Politics
Lagos Assembly Approves Full Takeover Of Lekki Concession Company
The Lagos House of Assembly has approved Gov. Babajide Sanwo-Olu’s request for the state to assume full ownership of Lekki Concession Company (LCC) Ltd, a privately owned company.
The House made the resolution to approve the governor’s request sequel to the presentation of the Committee on Finance report during plenary session in Lagos on Monday.
The Tide reports that the House had received the request from the Executive on June 21 “and was committed to the Committee on Finance to further look into it and report its findings to the House’’.
The committee’s Chairman, Mr Rotimi Olowo (Somolu I), in his presentation, said the state would become the subsisting shareholders of LCC with 75 per cent shareholding and the Office of Public Private Partnerships, shareholding of 25 per cent, respectively
The lawmaker added that this was sequel upon the buy-out of all the shareholding interest of the company by the state government.
Olowo further said the original $53.9 million loan obligation from a private sector facility had been resolved after series of engagement between Africa Development Bank (AFDB), the company and the state government.
He said: “The agreement was to convert the loan to a public sector facility with the benefit of a considerable reduction in interest charges of 1.02 per cent of $1.12 million biannual.
“This is against the 4.12 per cent of $2.746 million per bi-annual, therefore, giving a savings of $1.16 million bi-annual or $3.24milliom per annum.
“The House, therefore, granted the executive the approval to convert the AFDB loan to the public sector loan backed up by sovereign Federal Government guarantee on behalf of the state government.
“This also authorise the state government to issue a counter guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order (ISPO) to deduct from the state’s statutory allocation.”
Olowo noted that the servicing of the loan obligations would have a maturity till August 2034.
Debating on the report before the approval, Mr Gbolahan Yishawu (Eti-Osa II) supported the committee’s recommendation, saying” it was a smart move as the interest rate would not injure what the state was spending on capital expenditure’’.
Yishawu added that it would also reduce the interest risk as well as the rate by moving the loan from private to public sector.
Mr Abiodun Tobun (Epe I) said the saving of 3.1 per cent in interest rate difference would reduce the burden on the state government and encourage the savings to be used to develop other sectors.
Mr Femi Saheed (Kosofe II) said restructure of the loan was an indication of the transparency in the state financing, saying it gave add-on flexibility for the additional years granted for the repayment of the loan.
Saheed noted that the request was a standard financial procedure practised all over the world.
The Speaker of the House, Mr Mudashiru Obasa, thereafter, directed the Acting Clerk of the House, Mr Olalekan Onafeko, to send a clean copy of the resolution of the House to the governor.
The 16th Emir of Kano, Muhammad Sanusi II, says he would not help President Bola Tinubu’s administration to correct the administration’s policies affecting the citizens.
Emir Sanusi spoke on Wednesday in Lagos as the chairman of the 21st Anniversary of Fawehinmiism (Gani Fawehinmi Annual Lecture 2025).
The emir stated that while there were “a few points” he could offer to explain the trajectory the administration had taken and how such decisions were predictable, he chose not to do so because “they don’t behave like friends.”
He said explaining the government’s policies would help the government, but he did not intend to assist them due to the way they had treated him.
“I can give a few points that are contrary, that explain perhaps what we’re going through and how it was totally predictable, most of it, and maybe avoidable. But I am not going to do that.
“I have chosen not to speak about the economy or the reforms or to even explain anything because if I explain, it would help this government, but I don’t want to help this government,” the emir said while addressing some of the points made by speakers about the economy.
He added: “You know they’re my friends, but if they don’t behave like friends, I don’t behave like a friend. So I watch them being stooges. And they don’t even have people with credibility who can come and explain what they are doing. I am not going to help. I started out helping, but I am not going to help. I am not going to discuss it. Let them come and explain to Nigerians why the policies that are being pursued are being pursued.
“Meanwhile, I’m watching a very nice movie with popcorn in my hands. But I will say one thing: What we are going through today is, at least in part, not totally, but at least in part, a necessary consequence of decades of irresponsible economic management.
“People were told decades ago that if you continue along this path, this is where you’re going to end up, and they refused to open their eyes. Now, is everything being done today correct? No.”
Emir Sanusi, who was deposed as the 14th Emir of Kano in 2020 by then-Governor Abdullahi Umar Ganduje, the current national chairman of the ruling All Progressives Congress (APC), was reinstated as the 16th Emir of Kano in 2024 by the New Nigeria People’s Party-led Kano State Government.
His emirship has faced ongoing challenges from forces believed to be backed by the federal government, including federal officials’ continued recognition of his predecessor, Emir Aminu Ado Bayero.
Last month, the police barricaded his palace, with the state government accusing the federal government of orchestrating the action to stir unrest in the peaceful state.
The Deputy Chief Whip of the House of Representatives, Rt Hon. Oriyomi Onanuga, is dead.
Also known as Ijaya, Rt Hon. Onanuga, who was the member representing Ikenne/Sagamu/Remo North Federal Constituency, is said to have died following a brief illness.
This was confirmed in a tweet on the official X (formerly Twitter) account of the House of Representatives, on Wednesday night.
Rt Hon Onanuga, who was born in Hammersmith, London, to Nigerian parents on December 2, 1965, was a politician and entrepreneur. She held the position of Deputy Chief Whip in the Nigerian House of Representatives since 2023.
She contested and won a seat in the House of Representatives under the platform of the All Progressives Congress (APC) in 2019. She also served as the Chairperson of the House Committee on Women Affairs and Social Development.
Gov. Aiyedatiwa, however, exempted two members of the cabinet from the dissolution due to the critical nature of their duties.
The two commissioners exempted include the Attorney General and Commissioner for Justice, Dr Kayode Ajulo, SAN, and the Commissioner for Finance, Mrs. Omowunmi Isaac.
This was contained in a statement issued by the governor’s Chief Press Secretary, Ebenezer Adeniyan, in Akure, the Ondo State capital.
Mr Adeniyan said in the statement that “All the affected cabinet members are to hand over all government properties in their care to the accounting officers of their respective ministries.
Gov. Aiyedatiwa thanked the executive council members “for their service and contributions to the development of Ondo State under his administration and wished them well in their future endeavours”.