General News
Lagos Shops for N87.5Bn to Buy Back Concession
The Lagos State government is to approach the Nigerian capital market to raise some N87.5 billion through bond to buy back the concession rights of the Lekki-Epe Expressway from the Lekki Concession Company (LCC).
The Lagos State House of Assembly had on Tuesday approved the buy-back of the concession right from LCC, paving way for the government to take over the road and toll collection.
The Lekki-Epe Expressway has a contract sum of N50 billion while the LCC has 30 years concession rights under the Build, Operate and Transfer, BOT, system, that will enable the company recoup its investment plus interest.
The N87.5 billion bond to be floated in the capital market will enable the state pay off LCC and take over the construction and management of the road and collect toll on it as well as address shortfall in the state’s internally generated revenue, IGR.
According to Governor Babatunde Fashola in a letter to the State House of Assembly for the approval and an amendment to the Appropriation Act 2013, “the proposal for further amendment is largely predicated on the need to fund the acquisition of existing concession rights and toll revenue benefits held by the Lekki Concession Company (LCC), the concessionaire for the Eti-Osa-Lekki-Epe expressway.
“This will effectively accelerate the transfer of ownership of the road to the state, leaving the state with wider policy options with regards to that important road infrastructure.”
He added that, “we also need to restructure our borrowing plan as the N30 billion World Bank Development Policy Operation, DPO II, will no longer materialise in 2013. In effect, we will need to issue bonds totaling N87.5 billion this year, instead of the N35 billion originally envisaged, in order to cover the shortfall in internally generated revenue and the delay in disbursement of the DPO II, so as to be able to finance the acquisition of the concession rights and take control of the toll regime for the benefit of our citizens.”
Answering questions from the lawmakers, Ben Akabueze, commissioner for Economic Planning and Budget said the decision to acquire the concession was for the interest of the residents of the state.
The commissioner explained that part of the plan by government for the review of the agreement with the LCC was to pay them off in order to take full possession of the road.
Akabueze noted that government had already committed about N10 billion to the funding of the project which took off in 2004 billed to cost N50 billion.
According to him, the state government would now determine how much to be paid by motorists as toll on the road instead of allowing the concessionaire to fix prices when and how it likes.
Ayo Gbeleyi, commissioner of Finance, also told the House that under the agreement with the LCC, the concessionaire possessed the right to increase tolling on the road at any time, saying that the government had been notified of a 20 percent increase in the tolling and another five percent increase next year, adding that when the company is bought over, this would no longer be the norm.
The State House of Assembly also approved the N7.5 billion supplementary budget the government asked for. The current figure approved by the House through a law to amend the Appropriation Act scaled up to N507.105 billion from the N499.605 billion approved on 2 January, 2013.
This means that the addition is to be sourced through bond issue while the initial budget figure has also been re-ordered to provide enough money for the purchase of the company.
To attain the new figure, the House reduced the Internally Generated Revenue (IGR) in the 2013 budget by N22.5 billion. It also reduced the External Loans by N30 billion and added both figures to a bond issue requirement now standing at N87.5 billion.
Furthermore, it approved N7.5 billion addition to the existing internal loans of N44.419 billion in the 2013 budget, making it now total N51.919 billion.
The House also reduced the Recurrent Expenditure from N229.729 billion to N214.729 billion while supplementing the Capital Expenditure from N269.876 billion to N292.376 billion.
General News
Catholic Bishops Urge FG to Give Tax Laws Human Face

Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.
The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.
Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.
They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.
In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.
“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.
“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”
The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.
The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.
“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.
General News
Taraba Adopts Electronic Case Management System
Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.
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The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.
Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.
Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.
He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.
Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.
He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.
Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.
He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.
The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.
General News
Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.
BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.
Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.
The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.
“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.
The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:
- Do not click on links or respond to unsolicited emails.
- Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
- Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.
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