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President Buhari Goes On Train Ride In Lagos

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President Muhammadu Buhari on Tuesday inaugurated the first phase of the Lagos Blue Rail Line, taking a ride from the Marina Station to National Theatre Station.

The President was aboard the trip with Lagos State Governor, Babajide Sanwo-Olu, Deputy Governor of the State, Dr Obafemi Hamzat, members of the Federal and State Executive Councils, members of the Federal and State Legislative Assemblies, President of China Civil Engineering Construction Company (CCECC), Chen Sichang and journalists, among others.

The first phase of the project, executed by the State Government, which spans 13 kilometers, has five stations – Mile 2, Suru-Alaba, Orile Iganmu, National Theatre and Marina.

Buhari also witnessed the signing of the contract for the construction of second phase of the Lagos Blue Rail Line by the Managing Director of Lagos Metropolitan Area Transport Authority (LAMATA), Engr. Abimbola Akinajo and President of China Civil Engineering Construction Company (CCECC), Chen Sichang.

In his remarks, Governor Sanwo-Olu thanked the President for the State Visit to commission several landmark projects, noting that since 1999 the State has not enjoyed this level of support from the Federal Government.

On the benefits of the project, the Governor stated that it would reduce travel time, improve the quality of life of citizens and make Lagos one of the most resilient mega-cities in Africa that would compete favorably with other megacities around the world.

Sanwo-Olu hinted that he would invite the President again to Lagos to commission the Red Line, which he described as a bigger rail corridor project compared with the Blue Rail Line.

‘‘This iconic Marina Station would be the largest and busiest in Africa. It has the capacity to process about 450 passengers per minute, meaning that in an hour this station can process about 25,000 passengers,’’ he said.

Hamzat, the Lagos Deputy Governor, traced the pioneering role of the presidential candidate of the APC, Asiwaju Bola Ahmed Tinubu, in envisioning and laying the foundation for the project, as governor of Lagos State.

‘‘Talking about the Blue line without making a reference to the ground-breaking contributions of the presidential candidate of our great party, Asiwaju Bola Ahmed Tinubu, is like talking about the beach without the ocean.

‘‘A visionary leader, Asiwaju Tinubu pioneered the idea of the Lagos Blue Line and many other revolutionary initiatives.

‘‘The Tinubu administration developed the Strategic Transport Master Plan (STMP), which laid out the foundation for a network of robust and modern transport infrastructure befitting a 21st century City-State, such as ours.

‘‘The master plan has six rail lines and one monorail, 14 Bus Rapid Transit (BRT) corridors, over 20 water routes and a number of major roads.

‘‘Thanks to Asiwaju’s creative leadership, today, we are making history with the completion of this rail line,’’ he said.

Chinese Ambassador to Nigeria Cui Jianchun said the completion of the first phase of the project is a demonstration of the harmony in the bilateral relations between Nigeria and China.

‘‘It is a harmony in integration, diversity, and development,’’ he said.

Earlier, before leaving Lagos for Dakar, Senegal, President Buhari also inaugurated John Randle Centre for Yoruba Culture and History, after which he toured the facility.

BIG STORY

BREAKING: GTCO Becomes First Banking Stock To Exceed N100 On NGX

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Guaranty Trust Holding Company has achieved a strong mid-market showing during the July 16, 2025, trading session, surpassing the N100 milestone.

This makes GTCO the first banking stock listed under the NGX Banking Index to cross the N100 benchmark, while Stanbic IBTC Holdings remained just below at N99.

The upward movement aligns with the broader positive sentiment in the banking sector, where the NGX Banking Index has gained over 22% so far in July.

The development follows GTCO’s recent dual listing, which involved 2.29 billion ordinary shares being listed on the London Stock Exchange on July 9, 2025, and another 2.28 billion shares added to the Nigerian Exchange the next day.

The stock’s rise appears driven by investor response to its cross-border listing and its strong Q1 2024 financial performance. Month-to-date, GTCO has posted a gain exceeding 27%.

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BIG STORY

BREAKING: Atiku Abubakar Resigns From PDP

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The presidential flagbearer of the Peoples Democratic Party in the 2023 general elections, Alhaji Atiku Abubakar, has officially withdrawn his membership from the opposition party.

Atiku submitted his resignation ahead of the 2027 general elections, following confirmation of his involvement in forming a new coalition known as the Alliance Democratic Congress.

The resignation was contained in a letter dated Monday, July 14, 2025, and addressed to the chairman of the PDP in Jada 1 ward, Jada Local Government Area, Adamawa State.

A copy of the letter was shared on X by the Special Assistant on Media to the former Vice President on Wednesday.

The letter stated, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

 

More to come…

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BIG STORY

EFCC To Appeal Ruling Acquitting Fayose Of Money Laundering Charges

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The Economic and Financial Crimes Commission (EFCC) says it will challenge the judgment that cleared Ayodele Fayose, former governor of Ekiti state, of money laundering and fraud accusations.

In his decision on a no-case submission, Justice Chukwujekwu Aneke ruled that the prosecution did not provide enough evidence to require Fayose to present a defence.

After the judgment, EFCC counsel Rotimi Jacobs stated that the commission would obtain the certified judgment and begin the appeal process.

Fayose and his company, Spotless Investment Limited, had been re-arraigned on an 11-count charge of laundering ₦6.9 billion, allegedly during his time as governor.

The charges included allegations that Fayose received ₦1.2 billion for his 2014 campaign and accepted $5 million in cash from Obanikoro, bypassing standard banking procedures.

He was also accused of laundering several sums and using over ₦1.6 billion to purchase properties via proxies and firms such as De Privateer Ltd and Still Earth Ltd, contrary to the Money Laundering (Prohibition) Act, 2011.

During the May 19 no-case submission, Kanu Agabi, Fayose’s lawyer, argued that the prosecution failed to prove its case and pointed out that Abiodun Agbele, allegedly central to the transactions, wasn’t charged, which weakened the EFCC’s position.

“With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged,” Agabi stated.

He asked the court to find that Fayose had no case to answer.

Olalekan Ojo, lawyer for the second defendant, also submitted a separate no-case application dated March 21, 2025, with supporting documents filed on May 16.

Ojo contended that the main evidence provided by the prosecution, particularly Obanikoro’s testimony, was unreliable since he confirmed there was no direct communication between Fayose and Sambo Dasuki, the former national security adviser.

Jacobs, however, urged the judge to dismiss the no-case submissions, arguing that there were unexplained financial activities that needed clarification.

He questioned why Fayose didn’t use his personal account if the money was legitimate, referencing EFCC investigator Abubakar Madaki’s claim that Fayose acquired properties through associates who later denied ownership, even though Fayose admitted the properties were his.

“If the money was clean, why not buy the properties in his name?” Jacobs asked.

He also referred to Obanikoro’s account that Fayose requested the money in cash and introduced Agbele to receive it, saying Fayose must explain these actions.

Despite these arguments, the court ruled in favour of the defendants and granted the no-case submission.

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