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
Nigeria Police suspends tinted glass permit enforcement over court injunction

Nigeria Police Force has suspended nationwide enforcement of its tinted glass permit policy, hours before its scheduled rollout, in compliance with a Delta State High Court order.

Tinted glass permit
The policy, set for January 2, 2026, aimed to curb vehicle-related crimes but faced legal challenge from a private citizen against the Inspector-General of Police, the force, and Delta Police Commissioner.
An ex parte injunction issued in December 2025 restrained enforcement pending suit determination, prompting the hold announced by spokesperson Benjamin Hundeyin on January 1.
Police entered appearance, filed preliminary objections, and sought injunction vacation; hearing adjourned to January 20, 2026.
The Nigerian Bar Association condemned initial police plans as “executive recklessness,” accusing disregard for rule of law, while police insisted no permanent bar existed on statutory duties.
IGP Kayode Egbetokun reiterated adherence to law while prioritising public safety via intelligence-led strategies during proceedings.
General News
NDIC Reinforces Full Oversight Compliance to Safeguard Depositors

Mr. Thompson Sunday, the Managing Director/Chief Executive of the Nigeria Deposit Insurance Corporation (NDIC), has reaffirmed the Corporation’s strict compliance with fiscal and financial regulations, including the provisions of the Fiscal Responsibility Act (FRA) 2007, noting that the NDIC has consistently remitted the required percentage of its earnings to the Federal Government.

Mr. Sunday made this known during a courtesy visit to the Managing Director/Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, as part of NDIC’s ongoing engagement with key stakeholders following his formal assumption of office in July 2025.
According to him, NDIC takes financial accountability and transparency seriously, stressing that the Corporation complies fully with statutory remittance obligations, including the payment of 20 per cent of gross earnings or 80 per cent of net surplus to the Federal Government, as applicable. He added that NDIC also submits its financial statements ahead of statutory deadlines.
The NDIC MD/CE explained that this culture of compliance aligns with the Corporation’s role as a key institution within Nigeria’s financial safety-net, charged with protecting depositors and promoting confidence in the banking system. He emphasized that adherence to fiscal discipline remains central to NDIC’s credibility and effectiveness.
Mr. Sunday further disclosed that NDIC also complies with the Federal Government’s 50 per cent cost-to-income ratio policy, although he noted that the policy poses operational constraints. He explained that the deductions affect NDIC’s ability to build a strong Deposit Insurance Fund, which is needed to respond effectively to bank failures.
He stressed that international best practices under the Core Principles for Effective Deposit Insurance issued by the International Association of Deposit Insurers (IADI) require deposit insurers to maintain adequate funds to reimburse depositors when banks fail without recourse to government, adding that the NDIC is seeking an exemption to strengthen its capacity in this regard.
Mr. Sunday described MOFI as a critical stakeholder, noting that the Federal Government, through MOFI, holds a 40 per cent equity stake in NDIC. He said sustained collaboration with MOFI is essential to ensuring that NDIC continues to meet its obligations to government while effectively safeguarding depositors’ funds.
In his remarks, Dr. Takang commended the NDIC for its exemplary collaborative spirit and acknowledged the Corporation’s compliance with fiscal regulations. He assured that MOFI would continue to engage the Federal Ministry of Finance on NDIC’s behalf, noting that a strong NDIC is vital to sustaining confidence in Nigeria’s financial system.
Both institutions reaffirmed their commitment to continued cooperation, transparency and accountability, with Mr. Sunday reiterating that NDIC remains focused on balancing regulatory compliance with its overriding mandate of depositor protection and financial system stability.
General News
T2 Backs Youth Excellence as NCBC Wins Bosun Tijani Foundation Basketball Tournament

T2 has reaffirmed its commitment to youth development and excellence through sport as the NCBC basketball team, adopted by the brand, emerged champions of the Bosun Tijani Foundation Youth Basketball Tournament held at the Alake Sports Complex, Ijeja, Abeokuta.

The tournament, organised by the Bosun Tijani Foundation in collaboration with the Ogun State Government and supported by several partners including T2, brought together 12 competitive teams from across Nigeria, positioning basketball as a powerful platform for youth engagement, discipline, and opportunity.
NCBC’s championship run reflected the values T2 seeks to champion, work ethic, intelligence, teamwork, and resilience. The team recorded commanding victories over Team Vision, Warlords, and Elevate before defeating the Ilupjeu Raiders 66–52 in a gripping final.
Commenting on the adoption of the team, Seni Ogunkola, Vice President, Brands and Communication, T2 stated “NCBC embodies the qualities we believe in, exceptional work rate, intelligence on the ball, discipline, and a hunger to excel. By supporting them, T2 is investing in potential, purpose, and the next generation of leaders on and off the court.”
The climax of the event saw His Royal Highness, Oba Adedotun Gbadebo, the Alake of Egbaland, alongside Nigeria’s Minister of Communications and Digital Economy, Bosun Tijani, present the trophy to the victorious team, drawing rapturous applause from spectators. The event was also attended by the Chief of Staff to Ogun State Governor Dapo Abiodun, Mr. Lere Olayinka, and the Ogun State Commissioner for Sports, Honourable Wasiu Isiaka, underscoring strong institutional support for youth-focused initiatives.
Through its participation in the tournament, T2 continues to position itself as a brand that goes beyond sponsorship, championing platforms that unlock talent, inspire ambition, and create lasting social impact for Nigerian youth.
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