Economy

FG Intensifies Renewed Hope Agenda with Strategic Road Projects Across Nasarawa State

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13 hours ago

March 8, 2026

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FG Intensifies Renewed Hope Agenda with Strategic Road Projects Across Nasarawa State

The Federal Government has reaffirmed its intention to improve road infrastructure across the country as part of efforts to enhance economic growth, connectivity, and ease of movement for Nigerians. This assurance was reiterated during the continuation of the Federal Ministry of Works’ nationwide media tour and commissioning of emergency and special intervention projects in Nasarawa State.

Speaking during the tour, the Director of Information and Public Relations of the Federal Ministry of Works, Mal. Mohammed A. Ahmed, stated that the projects are part of the Federal Government’s strategic efforts to rehabilitate critical sections of its road network under the leadership of President Bola Ahmed Tinubu, GCFR. He explained that upon assuming office in May 2023, the present administration inherited 2,064 ongoing road projects, many of which had been abandoned due to funding challenges, and an inherited debt burden of about ₦13 trillion.

According to him, the Federal Government consequently prioritised 260 emergency and special intervention projects across the country to address critically failed sections of federal roads and areas affected by flooding and other natural disasters.

“These projects were initiated to quickly restore critical road and transport links to ensure seamless movement of people, goods, and services across the country,” Ahmed said.
He noted that the intervention projects are being executed under the leadership of the Honourable Minister of Works, Senator Engr. David Umahi, CON, FNSE, FNATE, is part of the administration’s broader infrastructure development drive under the Renewed Hope Agenda.

One of the projects commissioned during the tour was a 6-kilometre section of the road linking Agyaragu town to Sabon Kwara in Keana Local Government Area, Nasarawa South Senatorial District, Nasarawa State. The contractor, A.A. Albasu (Nigeria) Limited, commenced construction in November, 2022 and completed it in November, 2023. The project forms part of a 10.5-kilometre corridor serving the surrounding communities.

The construction works included earthworks, excavation and removal of existing culverts, and excavation to the required depth to receive blinding. Other works carried out include the provision of pipe culverts and lined drains, 200mm thick naturally occurring lateritic sub-base course materials, 100mm thick crushed stone base course, asphaltic concrete wearing course, surface dressing on shoulders, and lane markings.

Providing technical details of the project, the Federal Controller of Works in Nasarawa State, Engr. Ishaku Mamri, explained that the road had previously been in a deplorable condition, causing significant hardship for road users, residents, and traders, who rely on the route to transport goods and access nearby towns. He disclosed that the rehabilitated section was constructed to a standard width of 7.3 metres with shoulders, and that it includes approximately 4 kilometres of drainage infrastructure to ensure durability and effective water management.

“The road was awarded in November, 2022 and completed in 2023. It has since been in use by the community and has significantly improved movement within the area,” he added. Engr. Mamri noted that residents have expressed appreciation for the intervention, while also appealing for the completion of the remaining four (4) kilometres of the alignment.

As part of the Media Tour, Engr. Ahmed Tijjani Aminu, a representative of the Council for the Regulation of Engineering in Nigeria (COREN), and the Chairman of the Nigerian Society of Engineers (NSE), Lafia Branch, Engr Simon Obagu were present. Also present was the Chairman of the Nigeria Union of Journalists (NUJ), Nasarawa State Council, Comrade Salihu Mohammed Alkali, who performed the official commissioning of the project, on behalf of the Honourable Minister of Works.

The media tour also included a visit to the ongoing Lafia Bypass project site, a 15.8-kilometre alternative route designed to ease traffic congestion within Lafia metropolis by providing a faster corridor for commuters travelling between Abuja, Makurdi, and the eastern parts of the country.

According to the Project Engineer for Messrs China Harbour Engineering Company (CHEC), Engr. Tijani Olalekan, the contract, which had previously stalled after being awarded by the past administration, fully recommenced in February, 2024 under the current administration and has now reached over 80 percent completion. It is expected to be completed before the end of the year.

The scope of work includes site clearance and earthworks, construction of hydraulic structures, sub-base, stone base, stone pitching, lined drains, asphaltic concrete binder course, as well as the relocation of electrical poles along the project’s corridor.

The Commissioner of Works, Housing, and Transport, Nasarawa State, Hon. Mu’azu A. Gosho, commended the contractor for the quality of work. Also present were the Chairman of the Nigerian Society of Engineers (NSE), Lafia Branch, Engr. Simon Obagu, Engr. Ahmed Tijjani Aminu, representing COREN; the NUJ Chairman in Nasarawa State, Salisu Mohammed Alkali; and community members, who all expressed satisfaction with the quality of the work executed.

At the Nasarawa–Toto axis, officials also visited ongoing rehabilitation works on the Keffi–Nasarawan Toto–Abaji road, a strategic route aimed at improving connectivity between the Federal Capital Territory, Nasarawa, and other neighbouring states.
The Controller explained that the road project, originally awarded in 2018, experienced delays due to inadequate funding but has since gained momentum following renewed commitment from the Federal Government.

The FCW further revealed that the project has been restructured into phases, with the initial Phase 1 nearing completion under the 2025–2026 budgetary provisions, while Phase 2, involving concrete pavement construction is set to commence, soon. The Federal Government recently approved the second phase of the project covering approximately 129.3 kilometres at a cost of about ₦203 billion, further underscoring the administration’s commitment to strengthening the nation’s road and transport infrastructure.

The Project Manager, Mr. William, as well as the Site Engineer, Engr. Daniel Aleyemi, assured the team of quality work, while expressing optimism that the project would be completed before the end of the month.

Nasarawa State

The Director of Information and Public Relations emphasised that road infrastructure development remains a central pillar of President Tinubu’s Renewed Hope Agenda, particularly under the priority area focused on expanding and improving the national infrastructure. He noted that the administration is also advancing four (4) Legacy Road Projects, including the Lagos–Calabar Coastal Highway, the Sokoto–Badagry Super Highway, the Calabar–Abuja Super Highway, and the Dualisation of Akwanga–Jos–Bauchi–Gombe Road, all aimed at transforming connectivity and stimulating economic development across the six (6) geopolitical zones of the country. All the roads will be on concrete pavements with solar street lighting and railways.

The nationwide media tour, he added, is designed to promote transparency, allow journalists and professional bodies to verify the quality of ongoing works, and enable Nigerians to see firsthand the progress being made in the delivery of critical infrastructure.

The Federal Government reiterated its commitment to sustaining the momentum in road construction, reconstruction, expansion, and rehabilitation to support economic growth, national integration, and improved quality of life for Nigerians.

Mohammed A. Ahmed
Director, Information and Public Relations.
7 March, 2026.

Economy

CBN: 30 Banks Meet New Capital Requirements

Published

13 hours ago

March 8, 2026

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CBN: 30 Banks Meet New Capital Requirements

CBN: 30 Banks meet new capital requirements. The Central Bank of Nigeria says the banking sector recapitalisation programme introduced in 2024 is progressing steadily, with financial institutions strengthening their capital base to meet new regulatory thresholds.

A statement by the Acting Director of Corporate Communications at the bank, Hakama Sidi Ali, says thirty banks have already met the new minimum capital requirements tied to their respective licence categories.

The statement adds that thirty-three banks had raised additional capital through rights issues, initial public offerings and private placements as part of the recapitalisation programme.

CBN

The CBN notes that the capital positions of the remaining banks are currently undergoing routine verification ahead of final confirmation of compliance within the stipulated timeline.

The apex bank reiterates that Nigeria’s banking system remains stable and sound, stressing that the recapitalisation initiative will further strengthen banks’ capacity to support households, businesses and sustainable economic growth.

Economy

President Tinubu Inaugurates Committee To Oversee Grid Asset Company Incorporation As FEC Approves Establishment

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2 days ago

March 6, 2026

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President Tinubu Inaugurates Committee To Oversee Grid Asset Company Incorporation As FEC Approves Establishment

President Tinubu inaugurates committee to oversee grid asset company incorporation as FEC approves establishment. President Bola Tinubu has constituted an 11-member committee to facilitate the seamless incorporation of the Grid Asset Management Company (GAMCO) Limited.

In a statement on Friday, Bayo Onanuga, presidential spokesperson, said the committee was constituted following the federal executive council’s (FEC) approval for the establishment of the company at its Wednesday meeting.

According to the statement, the committee will be chaired by Femi Gbajabiamila, chief of staff to the president.

Members include the attorney-general of the federation and minister of justice, as well as the ministers of power, works, and finance.

Other members are the ministers of communications and digital economy; science, technology and innovation; and aviation and aerospace development.

The minister of state for petroleum, the chairman of the Nigeria Revenue Service (NRS), and Yemi Oke, a professor and energy expert, are also part of the committee.

John Ezeamama, permanent secretary of the cabinet affairs office, will serve as the committee’s secretary.

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“In proposing GAMCO, President Tinubu hopes to fast-track a quick-fix solution to the endemic problems of stranded power, grid management and transmission in the country’s electricity sector,” the presidency said.

Gbajabiamila, who conducted the inauguration on behalf of the president, said the company is designed to optimise and transform power generation, with a particular focus on the grid and transmission sectors.

He urged committee members to align with the president’s vision in establishing GAMCO and to adhere strictly to the committee’s mandate.

Gbajabiamila added that the committee will carry out a comprehensive review of existing laws, regulations, policies, and institutional frameworks governing the entire electricity value chain, including generation, transmission, distribution, and market operations.

FUNCTIONS OF THE COMMITTEE

According to the statement, the committee will examine the implications of the Electricity Reform Laws (2025) and associated unbundling arrangements on asset ownership, management, and regulatory oversight.

“It will identify areas of conflict, overlap, or inconsistency between the proposed GAMCO framework and extant legal and regulatory instruments,” the statement reads.

“The committee will also assess the legal status, ownership structure, and contractual obligations of the Niger Delta Power Holding Company (NDPHC) and National Integrated Power Project (NIPP) assets, including the Omotosho, Olorunshogo, and Ihovbor plants, which GAMCO plans to use for its pilot phase.

“It will evaluate the interface between GAMCO’s proposed mandate and the statutory functions of the Nigeria Electricity Regulatory Commission, and determine the fiscal, financial, and market implications of the proposal, including subsidy exposure, market liquidity, and revenue frameworks.”

The presidency said the committee will assess if GAMCO’s setup requires changes to laws, subsidy rules, or executive directives.

ABOUT THE PROPOSED GAMCO

According to the statement, the GAMCO aims to recover and optimise stranded power generation using the Benin-Lagos transmission corridor as a pilot phase.

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Onanuga said the initiative will address Nigeria’s power sector challenges, adding that the federal government will fully own GAMCO as a commercial venture, with the shares held by the Ministry of Finance Incorporated (MOFI).

He said the company will modernise transmission evacuation, starting from the most critical axis within Nigeria’s power system.

“The Benin-Lagos transmission corridor evacuates bulk power supply to Ogun and Lagos states, Nigeria’s largest industrial and commercial centres,” the spokesperson said.

Electricity

“The pilot phase will focus on optimising power output from the Omotosho, Olorunsogo and Ihovbor National Integrated Power Plants (NIPP plants). Omotoso’s installed capacity is 513MW, Olorunsogo’s 754 MW, and Ihovbor’s 508 MW.

“GAMCO projects to recover at least 1,600 MW within 18-24 months, alongside the development of a new high-capacity 330V+ double-circuit transmission line along the same corridor.”

He also said if the new company succeeds in the pilot phase, it will create a scalable model for other plants and corridors, forming the foundation

“At present, substantial Federal Government investment in NIPP generation assets remains under-optimised due to operational inefficiencies and transmission evacuation bottlenecks, resulting in stranded capacity and suboptimal return on public capital,” Onanuga said.

“GAMCO plans to unlock the stranded power of the three selected NIPP and develop a parallel high-capacity transmission corridor along the Benin-Lagos axis, thus translating underperforming national assets into reliably delivered megawatts.”

As proposed, he said the Niger Delta Power Holding Company (NDPHC) will grant GAMCO the concession and lease arrangements for the three plants.

Onanuga said the TCN will also grant GAMCO the right to develop, finance, and operate a greenfield 330 kilovolt+ (KV) double-circuit independent power transmission line along the identified corridor.

Economy

Ola Olukoyede Applauds Impact Of Proceeds Of Crime Act In Asset Recovery

Published

2 days ago

March 6, 2026

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Ola Olukoyede Applauds Impact Of Proceeds Of Crime Act In Asset Recovery

Ola Olukoyede applauds impact of proceeds of crime act in asset recovery. The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has applauded the Proceeds of Crime Act 2022 for its impact in asset recovery and management.

Speaking on Wednesday, March 4, 2026 at the opening ceremony of a workshop for officers of EFCC’s Department of Proceeds of Crime Management and other departments of the Commission at the EFCC Academy, Karu, Abuja, the EFCC’s Chairman noted that asset recovery and management was at the core of the Commission’s fight against corruption, economic and financial crimes, noting that the Proceeds of Crime Act 2022 “is a game-changer provided for a comprehensive legal framework for the identification, tracing, seizure, forfeiture, management, and disposal of proceeds of crime.”

The EFCC’s boss, who spoke through the Acting Commandant, EFCC Academy, Assistant Commander of EFCC, ACE1 Joseph Ogwiji, further observed that the Act has led to the “strengthening of financial intelligence and investigation, enhanced prosecutorial effectiveness, transparency and accountability in asset management and promotion of public trust in the anti-corruption framework.”

The Director, Department of Proceeds of Crime Management, Commander of EFCC, CE G.K. Latona in his remarks observed that the need for continuous knowledge sharing and capacity development of those saddled with the responsibilities of managing and disposing of recovered assets was imperative.

“The management, preservation and disposal of assets have now become a specialized issue and no longer a thing for the generalists. It has become professionalized worldwide that you now have associations like ARINWA, Asset Recovery Inter-Agency Network of West Africa. So, there is the need for us here to move along with this trend,” he said.

Ola Olukoyede

Obialunanma Nnaobi-Ayodele, Deputy Director, African Center for Governance, Asset Recovery and Sustainable Development, co-organizers of the workshop, stated that the collaboration with the EFCC was motivated by the Training Needs Assessment, conducted by her organisation with the of aim of mitigating money laundering and terrorist financing. She identified “strengthening legal competences, enhancing operational capability and fostering institutional collaboration with relevant agencies,” as the objectives of the training.

An interactive session at the Workshop brought out experiences and challenges peculiar to various commands of the EFCC and recommendations.