carry out other projects. I am very impressed and the contractors are doing a good job and I am sure for the DPO III that Lagos state has applied, it will also judiciously put it to use”, she said.
Senator representing Lagos East Senatorial District, Gbenga Ashafa, who joined other state government officials to show the Senate Committee around, thanked President Muhammadu Buhari for deeming it fit to put into fore, the development of infrastructure in Lagos state through the DPO.
Senator representing Lagos West Senatorial District, Solomon Olamilekan thanked the Committee for painstakingly going round to see things for themselves, saying it would go a long way to ensure the last tranche, if approved, is judiciously put to good use.
Other members of the Committee who were on the visit include Senator Buka Abba Ibrahim, Senator Emmanuel Paulker, Senator Duro Faseyi and Senator Ibrahim Abdulla.

Transport

Automated Points Concession : FAAN Workers Gave 72hrs To Revise Decisions In PH

Published

5 days ago

March 2, 2026

The Tide

The trapatriate Unions conprising the National Union of Air Transport Employees (NUATE), and the Air Transport Service Senior Staff Association of Nigeria, (ATSSSAN), has given 72 hours Ultimatum to Federal Airport Authority of Nigeria FAAN, Omagwa Airport, Portharcourt to revise its recent decision on the concession of Tollgates and Parks to private hands.

The chairman of the Trapatriate Union, Comrade Felix Ohwoefe gave the Ultimatum yesterday immediately after the joint Unions meeting held at the Airport office of the union, Omagwa, Portharcourt.

Comrade Ohwoefe who double as the chairman of the National Union of NUATE said the two Unions have agreed to take drastic actions if the Authority of the Airport declined to step down it’s decision of concessioning the major revenue points to private hands.

According to the Union chairman, the two union was not aware of the concession plans, and that there were no due process to the procedures.

Comrade Ohwoefe said any attempt for the Airport Management to decline it’s demands towards the concession will result to barricading all entrance and access points of the Airport.

Expressing the the challenges associated to the concession, the Union Chairman said the gesture might resulted to massive sack of workers in the Airport.

The chairman also expressed foul play on the part of either individuals or government in the terms and conditions so given to the concessionaires, demanding the reasons of contracting the automated points to private hands for only 14 millions, when the FAAN is presently generating over 28 million naira monthly, even when the tariff was not reviewed upwards.

He describes the process to the procedures as fraud with intention to increase unemployment in the state.

“We are not against the concession of the Automated points, but due process must be followed. If government is concessioning the place, we are asking what will happen to our workers in the existing units.

“Secondly, if the concessionaires is taken over, they must pay higher than what the FAAN is generating presently, we are generating to the Management over 28 Millions monthly, but we had that the private company is required to pay only 14 Millions monthly, which is far below 5 percents of what we are generating presently, even when the tariff is increased, which means there is a foul play.

“The process is fraud either on the part of individual in the Government, or Government itself.

” The unions is saying no to the Concession until we come to a terms of understanding ourselves., we are afraid of loosing workers, we don’t want to loose any workers if due process is not followed in this hard of economy, we even demanding for employment of more workers in FAAN.” Comrade Ohwoefe said.

The Union used the opportunity to called on the minister of aviation, and the President of the Country, Bola Tinubu to intervene.

When contacting the Management of the Airport Authority through the head of Corporate Affairs, Dr Ngozi V. Onyeanwuna-Nwosu, she said the management has not given her the approval to say something.

Transport

FAAN Announces Pick-Up Points for Go-Cashless Cards

Published

5 days ago

March 2, 2026

The Tide

The Federal Airports Authority of Nigeria (FAAN) has announced designated pick-up points for individuals wishing to obtain their Go-Cashless cards ahead of the March 1, 2026 deadline.

This was announced in a statement signed by the Director Public Affairs and Consumer protection, Henry Agbebire and made available to the Tide last Friday in Portharcourt.

According to the statement, Go-Cashless cards is at all FAAN commercial offices and access gates of Airports in the country .

The release further stated that cards will also be available at designated branches of Fidelity Bank Plc from March 16, 2026.

FAAN in the statement said the cashless policy followed the Federal Government directive mandating all Ministries, Departments and Agencies (MDAs) to transition to a cashless system to enhance transparency and reduce revenue leakages as well improve transaction traceability in the Aviation sector.

FAAN reiterated its commitment to full compliance with the directive, appealing to the public for their understanding and cooperation during the transition period.

FAAN also inform that the Go-Cashless cards can still be obtained at the designated points after the March 1, deadline.

The Authority assures airport users that the initiative will promote faster, safer, and more convenient transactions across its airports nationwide.

By: Enoch Epelle

Business

Fidelity Bank To Empower Women With Sustainable Entrepreneurship Skills, HAP2.0

Published

1 week ago

February 27, 2026

The Tide

Leading financial institution, Fidelity Bank Plc, has announced the launch of the second edition of its flagship women-empowerment initiative, the HerFidelity Apprenticeship Programme 2.0 (HAP 2.0).

According to the report, the programme is designed to equip women with practical, income?generating skills and structured pathways to entrepreneurship.

Accordingly, the HAP 2.0 will build on the success of its inaugural edition held in 2023.

During media chat with journalists to herald the launch of HAP 2.0, the Divisional Head, Product Development, Fidelity Bank Plc, Osita Ede, explained that the initiative has been enhanced to deliver greater impact.

He said HerFidelity Apprenticeship Programme 2.0 reflects their commitment to continuous improvement, having evaluated feedback from the first edition, they have returned with stronger partnerships and deeper mentorship programmes to ensure that women acquire not just skills, but sustainable economic opportunities.

Mr Ede, who said the programme is guided with real?world learning, also said that participants will undergo intensive apprenticeship training under reputable institutions and industry experts across selected fields such as hair styling, shoe making, auto mechatronics, and interior decoration.

Additionally, he said HerFidelity Apprenticeship Programme 2.0 goes beyond skills acquisition by offering participants a wide range of business advisory services.

These include business and financial literacy training, mentorship support throughout the apprenticeship journey, access to Fidelity Bank’s women?focused and SME financial solutions, as well as guidance on business formalisation and growth strategies.

Emphasizing the bank’s vision further, Ede said: “By integrating structured mentorship with entrepreneurial development, Fidelity Bank is positioning women not just as trainees, but as future employers, innovators, and economic contributors within their communities.

This aligns with our mandate to help individuals grow, businesses thrive, and economies prosper”.

It is noteworthy that interested participants are encouraged to indicate their interest by visiting https://bit.ly/Apprenticeshipbyherfidelity.

It is important to note that Fidelity Bank Plc is ranked among the best banks in Nigeria, with a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, with 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.

It is reported that the Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards, the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

By: Nkpemenyie mcdominic, Lagos