President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its continued confidence in Nigeria’s economy.
President Tinubu made the commendation following IFC’s $50 million equity investment in the Lagos Free Zone, a Tolaram initiative to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone.
The President described the investment as a testament to the growing trust of global financial institutions in Nigeria’s economic direction under his administration.
He emphasised that such strategic partnerships reinforce the country’s position as a prime destination for foreign direct investment and industrial growth.
“The expansion of the Lagos Free Zone is critical to our vision of positioning Nigeria as the gateway for trade and investment in West Africa and across the continent. This investment by the IFC not only strengthens Nigeria’s industrial base but also demonstrates the growing confidence of international investors in our economic policies. With improved industrial and logistics infrastructure, we are creating an integrated ecosystem that will accelerate exports, attract more investment, and enhance our global competitiveness,” President Tinubu said.
The Lagos Free Zone, strategically integrated with the Lekki Deep Sea Port, is designed to ease import and export operations, strengthen Nigeria’s role in regional and global value chains, and create a more efficient business environment.
The IFC’s investment will support land development, industrial expansion, and logistics infrastructure within the 860-hectare zone, ensuring full integration into Nigeria’s broader economic diversification strategy.
The President also acknowledged Tolaram’s long-standing commitment to Nigeria’s economic development, noting that the group’s deepening investments—from industrial zones to consumer goods and manufacturing—following its acquisition of Guinness last year reflect Nigeria’s strong potential as an investment destination. He welcomed the company’s continued efforts to drive industrialisation, create jobs, and foster economic growth.
While appreciating the IFC’s investment, President Tinubu reaffirmed his administration’s commitment to fostering a business-friendly environment that attracts even larger, transformative investments across key sectors. He also highlighted the IFC’s growing partnership with Nigeria, including its $70 million support for power sector initiatives aimed at strengthening the country’s energy security.
“We value the IFC’s commitment to Nigeria’s economic progress and look forward to deeper engagements that will drive large-scale infrastructure projects, strengthen our industrial base, and create thousands of jobs for Nigerians,” the President added.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
February 12, 2025
Alleged N90.4m Fraud: Former NHIS Boss Knows Fate on Bail Feb 27
Justice Chinyere E. Nwecheonwu of the Federal Capital Territory High Court, Kuchiako, Kuje, Abuja, on Wednesday, 12 February 2025, adjourned till February 27 for ruling on the bail application of former Executive Secretary, National Health Insurance Scheme, Professor Usman Yusuf.
Yusuf was arraigned on a five-count bordering on embezzlement, conferring undue advantage, and fraud to the tune of N90, 439, 178.00( Ninety Million, Four Hundred and Thirty Nine thousand, One Hundred and Seventy Eight Naira only).
Arguing against the application for bail by the defendant, prosecution counsel, Francis Usani in a counter affidavit, informed the court that the offences alleged against the defendant impact on the general well-being of the common man in Nigeria, tarnishing also the image and reputation of the country as a whole and diminishes government’s efforts to sustain development in the country.
“The evidence elicited in the course of investigation against the defendant is overwhelming and can lead to the defendant being convicted by the court. I know for a fact that the applicant failed to comply with the administrative bail conditions granted him by the respondent to report regularly and bi-weekly to the respondent’s office while he was under investigation”, he said.
Usani further argued that the defendant if granted bail will abscond and will not be available to face his trial as the weight of the evidence against him was very strong and compelling.
“It took the respondent’s officers discreet surveillance and high powered intelligence to apprehend the defendant for the purpose of bringing him to court. The defendant has boasted publicly even while in the custody of the respondent that this case will go nowhere as he is highly and politically connected.
Usani further informed the court that the prosecution believed that the defendant is still highly connected and has tremendous influence at the NHIS to temper and influence most of the respondent’s witnesses that will come from the NHIS to testify before the court.
He further submitted that it was the duty of the defendant to “place cogent, sufficient and compelling facts before the court upon which the court would consider his application for bail.
“It is very clear that the affidavit’s evidence deposed to by Bashir Yusuf in support of the application for bail; that the defendant has not supplied materials to persuade this honourable court to grant his prayer, nor ask the respondent to show reason why bail should not be granted.”
Counsel to the defendant, O. I. Habeeb, SAN, in a motion on notice informed the court that the defence are praying for an order of the court to admit the defendant on bail pending his trial in the case on such terms and conditions as the court may deem fit to impose.
He also prayed for any further order the court may decide to make, adding that the offences for which the defendant is charged are bailable offences and that he has satisfied all the necessary conditions for him to be admitted on bail on liberal terms.
Thereafter, Justice Nwecheonwu adjourned the matter for ruling on the bail application to February 27, 2025. The judge still held the order of remanding the defendant in Kuje Correctional Centre pending ruling.
Dele Oyewale
Head, Media & Publicity
February 12, 2025
*PRESS STATEMENT*
*Ex-PDP National Chairmen, Nwodo and Secondus Congratulate UdeOkoye, NWC,*
*…….. draws a roadmap for the party.*
Two former National Chairmen of the main opposition Peoples Democratic Party, PDP, Dr Okwesilieze Nwodo and Prince Uche Secondus have congratulated the new substantive National Secretary of the party, Chief Sunday Ude Okoye for his new position and the members of the National Working Committee, NWC for standing firm in defence of the rule of law and party discipline.
The two former National Chairmen, in a joint statement issued in Abuja on Wednesday, said that by recognizing Chief Ude Okoye, the party leadership has demonstrated its total commitment to the rule of law and rightly portrayed the party as a truly democratic institution.
Nwodo and Secondus warned the ruling All Progressives Congress, APC and the Federal Government to allow the opposition parties to breathe as a strong opposition is the right measure for vibrant democracy all over the World.
The experienced party leaders advised the new Secretary and the members of the NWC to work towards strengthening the party to position it as the party to beat in the subsequent elections.
The party leaders finally advised the party leadership to be forward-looking and not allow their acrimonious past to affect their vision for the party.
Signed
Ike Abonyi in the
Media Adviser.
February 12, 2025
Press Statement
PDP NWC Affirms Udeh Okoye as Party National Secretary
…Says It’s Bound by Judgment of Court of Appeal
The National Working Committee (NWC) of the Peoples Democratic Party (PDP) at its meeting today, Wednesday, February 12, 2025 extensively considered the Memo dated 11th February, 2025 presented by the Acting National Chairman on the issue of the National Secretary of the PDP.
The NWC in considering the Memo thoroughly examined the attached documents namely; the Declaratory Judgement of the High Court of Enugu, the Judgment of the Court of Appeal, Enugu Division which pronounced and declared Rt. Hon. S.K.E Udeh Okoye as the National Secretary of the PDP; the Legal Opinion and Advice by Dr. Kabiru T. Turaki SAN as well as that of the National Legal Adviser of the PDP.
After due consideration of the Memo and the attachments, the NWC overwhelmingly recognizes, acknowledges and confirms Rt. Hon. S.K.E Udeh Okoye as the substantive National Secretary of the PDP in full compliance with and obedience to the Judgement of the Court of Appeal, recognizing that there is no subsisting or superseding Judgment or Order from any Court of superior authority or hierarchy.
The NWC has commenced the transmission of its Resolution/Decision affirming Rt. Hon. S.K.E Udeh Okoye as the PDP National Secretary to the Independent National Electoral Commission (INEC) and other relevant bodies for recognition in line with the judgment of the Court of Appeal.
The NWC commends all Organs, leaders, critical stakeholders and members of the PDP for their steadfastness, respect for the Rule of Law and loyalty to the Party at this critical time.
The NWC reassures that it will continue to be guided strictly by the provisions of the Constitution of the PDP (as amended in 2017), Operational Guidelines, the Rule of Law and the vision of our founding fathers for the stability and growth of the Party, entrenchment of democracy and wellbeing of Nigerians.
Signed:
Hon. Debo Ologunagba
National Publicity Secretary
Press Release
FG Committed to Reducing Food Prices Through Agricultural Investments – Information Minister
The Minister of Information and National Orientation, Mohammed Idris, has reaffirmed the Federal Government’s commitment to lowering the cost of food commodities through massive investments in agricultural production.
Idris stated this in Abuja on Tuesday at a press briefing to kick-start the Ministerial Briefing Session for 2025.
He emphasized that while the government will not impose price controls on food commodities, in line with the principles of a free-market economy, it remains focused on reducing prices by boosting agricultural production and increasing supply.
“In the past, we used to have these commodity boards where prices were fixed but in the spirit of free market and encouraging entrepreneurship, especially within the agricultural value chain, government didn’t feel that it was necessary for them to begin to control prices. Now, what government is doing is to ensure that there is massive production of food items and it’s a supply and demand issue. Once you have whatever you need in abundance, the tendency is that the price will automatically come down,” he said.
While speaking on the successes in the security sector, Idris said in 2024, the security forces neutralized more than 8,000 terrorists and bandits, and arrested 11,600 others, with more than 10,000 weapons recovered.
He stated that with the government’s sustained efforts against terrorists and bandits, the nation’s highways are becoming increasingly safer.
“While we still have a lot of work ahead, our highways have grown safer. The hitherto notorious Abuja-Kaduna highway is one example. As I said, there’s still much more to be done, and we will not relent in our effort.
“Additionally, about 8,000 kidnap victims were successfully rescued. We will continue to work to drive down the number of victims while scaling up our success stories in terms of deterrence, crime-solving, and prosecutions,” he said.
The Minister added that, following their designation as a terrorist organization by a Federal High Court, security forces are now empowered to apply maximum force against the Lakurawa armed group.
On the economy, Idris stated that the Federal Government’s reforms are delivering significant results across key sectors, particularly with the removal of fuel subsidy, which has successfully plugged leakages amounting to hundreds of billions of Naira annually.
He said the introduction of the Electronic Foreign Exchange Matching System (EFEMS) in December 2023 has enhanced transparency in foreign exchange transactions and facilitated the clearance of billions of dollars in backlogs, and restored investor confidence to the country.
“Last week, the Naira reached an eight-month high in the official market, while foreign capital inflow into the Nigerian Stock Exchange rose from 4% in mid-2023 to an average of 16% by the end of 2024,” he said.
Additionally, he said, in 2024, Nigeria emerged as the most attractive destination for oil and gas investments in Africa, securing over $5 billion in Final Investment Decisions (FIDs).
The Minister described 2025 as a year of consolidation, building on the progress made in the first 19 months of the Tinubu administration as it approaches its mid-term.
“Over the next three months, as we approach the second anniversary of President Bola Ahmed Tinubu’s Administration, we will bring Honorable Ministers to this platform, on a weekly basis.
“This year 2025 is a year of consolidation, a year for building on the gains we have seen in the first 19 months of the administration. This maiden edition for 2025 is an opportunity to remind us of these gains, and to set the context in which these gains are being recorded, as we proceed into the mid-point of this administration,” he said.
Rabiu Ibrahim
Special Assistant (Media) to the Minister of Information and National Orientation.
February 11, 2025
STATEHOUSE PRESS RELEASE
PRESIDENT TINUBU COMMENDS GOOGLE CEO SUNDAR PICHAI FOR ADVANCING AI AND DIGITAL TRANSFORMATION IN NIGERIA
President Bola Ahmed Tinubu has commended Google Chief Executive Officer Sundar Pichai for the interest of the company in advancing Artificial Intelligence and digitap transformation in Nigeria.
President Tinubu met the Google team in Paris on Wednesday in company of Minister of Communication, Innovation and Digital Economy Bosun Tijani.
Google Team engaged in constructive discussions with President Tinubu aimed at forging a strategic partnership to enhance Nigeria’s journey towards Artificial Intelligence (AI) and digital transformation.
The collaboration seeks to position Nigeria as a prominent technology and innovation hub, leveraging AI, cloud computing, and digital infrastructure to foster economic growth and enhance global competitiveness.
The ongoing conversations focus on key initiatives such as expanding digital infrastructure in Nigeria, equipping the workforce with essential digital skills for the future, promoting AI-driven research and innovation, encouraging greater cloud adoption across various industries, and establishing Nigeria as a key player in the global digital economy.
President Tinubu emphasised that this partnership aligns seamlessly with his administration’s Renewed Hope Agenda, centred on economic diversification through industrialisation, technology, and innovation. The Federal Ministry of Communications, Innovation, and Digital Economy will provide strategic oversight, while the National Information Technology Development Agency (NITDA) will coordinate efforts alongside the private sector to ensure widespread and meaningful impact.
Speaking at the meeting, Google CEO Sundar Pichai reaffirmed the company’s commitment to supporting Nigeria’s digital transformation, stating: “Nigeria has an incredible opportunity to lead in AI and digital innovation in Africa. Google is excited to continue working with the Nigerian government to create an ecosystem that fosters innovation and economic growth.”
Speaking on the engagement with the President, Dr. Bosun Tijani said partnership between Nigeria and Google represents an important opportunity to accelerate Nigeria’s technological advancement and strengthen our digital economy. He further stated that Nigeria is committed to ensuring that AI and digital transformation create tangible benefits for businesses and citizens across the country.
President Tinubu acknowledged Nigeria’s potential as a burgeoning global technology destination and expressed his commitment to fostering a business-friendly environment that attracts strategic investments from leading tech companies. He appreciated Google’s ongoing involvement in Nigeria’s digital transformation and its contribution to opening new opportunities for businesses and young talents.
The discussions will continue as both parties look to deepen their collaboration and expedite Nigeria’s digital transformation, paving the way for sustainable economic growth.
Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
February 12, 2025