Author: The Nation

President Bola Ahmed Tinubu has expressed deep sorrow over the passing of two members of the Kano State House of Assembly, describing their deaths as sad, tragic and painful.

In a condolence message issued on Friday by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, the President commiserated with the government and people of Kano State over the loss of the lawmakers, Aminu Saad Ungogo and Aliyu Sarki Daneji, who represented the Ungogo and Kano Municipal constituencies respectively.

According to the statement, the two legislators died in separate incidents within an hour on Wednesday, a development President Tinubu said had plunged the state legislature and their constituents into mourning.

The President noted that the passing of the lawmakers had created a significant void, depriving their constituencies of committed and dedicated representation at the state assembly.

“I offer my condolences to their families and constituents as well as the government and people of Kano State,” the President said.

He also extended his sympathy to the leadership and members of the Kano State House of Assembly over the loss of their colleagues.

“I also commiserate with the presiding officers and all members of the Kano State House of Assembly over the demise of their respected colleagues,” Tinubu added.

The President prayed for the repose of the souls of the deceased lawmakers and asked God to grant their families, colleagues and constituents the fortitude to bear the loss.

…deal marks defining moment in Nigeria’s infrastructure journey — Edun

…project boosts market confidence, underscores Renewed Hope Agenda’s delivery focus

President Bola Ahmed Tinubu has applauded the successful closure of $1.26 billion in financing for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing it as a major milestone in the delivery of one of Africa’s most ambitious and transformative infrastructure projects.

In a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President commended the Federal Ministry of Finance, the Ministry of Works and the Debt Management Office for collaborating to secure the landmark transaction, adding that his administration would continue to deploy innovative financing options to deliver critical infrastructure nationwide.

“This is a major achievement, and closing this transaction means the Lagos-Calabar Coastal Highway will continue unimpeded. Our administration will continue to explore available funding opportunities to execute critical economic and infrastructural projects across the country,” the President said.

Phase 1, Section 2 of the coastal highway spans about 55.7 kilometres, linking Eleko in Lekki to Ode-Omi, two strategic economic corridors. 

The section is expected to significantly enhance national trade efficiency and logistics connectivity. 

The financing builds on the earlier $747 million closed for Phase 1, Section 1, reinforcing the project’s scalability and bankability.

According to the statement, the financing package was fully underwritten by First Abu Dhabi Bank (FAB), with risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit ICIEC).

The deal marks ICIEC’s first Nigerian transaction since the country’s recent institutional and regulatory reforms, underscoring renewed investor confidence in Nigeria’s investment climate and capacity to deliver large-scale infrastructure.

SkyKapital served as Lead Financial Adviser, coordinating structuring, lender engagement and execution. 

Environmental and Social advisory services were provided by Earth Active (UK), ensuring alignment with the IFC Performance Standards, the Equator Principles, and international ESG best practices. 

Legal advisory services were led by Hogan Lovells as International Counsel and Templars as Nigerian Legal Counsel.

Describing the transaction as a “defining moment in Nigeria’s infrastructure journey,” the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the funds would be deployed responsibly and judiciously to deliver the project within agreed timelines.

“The signing on December 19, 2025, of USD1.26 billion financing for Phase one — section two of the Lagos-Calabar Coastal road marks a defining moment in Nigeria’s infrastructure journey, following the successful closing of the USD 747 million financing for Phase one section one on July 9, 2025.

“Collectively, these landmark transactions firmly establish the Lagos-Calabar Coastal Highway as one of the defining flagship projects of President Bola Ahmed Tinubu’s Renewed Hope agenda, embodying the administration’s commitment to bold, transformational infrastructure”, Edun said.

Edun further noted that the transaction was unprecedented in Nigeria’s road infrastructure financing history.

“This financing is particularly notable as it represents, for the first time, a truly underwritten transaction of this magnitude for a Nigerian road infrastructure project. The facility was fully underwritten by First Abu Dhabi Bank (USD 262 million) and Afreximbank (USD 500), with partial coverage provided by ICIEC, making it the largest ICIEC-supported transaction since the institution’s creation,” he said.

Construction of the highway is being handled by Hitech Construction Company Limited, whose rapid progress and early opening of key sections have attracted commendation from lenders for engineering excellence, operational discipline and execution speed.

In line with the Federal Government’s commitment to transparency and fiscal discipline, a comprehensive Value-for-Money (VfM) assessment was conducted by SkyKapital in close coordination with the Federal Ministry of Works and independently reviewed and confirmed by GIBB.

The statement said the successful financial close of Phase 1, Section 2 represents a significant step-change in market confidence, demonstrating Nigeria’s ability to translate vision into execution and reforms into tangible delivery under President Tinubu’s Renewed Hope Agenda.