Connect with us

News

Tinubu secures Reps approval for $516 million foreign loan

Published

on

President Bola Tinubu, on Tuesday, secured the nod of the House of Representatives to borrow $516,333,700 million in syndicated financing from Deutsche Bank AG.

The approval was consequent upon the presentation of a report by Abdullahi Rasheed, Deputy Chairman of the House Committee on Aids, Loans, and Debts Management, who said that the loan is expected to fund the construction of sections of the Sokoto–Badagry Super Highway.

Advertisement


Tinubu in a letter to the National Assembly, last week, seeking the $516.3 million loan from Deutsche Bank to support the construction of the road, had said the facility, to be sourced from a syndicated financing facility, would fund sections 1, 1A, and 1B of the project, which covers about 120 kilometres.

Tinubu requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government to secure the financing for Sections 1, Phase 1A, and Phase 1B of the project.

The project is a flagship initiative of Tinubu’s Renewed Hope Agenda and is targeted at enhancing national connectivity, improving the movement of goods across key economic corridors, and drastically shrinking travel time.

Advertisement


The 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela in the northwestern state to Badagry.

According to him, the financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

He said the Federal Government will provide counterpart funding of over ₦265 billion for land acquisition, compensation, and related infrastructure.

Advertisement


The former Lagos governor said the loan is structured for nine years and includes a three-year grace period.

It has an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum.

Already, the Federal Executive Council (FEC), Nigeria’s apex decision-making and advisory body to the president on policy, has approved the financing plan.

Advertisement


Share this story:

News

‎BREAKING: Terrorists strikes another school! *Kidnap principal, students, NECO official!

Published

on

The echoes of the drums rolled out to celebrate the rescue of the 44 teachers and students, kidnapped from some schools in Oyo State, after 56 days in the bush, would surely be disrupted abruptly, with the divergent echoes of a fresh abduction, this time coming from Kogi State.

Reports indicate that the gunmen, struck on Tuesday at the Government Secondary School, Odo-Ekina, in Dekina Local Government Area of the state, abducting four students, the school principal and a National Examinations Council (NECO) ad hoc staff member.

Advertisement


‎Authorities of the Kogi State Police Command, who immediately unleashed their operatives in hot pursuit of the abductors, said the attack occurred at about 5:25 p.m. while the students were writing their NECO examination.

Saliu Oyiza Afusat, an Assistant Superintendent of Police (ASP) and spokesman of the command, said a combined team of police personnel and other security agencies has launched a search-and-rescue operation following the incident.

Informing that one of the students was actually rescued immediately, she said efforts were ongoing to secure the release of the remaining victims and apprehend the attackers, adding that Naziru Bello Kankarofi, the state Commissioner of Police, alongside the Brigade Commander and the State Security Adviser to the Governor, Commodore Jerry Omodara (Rtd), were already on the way to the scene for an on-the-spot assessment.

Advertisement


Share this story:
Continue Reading

News

Trump shelves 20 per cent fee for ships on Strait of Hormuz

Published

on

Oil prices are expected to go down now with the announcement of Donald Trump, US President that he will no longer impose a 20 percent “safe passage” fee on ships passing through the Strait of Hormuz.

The POTUS, hinged his reversal of the decision on the intervention from some Gulf countries, who pleaded with him not to toe the line due to the massive economic impact the decision would make on the region.

Advertisement


Indeed, oil prices had shot up immediately Trump announced the new levy on Monday while declaring the US ‘the guardians of the Hormuz strait,’ a measure which he said was to pay for the cost of guarding the volatile area in order keep supply of oil flowing.

Reports said that Gulf allies of the US worked frantically to get Trump on the phone in time to talk him out of the idea altogether, while a flurry of appeals came from Saudi Arabia, the United Arab Emirates, Bahrain and Qatar.

In response, the POTUS, posting on his Truth Social platform, wrote: “Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States.”

Advertisement


Trump, who said the investments would be “MASSIVE but, at the same time, extraordinarily good for them, and their future,” added that the deals would see factories, plants, and equipment pour into the US at “Historic levels.”

The Gulf nations have committed to invest trillions of dollars in the US, though it remains unclear how much of that they will actually spend over the next several years.

Meanwhile, the US continues to bomb Iran in what appears to be a resumption of active conflict between both countries, despite an ongoing roadmap to end the conflict.

Advertisement


 

Advertisement


Share this story:
Continue Reading

News

Fake office: How police pulled out Adeyemi, PFIPC boss from hiding!

Published

on

Reports say operatives of the Osun State Police Command, and those of the Department of State Services (DSS) had tracking the trail of Adeniyi Adeyemi, controversial Director General of the Presidential Foreign Intervention Promotion Council (PFIPC), for weeks, before he was eventually pulled out of his hole on Tuesday.

However, the duo, were said to have pulled back after failing to track him through his mobile phones, which he had reportedly switched off for about two days, making it difficult to locate him, leaving the stage for the members of the Police Intelligence Response Team (PI-RT) led by Moses Lohor, a Chief Superintendent of Police (CSP).

Advertisement


Lohor, said to have previously served as the Commander of the Anti-Kidnapping Squad of Osun State, and reported to have been involved in high-profile security operations and controversies, after taken over fielded his men to pick up signals from their well-oiled signal networks.
Regarded by many Osun residents as one of the key security officers who contributed significantly to the peace and stability enjoyed in Ilesa and other parts of the state during his tenure, he was said to have relied on his contacts before his transfer out of the state, said to have raised concerns from the public about the security situation he would be leaving behind.
His exit from the state was said to be hinged on an incident in 2024, in which he allegedly shot one Iyanda Alowonle, then Chairman of Osun State Motor Transport System, in the stomach at the police station in the state prompting an order for his arrest by then Inspector General of Police (IGP).

His effort was said to have paid off when he successfully tracked down the controversial PFIPC, boss, who was seen on Tuesday evening, in a shot video on social media undergoing interrogation, and eventually handed him over to Ibrahim Gotan, Commissioner of Police in the state.

The PUNCH quoted one of the sources as saying: “The arrest (of Adeyemi) took place on Tuesday morning by the IRT squad, who immediately moved him to Abuja. After he was arrested, he was taken to Ibadan and from there to Abuja.”

Advertisement


Share this story:
Continue Reading

Trending

Copyright © 2024. WhirlwindNews