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.

President Bola Ahmed Tinubu, on Wednesday in Lagos, inaugurated a Committee on Strategy, Conflict Resolution and Mobilisation to resolve conflicts within the All Progressives Congress as it approaches the 2027 general elections.

The committee, which comprises Governors of the party, members of the Federal Executive Council, and other notable stakeholders, has the Governor of Yobe State, Mai Bala Buni, as Chairman, and Muiz Banire, former Legal Adviser of the APC, as Member/Secretary.

Other members include Senator Adamu Aliero, Chairman of the Nigeria Governors Forum and Governor of Kwara State, Abdulrahman AbduRazak, Chairman of Progressive Governors Forum and Governor of Imo State, Hope Uzodimma, Governors Hyacinth Alia (Benue), Umar Namadi (Jigawa), Bassey Otu (Cross River), Abiodun Oyebanji (Ekiti) and Sheriff Oborevwori (Delta).

Governors Uba Sani (Kaduna), Siminalayi Fubara (Rivers), Minister of Marine and Blue Economy, Adegboyega Oyetola, Minister of State for Defence, Bello Matawalle and former Governor of Kogi State, Yahaya Bello, are also members.

At the inauguration, Governor Mai Mala Buni expressed gratitude for being chosen as the chairman and for the party’s confidence in the members. He said the committee would execute the assignment with utmost responsibility and dedication.

“The committee will engage in strategic engagements and consultations to develop an all-encompassing, productive and result-oriented strategy that will stand the test of time. We shall implement a system that gives everyone, especially aggrieved parties, a sense of belonging and inclusion, with a renewed hope.

“Similarly, the committee will consider proactive measures, solutions, and the potential threats in our conflict resolution approach,” Buni said.

He urged members “not to allow personal interest and sentiments to override the general interest and purpose for which this committee is constituted.”

President Tinubu had on Friday, December 19, at the 15th National Executive Committee meeting of the All Progressives Congress, held at the State House Conference Centre, Abuja, harped on the need for cohesion within the ruling party. He reminded party leaders that the APC was built on the ideals of progressive politics, broad-based participation, and respect for diversity of opinion.

The President had said at the meeting: “We must continue to be resolute that this democracy that we take in our hands must not fail. We say we are bigger. We are larger and taller. But it should now be in our hearts to be accommodating. That’s the only way we can be resilient, we must be tolerant.”

In a letter dated December 22, 2025, and signed by its Secretary, Dr Rose Oriaran-Anthony, INEC said it could not act on demands to acknowledge or upload on its website the list of national officers said to have been elected at the National Convention held on November 15 and 16, 2025, in Ibadan.

The commission explained that its position was guided by subsisting court decisions and pending litigation relating to the leadership crisis within the PDP.