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Breaking: Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

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– says lawmakers united to meet yearnings of Lagosians
– accuses detractors of peddling news of alleged governorship ambition

Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, on Thursday said he had not given a serious thought about becoming the next governor of the state as was already being speculated.

Dr. Obasa said his major concern has been to strengthen the party in the state adding that this is why he continues to minimise more people to support the party at all times, an act which has been misconstrued by ‘political detractors’ to mean that he was chasing a governorship ambition.

The Speaker said this in his remarks shortly after Governor Babajide Sanwo-Olu presented the state’s 2025 budget size of N3,005,935,198,401.

Earlier, a vote of confidence was passed on the Speaker by all the lawmakers present at plenary.

Sanwo-Olu had said the budget comprised a total revenue of N2,597,034,000,000 and a deficit financing of N408,902,000,000.

The ‘Budget of Sustainability’ which is made of a recurrent expenditure of N1.239 trillion (41%) and capital expenditure of N1.766 trillion (59%), is also to be sourced from a total revenue of N1,970,897,000,000 and total Federal transfers N626,137,000,000.

Reacting, Speaker Obasa noted that the budget was presented at a time complaints by Nigerians about the economy. He, however, appealed to Nigerians to be hopeful as President Bola Tinubu’s administration works to ensure the nation’s economic recovery.

He added: “I have made it a personal task to mobilise people on the platform of Mandate, which has been misconstrued by some political detractors as being a selfish aspiration on the ground for me to become governor of the state. There is the need, however, to correct this wrong impression. My concern is about building our party, and whatever we do is mainly for this cause.

“To the blackmailers who have embarked on the mission to distort and redefine our mission, let me state it unequivocally here, our intention is to promote our party on the platform of Mandate.

“Also, becoming governor is secondary; it is something that I have not given serious consideration. Nevertheless, that does not mean I am too young or lack experience to run; whereas, those who have been before me are not better of.”

Read the Speaker’s full remarks below:

Distinguished guests, it is my great pleasure to welcome you all to yet another budget presentation by Governor Babajide Olusola Sanwo-Olu. Today marks another significant milestone for our dear State in the pursuit and realisation of remarkable economic transformation, infrastructural renewal and development towards a greater Lagos. The Y2025 budget proposal themed “Budget of Sustainability”, which is above the N 2.3 trillion presented by Mr Governor last year, is a confirmation of our commitment to sustainable development and economic growth.

2. Ladies and gentlemen,
This presentation is coming at a time when we all face the reality of daunting economic challenges. We recognise the current economic upheaval, but we are confident that our strategic plans will stimulate growth, attract investments, and improve the standard of living for all Lagosians. Also, the renewed hope of President Bola Ahmed Tinubu, GCFR, is focused on the futuristic plan for the nation’s economic recovery, which is indeed certain and realisable. As such, I appeal to our people to keep the hope alive. There is, no doubt, a light at the end of the tunnel for us as a nation!

3. Esteemed guests,
It is on the record that this honourable House has always been in support of the present administration, particularly the Governor in everything. There has never been a request from Mr Governor that this House has ever denied.

4. That being said, it is necessary to harp on the fact that under democracy, this arm of government remains independent. This House, of course, recognizes this and will always be so, even though we work hand-in-hand with other arms of government. It is also important to state here that this House is a sanctuary and temple, just like every other temple anywhere where we all worship. No one will violate any temple and expect the gods to accept his or her sacrifice. And if such happens, there must be an appease to the gods to accept such atonement. No amount of intimidation or coercing will disintegrate or change the belief of all the members of this institution!

5. Today, we want to assure Mr Governor that this honourable House will look at the budget and do the necessary scrutiny as usual. But it should be noted that this institution remains resolute. We will never be disgraced, abused or ridiculed in the name of creating a seamless working ambiance.

6. Let me also emphasise that those who live in glass houses must not throw stones as the saying goes. This also brings to my mind, according to our people: eni ba yara logun ngbe. Meaning, the god of iron recognises the swift ones. In other words, those who are facilitating or planning to interfere in this House or destroy the cohesion of this institution should also be prepared for the same fate.

7. Ladies and gentlemen,
May I use this medium to sensitise us more on the need to build and sustain our party, the All Progressives Congress (APC) regarding our focus for 2027. We need to continue to mobilise people just as I do frequently. I have made it a personal task to mobilise people on the platform of Mandate, which has been misconstrued by some political detractors as being a selfish aspiration on the ground for me to become governor of the state. There is the need, however, to correct this wrong impression. My concern is about building our party, and whatever we do is mainly for this cause.

8. To the blackmailers who have embarked on the mission to distort and redefine our mission, let me state it unequivocally here, our intention is to promote our party on the platform of Mandate. Also, becoming governor is secondary; it is something that I have not given serious consideration. Nevertheless, that does not mean I am too young or lack experience to run; whereas, those who have been before me are not better of.

9. In addition, it is also important to correct the impression from some naysayers who have been insinuating that I made payment to seek for blood relation in Ojo to validate my candidacy to run as governor. Of course, I have never denied the fact that I am OBASA. But rather, I have never claimed to be related to Onikoyi, Oniru, or any of the other popular Lagos families as the case may be. I can indeed never run from the fact that I am related to my Obasa family in Ojo. But I do not need local validity to contest or run. If eventually I am contesting, I will do so from Agege!

10. Nonetheless, we want to thank Mr Governor for doing the needful, constitutionally, by presenting the budget. You can rest assured that this House will also respect its constitutional right to address the budget and get back to you.

11. Distinguished guests,
As we hope that the Y2025 Budget will be of great benefit to the people of Lagos State, we, however, appeal to Mr Governor and Lagosians to give us sufficient time to enable the House do a thorough job on a financial document that has great influence on the lives of the people. The Assembly would not delay the passage of the budget, but we will be interested in placing a high premium on the need to ensure that the interests of Lagosians are protected socio-economically and politically. We are your representatives here at the House of Assembly, and we are duty bound to do justice to every sector of the state’s economy.

12. At the same time, I want to thank my colleagues for standing on the side of the people at all times. I appreciate your efforts, I cherish your support, which has always been an inspiration and source of strength for me. I commend your courage and perseverance. We will remain united, focused and determined until our expectations are realised.

13. My sincere commendation also goes to the Clerk of the House and the entire staff and management for performing their responsibilities with a sense of patriotism and loyalty. I thank everybody here in this hallowed chamber and all Lagosians for your support and resilience and we appreciate the fact that you are not giving up on us. We will not let you down. We will take you to the promised land: it is a mandate we cannot but fulfil.
Once again, I thank you all for coming and wish us a fruitful Y2025.

Thanks for your listening pleasure.

Rt Hon (Dr) Mudashiru Ajayi Obasa,
Speaker, Lagos State House of Assembly

 

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I Delivered $15m Agency Cash To Ex-NIMASA DG Akpobolokemi, EFCC Witness Tells Court

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A prosecution witness, Captain Ezekiel Bala-Agaba, testified in a Lagos Federal High Court on Thursday, that he personally delivered $15 million in cash to former NIMASA DG, Patrick Akpobolokemi.

The witness, Bala-Agaba, a former Executive Director of Maritime Safety, Shipping Development and Marine Operations at NIMASA, made the disclosure while testifying before Justice Ayokunle Faji of the Federal High Court in Lagos.

Captain Agaba, who appeared as the 15th prosecution witness, told the court that funds meant for pipeline surveillance were withdrawn from NIMASA’s accounts, converted into dollars, and handed over to Dr Akpobolokemi.

According to him, the money was taken to a Bureau de Change, which converted it into $15 million before the cash was delivered to the NIMASA office on Burma Road, Apapa, Lagos.

He said he subsequently took the money to the office of the then Director-General.

“The money was sent to a Bureau de Change, which later brought the dollar equivalent to our office at Burma Road, Apapa, Lagos. I asked my Personal Assistant, Ekene Nwakuche, to carry the bag and follow me to the Director-General’s office,” he told the court.

The witness explained that he collected the bag from his aide before entering the office.

“When we got to the door of the Director-General’s office, I collected the bag from him and asked him to wait outside. I then personally delivered the sum of $15 million to the Director-General.”

The witness was initially a defendant in the case but later opted to testify for the prosecution.

While being led in evidence by prosecuting counsel, Suleiman Suleiman, he explained the chain of command within NIMASA and how financial approvals were processed in the agency.

According to him, the Director-General is the overall head of the agency and issues instructions to directors, who then implement policies in line with the NIMASA Act.

He told the court that he chaired the agency’s Intelligence Committee, which was responsible for certain security-related operations.

“As chairman of the committee, I oversaw its activities and reported directly to the Director-General, Dr. Patrick Akpobolokemi,” he said.

During the proceedings, the witness was also shown a document containing a letter from Access Bank to the Economic and Financial Crimes Commission (EFCC) detailing transactions in NIMASA’s accounts between 2013 and 2015.

When asked how much money he took to the former Director-General, Agaba replied: “$15 million.”

After listening to the testimony, Justice Faji adjourned the matter until April 22 and 23 for cross-examination of the witness.

The EFCC had in December 2015 arraigned Dr. Akpobolokemi and seven others before the court on a 30-count charge bordering on conspiracy, fraudulent conversion of funds and money laundering.

Those charged alongside the former NIMASA boss include, Warredi Enisuoh, Governor Juan, Ugo Frederick, Timi Alari, as well as Alkenzo Limited and Penniel Engineering Services Limited.

They pleaded not guilty to the offences.

The anti-graft agency alleged that the defendants conspired to divert funds running into over N1.15 billion under the guise of providing security intelligence in Nigeria’s maritime domain.

According to the EFCC, the NIMASA Intelligence Committee allegedly received N1,153,000,000 between December 2013 and July 2015.

Investigations further revealed that several companies contracted to execute the intelligence operations were either unregistered or lacked the capacity to perform the services, while some were allegedly linked to the defendants.

The prosecution also alleged that the defendants nominated or owned many of the companies used to execute the contracts.

One of the charges stated that the defendants conspired to commit offences punishable under the Money Laundering (Prohibition) Act, 2012.

 

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CBN Bars Chronic Loan Defaulters from Accessing New Banking Services

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The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions to immediately restrict certain banking services for large-ticket borrowers with non-performing loans (NPLs).

This move is aimed at strengthening credit discipline and protecting the stability of the Nigerian financial system following a rise in the industry’s NPL ratio to approximately 7%, exceeding the regulatory 5% threshold.

This order is specifically targeted at large-ticket obligors.

The CBN issued the directive in a circular to banks on Monday.

The latest instruction comes almost a week after the CBN asked financial institutions to stress test.

It is uncertain if the two directives are connected or what may have triggered the loan-related instruction, but the apex bank said it furthers its mandate to protect Nigeria’s financial system.

“In furtherance of its mandate to promote a sound financial system, protect depositors, and enhance prudential compliance within the banking sector, the Central Bank of Nigeria (CBN) hereby directs all banks to restrict non-performing large ticket obligors, whose activities pose systemic risk to the financial system, from accessing specified banking services,” the circular reads in part.

“Any large-ticket obligor with a non-performing facility recorded in the CRMS and/or any licensed private credit bureau shall not be granted additional credit facilities. For the purpose of this restriction, credit facilities include loans and other forms of direct credit.

“In addition, such obligors shall not be granted banking facilities or contingent liabilities such as bankers’ confirmations, letters of credit, performance bonds, or advance payment guarantees.”

 

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Makinde Only In PDP Because He’s Not Seeking Re-election – Otitoju

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Babajide Kolade-Otitoju, the Director of News at TVC News, recently stated that Oyo State Governor Seyi Makinde would likely have defected from the People’s Democratic Party (PDP) if he was still serving his first term.

Otitoju stated this on Friday on TVC’s ‘Breakfast Show’.

He described the National Convention of the Peoples Democratic Party, PDP, in Ibadan last November as a mere waste of time.

“People must show good judgment at a critical phase. What was the point of having that convention? Two courts told you not to go ahead but you went ahead.

“I may not be a fan of former Senate President Bukola Saraki but if he says something that makes sense, I will be the first to admit it. He made sense when he said let’s go for caretaker. What’s the point of not listening to him?

“Later you will be shouting that the ruling party is behind your crisis, meanwhile you are the architect of your own misfortunes. You created this problem.

“If Makinde were in his first term, he would have fled like the dancing governor because his second term would have been in danger,” Otitoju said.

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