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Lagos Raises N100bn As Infrastructure Bond

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The Lagos state government says it has issued a N100 billion series III bond under its N500 billion bond issuance programme.

Babajide Sanwo-Olu, the state governor, said the proceeds from the bond will be used to execute key infrastructure projects.

Sanwo-Olu said that the signing was Lagos State’s third bond programme; as the state had previously issued bonds under N107.5 billion and N167.5 billion programmes.

L-R: Lagos State Attorney General and Commissioner for Justice, Mr. Moyo Onigbanjo (SAN); Lagos State Commissioner for Finance, Dr. Rabiu Olowo; Governor Babajide Sanwo-Olu; Secretary to the State Government, Mrs. Folasade Jaji; Chief of Staff to the Governor, Mr. Tayo Ayinde and Head of Service, Mr. Hakeem Muri-Okunola, during the signing of the Lagos State N100 Billion Series III Bond Programme at Lagos House, Alausa, Ikeja, on Wednesday, January 29, 2020.

He said that the bond offered through book-building recorded an oversubscription of 196.5%.

Book building is a process by which the issuer company, before the filing of the prospectus, builds-up and ascertains the demand for the securities being issued and assesses the price at which such securities may be issued, and ultimately determines the quantum of securities to be issued.

Under the book-building process, the issuing company is required to tie up the issue amount by way of a private placement.

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The issue price is not priced in advance. It is determined by an offer of potential investors about the price which they may be willing to pay for the issue. To tie-up the issue amount, the company organizes roadshows and various advertisement campaigns.

According to the governor, this strong response to the new administration’s debut bond issuance is a testament to continued investor confidence in Lagos state and its strong credit profile.

He thanked the investors for the confidence they had in the government of the state and assured that the fund would be judiciously utilised.

“We will ensure that the entire Lagosians feel the impact of this investment, that they feel the direct intervention in their houses, on the roads, on the bridges we build, and the hospitals that we are going to build,” he said.

“We will ensure they feel it in the schools that we are going to renovate and build for their children, in the slums that we are going to renovate, such that the real essence of governance can be given to all of them.”

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The Series III issuance was maintained at N100 billion and clearing price of 12.25%.

Chapel Hill Denham acted as the lead issuing house alongside 14 other issuing houses on the transaction.

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Jurisdiction: Court to rule on Emefiele’s application January 7

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Emefiele

Justice Rahman Oshodi of the Ikeja Special Offences Court has January 7, 2025, to rule on an application filed by Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), challenging the court’s jurisdiction over his case.

Emefiele, facing a 26-count charge filed by the Economic and Financial Crimes Commission (EFCC), is accused of misusing his office, resulting in a loss of $4.5 billion and N2.8 billion.

His co-defendant, Henry Omoile, is also on trial for related charges, including the unlawful acceptance of gifts.

During yesterday’s proceedings, Emefiele’s counsel, Olalekan Ojo SAN, argued that the court lacked jurisdiction to hear the case in Lagos.

He contended that the alleged offences, including abuse of office, fell outside the territorial reach of the Ikeja Special Offences Court.

Ojo further argued that the charges violated Section 36(12) of the Constitution, asserting that the actions Emefiele is accused of were not legally recognized offences.

Ojo emphasized that since the Lagos State House of Assembly does not have legislative authority over matters on the Exclusive Legislative List, Section 73 of the Criminal Law of Lagos State 2011 under which Counts 1 to 4 were filed, cannot apply extraterritorially to any alleged abuse of office by Emefiele.

He argued that a court’s territorial jurisdiction refers to the geographical area within which its authority can be exercised, and outside of this area, the court cannot act.

Ojo also urged the court to strike out Counts 1 to 4 of the 18 amended information filed on April 4, 2024, on the grounds that the offences occurred outside the court’s jurisdiction.

In response, EFCC counsel Rotimi Oyedepo SAN maintained that the court had the authority to hear the case.

He argued that the alleged crimes were economic and financial in nature, within the EFCC’s jurisdiction, and that evidence supported Lagos as the appropriate venue for the trial.

Oyedepo further asserted that the subject matter of the charges fell squarely within the court’s jurisdiction, as the offences were committed within the court’s territorial reach.

He argued that the evidence and witness testimonies pointed to Lagos as the proper location for the trial and that the objections raised by Emefiele’s legal team were not substantiated by the facts or evidence.

After hearing arguments from both parties, Justice Oshodi adjourned the matter and fixed January 7, 2025, for ruling.

 

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State Police: Governors in support, NEC to adopt report at next meeting in January

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At the 146th National Executive Council (NEC) meeting, the last for 2024, 36 states with exception of the Federal Capital Territory (FCT), submitted their reports on state police, with majority supporting its establishment to address Nigeria’s escalating security challenges, Kaduna State Governor Uba Sani on Thursday disclosed.

Speaking after the meeting presided over by Vice President Kashim Shettima, Sani revealed that 36 states have submitted proposals supporting the establishment of state police, reflecting a strong consensus among governors.

“Today, one of the discussions we had at the NEC meeting was the update on the creation of state police. As you are aware, there was a submission by States toward the establishment of state police. ⁣

⁣”Today, about 36 states have already made their submission for establishing state police in Nigeria. And I can say here that from what is available, virtually most of the states are in agreement with the establishment of state police in Nigeria,” Sani stated.

Despite the overwhelming support, discussions on the initiative were postponed until the next NEC meeting scheduled for January.

Sani explained, “The council decided to step down the discussion until we receive a report from the secretariat. After that, there will be deliberation at the next NEC meeting.”

He also highlighted a resolution from the previous NEC meeting calling for further stakeholder engagement to refine the proposal.

“And not only that, there’s also a resolution in the last NEC meeting, which is today the Secretariate have also agreed on that, there will be further stakeholder engagement after the panel and deliberation by the members of the NEC.”

⁣The governor acknowledged the unique security challenges faced by different regions, noting, “Considering the fact that virtually every state has their peculiarity in terms of the problem we are having of insecurity in our own states. Knowing fully well that we have a lot of ungoverned space in Nigeria, and also that we have a lot of deficit in terms of number of boots on ground, looking at the fact that a lot of security agencies, the police, the army and other relevant security agencies have no personnel to cover all the ungoverned spaces, that is the reason why most of us agreed that establishment of state police in Nigeria is the way forward toward addressing the problem insecurity in our own country.”

At the last NEC meeting, the governments of Kwara, Kebbi, and Adamawa and FCT were given one week to submit their reports on the proposed creation of state police.

Governor Sani said while others have complied, FCT failed to do so with explanations which were accepted by the council.

 

The council had in September, threatened to impose decisions on any state that had not complied with the request for reports.

 

The push for state police comes as Nigeria grapples with severe insecurity issues, including banditry and terrorism.

The NEC’s discussions follow a broader national dialogue on policing reform initiated by President Bola Tinubu earlier this year. The President has long advocated for state police as part of efforts to decentralize Nigeria’s heavily centralized security apparatus.

 

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Police arrest five armed robbery suspects, recover three AK-47 rifles in Lagos, Anambra

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Four suspects, Akeem Alabi, Adewale Sogbesan, Emmanuel Izeagbe, and Francis Okoko have been arrested by the Lagos State Police Command for alleged armed robbery.

Force Public Relations Officer (FPRO), ACP Olumuyiwa Adejobi disclosed this in a statement in Abuja on Thursday.

He said the suspects were arrested on December 10 and confessed to being members of a robbery syndicate operating around the Costain axis in the state.

Adejobi said the arrests were in furtherance of the Inspector-General of Police, IGP Kayode Egbetokun’s assurance to Nigerians of the emplacement of intensive security measures to ensure the safety and protection of lives and property during the Yuletide festivities.

He said the IGP has directed the immediate deployment of adequate personnel to strategic locations, key areas and identified hotspots across all states, an initiative aimed at curbing traffic, highway robberies, and other criminal activities during this period of increased-mobility, public gatherings and celebrations.

Adejobi said the IGP’s directive includes the mobilisation of police officers to highways, major roads, urban centres, and recreational centres nationwide.

“Officers will be strategically positioned to deter crimes via increased police presence and visibility on major highways and roads prone to criminal activities, particularly highway robberies, which tend to spike during festive seasons,” the FPRO said.

He said the police has already made significant headway in combating these crimes with the arrest of the armed robbery suspects in Lagos and other parts of the country.

Adejobi said that on December 6, police operatives of the Anambra State Command trailed and arrested a suspected armed robber identified as Miracle Mwakaloi at Awka, the state capital.

“Upon his arrest and subsequent interrogation, the suspect led the operatives to his apartment, where during a search, 3 Ak-47 rifles were recovered.”

The FPRO said the Nigeria Police Force remains firm in its commitment to providing a safe environment during and beyond the Yuletide season.

“With ongoing proactive measures, including enhanced patrols, community engagement, and a specific focus on public safety, the Force is dedicated to ensuring that the festive season is celebrated without the shadow of crimes.

“While urging citizens to cooperate with heightened police presence which promises to be professional and law-abiding, the IGP further encourages citizens to remain vigilant and report all suspicious activities to the Police and other law enforcement agencies,” he said.

 

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