News
President Tinubu Commends $1.26 billion. Landmark Financing For Lagos Calabar Coastal Highway Phase 1, Section 2
Joel Ajayi
President Bola Tinubu has praised the Federal Ministry of Finance for successfully closing USD 1.26 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.
In a statement issued by the Special Adviser to the President (Information and Strategy)Bayo Onanuga on Friday in Abuja
President Tinubu applauded the Ministries of Finance and Works and the Debt Management Office for working together on the transaction, adding that the federal government will continue to explore creative financing 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 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 and significantly enhancing 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), with risk mitigation support provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), marking ICIEC’s first Nigerian 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 infrastructure.
SkyKapital acted as Lead Financial Advisor, coordinating structuring, lender engagement, and execution. Environmental and Social advisory services were provided by Earth Active (UK), ensuring complete 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”, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the fund will be deployed responsibly and judiciously to deliver on the project within timelines.
“The signing on December 19, 2025, of USD1.26 billion financing for Phase one — section two 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 one section one on July 9, 2025. Collectively, 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 262 million) and Afreximbank (USD 500), 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 execution speed.
In line with the Federal Government’s commitment to transparency and fiscal discipline, a comprehensive Value-for-Money (VfM) assessment was conducted by SkyKapital in close coordination with the Federal Ministry of Works 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.
News
DNKI President Champions Humanitarian Service, Sustainable Community Development
Cyril Samania
The President of De Norsemen Kclub International (DNKI), Chief Oliver Patrick Ityohegh, has reaffirmed the organisation’s commitment to humanitarian service, stressing the importance of supporting vulnerable people and improving community welfare beyond the annual celebration of Humanitarian Day.
Ityohegh stated this during the organisation’s Cauldron Night and Award Presentation held to commemorate its 2026 Humanitarian Day celebration, theme: “Humanity First: Advancing Hope, Dignity and Community Well-being.” organised by the DNKI Abuja Chapter.
He emphasised that humanitarian service should be a continuous responsibility driven by compassion, solidarity and a commitment to making a meaningful difference in society.
According to him, DNKI’s humanitarian activities reflect its dedication to giving back to society and supporting people in need, while encouraging members to sustain initiatives that promote human dignity and community well-being.
He added that the organisation would continue to strengthen its humanitarian engagements through practical interventions aimed at improving the lives of vulnerable people and promoting community development.
Speaking at the event, the representative of the Abuja Chapter Chairman and Chairman of its Advisory Council, Prince Efiong Okpe, said the organisation’s humanitarian activities extended beyond the annual celebration of Humanitarian Day on October 15.
Okpe explained that DNKI undertook several initiatives throughout the year, including blood donation exercises, visits to hospitals and correctional centres, as well as support for orphanages and other vulnerable groups.
According to him, the organisation also collaborated with humanitarian bodies in the Federal Capital Territory (FCT) to identify areas of need and provide assistance within its available resources.
He described Humanitarian Day as an opportunity for members to renew their commitment to service and demonstrate solidarity with people facing difficult circumstances.
Earlier, the Chairman of the Planning Committee and Coordinator of the DNKI Gwagwalada Zone, Mr Etudaiye Hamzat, disclosed that the chapter had provided financial assistance to some members to help pay their children’s school fees, alongside distributing bags of rice and other relief items to members experiencing hardship.
Hamzat explained that the interventions followed concerns over the difficulties some members faced in meeting their family responsibilities, particularly the rising cost of their children’s education.
He maintained that supporting members in need was consistent with the organisation’s humanitarian principles, adding that DNKI remained committed to extending assistance to non-members and vulnerable communities as part of its commitment to leading by example.
Looking ahead, Hamzat said the Abuja Chapter planned to expand its humanitarian outreach to remote communities within the FCT, with particular attention to orphanages, schools and widows facing difficulties in meeting their family responsibilities.
He also recalled previous interventions for internally displaced persons (IDPs), which included the distribution of food, clothing and educational materials, noting that the chapter intended to scale up such initiatives in the coming year.
The highlight of the event was the presentation of awards to outstanding members and distinguished non-members in recognition of their contributions to humanitarian service.
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