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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.

BIG STORY

Ex-Commissioner Jude Dakur Announces Plateau Governorship Bid Under APC, Gets Party Stakeholders’ Backing [PHOTOS]

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The political atmosphere in Plateau State gained fresh momentum on Friday as Hon. Jude Eli Dakur formally declared his intention to contest for the governorship of Plateau State in 2027 under the platform of the All Progressives Congress (APC).

Dakur made the declaration before the leadership of the APC in Kerang Ward, his immediate ward, as well as the Mangu Local Government Executive Committee and members of the State Executive Council. His announcement was met with overwhelming support from stakeholders, party leaders, and enthusiastic supporters who commended his courage and readiness to serve.

A former Commissioner of Education and Commissioner for Mineral Development in the state, Dakur is regarded as an experienced administrator with the skills to drive growth and development.

Speaking at the event, Dakur reaffirmed his passion for the progress of Plateau State and pledged to bring vision, integrity, and competence into governance if elected governor.

Grassroots mobilisers and various organisations present pledged their commitment to the “Faith Project” movement, promising to spread the message of transformation and unity across communities in the state.

The declaration has set the stage for what supporters describe as a new wave of political momentum for the APC in Plateau State as preparations for the 2027 elections gather pace.

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BIG STORY

BREAKING: Ibrahim Shatta Loses Son Few Days After Peju Ogunmola Lost Only Son

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Popular Yoruba actor and filmmaker, Ibrahim Chatta, has announced the death of his son.

The actor broke the news on his Instagram page on Saturday, expressing grief and submitting to the will of God.

“Inna liLlahi wa inna ileyhi rajiun. Ya Allah, You are the Knower of all things. Rest on Dear Son, Champ,” he wrote.

Chatta’s loss comes only days after fellow actress Peju Ogunmola also lost her only son with veteran actor Sunday Omobolanle, popularly known as Papi Luwe.

The twin tragedies have thrown Nollywood into mourning, with condolences pouring in from colleagues and fans of both families.

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BIG STORY

Ignore Sujimoto’s Crocodile Tears, He Scammed Us N5.7bn And We’re Recovering Every Penny — Enugu Government

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  • all projects never left foundation stage

 

The Enugu State government has accused the CEO of Sujimoto Luxury Construction Limited, Olasijibomi Ogundele, of defrauding the state of nearly N6bn, noting that Ogundele vanished into thin air after he was paid the said sum for the construction of 22 Smart Green Schools in different parts of the state.

The government also accused Ogundele of premeditated fraud, explaining that while he presented a bond issued by Jaiz Bank to secure the contract, he used the company’s Zenith Bank account registered with the state’s Ministry of Works and Infrastructure to receive the said payment, making it impossible for the state to hold Jaiz Bank liable.

The statement said, “For the avoidance of doubt, on July 2, 2024, the Enugu State Government awarded a contract in the sum of N11,457,930,950.52 to Sujimoto Luxury Construction Ltd for the construction of 22 Smart Schools (buildings only) in six months starting from the date of the acceptance of the award.

“The Enugu State Government paid the sum of N5,762,565,475.25, representing 50 per cent of the contract sum, in order to fast-track the projects at all the sites.

“Rather than play to the rules of the contract to deliver quality projects for furnishing and equipping ahead of September 2025 school resumption, in line with the priority placed on the Smart Green Schools initiative by the government, Mr. Ogundele resorted to shoddy jobs and the use of inexperienced workers and quack engineers. None of his sites met the structural integrity of the projects as specified in the structural drawing.

“Worse still, he vanished into thin air with the money. All efforts made by the government to get him to a roundtable to discuss the quality and progress of work proved abortive. He equally refused to attend the periodic projects briefing organised by the state government for all contractors or take numerous calls and messages put across to him. In fact, he practically abandoned the sites, leaving the Enugu State Government with no other choice than to petition the Economic and Financial Crimes Commission (EFCC) to recover the funds paid to him.

“A joint team of officers of the Enugu State Ministry of Works and Infrastructure and the EFCC visited the 22 sites to evaluate the progress of work on May 8 and 9, 2025, where it was clearly established that there had been minimal to no significant work done at the said sites one year after the contract award. In some cases, he fraudulently did not do excavation for all the blocks in site.

“It is also on record that he has not shown up at the sites or made himself available to either the state government or the law enforcement agencies even after those site visits.

“It is also pertinent to state that it was discovered in the course of investigation that whereas he presented a bond from Jaiz Bank, he used Sujimoto Luxury Construction Limited’s Zenith Bank account number 1312731196 to receive the said payment and draw down the fund without deploying it to the projects. This clearly shows a premeditated intent to defraud the state ab initio.

“The government has since retaken and handed over the sites to new firms, who has no choice than to start the construction afresh. Tremendous progress has been made to keep the determination of the Mbah Administration to migrate Enugu children to Smart Green Schools by September on track.

“Nigerians should therefore disregard his theatrics and crocodile tears, as Enugu State Government is determined to and will surely recover every penny of Ndi Enugu fraudulently obtained by Mr. Olasijibomi Ogundele (Sujimoto).”

The Enugu State Government’s statement was accompanied with pictures of the project sites as abandoned by Sujimoto, which were taken by the joint team of officials of the state and operatives of the EFCC during the May 8 and 9 site visits. The pictures clearly showed that the project sites were mostly at the levels of foundation and DPC, with a few at the stage of block work.

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