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Petrol price surge sparks calls for crude subsidy

FUEL PUMPPetroleum product marketers have argued that the only way to shield Nigerians from the shock of a sudden surge in petrol prices is for the Federal Government to sell crude oil to the Dangote Petroleum Refinery and other local refineries at subsidised rates.

The marketers, therefore, urged the Federal Government to sell crude oil to domestic refiners with a subsidy to prevent a sharp increase in petrol prices.

Specifically, the Independent Petroleum Marketers Association of Nigeria appealed to President Bola Tinubu to consider subsidising crude prices while also extending the naira-for-crude deal to other modular refineries operating in the country.

Dangote refinery recently effected a price hike, pushing the pump price of petrol to N839 per litre at MRS and other filling stations.

A few days later, crude prices surged above $70 per barrel in the global market, fuelling speculations that petrol prices could rise to N1,000 per litre in Nigeria, especially in locations far from the refinery or major tank farms.

Speaking on the development, the IPMAN spokesman, Chinedu Ukadike, said a subsidised crude oil supply had become critical to absorbing the shock of any possible price surge.

Crude oil prices, which serve as the main feedstock for refineries, change constantly, and such fluctuations directly affect the prices of petrol, diesel, and other fuels.

Ukadike said the Federal Government should offer refineries a ‘special deal’ on crude oil to act as a buffer, helping to keep pump prices stable even when global crude prices rise. In an interview with our correspondent, he said, “We need to consider crude oil subsidy.

The Federal Government can see how to subsidise crude oil being given to Dangote in naira.”

According to him, subsidised crude would help prevent what he described as a sudden increase in petroleum product prices, which often impacts the cost of domestic goods and services.

“The subsidy will ensure that there is no sudden increase in domestic goods and services. We are making this request now that the Federal Government should subsidise the crude oil it sells to Dangote and other refiners producing fuel locally,” he stated.

The IPMAN spokesman explained that the reason the refinery recently asked marketers to top up payments already made for petroleum products by N100 per litre was due to the rise in global crude prices, urging the Federal Government to consider the possibility of a crude subsidy.

Last Monday, the Dangote refinery announced an increase in its gantry price of petrol from N699 to N799 per litre. The adjustment pushed Dangote’s gantry price to about N70 higher than the landing cost of imported Premium Motor Spirit.

Findings by The PUNCH showed that marketers who had completed payments and processed final slips at N699 per litre were later asked to top up to N799 per litre before loading. This followed the refinery’s withdrawal of its temporary festive price support and the invalidation of previously issued loading authorisations.

Our correspondent reports that following the price increase by the Dangote refinery, most filling stations across the country adjusted their pump prices.

In Lagos, petrol prices ranged from N830 to N859 per litre. The Nigerian National Petroleum Company Limited sold PMS at N849 per litre along the Lagos-Ibadan Expressway. MRS filling stations dispensed the product at N839 per litre, while a few outlets sold at prices slightly lower than those of the Dangote-partnered MRS stations.

With the increase in petrol prices, Ukadike said fuel sales had slowed compared to the December festive period, noting that many consumers were becoming more conservative in their fuel consumption.

“The market is becoming slow now, unlike in the festive season when the prices were low. People were filling their tanks then, but now, people are becoming conservative because of the price increase,” the IPMAN leader stated.

Although the price of Brent crude settled at $69.32 per barrel on Sunday evening, Ukadike warned that unless crude prices decline to around $60 per barrel, petrol pump prices would continue to face upward pressure.

According to him, crude oil prices and exchange rates remain the major determinants of fuel pricing, stressing that changes in either would affect how petroleum products are sold in the domestic market.

Ukadike further warned that petrol could hit N1,000 per litre if the crude price surge persists, particularly in areas far from fuel depots. “The crude surge will definitely affect our local market. The price of petroleum products will come down if the crude price goes down; that’s the common principle of the market,” he said.

admin by — February 2, 2026 in Business 0
First HoldCo Records Major Impairment Charge, Grows Gross Earnings To ₦3.4tn

First HoldCo Plc has announced its unaudited financial results for the year ended 31 December 2025, reflecting a year of deliberate strategic actions aimed at strengthening its balance sheet, improving asset quality, and positioning the business for more resilient and sustainable growth amidst successful capital raise activities.

As stated in the unaudited Group financial statement, FirstHoldCo recorded a 4.8% year-on-year (y-o-y) increase in its Gross earnings to N3.4 trillion, supported by a 36.3% y-o-y growth in net interest income of N1.9 trillion on the back of enhanced earnings yield and margins of 17.11% and 11.0%, respectively. Similarly, net fees and commissions improved by 18.7% y-o-y to N290.7 billion. These are clear indications of the strength of the revenue generating capacity of the core business which continues to be solid.

 Earnings for the year were, however, lower than the prior year, primarily due to higher impairment charges in the commercial banking segment.
This is in line with a deliberate strategic decision to accelerate balance sheet clean-up and adopt more aggressive provisioning standards. Management views this as a prudent step that enhances transparency, strengthens investor confidence, and aligns fully with evolving regulatory expectations.

Additionally, increased regulatory costs affected profitability. These charges, while weighing on the results, underscore the Group’s compliance with Nigeria’s financial system stability framework and its commitment to ensuring systemic confidence. Despite these pressures, underlying performance of the Group remains strong.

Deposit liabilities grew by 10.0% y-o-y, driven by sustained deposit mobilisation and continued investment in digital banking platforms. This growth reflects strong customer confidence and deepening engagement across key segments.

The deposit mix also showed a deliberate reduction in foreign currency deposits, resulting from the repayment of expensive funding and the impact of naira appreciation. This shift supports improved funding efficiency and reduces foreign exchange risk.

Gross loans and advances declined marginally, reflecting a disciplined approach to credit growth, strengthened risk management, loan repayments, write-offs, and the translation impact of a stronger naira on foreign currency facilities.

The Group intensified its commitment to ensuring a high-quality, cleaner asset base, aiming to optimise the portfolio and enhance future earnings potential.

Furthermore, performance in earnings was impacted by a decline in non-interest income, mainly due to lower fair value gains on financial instruments following the naira appreciation in 2025. However, this was partially offset by stronger foreign exchange (FX) trading income and reduced FX revaluation losses.

Net fees and commission income also grew, supported by higher electronic banking fees, letters of credit commissions, custodian fees, and account maintenance income, reflecting the continued success of the Group’s digital-innovation strategy.

While impairment charges increased following the end of regulatory forbearance, management has intensified recovery initiatives and reinforced credit oversight.

Excluding impairment and fair value gains, pre-provision operating profit grew by 23.9% y-o-y to N973.3 billion demonstrating robust performance of the core business.

Apart from the commercial banking impairments, performance across the rest of the Group remained resilient, supported by steady customer activity and disciplined execution.

Looking ahead, the Group will continue to prioritise disciplined execution of its strategic objectives, with emphasises on enhancing efficiency and profitability, continuing to build on the Group’s digital and data capabilities, while sustaining a robust balance sheet to support increased value creation and returns for shareholders.

Alongside this, the Group will pursue selective growth initiatives, including new revenue streams, additional business verticals, and deeper participation in targeted African markets, in line with our strategy and risk appetite.

Further details and insights are to be provided when the audited full-year results are published and during the subsequent investor and analyst earnings call.

admin by — February 2, 2026 in Business 0
Dangote Group, NNPC Subsidiaries Seal Strategic Gas Agreements

Towards meeting the energy demands of their ongoing expansion projects, three subsidiaries of Dangote Industries Limited, Dangote Petroleum Refinery, Dangote Fertiliser Plant and Dangote Cement Plc have scaled up their Gas Sales and Purchase Agreements (GSPA) with subsidiaries of the Nigerian National Petroleum Company Limited (NNPC Ltd): Nigerian Gas Marketing Limited and NNPC Gas Infrastructure Company Limited (NGIC).
The upscaled Supply Agreements will help to drive the conglomerate’s Vision 2030, resulting in increased output, better and cleaner energy supply as well as support ongoing expansion projects. The Agreements were signed at the unveiling of the NNPC Gas Master Plan (GMP) 2026, tagged NGMP 2026 held at the NNPC Towers weekend in Abuja.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery, Mr. David Bird, signed on behalf of the refinery, while the Group Managing Director of Dangote Cement Plc, Mr. Arvid Pathak, signed on behalf of the cement company. Mr. Mustapha Matawalle signed on behalf of Dangote Fertiliser FZE.
CEO of Dangote Petroleum Refinery, David Bird speaking at the signing ceremony said that the agreement demonstrates the refinery’s bold steps to expand its capacity. According to him, the agreements mark a critical milestone in the expansion drive as well as a proactive measure to lock in vast energy requirements for the anticipated increase in its production capacity.
According to Pathak, the agreement signing serves as an enabler of DCP’s strategic objectives. The agreement guarantees the gas required to support the drive towards CNG adoption as Autogas and to meet the increasing gas demand as production capacities in Nigeria are expanded. It also promotes the adoption of cleaner fuel for both Autogas through CNG and gas to support increased production output.
For Dangote Fertiliser FZE, it is anticipated the agreement will support the company’s fertiliser capacity expansion projects, given that fertiliser is a product of natural gas.
Meanwhile, speaking at the event, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, described the Gas Master Plan as a deliberate pivot from policy articulation to disciplined execution, anchored on commercial viability and integrated sector-wide coordination.
He said: “Today’s launch is not merely the unveiling of a document; it represents a deliberate shift towards a more integrated, commercially driven, and execution-focused gas sector, aligned with Nigeria’s development aspirations. Nigeria is fundamentally a gas Nation. With one of the largest proven gas reserves in Africa, our challenge has never been potential, but translation: translating resources into reliable supply, infrastructure into value, and policy into measurable outcomes for our economy and our people. The Gas Master Plan speaks directly to this challenge.”
Hon. Ekpo further noted that the Plan’s strong focus on supply reliability, infrastructure expansion, domestic and export market flexibility, and strategic partnerships aligns seamlessly with the Federal Government’s Decade of Gas Initiative, positioning natural gas as the backbone of Nigeria’s energy security, industrialisation, and just energy transition.
In his address, the Group Chief Executive Officer, NNPC Ltd, Engr. Bashir Bayo Ojulari, described the NNPC Gas Master Plan 2026 as a bold, effective execution-anchored roadmap designed to unlock Nigeria’s immense gas potential and elevate the country into a globally competitive gas hub.
Ojulari noted that with about 210 trillion cubic feet (Tcf) of proven gas reserves and an upside potential of up to 600 Tcf, Nigeria possesses one of the most consequential hydrocarbon basins in the world; one reinforced by the Petroleum Industry Act (PIA) and the Federal Government’s gas-centric energy transition agenda.
“The Plan is structured not just to deliver – but to exceed- the Presidential mandate of increasing national gas production to 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030, while catalysing over 60 billion dollars in new investments across the oil and gas value chain by 2030.”
He explained that the Plan prioritises cost optimisation, operational excellence, and systematic advancement of resources from 3P to bankable 2P reserves, while strengthening gas supply to power generation, CNG, LPG, Mini-LNG, and critical industrial off-takers.
Reaffirming his personal commitment as Chief Sponsor of the initiative, the NNPC Ltd GCEO stressed that the Company has adopted a more collaborative, investor-centric approach in shaping the NGMP 2026, with strong alignment to industry stakeholders, partners, and investors.
admin by — February 2, 2026 in Business 0
Polaris Bank Strengthens MSMEs Export Ecosystem At NAHCO/NACCIMA Export Group Programme

Polaris Bank has reaffirmed its strategic commitment to strengthening Nigeria’s non-oil export ecosystem and empowering micro, small and medium-sized enterprises (MSMEs) at the NAHCO and NACCIMA Export Group Programme themed *Breaking Barriers: Helping SMEs Navigate Export Procedures for Agro Products and Other Commodities.”
The one-day engagement brought together regulators, industry stakeholders, exporters and trade bodies to advance practical solutions for easing trade barriers, improving access to finance and building a more resilient and diversified Nigerian economy.
The programme also marked the formal introduction and launch of the NACCIMA Export Group and the NAHCO Export Support Centre for MSMEs in Nigeria, creating a structured platform for exporters to access trade facilitation services, logistics support, regulatory guidance and financial solutions across the export value chain.
Speaking at the programme, Polaris Bank’s Executive Director, Chris Ofikulu, underscored the national importance of export diversification and the central role of SMEs in building a resilient economy. He noted that reducing Nigeria’s dependence on oil revenues requires coordinated action across the public and private sectors to strengthen non-oil exports, particularly within agro-exports and commodity trade.
“Expanding non-oil exports is not optional; it is a strategic imperative for building a resilient, inclusive and competitive Nigerian economy. SMEs, particularly in agro-exports and commodity trade, hold the key to unlocking our true comparative advantage. Polaris Bank remains committed to providing the finance, advisory support and partnerships required to help them scale confidently and compete globally,” Ofikulu said.
The engagement also focused on addressing structural challenges confronting exporters, including infrastructure gaps, port inefficiencies, logistics constraints, standards and certification requirements, and policy consistency.
Participants emphasized the need for stronger public-private collaboration among government agencies, trade bodies, financial institutions and logistics partners to simplify export procedures and improve market access for Nigerian SMEs.
Also addressing stakeholders, Olaleye Arinola, Team Lead, Trade Services, Polaris Bank, highlighted the importance of removing trade and payment bottlenecks that limit exporter competitiveness and cash flow. He emphasized the Bank’s focus on building confidence and certainty into the export process through practical financial and advisory support.
“Exports cannot grow if finance and payments remain obstacles. At Polaris Bank, our focus is on removing friction from international trade by ensuring SMEs get paid faster, safer and with greater certainty through efficient trade finance, secure cross-border payments and hands-on guidance across documentation, FX and compliance,” Arinola said.
As part of its partnership with the business and trade community, Polaris Bank unveiled a Dedicated Help Desk for NACCIMA members, designed to provide direct access to trade finance and payment support, fast-track resolution of export-related enquiries, and personalized advisory services on FX documentation and regulatory compliance.
Polaris Bank reaffirmed its commitment to working closely with NAHCO, NACCIMA and other stakeholders to strengthen exporter capacity, promote value addition across agro-exports and commodities, and unlock sustainable growth opportunities for Nigerian businesses in regional and global markets.
As Nigeria advances its economic diversification agenda, Polaris Bank remains positioned as a trusted partner for SME exporters, providing the finance, knowledge and institutional support required to compete globally and contribute meaningfully to national development and long-term economic resilience.
admin by — February 2, 2026 in Business 0
Support Uba Sani’s administration for sustainable development in Kaduna – APC chieftain Yashim

The All Progressive Congress, APC, state chairmanship aspirant in Kaduna state, Dr Simon Nuhu Yashim, has urged Kaduna state citizens to support governor Uba Sani’s administration to continue to provide accurate and quality leadership in the state.

Yashim made the appeal while interacting with newsmen during the  book launch for Uba Sani’s two years achievements and presentation, organised by 14-14, held in Kaduna.

According to him, “Governor Uba Sani’s two-year tenure has focused on governance and tangible achievements in security, infrastructure, and human capital development all over the state.”

He pledged to adequately build a party structure that would work tirelessly to amplify and safeguard the governor’s legacy through robust grassroots support and effective communication of government programs to the electorate, when elected as state APC Chairman.

Also speaking, the member representing Zaria city constituency, Barrister Mahmud Lawal Ismail, said “the book launch is timely when the people of Kaduna are witnessing with satisfaction the commitments of governor Uba Sani’s administration to provide infrastructural development.

The Chairman house committee on education also noted that, the book launch would serve as guidelines for some of the activities for his government on health, education social investment, agriculture, security, roads and infrastructures, among others.

admin by — January 31, 2026 in News 0
Seek reconciliation rather than futile legal battle – Oyo PDP urges Turaki, others

The Caretaker Committee of the Peoples Democratic Party (PDP) in Oyo State has enjoined the faction of the party led by Tanimu Turaki to seek reconciliation rather than pursuing futile legal battle.

Chairman of the caretaker committee, Professor Abdulrahman Akinoso made this declaration via a statement made available to DAILY POST Friday evening.

The convention was held in Ibadan between 15 and 16 November last year.

Our correspondent gathered that the court, led by Justice Uche Agomoh, ruled that the convention and its outcomes were illegal.

The court then nullified the convention and thereafter affirmed the caretaker committee as the lawful governing body of the party.

Akinoso, in his reaction, urged the faction led by Turaki to seek reconciliation rather than pursuing a futile legal battle.

He said that the party remained committed to unity and democratic principles.

Akinoso also reaffirmed the support of the caretaker committee for the National Caretaker Committee.

He said, “We urge the Turaki-led group to seek reconciliation rather than pursuing a futile legal battle.

“The PDP remains committed to unity and democratic principles. The Oyo State PDP Caretaker Committee reaffirms its support for the National Caretaker Committee and pledges to work towards party unity and success in the 2027 general elections.

“We call on all PDP members to rally behind the party’s leadership and focus on rebuilding and strengthening our structures for electoral success”.

admin by — January 31, 2026 in News 0
Senators lament poor funding, seek redress

SenateSome senators on Friday raised the alarm over what they described as inadequate funding of Senate standing committees, warning that the situation was undermining their work and threatening effective budget implementation.

The complaints came up at a meeting between the Senate Committee on Appropriations and chairmen of various standing committees ahead of the consideration of the 2026 budget.

Leading the pack, Senator Anthony Ani (Ebonyi South) said the Senate Committee on South East Development Commission had received no funds since its inauguration.

He said, “Mr Chairman, you have read out the timetable to be followed by the various committees for consideration of the 2026 budget. But the Senate Committee on South East Development Commission that I belong to does not have money to organise a meeting with any agency due to zero allocation since its formation and inauguration.

Ani added that based on credible information, other Senate committees overseeing zonal development commissions had yet to be funded, questioning how such committees were expected to function.

Corroborating his position, the Chairman of the Senate Committee on North Central Development Commission, Titus Zam (Benue North-West), warned that the initial enthusiasm that greeted the creation of the commissions was waning.

“Lack of funding for the committees on zonal development Commissions in the Senate, is gradually turning the excitement that heralded them into disappointment and even into lamentation,” he said.

Also speaking, the Deputy Minority Leader of the Senate, Oyewunmi Olalere (Osun West), extended the concerns to what he described as weak and overlapping budget implementation, urging the Senator Solomon Adeola-led Appropriations Committee to intensify oversight of revenue-generating agencies.

“The promise on single budget implementation from April 1 this year is being threatened because parts of the capital component of the 2024 budget in terms of contracts execution are not paid yet, let alone the 30 per cent capital component of the 2025 budget expected to expire by the 31st of March.

“Today (Friday) is January 30, which means that only two months are left to clear off the leftovers of 2024 and 2025 budgets to pave the way for the promised single budget implementation from April 1st, 2026.

“Mr Chairman, a lot needs to be done between now and next month by your committee and critical stakeholders to prevent the continuation of multiple budget implementation,” he said.

Similarly, Senator Francis Fadaunsi (Osun East) said poor budget funding had persisted, stressing that liabilities from the 2024 budget had yet to be settled.

“I concur with my colleague from our state on the yet to be fully implemented 2024 budget because the affected unpaid contractors are still carrying placards around.

“This committee must reach out to the critical stakeholders for the required tidying up of 2024 and 2025 budgets before 1st April 2026,” he said.

admin by — January 31, 2026 in News 0
Sokoto governor signs N758.7bn 2026 budget into law

Sokoto State Governor, Ahmed Aliyu, on Friday signed the N758.7 billion 2026 Appropriation Bill into law.

The budget, tagged the “Budget of Socioeconomic Expansion,” aims to stimulate economic growth and improve living standards across the state.
The governor said implementation of the budget would commence immediately to ensure timely delivery of government projects and programmes.

A breakdown of the budget shows that 41 per cent is allocated to the economic sector, 37 per cent to the social sector, and 16 per cent (N122.73 billion) to health.

Health projects include the completion of the Sokoto State University Teaching Hospital in Kasarawa, Murtala Muhammad Specialist Hospital, and general hospitals in Binji, Tambuwal, and Sabon Birni.

The budget also provides for the procurement of 21 ambulances to strengthen emergency response services.

The education sector received N115.95 billion for the rehabilitation of schools, improvement of teaching and learning conditions, and development of tertiary institutions.

Agriculture was allocated N18.74 billion to support farmers with inputs, equipment, and services aimed at boosting food production and food security.

Governor Aliyu noted that 72 per cent of the budget is for capital expenditure and 28 per cent for recurrent spending.

He added that projects executed in the previous year were funded through the Federation Account and the state’s internally generated revenue, keeping Sokoto State debt-free.

The Speaker of the Sokoto State House of Assembly, Hon. Tukur Bala Bodinga, said the timely passage of the budget reflected coordination between the executive and legislature.

He noted that the House subjected the proposal to scrutiny to ensure it aligns with the state’s development priorities and pledged continued oversight during implementation.

admin by — January 31, 2026 in News 0
Onitsha Market shutdown: Traders have right to observe sit-at-home – BRGIE counters Soludo

The Biafra Republic Government in Exile (BRGIE), on Friday, condemned the decision of Anambra State Governor, Prof. Chukwuma Soludo, to shut down the Onitsha Main Market and threaten its permanent closure.

DAILY POST recalls that Onitsha Main Market has remained shut throughout the week following Governor Soludo’s order.

He had announced a one-week shutdown of the market over the continued observance of Monday sit-at-home by traders.

The decision sparked protests by traders, which degenerated into chaos in parts of the state.

In a subsequent speech, the governor warned that the market could be closed indefinitely if the situation persisted, a move that has drawn widespread criticism in recent days.

Reacting, the Prime Minister of BRGIE, Ogechukwu Nkere, in a statement, described Soludo’s actions as unjust and targeted at innocent traders.

Nkere, who was recently elected to replace Simon Ekpa following his (Ekpa) sentencing in Finland, faulted what he described as threats against traders, including alleged plans to demolish shops and markets in Onitsha.

According to him, traders in Onitsha have the right to freedom of expression, including the voluntary choice to observe sit-at-home actions in solidarity with Nnamdi Kanu and to express opposition to what he termed Nigeria’s oppression.

Nkere maintained that the sit-at-home actions were undertaken by the traders of their own free will, insisting that neither the BRGIE nor its affiliates coerced or compelled anyone to participate in the protests.

He further drew parallels with historical examples of civil disobedience, citing India’s independence struggle under Mahatma Gandhi, which involved peaceful resistance, economic boycotts, and non-compliance.

“Charles Soludo, whom the Biafra Republic Government in Exile considers an illegitimate governor, should not be targeting innocent Onitsha traders, including threatening to demolish their shops and markets. Onitsha traders have the right to freedom of expression, including the voluntary decision to observe sit-at-home actions in solidarity with Mazi Nnamdi Kanu and to express their displeasure towards Nigeria’s oppression.

“These actions are undertaken entirely of the Onitsha traders’ own volition.

“The BRGIE and its affiliates in the homeland did not coerce or compel traders in any way to engage in sit-at-home protests.

“There is historical precedence where people have achieved independence through civil disobedience, such as when Mahatma Gandhi and the people of India achieved independence from Great Britain through peaceful disobedience, which included social and economic boycotts and non-compliance,” he said.

DAILY POST reports that the market closure has been attracting diverse reactions, with the Indigenous People of Biafra, IPOB, asking the traders to ignore the governor.

To show their displeasure, IPOB has gone ahead to declare sit-at-home across the South-East on Monday February 2.

It is left to be seen if the people would obey the directive.

admin by — January 31, 2026 in News 0
Sanwo-Olu defends Makoko demolition, cites public safety concerns

Governor Babajide Sanwo-Olu of Lagos State has defended his administration’s demolition of waterfront shanties in parts of Makoko, saying the action was taken solely to protect lives and prevent what he described as an impending humanitarian disaster.

The governor spoke on Friday during a closed-door breakfast meeting with selected Managing Directors and Chief Executive Officers in Ikoyi.

The meeting was organised by the Lagos State Security Trust Fund, LSSTF, as part of efforts to mobilise resources for the state’s security needs in 2026.

Responding to public criticism and protests that followed the demolition of structures around the Third Mainland Bridge corridor, Sanwo-Olu said the settlement had expanded at an alarming pace and had encroached dangerously close to critical infrastructure.

“I have been accused of destroying Makoko. But the challenge is that the settlement was growing at an incredible speed and moving dangerously close to the bridge.

“There are high-tension power lines underneath. I am not going to sit down and allow a situation where, in one day, 100 to 500 people could die,” he said.

He stressed that the exercise was not politically motivated and was not intended to displace residents permanently, but to push them away from areas considered unsafe.

“Of what benefit would it be for the government to dislocate people?” Sanwo-Olu asked, adding: “It can only be for their own safety. We will not sit back, allow disaster to happen, and then be blamed for inaction.”

The governor disclosed that the state government had explored partnerships with international development agencies to redevelop Makoko in a sustainable manner, but said such efforts had yielded little progress.

“For six years, a United Nations agency said if I brought money, they would support development. I told them I already had my own money. Till today, they have not returned. Only last week they said they had no funds,” he said.

Sanwo-Olu also criticised some non-governmental organisations, accusing them of exploiting the Makoko situation to attract donor funding rather than offering lasting solutions.

Beyond the Makoko issue, the governor used the forum to call on the private sector to deepen its support for Lagos’ security architecture through the LSSTF.

He outlined priority security needs to include multipurpose helicopters and drones, armoured personnel carriers, water cannons, smart CCTV cameras, digital communication systems, patrol vehicles, tactical training and upgrades to police infrastructure.

According to him, the Lagos State Government currently shoulders more than half of the state’s annual security expenditure, adding that the LSSTF has continued to enjoy credibility due to transparency and accountability.

“We want to ensure Lagos remains secure. We are rebuilding the Command and Control Centre with state-of-the-art equipment and scaling up our Safe City CCTV initiative. Improving emergency response capacity remains a top priority,” Sanwo-Olu said.

The governor also announced plans to commission 35 junior and senior secondary schools in Tolu, Ajegunle, next month, noting that the facilities would accommodate about 22,000 students and help address education gaps in densely populated communities.

Drawing a comparison with the long-standing Okobaba sawmill challenge, Sanwo-Olu said his administration successfully relocated operators to Agbowa, ending years of recurrent fire incidents after investing billions of naira and providing over 500 housing units.

He emphasised that urban safety, security and social infrastructure must advance together if Lagos is to remain attractive to investors.

“We need to keep our people safe, secure the future and assure investors that Lagos remains the right environment for growth,” the governor added.

admin by — January 31, 2026 in News 0