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Ataga’s Murder: Police Tore My Statement, Coerced Me To Sign Theirs — Chidinma

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Chidinma Ojukwu, a prime suspect in the murder of Super TV Chief Executive Officer, Usifo Ataga, yesterday, told a Lagos State High Court sitting in Tafawa Balewa Square (TBS) that the two statements she wrote were torn by the police.

Ojukwu told Justice Yetunde Adesanya that she was coerced to sign the statement written for her by Assistant Superintendent of Police (ASP) Olusegun Bamidele and one dictated to her by Olufunke Madeyinlo.

She disclosed this in her testimony in trial within trial to ascertain the voluntariness of the statement to the police.

Ojukwu, a suspected 300-level Mass Communication undergraduate, of the University of Lagos (UNILAG) is standing trial over the alleged murder of Ataga alongside her sister, Chioma Egbuchu, and one Adedapo Quadri.

They were also charged with stealing and forgery aside from the case of murder. She alleged that she was told to rehearse the statement Bamidele wrote and narrate it to the Commissioner of Police (CP).

Led-in- evidence by her counsel, Mr. Onwunka Egwu, Ojukwu said before she was taken to the CP’s office at Ikeja on June 23, her hands were handcuffed to the chair she sat,  until the following day on June 24, when she was brought out of the interrogation room and taken to Ikeja.

She told the court that on June 23, 2021, while in her room at No 47 Akinwunmi Street Alagomeji Yaba, her 10-year-old sister came to inform her that there were men in the sitting room looking for her.

“When I came to the sitting room, I greeted them and they asked if I was Chidinma and I replied in the affirmative. They asked me where Mr. Ataga’s phone and his Range Rover vehicle was?  I replied, ‘I don’t know’.

“Then, my sister went to call my Dad (her Foster Father Onoh Ojukwu). When my Dad came out, he asked who they were?. They said they were policemen.

“They told him that they were from Panti Police Station. They said that they came to arrest me and to search the house or I should go in and bring the phone. I said I don’t know where the phone and car were.

“ So, one of the policemen slapped me and my Dad said you cannot slap my daughter in my house and the policemen tried to enter the room from the passage,” she said.

But the  Deputy Director of Public Prosecution (DDPP), Adenike Oluwafemi, opposed the line of evidence, arguing that she was giving evidence of the case instead of how her statement was taken.

She, however, said she was handcuffed and taken away from their sitting room into the police vehicle. “When I was entering the vehicle, I told my Dad to call my lawyer, our family lawyer, Mr. Egwu.

When asked if she could remember some of the questions the IPO had asked her, Ojukwu said that she was asked to state her name, where she is from, where she lives, how she met Ataga, how many days she spent in the apartment and when she left.

She said the handcuffs were removed in the morning of June 24, when Bamidele and Chris came to ask her to sign the statement.

After listening to her testimony, the judge gave the prosecution and the defendant counsel 14 days each to file their written addresses in the trial within trial.

The judge adjourned the case to January 11, 2023, for the adoption of final written addresses.

BIG STORY

Police Announce Movement Restriction For Lagos Local Government Polls On Saturday

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Olohundare Jimoh, the commissioner of police in Lagos, has directed the deployment of personnel across the state ahead of the LG elections set for July 12.

Benjamin Hundeyin, the police spokesperson in Lagos, said in a statement on Wednesday that the commissioner gave the order to ensure the election proceeds without any disruptions.

Hundeyin also announced that vehicle movement would be restricted statewide from 3am to 3pm on Saturday. The restriction applies to both road and water transport.

“Elaborate security arrangements and comprehensive security measures have been put in place to ensure security, safety, and peaceful and orderly conduct of the LG elections,” the statement reads.

“Police escorts covered number plates, and the use of sirens at or in the vicinity of polling units and collation centres are prohibited.”

He stated that the police would be working alongside other bodies under the inter-agency consultative committee on election security (ICCES).

He noted that only vehicles designated for essential services, such as ambulances, fire trucks, and patrol vans of ICCES security agencies, would be allowed on the roads.

“All other vehicles, including those belonging to any quasi-security outfit and state security agencies, are barred from movement, as no state-owned security agency is authorised to participate in the election security operations, in line with the electoral act,” Hundeyin said.

He explained that medical personnel on emergency duty, LASIEC-accredited officials, election observers, and journalists cleared by the electoral body are not affected by the restriction.

“These categories of groups and individuals are permitted to carry out their lawful duties during the election period, provided they adhere to all the relevant guidelines and regulations in the electoral act,” he said.

He emphasized that only those wearing official LASIEC accreditation tags would be allowed near polling areas.

“No one without the identification tag will be allowed to take part in the election,” he said.

“Anyone arrested without an identification tag will be investigated and prosecuted in line with the Electoral Act.”

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BIG STORY

Nigeria Secures $747m Syndicated Loan For Lagos-Calabar Coastal Highway

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Nigeria has obtained a $747 million syndicated loan to fund phase 1, section 1 of the Lagos-Calabar coastal highway.

In a statement issued on Wednesday, Mohammed Manga, director of information and public relations at the ministry of finance, said the loan will finance the 47.47-kilometre stretch from Victoria Island to Eleko Village in Lagos.

Manga described the financing as the largest syndicated road infrastructure loan of its kind in Nigeria, reflecting strong international investor confidence in the country’s reform path and infrastructure agenda.

Deutsche Bank served as global coordinator, initial mandated lead arranger, and bookrunner, and participated in the syndicate alongside other regional and global financial institutions.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) offered partial political and commercial risk insurance.

According to Manga, the syndicate includes development finance institutions, export credit agencies, and international commercial banks. Notably, First Abu Dhabi Bank acted as Agent across all facilities and Intercreditor Agent. Other participating institutions included the African Export-Import Bank, the Abu Dhabi Exports Office (ADEX), the ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V. (formerly Credit Europe Bank N.V.), and Zenith Bank via its UK, Paris, and Nigeria offices.

The project is structured as an “EPC+F” contract awarded to Hitech Construction Company, a leading Nigerian infrastructure firm.

The arrangement reflects a public-private partnership, integrating technical delivery with financing to expedite implementation and attract further private investment in priority infrastructure.

Construction on phase 1, section 1 is already over 70 percent complete.

The highway is being built using “Continuously Reinforced Concrete Pavement (CRCP)”, designed for a lifespan of at least 50 years with minimal maintenance, ensuring durability and cost-efficiency.

The project has undergone comprehensive technical, legal, environmental, and social assessments to meet high international standards.

The Lagos-Calabar Coastal Highway is expected to serve as a vital logistics and trade corridor, improving regional integration, promoting tourism, lowering transport costs, and creating jobs. A tolling framework is being finalised to support long-term operations and financial sustainability.

Funding for subsequent phases is in progress, with considerable interest from both regional and international investors.

Manga said this significant development reflects renewed engagement from global financial institutions with Nigeria, driven by bold economic reforms and a focus on delivering viable, transformative projects.

‘Transaction signals to investors maturity of Nigerian market’

Wale Edun, minister of finance and coordinating minister of the economy, said the loan agreement reflects the progress of Nigeria’s macroeconomic reforms and the return of international capital to support development.

He said the government remains committed to funding infrastructure through “sustainable, transparent, and transformative” methods, calling the transaction a practical example of this vision.

Edun said, “The closing of this market-defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development.”

He added that the deal confirms Nigeria’s readiness for full adoption of public-private partnerships in infrastructure development and operations.

David Umahi, minister of works, called the deal a strong endorsement of Nigeria’s reform agenda and emphasized the national importance of the Lagos-Calabar highway.

Dany Abboud, managing director of Hitech Construction Company Limited, said, “With over 70% of Phase 1 Section 1 complete, we are showing that Nigerian engineering—backed by structured international finance—can meet global standards.”

Abboud highlighted the benefits of using “CRCP technology” for its superior durability and cost-effectiveness.

Khalid Khalafalla, chief executive officer of ICIEC, also expressed satisfaction in partnering with the Nigerian government and other financiers to deliver the project.

Khalafalla said, “Through ICIEC’s sovereign risk coverage solution, we are unlocking vital infrastructure that will ease congestion, stimulate regional trade, and drive inclusive economic growth.”

He added that the project would generate employment, enhance local expertise, and support small and medium-sized enterprises, demonstrating ICIEC’s commitment to sustainable development and shared prosperity across West Africa.

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BIG STORY

Nigeria’s FX Reserves To Hit $41bn As Naira Seen Sustaining Gains

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Nigeria’s foreign exchange reserves are projected to reach $41 billion by the end of the year, slightly higher than the 2024 figure, as the naira continues to strengthen, according to CardinalStone’s mid-year outlook.

The expected increase in reserves is linked to the federal government’s plan to raise $3.2 billion in the second half of the year to address certain fiscal needs. Potential inflows from portfolio investors are also anticipated to support this outlook.

“These proposed external borrowings, alongside other anticipated inflows, will likely boost the FX reserves to $41.00 billion by year-end, compared to $37.27 billion as of H1’25,” the Lagos-based research and investment firm stated in its report.

A stronger external reserve position is seen as a positive for the naira, with the firm projecting the local currency to stay within the N1,550.00 — N1,635.00 per dollar range through the end of 2025.

So far this year, Nigeria’s FX reserves have dropped by over $3.5 billion as the central bank settled around $2 billion in external obligations and continued to inject dollars into the market to sustain liquidity and stabilize the naira amid global challenges.

CardinalStone Research analysts noted that external pressures—including instability in the Middle East and new tariffs introduced by US President Donald Trump—have driven $22.83 billion in FX outflows, as investors pivot to US Treasuries and Gold.

This situation has prompted the central bank to implement a “discretionary FX framework”, resulting in the sale of $4.72 billion to counteract market distortions.

The report highlighted that the CBN’s average monthly FX intervention stood at $786.58 million, significantly below the pre-COVID average of $2.30 billion and the post-COVID level of $1.38 billion, both of which were previously used to support the naira despite broader macroeconomic weaknesses.

To control inflation, attract foreign investment, and boost the naira’s value, monetary authorities have maintained key interest rates for two consecutive sessions after increasing lending rates by a total of 875 basis points to 27.5 percent.

The analysts foresee an additional 50 to 100 basis point adjustment before the year concludes, potentially easing the burden on businesses affected by high borrowing costs.

The combination of tighter monetary policy, improved FX reserves, and more effective FX management is gradually restoring investor confidence, which had declined during previous episodes of currency instability.

Nonetheless, the forecast remains vulnerable to shifts in global oil prices, the level of portfolio investments, and how quickly fiscal consolidation efforts advance. Disruptions in these areas could negatively affect both reserves and currency stability.

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