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President Tinubu Applauds USD 1.126 Billion Landmark Financing For Lagos-Calabar Coastal Highway Phase 1, Section 2

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President Bola Tinubu has praised the Federal Ministry of Finance for successfully closing USD 1.126 billion in financing for the execution of Phase 1, Section 2 of the Lagos-Calabar Coastal Highway, marking a significant milestone in the delivery of Africa’s most ambitious and transformative infrastructure projects.

 

President Tinubu applauded the Ministries of Finance and Works, as well as the Debt Management Office, for working together on the transaction, adding that the Federal Government will continue to explore innovative financing options to fund critical projects across the country.

 

 

“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 priority infrastructural projects across the country,” the President said.

 

Phase 1, Section 2 covers approximately 55.7 kilometres, connecting Eleko in Lekki to Ode-Omi-key economic corridors that will significantly enhance national trade efficiency and logistics connectivity. The successful financing follows the earlier closing of the USD 747 million financing for Phase 1, Section 1, and demonstrates the scalability and bankability of the Lagos-Calabar

Coastal Highway project.

 

 

The financing was fully underwritten by First Abu Dhabi Bank (FAB) and Afreximbank, with partial risk mitigation support provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), marking ICiEc’s largest transaction since the country’s institutional and regulatory reforms. The structure reflects growing confidence in Nigeria’s reformed investment climate and its capacity to deliver major infrastructure projects.

 

 

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

Environmental and social advisory services were provided by Earth Active

(UK), ensuring full alignment with the IFC

Performance Standards, the Equator Principles and international ESG best practices. Hogan Lovells, as International Counsel, and Templars, as Nigerian Legal Counsel, led the legal advisory services.

 

 

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 stipulated timelines.

 

 

“The signing on December 19, 2025, of the USD 1.126 billion financing for Phase 1, Section 2 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 1, Section 1 on July 9, 2025. Collectively,

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

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.

 

 

“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 626 million) and Afreximbank (USD 500 million), with partial coverage provided by ICIEC, making it the largest ICIEC-supported transaction since the institution’s creation,” Edun said.

 

 

Construction is being executed by Hitech Construction Company Limited, whose rapid progress on site and early opening of key road sections have drawn commendation from lenders for engineering excellence, operational discipline and speed of execution.

 

 

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

 

 

The successful close of Phase 1, Section 2 represents a clear step-change in market confidence. It demonstrates Nigeria’s ability to move decisively from vision to execution, and from reform to delivery, under the Renewed Hope Agenda of President Bola Tinubu.

Politics

2027: More Than 50 Lawmakers Lose APC Reps Tickets in Major Primary Election

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No fewer than 50 members of the 10th House of Representatives are unlikely to be part of the 11th Assembly after losing out in the All Progressive Congress (APC) primaries held on Saturday.

This marks one of the largest turnovers of sitting federal lawmakers since 2015 and signals intensifying internal competition within the ruling party eight months to the 2027 general elections.

While House Speaker Tajudeen Abbas (Kano) and Deputy Speaker Benjamin Kalu (Abia) successfully defended their tickets, several ranking and long-serving lawmakers were defeated, exposing strong anti-incumbent sentiment and the decisive role of state governors in candidate selection.

Major casualties

One of the biggest upsets was the defeat of House Majority Leader Julius Ihonvbere in Edo State’s Owan Federal Constituency. He polled 1,005 votes out of 7,587 cast, finishing third behind Andrew Ijegbia, who scored 3,695 votes. Abdul Oroh placed second with 1,740 votes.

In Delta State, veteran lawmaker Nicholas Mutu, who has represented Bomadi/Patani Federal Constituency since 1999, lost his re-election bid. Ngozi Okolie also lost the Aniocha/Oshimili ticket to former House Minority Leader Ndudi Elumelu.

 

Cross River State recorded one of the highest casualty rates, with five of eight incumbents failing to secure re-nomination.

They include three-term member Mike Etaba (Obubra/Etung), Godwin Offiono (Ogoja/Yala), Emil Inyang (Akamkpa/Biase), and Bassey Akiba (Odukpani/Calabar Municipality).

Only Peter Akpanke, Joseph Bassey, and Victor Abang won return tickets.

In Plateau State, conflicting results in Pankshin/Kanke/Kanam Federal Constituency triggered early confusion. One returning officer declared challenger John Tongshinen winner with 29,968 votes against incumbent Yusuf Gagdi’s 5,849.

The APC Plateau State primaries committee, chaired by Stella Okotete, later dismissed that declaration as unauthorised and affirmed Mr Gagdi as the authentic winner with 29,207 votes.

At a press briefing, Mrs Okotete stated that Nandom Kura was the recognised returning officer. “The returning officer approved by my committee that has gone to do fake declaration is null and void,” she said.

Other significant losses occurred in Ogun State (at least five incumbents, including Deputy Chief Whip Ibrahim Isiaka and Tunji Akinosi) and Ekiti State (three sitting members).

 

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PDP to screen Goodluck Jonathan on Tuesday as its sole Presidential aspirant For 2027 race

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The Peoples Democratic Party (PDP), led by Tanimu Turaki, SAN, has scheduled to screen former president Goodluck Jonathan tomorrow, Tuesday, aMay 19, as the lone presidential candidate of party.

According to a statement from the PDP faction backed by the Oyo State Governor, Seyi Makinde, Former Vice-President Namadi Sambo, former governor of Plateau State, Jona Jang and a former Minister of Foreign Affairs, Tom Ikimi have been listed among a committee of 14 members to screen Jonathan described as a lone candidate by the party.

Other members of the committee were Chief Olabode George, Babangida Aliyu, Maryam ciroma, Zainab Maina, Josephine Anenin, Dr. Abdul Bulama, Dr. Esther Uduehi, Edo State PDP chairman, Tony Aziegbemi, Dr. Sunday Solarium and Chief Anicho Okoro, who would serve as administrative secretary of the committee.

Last week, the national Publicity Secretary of the faction, Ini Ememobong, disclosed that former president Jonathan has successfully registered as a member of the party in the fresh digital registration exercise directed by INEC.

The PDP faction also announced that it was set to screen 748 house of representatives aspirants, 198 senatorial aspirants, and 112 governorship aspirants.

The screening committee would screen 2122 states houses of assembly aspirants. The exercise will commence tomorrow, Tuesday in different states.

According to the statement, the screening exercise would take place nationwide on Tuesday, May 19, 2026, at 10:00 a.m.

The statement said the Interim National Working Committee (iNWC) has also released the names of members to serve on the Screening Committees and Screening Appeal Panels.

It added that the publication of the screening details “is in accordance with the party’s guidelines and timetable for the conduct of the 2027 general elections.”

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Oshiomhole wins Edo APC senatorial primaries unopposed

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A former governor and incumbent Senator, Adams Oshiomhole, along with his counterpart Senator Joe Ikpea, sailed through the All Progressives Congress senatorial primary in Edo unopposed, and securing their tickets without a single vote cast against them.

Also Omoregie Ogbeide-Ihama emerged the winner in the APC primary for the Edo South senatorial district.

Ogbeide-Ihama won in the seven local government areas of Edo South in the results announced by the Chairman of APC National Assembly Primary Election, Muhammed Ajana at the Urokpota Hall, Benin.

He polled 27,154 votes while his opponents, Senator Neda Imasuen, got 13,580, and Pastor Osagie Ize-Iyamu got 6785.

The elections were hitch-free in Edo North and Edo Central, where there was no contest against the incumbents, Senators Oshiomhole of Edo North and Ikpea of Edo Central, respectively.

Ajana at the Urokpota Hall said the collation arose from votes cast in the seven local government areas made up of 77 wards where elections were conducted by members of the committee.

He said, “There are seven local governments that make up the Edo South Senatorial District. We have heard from the Returning officers from the seven local government areas. From the collation, the cumulative result we have for Edo South Senatorial District is this; Ogbeide-Ihama with 27,154 votes, Imasuen with 13,580 votes and Ize-Iyamu with 6, 785.

“This is the total reflection of what has transpired from the ward level to the local government and the Edo South senatorial district collation centre. With this we await further directives from the National Secretariat, we have done our best by collating the results which is our mandate, to collate the results and send them to the National Secretariat.”

However, it was gathered that Ize-Iyamu emerged as the APC candidate for Edo South Senatorial race. He claimed to have clinched the party’s ticket after defeating Ogbeide-Ihama and Imasuen.

It was claimed that the Chief Returning Officer, Abubakar Muhammad Kabiru, officially declared Ize-Iyamu the winner after securing the highest number of votes cast.

On his part, the senator representing the district condemned the exercise describing it as a sham allegedly designed to favour a preferred aspirant.

Imasuen spoke while reacting to events at his polling unit in Umagbae North Ward 5, Urhokuosa where he said he was denied the opportunity to vote following what he described as a chaotic and manipulated process.

The lawmaker accused leaders of the party of openly adopting a preferred candidate ahead of the exercise and intimidating members into supporting that aspirant.

He said, “There is nothing satisfactory about this sham of election they did today and it is very unfortunate because as a loyal party member, I expected something better than this.”

He said the warning signs emerged days before the primary when some ward chairmen allegedly informed him that they had been directed not to receive him during consultations.

Imasuen claimed that some ward leaders openly told him the party had already adopted a preferred aspirant, identified as Hon. Omoregie Ogbeide-Ihama, making further consultations unnecessary.

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