General News
IFC, Lagos State Partner to Expand Access to Sustainable Urban Transport
To increase access to public transportation and reduce vehicle emissions in Lagos, Nigeria, IFC has partnered with the Lagos State Government to support the development of two bus corridors in the city. The projects are expected to benefit more than 150,000 passengers per day including by reducing commute times for residents.
Through the partnership, IFC is providing a $50 million local-currency loan to help Lagos develop, finance, upgrade, and operate two bus corridors totaling eight kilometers in the Abule Egba-Command and Ile Iwe-Ile Epo neighborhoods, two of the most densely populated and congested parts of the city.
The bus corridor development is part of Lagos State’s Bus Reform Initiative, which aims to provide world-class, affordable public transport for residents. The local currency financing, which will help Lagos minimize currency fluctuation risks, was made possible through the International Development Association Private Sector Window (IDA PSW) Local Currency Facility
“We are pleased to partner with IFC on the two bus corridors to help provide safe, efficient, cost-effective transportation in Lagos, reduce travel times and noise along the corridors,” said Dr. Rabiu Olowo, Commissioner for Finance, Lagos State. “We remain focused on providing opportunities for increased economic activities within the State that encourage businesses to grow and improve livelihoods.”
“As urbanization accelerates, it is important that people have access to affordable and environmentally sustainable transportation. This partnership with Lagos State will help strengthen economic growth, improve access to transport, address environmental pollution, and ultimately improve the lives of Lagos’ residents,” said Kalim M. Shah, IFC’s Senior Country Manager for Nigeria.
Lagos is Nigeria’s primary commercial hub and has a population of more than 20 million people. There are 222 vehicles for every kilometer of road in Lagos, compared to a national average of 11 vehicles, according to the Lagos Metropolitan Area Transport Authority (LAMATA), leading to significant travel times and emissions.
The project reflects IFC’s strategy to support sustainable urban growth. The financing is IFC’s first subnational engagement in Nigeria and the first to use the IDA PSW Local Currency Facility to support a subnational engagement. In parallel with the financing, targeted IFC advisory services are also planned to support Lagos State in the public transportation sector and other infrastructure services.
IFC’s work in Nigeria focuses on improving access to essential infrastructure services such as transportation, as well as nurturing the country’s expanding digital economy, supporting entrepreneurship, and boosting access to finance for smaller businesses and women entrepreneurs.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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