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Why Lagos Lawmakers Approved Sanwo-Olu’s Request For N85bn Bond

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The Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s request of ₦ 85 billion special dispensation for bond redemption as well as ₦85 billion for bridge loan for a quarter.

This is in pursuant to the approval of Bonds, Loans and other Security Law of Lagos State 2015 and comes at 9.25% per annum to bond financing programme.

At a sitting on Monday, the Chairman of the Committee on Finance, Hon. Rotimi Olowo, stated that the terms of reference of the request received from the executive arm appraise the request for a special dispensation; enquire into the debt profile of the State and ascertain the source of the fund for repayment and refinancing.

According to Hon. Olowo, based on briefing and documents received, the redemption of bonds will allow for extension of maturity of the same with a two years moratorium in 2031 and the special dispensation approval will enable the State earmarks for capital projects.

Addressing journalists after the approval, Hon. Olowo explained that the request from the governor had two aspects.

The first was for an approval for Bond Brigde Loan which would allow the state to access bond market as soon as possible while the second aspect is a loan from a commercial bank at the interest rate of 9.25.

Olowo explained that as at February this year, the federal government went to bond market at coupon rate of 12% , saying that in june it had increased to 13.5%.

He also said comparing the rate with the bond secured by the state government in 2016 and 2017, the least of all was 16.6%, adding that the highest was around 17.25%.

Olowo explained that the opportunity the market provided was enough for the state to access it now, adding that the state would be able to get the rate cheaper and that the current bond of the state would mature in 2024.

“When you look at our Consolidation Debt Service Account (CDSA) we have about N22billion and we are talking N101.2billion in the next 2 or 3years. It will amount to a lot of pressure on our debt obligation, so what we thought that is necessary is that we should quickly access the bond market with the approval of the House so that we can get it at cheaper rate and it will be for 10years with 2years moratorium.

“What it means is that, in the next two years after securing the bond we will not pay any money. We will not pay the interest and the capital, it will be like tax holiday. It will relieve the state the burden of sourcing for money to pay the creditors.

“On the second aspect, if today we don’t access the commercial loan from one of the banks at a single digit of 9.25%, we will still be losing because what we will still access, we will pay the holders of the bond between now and the next one months. That means we have been able to save money worth an average of N1.5billion in form of seeking fund to be able to make up to 2023.

“So, if we don’t pay that in the next three years, what it means is that we have gotten a saving of about N75billion. It is obvious that there cannot be a better time for the state to go for the bond market which we called ‘ Special Dispensation Bond’ and the second is a loan from a commercial bank at the interest rate of 9.25 which is very cheap. That is the reason why the Assembly speedily supports the executive. We always want to support the executive when it comes to infrastructure,” Olowo said.

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Boko Haram Demands $300,000 Ransom For Abducted Borno Ex-LG Chair, Another Victim

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A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.

 

One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.

 

Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.

 

In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”

 

He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.

 

“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.

 

He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.

 

The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.

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How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit

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The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.

 

Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.

 

The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.

 

Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.

 

In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.

 

Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.

 

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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly

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The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.

 

The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.

 

This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.

 

According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).

 

The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.

 

“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.

 

The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.

 

Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.

 

The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.

 

“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.

 

The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”

 

It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.

 

JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.

 

 

 

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