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.
Nigerian Communications Commission (NCC) has unveiled a forward-looking strategy that places satellite-enabled mobile connectivity at the heart of the country’s drive to bridge its long-standing coverage gaps.
The draft Spectrum Roadmap for the Communications Sector for 2025 to 2030 lays out how satellite technologies could help deliver reliable voice and data services to millions of Nigerians who live beyond the reach of conventional mobile networks.
The direction is outlined in the Commission’s draft Spectrum Roadmap for the Communications Sector covering the period.
The proposed approach highlights non-terrestrial networks as a complement to existing mobile infrastructure, especially in areas where terrain, insecurity, or high costs limit the deployment of base stations.
The NCC said D2D satellite technology, which allows standard mobile phones to connect directly to satellites, is gaining traction globally as a means of delivering voice and data services without reliance on ground towers.
According to the regulator, the technology could help close persistent coverage gaps in rural, riverine, and border communities that remain outside the reach of conventional networks.
It also noted that satellite-backed connectivity could improve network reliability by providing alternative links during fibre cuts, power failures, or other disruptions affecting terrestrial systems.
The Commission added that wider adoption of D2D services could support emergency communications, public safety operations, Internet of Things applications, and services such as smart agriculture in underserved regions.
It also pointed to potential investment opportunities through partnerships between mobile network operators and satellite companies, including more efficient use of shared spectrum resources.
Beyond D2D services, the roadmap places emphasis on Low-Earth Orbit satellites to expand broadband access to remote parts of the country.
It also proposes better utilisation of Geostationary Orbit satellites and the exploration of high-altitude platforms, such as stratospheric balloons, to support mobile backhaul and rural connectivity.
The policy signals come shortly after Airtel Africa announced an agreement with SpaceX to introduce Starlink-powered direct-to-cell services in Nigeria.
The NCC’s roadmap is expected to shape future spectrum allocation, licensing decisions, and technology adoption across the telecommunications sector.
General News
House of Reps Releases Certified Copies of Tax Reform Acts amid Gazette Discrepancy Claims
House of Representatives has released certified true copies of the four tax reform Acts signed into law by President Bola Tinubu, addressing public concerns over alleged discrepancies between legislative versions and circulated gazetted documents.
Tax Reform Acts
House spokesperson, Akin Rotimi, disclosed this in a statement, noting that Speaker Tajudeen Abbas directed the immediate publication of the Acts—including endorsement and presidential assent pages—for public verification, in collaboration with Senate President Godswill Akpabio.
The move followed allegations raised by Rep. Abdulsamad Dasuki on the House floor, highlighting inconsistencies between Bills passed by the National Assembly and executive gazetted versions, which he warned could erode legislative integrity and public trust.
Abbas constituted a seven-member ad hoc committee chaired by Rep. Aliyu Betara, with members including Idris Wase, Sada Soli, Adedeji Faleke, Igariwey Iduma, Fred Agbedi and Babajimi Benson, to investigate the alleged alterations, unauthorised circulation and preventive measures.
The committee’s mandate includes probing circumstances around the discrepancies, while Abbas ordered internal verification and public release of certified copies to dispel doubts and safeguard legislative records. Legal experts, tax professionals and civil society had demanded clarification and implementation suspension amid heated debates triggered by Dasuki’s intervention.
The released laws comprise the Nigeria Tax Act, 2025; Nigeria Tax Administration Act, 2025; National Revenue Service Establishment Act, 2025; and Joint Revenue Board Establishment Act, 2025, described as foundational to modernising Nigeria’s tax system.
These reforms aim to enhance compliance, curb inefficiencies, eliminate overlaps and bolster fiscal coordination across federal, state and local tiers, following extensive stakeholder consultations, committee reviews and plenary debates under Abbas’s leadership.
Rotimi reassured Nigerians: “The National Assembly is an institution built on records, procedure, and institutional memory. Every Bill, every amendment, and every Act follows a traceable constitutional and parliamentary pathway.”
He emphasised that only National Assembly-certified versions hold authority, urging the public, institutions and stakeholders to disregard all other circulating documents as unofficial.
MultiChoice, a CANAL+ company, has retained the distribution rights to 12 Warner Bros. Discovery thematic channels following the signing of a new multi-year, multi-territory agreement between CANAL+ Group and Warner Bros. Discovery, marking a significant expansion of their long-standing partnership.
MultiChoice
The new deal, which spans several regions across Africa and Europe, covers the distribution of HBO Max as well as the renewal of selected Warner Bros. Discovery thematic channels. It represents a major milestone in the companies’ international collaboration and strengthens content offerings across MultiChoice Group territories.
MultiChoice disclosed that this agreement builds on earlier partnerships concluded in Europe. “It builds on the landmark agreements concluded in France in 2024,including the renewal of the exclusive pay-TV window for Warner Bros. Pictures films just six months after their theatrical release in France and the integration of HBO Max within select CANAL+ group offers – as well as in Poland in 2025, with the renewal of the distribution agreement for 22 thematic channels (including TVN 24 and Eurosport) and 4 free-to-air channels (including TVN).”
Under the renewed arrangement, MultiChoice Group will continue to distribute 12 Warner Bros. Discovery thematic channels across its territories, with some channels offered on an exclusive basis. CNN International and Cartoon Network will remain exclusive to South Africa while being distributed non-exclusively in other markets. Cartoon Network Porto will be exclusive in Angola and Mozambique and non-exclusive elsewhere. Other channels such as Discovery Channel, TLC, HGTV, Food Network, TNT Africa, Travel, ID and Cartoonito will be offered on a non-exclusive basis.
According to the partners, the deal reinforces CANAL+ Group’s channel portfolio on the continent. “This agreement enables CANAL+ Group to strengthen its entertainment, kids, news, and documentary channel offerings in African markets.”
The agreement is also expected to improve access for CANAL+ Group subscribers to Warner Bros. Discovery’s premium content through HBO Max and selected channels, including globally recognised series and films, further extending the studio’s international reach while consolidating MultiChoice’s content offering in key markets.
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