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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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Couple Kidnapped, One Shot In Ondo Estate Attack

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Gunmen suspected to be kidnappers have abducted a couple from their residence in the Iluabo area of Akure North Local Government, Ondo State.

During the attack, which occurred in the early hours of Saturday, February 21, 2026, the assailants shot one person before seizing the victims.

The gunmen had stormed Olaribigba Estate in the community when they whisked Mr Jamiu Olawale and his wife into the bush.

Following the development, which has created tension in the agrarian community, residents protested and barricaded the road leading to the community over the incessant kidnappings and insecurity in the community.

According to sources, the couple had arrived at their residence in an ash-coloured Toyota Camry when they were attacked by the gunmen, who lay in ambush for them.

During the incident, a neighbour of the abducted couple, Patrick Ilumaro, who was seated in front of his residence, was shot by the gunmen while fleeing from the community.

A neighbour of the victims revealed that Ilumaro was swiftly rushed to an undisclosed medical facility where he is currently receiving medical treatment.

While confirming the incident, the Ondo State Police Command disclosed that tactical teams as well as conventional operatives have been deployed to the community.

In a statement issued by the Police Public Relations Officer, Abayomi Jimoh, the operatives are already combing the axis in an effort to rescue the victims and apprehend the perpetrators.

“Concerted efforts are ongoing to ensure the safe return of the abducted persons and bring those responsible to justice.

“Members of the public are urged to remain calm and go about their lawful activities. Meanwhile, the Command urges them to provide credible and actionable information that may assist in the investigation to the nearest police station.”

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Brake Failure Leaves One Dead, Four Rescued At Abule-Egba

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One person died and four others were rescued following a road accident at Ekoro Junction, Abule-Egba, on Friday evening, according to a statement from the Lagos State Traffic Management Authority.

The Director, Public Affairs and Enlightenment Department of LASTMA, Adebayo Taofiq, made this known in a statement issued on the agency’s X handle on Saturday.

According to the agency, the crash occurred at about 7:30 p.m. when an empty MACK tanker suffered a sudden brake failure, lost control and rammed into a Toyota Corolla before crashing into a roadside shop.

LASTMA said the tanker, with registration number EKY 900 XY, collided with a Toyota Corolla marked AAA 823 AY.

The impact caused extensive structural damage to the shop and triggered panic among traders and pedestrians in the area.

“The magnitude of the collision led to the immediate confirmation of one fatality at the scene, while four other trapped persons were extricated from the wreckage through coordinated emergency rescue efforts,” the agency stated.

The authority said it immediately activated its Rescue and Recovery Protocol, deploying specialised operatives to manage the situation.

“Personnel implemented strategic traffic diversion, vehicular evacuation procedures and crowd management in synergy with other emergency responders to forestall secondary incidents and guarantee unobstructed access for rescue operations,” LASTMA added.

It stated that emergency teams carried out rescue operations and provided medical attention to the injured victims.

According to the agency, a heavy-duty tow truck was later deployed to evacuate the damaged tanker and clear debris from the road to restore normal traffic flow.

The agency disclosed that the tanker driver fled the scene shortly after the crash and security operatives have since launched efforts to apprehend the driver and initiate legal proceedings.

“Security personnel from the Nigeria Police Force, Ekoro Division, responded expeditiously, maintaining public order, securing the accident perimeter and assisting in investigative processes aimed at establishing the precise sequence of events that culminated in the mechanical failure and subsequent collision.

“The incident precipitated considerable traffic congestion extending across adjoining routes toward Abule-Egba, necessitating robust traffic management interventions by LASTMA officials who remained on ground directing vehicular movement and implementing diversion strategies to alleviate the backlog,” it said.

According to the agency, its General Manager, Olalekan Bakare-Oki, expressed condolences to the family of the deceased and urged transport operators, particularly drivers of articulated vehicles, to prioritise routine vehicle maintenance.

“Preventable mechanical deficiencies remain a significant contributory factor in severe road traffic crashes,” Bakare-Oki said.

He also advised motorists to exercise vigilance, obey traffic regulations and maintain responsible driving practices, especially within densely populated commercial corridors.

Bakare-Oki assured the public that security agencies would conduct a thorough investigation to determine the immediate and remote causes of the incident and ensure that anyone found culpable would be prosecuted in accordance with extant laws.

The agency said other emergency responders at the scene included the Lagos State Emergency Management Agency, the Lagos State Fire and Rescue Service, the Lagos State Ambulance Service, the State Environmental Health Monitoring Unit and officers of the Nigeria Police Force, collaborated to coordinate rescue, medical response and environmental safety measures.

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Court Sets Feb 25 For El-Rufai’s Arraignment In DSS Cybercrime Case

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The Department of State Services (DSS) will arraign former Governnor of Kaduna state, Nasir El-Rufai, on February 25 over alleged cybercrime and breach of national security.

Justice Joyce Abdulmalik of the Federal High Court has fixed the date for the arraignment of the former Governor on a three-count criminal charge filed by the Department of State Services (DSS) after the Chief Judge, Justice John Tsoho assigned the case to her.

NAN earlier reported that the DSS, on Monday, filed a three-count criminal charge against El-Rufai following his alleged involvement in wiretapping the telephone lines of the National Security Adviser (NSA), Mallam Nuhu Ribadu.

The charge, instituted by the Nigerian secret police, is marked FHC/ABJ/CR/99/2026.

The service accused El-Rufai of breaching the Cybercrimes Prohibition Act (2024) and the Nigerian Communications Act (2003.)

In court, El-Rufai was alleged to have, on Feb. 13, while appearing as a guest on Arise TV station’s Prime Time Programme in Abuja, admitted during the interview that he and his cohorts unlawfully intercepted the phone communications of the NSA, Mr Ribadu.

The offence is said to be contrary to and punishable under Section 12(1) of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024.

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