NEWS
FG Puts Failure of Eastern Railway on Foreign Loans
The Nigerian Government has declared that completing the narrow-gauge Eastern railway corridor within the tenure of President, Muhammadu Buhari was not feasible.
Minister of Transportation, Mu’azu Sambo, made the declaration on Wednesday while addressing State House Correspondents at the end of this week’s Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.
He fingered paucity of funds, saying that the FG could no longer access foreign loans for such projects, before the current government’s tenure expires in May 2023.
He said, “Now, the truth of the matter is that if there was a promise to deliver this line before the end of this administration, this promise is no longer feasible because funding has been a major challenge.”
Recall that the China Civil Engineering Construction Corporation (CCRCC) commenced construction of the 2044.1km Port Harcourt-Maiduguri narrow gauge railway project in April 2022.
The project had an execution budget of $3bn, and was planned to link states in southern Nigeria to the north through the eastern states.
The former Minister of Transportation, Rotimi Amaechi, expressed optimism that the project would stimulate economic activities in the 14 states it traverses, with the laying of rail tracks projected to get to Coal City, Enugu State capital by September 2022.
He assured that the Port Harcourt-Maiduguri line would be delivered before the present administration leaves office in May 2023.
However, Sambo, has come out with a declaration that the project was no longer feasible, because the necessary funds for its completion cannot be raised by the FG.
He said “Now, the eastern line is the line from Port Harcourt to Maiduguri. It has been segmented in such a way that the first part of the work covers from Port Harcourt to Enugu.
“Now, the truth of the matter is that if there was a promise to deliver this line before the end of this administration, this promise is no longer feasible because, when the contract was approved, it was approved on the premise that 85 percent will be funded through foreign loan, while 15 percent will be the counterpart funding for the national budget.
“Since that approval, we have not been able to obtain that 85 percent foreign loans for this project. We have been funding it through the national budget on the bases of the 15 percent counterpart funding of the federal government. And therefore, funding has been a major challenge for this project.”
NEWS
‘Celebrate This Poor Man’ – Shettima Defends Tinubu Over Economic Crisis
Vice President Kashim Shettima has urged Nigerians to celebrate President Bola Tinubu, saying his leadership saved the country from a potential implosion.
Shettima said Nigeria’s economy had been teetering on the edge of collapse before Tinubu’s intervention, adding that the country could have faced a different situation.
“The economy was teetering on the edge of collapse, we were on a cliff edge,” the Vice President said.
ALSO READ: Subsidy Removal, FX Reforms Driving Fresh Oil Sector Investment – Shettima
“So he literally saved the nation from an implosion. That could have been the scenario. So, instead of demonizing him, Nigerians ought to celebrate this poor man.”
Shettima also called for a return to the drawing board, expressing confidence in the leadership’s commitment and the prospects for the 2027 elections.
“I believe on the bottom of my heart that with this presentation I have seen, and with the commitment of our leadership, by the grace of God, we are going to win,” he said.
Speaking about the 2027 elections, the Vice President reminded his audience that social media platforms should not be mistaken for actual polling stations.
“There are no polling stations on Facebook or Instagram,” he said.
Shettima also expressed gratitude for the efforts made towards promoting the cause of the 2027 elections.
NEWS
FG Withdraws Charges Against ‘Fake Agency’ DG, Adeniyi Adeyemi
Following observed mis-steps, the Federal Government of Nigeria has withdrawn the eight-count criminal charge brought against the alleged fake Director General (DG) of the Presidential Foreign Intervention Promotion Council (PFIPC), Adeniyi Adeyemi.
Biztellers reports that the matter, in accordance with the counsel of the Attorney General of the Federation (AGF) and Minister of Justice, Prince Lateef Olasunkanmi Fagbemi, (SAN), the matter will be filed at the High Court of the Federal Capital Territory (FCT), instead of the Federal High Court (FHC).
Consequently, upon an unopposed application for termination by the prosecution counsel and Director of the Public Prosecution of the Federation (DPPF), Rotimi Oyedepo (SAN), on Monday, Justice Mohammed Umar of a Federal High Court, Abuja on Monday, struck out the matter.
READ ALSO: Shell Identifies Keys to Nigeria’s Energy Future
In a motion for the termination of the charges, Oyedepo informed the court that the Attorney General of the Federation (AGF) and Minister of Justice has carried out a review of the case file of Adeyemi and the charge filed by the Inspector General of Police (IGP) and found some loopholes.
The DPPF added that the documents allegedly forged by Adeyemi during his operations of the fake agency are those that can be prosecuted by the High Court of the Federal Capital Territory (FCT).
He also informed the court that a new charge has been filed at the High Court of the FCT and that Adeyemi would be expeditiously arraigned afresh.
He therefore urged the judge to strike out the charge as required by law.
Following no objections from Ibrahim Angulu (SAN), who stood in for Adeyemi, Justice Umar subsequently terminated the charge.
Adeniyi, 38, was being tried alongside two others whose whereabouts are unknown, on charges bordering on conspiracy and forgery.
The two others said to be at large were identified as Femi (surname unknown) and Anu (surname unknown).
The charge marked: FHC/ABJ/CR/25/2025, was entered against the defendant by the DPPF.
NEWS
Shell Identifies Keys to Nigeria’s Energy Future
To secure a bright energy for her teeming population, Nigeria must sustain the momentum of reform, accelerate investment, and deepen partnerships.
This view was expressed by Managing Director, Shell Nigeria Exploration and Production Company of Nigeria Limited (SNEPCo) Ronald Adams in Lagos at the weekend.
Delivering a keynote address at the Africa Energy Conference (AEC) of the Lagos Business School (LBS), Adams called for regulatory certainty through efficient execution of reforms, sustained investment appeal to enable projects to move more swiftly from opportunity to production and partnership by operators, regulators, NNPC Limited and communities to unlock the full value of Nigeria’s resources.
Adams cited Nigeria’s huge oil and gas resources as an advantage but pointed out: “Resources alone do not guarantee prosperity. Prosperity comes when resources are matched with investment, technology, sound policy and disciplined execution. Success will be determined not by the size of our resources, but by our ability to convert them into investment and economic growth.”
Adams pledged the support of Shell towards a bright energy future of Nigerians. He said: “For more than six decades, Shell has been part of Nigeria’s energy journey. Together with our partners, we have helped develop major energy infrastructure, supported Nigerian businesses, invested in talent, and contributed to economic development. Bonga remains a powerful example of what technology, partnership and Nigerian capability can achieve in deepwater operations. Today, that story continues through Bonga North.”
READ ALSO: ADF Targets 5 Million Students, 2 Million Vulnerable Women
Issuing a clarion call for action by all stakeholders, he added: “The world is not standing still. Capital is moving, technology is advancing and competition is intensifying. The countries that attract investment tomorrow are those that improve competitiveness today. Nigeria has begun that journey. Our task is to sustain the momentum and translate reform into projects, projects into growth, and growth into shared prosperity.”
The conference, the 4th in the series had at its theme; “Securing Nigeria’s Energy Future: Policy Reform, Capital Mobilisation, and Pathways to a Sustainable Power and Energy Market” and was attended by top government officials, industry captains, energy professionals, and students.
Lagos State Deputy Governor Obafemi Hamzat represented Lagos State Governor Babajide Sanwo-Olu as the guest of honour. SNEPCo was a principal sponsor of the Africa Energy Conference (AEC) and mounted a well-received exhibition on its deepwater operations and social investments across Nigeria.






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