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FEC approves N221.9 bn for construction of lekki deep sea port in Lagos

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ABUJA – The Federal Executive Council (FEC) on Wednesday in Abuja approved the signing of an agreement for the development of the Lekki deep sea port in Lagos State.

The Minister of Transport, Alhaji Idris Umar, stated this while briefing State House correspondents on the outcome of the weekly FEC meeting presided over by Vice-President Namadi Sambo.

He said the seaport project would be executed at the cost of 1.345 billion dollars (about N221.9 billion).

Umar said it would be executed through the Private-Public-Partnership arrangement, and has been concessioned to Messrs Lekki Ports LFTZ Enterprise for 45 years.

FEC approves N221.9 bn for construction of lekki deep sea port in LagosHe said 20 per cent is for the Federal Government in terms of the project’s equity shares, with 18.5 for the Lagos State Government and 61.5 for the private investors.

The minister said 800 million dollars out of the project cost would be funded through debt financing, while the balance would be contributed by equity.

He said the seaport when completed would give Nigeria its first deep sea port since independence and end congestion at the Apapa port.

“The economic benefits of this port to this country and to the economy of the country in particular need not to be over-emphasised.

“Not less than 9.3 billion dollars will be accrued to the (Nigeria Ports Authority) NPA, made up of 2.6 billion dollars from marine services and royalties and then 6.7 billion dollars’ share of profits from the investments.

“Other benefits that will accrue will be the ripple effects of operation of the port from Customs charges and other economic benefits which will not be less than 379 billion dollars over the period of 45 years.

“The ports will create jobs of not less than 162,000. It is therefore of immense benefit to the economy of this country. Therefore, that underscores the need for us to have this deep sea port.’’

The minister further stated that the port would automatically revert to the Federal Government at the end of the concession period.

Also speaking, the Minister of State for Works, Alhaji Bashir Yuguda, said FEC further approved about N30 billion for the construction/rehabilitation of some roads across the country.

He said the road projects were meant to fast track the development of infrastructure and boost socio-economic and agricultural activities.

“The projects include the construction of Kankara-Gurbi road in Katsina State at the cost of N1.4 billion and the construction/rehabilitation of Yashi-Duguri-Yalo Road in Bauchi State at the cost of N1.75 billion.

“Also, there is the construction of Isoko Ring Road in Delta at the cost of N2.1 billion and the Jarmai-Bashar Road in Plateau State at the cost of N1.38 billion.

“Others include the rehabilitation of Wukari/Akwana Road in Taraba at the cost of N3.97 billion, and the construction of Ajase/Offa/Erin-Ike/Osun State Boundary Road in Kwara at the cost of N1.24 billion.

“There is also the Takum-Dongawa Road and Katsina-Ala at the cost of N1 billion, and the rehabilitation of Amanwaozuzu-Uzoagba-Eziama-Orie-Amaohia road in Imo which will gulp N1.275 billion.

“The rest will see N1.48 billion being spent on the construction of River Ebba Bridge at Cheche, Katcha Local Government Area in Niger, and the construction of Bida-Sacci-Nupeko Road in Niger which will gulp N8.673 billion,’’ Yuguda said.

In his contribution, the Minister of Information, Mr Labaran Maku, told State House correspondents that the National Good Governance Tour would resume with a visit to Kaduna state on Saturday.

He also stated that the Minister of Sports, Malam Bolaji Abdullahi briefed the council on the forthcoming National Youth Games (NYG) billed to start this weekend in Abuja

– NAN

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Maritime

Maritime Governance: Minister Deposits Three Accession Instruments At IMO

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The Honourable Minister of Marine and Blue Economy, Adegboyega Oyetola has deposited three Instruments of Accession to IMO Conventions signed by President Bola Ahmed Tinubu with the global body.

He did so on Tuesday, at the headquarters of the International Maritime Organization (IMO), which acts as the repository for these conventions.

This move, coming a few weeks after Nigeria declared its intention to contest election for a seat on the IMO Council, is expected to enhance Nigeria’s maritime governance and align its practices with international standards, promoting maritime safety, security, and environmental protection.

Shortly after the presentation ceremonies, Oyetola informed the IMO Secretary General, Arsenio Dominguez, of the President’s commitment to ensuring that Nigeria aligns with international maritime standards regarding maritime safety, security, and sustainable marine practices.

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He also called on the IMO to extend technical support to Nigeria.

In his words, “These instruments, duly acceded by His Excellency, the President of the Federal Republic of Nigeria, signify Nigeria’s continued commitment to aligning with international maritime standards, ensuring maritime safety and security, and promoting sustainable marine practices.

“We hereby request tailored technical cooperation under the Integrated Technical Cooperation Programme (ITCP) to enhance Nigeria’s compliance with IMO conventions and improve our maritime governance and implementation of the instruments we submitted today.”

On his part, Dominguez, acknowledged with appreciation the formal deposition of the Instruments of Accession, stating that it underscores Nigeria’s steadfast commitment to aligning with global maritime standards.

“I congratulate Nigeria for its exceptional efforts in acceding to these six critical IMO instruments. I encourage continued momentum by securing presidential assent to additional key conventions. We at the IMO remains fully committed to supporting Nigeria through technical cooperation and capacity-building initiatives to ensure the successful implementation of these instruments,” he stated.

The instruments Oyetola handed over to Dominguez include the instrument of accession to the 2005 Protocol to the Convention for the Suppression of Unlawful Acts against the Safety of Fixed Platforms Located on the Continental Shelf (SUA Protocol 2005), the instrument of accession to the International Convention on Standards of Training, Certification, and Watchkeeping for Fishing Vessel Personnel (STCW-F), and the instrument of accession to the Protocol Relating to Intervention on the High Seas in Cases of Pollution by Substances Other Than Oil (Intervention Protocol 1973).

It was gathered that three other Instruments of Accession signed by President Tinubu are undergoing further steps to complete the processes for their deposit.

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Maritime

Capacity Dev’t: NIMASA Assures On Cabotage Vessel Financing Fund

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Funds accrued under the Cabotage Vessel Financing Fund (CVFF) are intact and currently held with the Central Bank of Nigeria (CBN) under the Single Treasury Account (TSA).

This assertion was made by the Nigerian Maritime Administration and Safety Agency (NIMASA), in a statement in Lagos on Tuesday.

The clarification became necessary to address “a misleading publication alleging that funds have disappeared from the CVFF account”.

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The statement reads, in part, “The report of a missing money is both misleading and false.

“For the record, the Cabotage Vessel Financing Fund, securely held in the NIMASA account at the Central Bank of Nigeria (CBN), remains intact. There has been no disappearance of funds, and no illegal transactions, as the article suggests. This misinformation is a figment of the authors imagination, aimed at undermining NIMASA’s integrity, and mislead the public about the Agency’s operations.

“The Management of NIMASA will ensure that the CVFF is utilised in line with its statutory purpose. NIMASA Director General, Dr Mobereola has assured stakeholders of the safety of funds under the CVFF.”

The statement cited the DG thus, “Let us be clear that the CVFF account at the Central Bank of Nigeria is safe, intact, and secure. We at NIMASA will continue to manage it with the utmost responsibility, and there are no irregularities or illegal activities surrounding the funds. I urge the public to disregard this false narrative and to continue trusting the Agency’s ability to uphold the integrity of Nigeria’s maritime sector”.

It was gathered that the CVFF is a fund established under section 42 of the Coastal and Inland Shipping (Cabotage) Act 2003 to promote the development of indigenous ship acquisition capacity and to provide credit facilities to local maritime operators.

The NIMASA, assured of its commitment “to transparency, accountability, and the advancement of Nigeria’s maritime sector.”

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Maritime

Okpebholo Hits Ground Running, Flags Off Edo’s 1st Flyover Bridge

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Edo State Governor, Senator Monday Okpebholo appears eager to deliver the dividends of democracy to his constituents.

This is discernible from the frenzy of activities being witnessed in his first few days on the job, including dissolution of boards, constitution of investigative panels, flagging off of infrastructure projects, among others.

In the bid to address the perennial road traffic congestion negatively impacting economic and social activities in Benin City, the state capital, Gov Okpebholo on Wednesday flagged off the construction of a flyover bridge.

Biztellers reports that the flyover bridge around the popular Ramat Park in the city centre is the first of such in the history of Edo State.

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The Edo State Government made the disclosure in its verified handle on micro-blogging site, X, on Wednesday.

It wrote, “Traffic decongestion: Gov Okpebholo flags off first flyover in Edo.
“Edo State Governor, Sen. Monday Okpebholo has flagged off the construction of a flyover bridge at Ramat Park, Benin City, the State Capital, as part of immediate efforts to reduce traffic congestion in the city.”

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