Connect with us

Business

Investors Are Seeking To Refund And Toll President Tinubu’s Legacy Projects – Umahi

info

Published

on

IMG 20260515 WA0022.jpg

The Federal Ministry of Works witnessed another major milestone on Wednesday and Thursday, May 13 and 14, as the Federal Government signed Memoranda of Understanding and contract agreements for eight major road projects across the country.

The signing ceremony, which took place at the Ministry’s Headquarters in Mabushi, Abuja, brought together government officials, contractors and stakeholders in what was described as another bold step in President Bola Ahmed Tinubu’s drive to modernize Nigeria’s road infrastructure and strengthen the economy through strategic investments.

This was made known by Francis Nwaze, FIPMD
Senior Special Assistant to the Honourable Minister of Works (Media) .

Speaking during the ceremony, the Minister of Works, Senator Engr. David Umahi, CON, described the projects as part of the growing legacy of President Tinubu’s administration.

“Today is another event that adds to the great work that President Bola Tinubu is doing,” Umahi said.

The Minister revealed that the Federal Government has already procured the first 123 kilometres single carriageway of the Calabar-Ebonyi-Abuja Super Highway, stretching from Calabar through Ebonyi State to the Benue border. According to him, the newly signed section covers another 173 kilometres through Benue, Kogi and Nasarawa States, ending at the Oweto Bridge.

He further disclosed that government would soon procure the second carriageway of about 300 kilometres from Ndibe Beach to Oweto in Nasarawa State.

Umahi said the project would significantly reduce travel time between the South East and Abuja while boosting economic activities in the region.

“I want to say this without any apology the SouthEast People will reciprocate what the President has done for the people. What happened in 2023 was an accident of history and in 2027, we will show our appreciation,” he stated.

“I was a governor, I was a deputy governor and we never witnessed federal government projects in SouthEast but today, we may not be the first, or the second or the third but definitely, we are not the last.”

“So, we are very proud of what the president is doing in the entire SouthEast and I pledge on behalf of the entire SouthEast that we are going to reciprocate because with this project, any part of the SouthEast you are, you will be in Abuja in 3 to 4 hours. And this is a plus to our commercial activities.”

The Minister noted that five companies competed for the project before Infouest emerged successful, adding that the same transparent procurement process was adopted for the Sokoto-Badagry Super Highway project.

Umahi also spoke on the progress of the Lagos-Calabar Coastal Highway, saying the project had moved from skepticism to national admiration.

“When we started the coastal highway, 750km, people did not believe that it would be a reality. And some that knew that it would be a reality, out of envy and jealousy, started to criticize the project,” he said.

“But today, the entire country is waving their flags for President Bola Tinubu because that project is a beauty to behold. It is an economic catalyst for the nation, Nigeria.”

According to him, by November, motorists will be able to travel from Ahmadu Bello Way in Lagos through Sections One, Two and part of Section Four to Ondo State on completed portions of the road.

He added that Sections 3A and 3B in Cross River and Akwa Ibom States are ongoing, while Section Five covering 165.6 kilometres has also commenced.

Describing the coastal highway as more than a road project, Umahi said it was a long-term national investment designed to last for decades.

“This is not just a road project. I have always said that this is an investment that the President is doing, and this is a road that is going to last for another hundred years with no maintenance,” he said.

He commended HITEC Construction Company for what he described as speed, capacity and commitment to delivery, noting that the company has built a reputation for constructing up to one kilometre of road per day.

Umahi also explained that the cost of the projects include extensive drainage systems, reinforced pavement, concrete works and other durable engineering components.

“And for those who are asking us about cost per kilometer, we will be talking now at an average cost per kilometer, which is about N7.5b for a standard carriageway,” he explained.

“But this one is even with a lot of road architecture. You see the concrete poles, the drainage, the culverts, the reinforcement, the pavement. So it is not just a road. This is an investment.”

The Minister further revealed that investors are already showing strong interest in the completed sections of the Lagos-Calabar Coastal Highway.

“Just like in section one that we finished in Lagos, a lot of investors are begging to be given that section for them to toll and then give back our money even before they start tolling,” Umahi disclosed.

“So it is an investment, and it is only a person like President Bola Tinubu that can do this.”

On the Sokoto-Badagry Super Highway, Umahi said Section IV covering the Oyo axis spans 360 kilometres, explaining that the project demonstrates government’s determination to spread development across all geopolitical zones.

“The President is President for the entire country. His four legacy projects are dotted throughout the six geopolitical zones,” he said.

He also highlighted progress on the Akwanga-Jos-Bauchi-Gombe-Biu-Maiduguri Road project, explaining that President Tinubu insisted on changing the original asphalt design to concrete pavement to guarantee durability.

“The President said, ‘No, we want to do concrete road so that when we build it, it will last for a hundred years,’” Umahi stated.

The Minister said the Federal Government would provide 30 percent counterpart funding for the projects, while 70 percent would be sourced through loans. He added that tolling and strategic land acquisition along the roads would ensure long-term returns on investment.

“We neither review timing nor rates. The moment we sign, as we have signed now, that is the end of the matter,”.

The four major legacy project sections signed include:

1. Calabar-Ebonyi-Abuja Superhighway, Section II: Ebonyi State Border – Benue – Kogi – Nasarawa States
2. Sokoto-Badagry Superhighway, Section IV: Oyo State
3. Lagos-Calabar Coastal Highway, Section V: Akwa Ibom State
4. Dualisation of Akwanga-Jos-Bauchi-Gombe-Biu-Maiduguri Road, Section II: Gombe – Biu

Other projects signed on Thursday, May 14, include:

1. Reconstruction of Mando (Kaduna) – Birnin Gwari Road in Kaduna State by Messrs J. Patel and Sons Nigeria Limited
2. Dualisation of Ibadan–Ijebu Ode Road in Oyo and Ogun States by Messrs JRB Construction Company Limited
3. Construction of Osogbo–Ikirun–Akoda Road in Osun State by Messrs Truecrete Solutions Limited
4. Construction of Osogbo–Iwo–Ibadan Road in Osun and Oyo States by Messrs Peculiar Ultimate Concerns Limited

Earlier in his remarks, the Permanent Secretary of the Ministry, Mr. Rafiu Olarinre Adeladan, described the signing ceremony as the successful conclusion of the procurement process and the formal commencement of project implementation.

Responding on behalf of the contractors, the Chief Executive Officer of HITEC Construction Company, Dany Abboud, assured the Federal Government of timely delivery and quality execution.

“Our commitment is always on the table. We are committed to delivering those jobs before the thirty-six months that were awarded.

“We commit to delivering a standard even better than what we have done on Coastal Highway Section One.” Abboud said.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

LPPC Bars Ozekhome from Using SAN Title Amid Ongoing Ethics Review

info

Published

on

By

IMG 7449.jpeg

BY SUNDAY SAMUEL The Legal Practitioners’ Privileges Committee (LPPC) has directed prominent lawyer Mike Ozekhome to stop using the title of Senior Advocate of Nigeria (SAN) pending the conclusion of disciplinary proceedings against him.

The decision was made in line with Paragraph 26(6) of the guidelines governing the award and regulation of the SAN rank. The measure will remain in force until the committee reaches a final decision on matters currently before its Disciplinary and Ethics Sub-Committee, as well as other related proceedings.

According to the LPPC, the action is intended to protect the honour, reputation and standing of the prestigious SAN designation while the issues under consideration are thoroughly examined.

As a result, Ozekhome is prohibited from portraying or identifying himself as a Senior Advocate of Nigeria until the disciplinary process is concluded.

The committee reaffirmed its dedication to promoting professionalism, ethical conduct and accountability within the legal profession, stressing the need to preserve public trust in the SAN institution.

Ozekhome was elevated to the rank of Senior Advocate of Nigeria in 2010, joining a group of 19 distinguished legal practitioners admitted to the Inner Bar that year.

The post LPPC Bars Ozekhome from Using SAN Title Amid Ongoing Ethics Review appeared first on Business Today NG.

Continue Reading

Business

Jaiz Bank’s regulatory penalties surge to N530.9 million in 2025

info

Published

on

By

Screenshot 2024 10 21 103751.png

MTN ADVERT

Jaiz Bank Plc paid N530.9 million in regulatory penalties in 2025, almost twelve times the N45 million it paid in 2024, according to its 2025 annual report, which detailed sanctions imposed by regulators during the year.

The bank was sanctioned by the Central Bank of Nigeria (CBN) and the Nigerian Exchange Group (NGX) for breaches ranging from anti-money laundering and customer due diligence requirements to filing infractions.

According to the annual report, the largest penalties were two separate fines of N131 million each for violations of the CBN’s Customer Due Diligence Regulations in 2025.

In 2025, the bank breached the CBN’s AML/CFT/CPF Regulations 2022, resulting in total penalties of N156 million.

The lender was also sanctioned for contraventions of the Customer Due Diligence Regulations 2023, resulting in penalties totalling N262 million, while breaches of the Targeted Financial Sanctions Guidelines 2022 led to a N75 million fine.

PT WHATSAPP CHANNEL

Additional penalties arose from violations of Sections 50 and 19 of the Banks and Other Financial Institutions Act (BOFIA) 2020, resulting in combined sanctions of N22 million.

The report further disclosed penalties of N15.9 million imposed by the NGX for late filing obligations.

2024 penalties

Meanwhile, in 2024, Jaiz Bank paid a total of N45 million in regulatory penalties for breaches of foreign exchange regulations, corporate governance requirements, electronic payment guidelines, and the provisions of BOFIA 2020.

READ ALSO: CAP Plc appoints executive director, company secretary

According to the bank’s annual report, the largest penalty, N20 million, was imposed for a contravention of Section 29(5) of BOFIA 2020. Another N10 million fine was paid for violating Section 25(4) of the same Act.

CBN also sanctioned the non-interest lender for breaches of its foreign exchange regulations. The bank paid N4 million for contravening Memorandum 8(1) of the CBN Foreign Exchange Manual and an additional N2 million for violating Memorandum 5, Section 3(a)(i) and (ii) of the manual.

Jaiz Bank further incurred a N5 million penalty for breaching Section 1.5(g) of the CBN Guideline on Operations of Electronic Payment Channels in Nigeria.

The bank also paid N2 million for failing to comply with a CBN circular on the Business Standards and Development Assurance (BSDA) Directive and another N2 million for contravening the CBN Guidelines on the Governance of Advisory Committees of Experts for Non-Interest Financial Institutions.


Continue Reading

Trending