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AfDB, EU Commit $18m to Construction of 1,008km Lagos-Abidjan Highway

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  • AfDB, EU Commit $18m to Construction of 1,008km Lagos-Abidjan Highway

The African Development Bank (AfDB) and European Union (EU) have made financial commitments worth $18 million to the construction of a 1,008 kilometres stretch highway that will run from Lagos in Nigeria through other cities in the West African coast to Abidjan in Ivory Coast, the President of Economic Community of West African Countries (ECOWAS) Commission, Marcel Alain de Souza, has disclosed.

Souza, stated this on Friday during the ninth steering committee meeting of the Abidjan-Lagos Corridor Highway Development Programme in Abuja.

He stated this just as the Vice President, Prof. Yemi Osinbajo, said at the meeting that the Abidjan-Lagos super highway project would resolve a lot of the cross border challenges that affected integration in the ECOWAS region, as well as boost regional trade in the region.

The Abidjan-Lagos Corridor Highway is a 1,008 kilometre road that will traverse five countries in the region including Cote D’Ivoire, Ghana, Benin Republic, Togo and Nigeria, and will reportedly provide access to vibrant sea ports which account for about 90 per cent exports and 60 per cent imports across the sub-region.

Souza, who in his remarks, described the presence of Osinbajo at the ministerial committee meeting as a sign of Nigeria’s commitment to the highway project, stated that the project had already attracted $9 million support from the AfDB and $9 million from the EU.

The funds, he stated would be solely expended on the project as participating member countries will provide an additional $1 million as part of feasibility study for the highway project. He also explained that while the feasibility study for the project could start before January 26th, 2018, construction would likely start in six months’ time.

He however lamented the delay in implementation of the project despite its importance to developing the regional economy.

“We have discussed with the former Nigerian President, Chief Olusegun Obasanjo and other private sector to support us. 42 years of integration, ECOWAS has not achieved 15 per cent of its goal and 70 per cent of trade in the region is done through this route. So, hopefully, the construction will start in six month time,” said Souza at the meeting which was attended by ministers of works from Nigeria, Republic of Benin, Cote D’Ivoire, Ghana and Togo

In his remarks, Osinbajo, said beyond trade and other economic prospects, the project would go a long way to promote tourism, create jobs and open small businesses in the region to global opportunities.

According to him: “The development of the Abidjan-Lagos project is the flagship of the entire ECOWAS enterprise and we believe that it will promote regional integration, enable trade, tourism and other forms of economic activities in our sub region and create the much needed jobs for our large youth population.”

“No doubt, it will connect West Africa by means of efficient road network. It is one of the easiest and most direct ways of boosting local and international economies by extension our regional economy. The corridor will inevitably open up new vista of economic opportunities and set the stage of foreignisation of the vast informal economies that exist in our region,” he added.

He pledged Nigeria’s commitment to the project and its completion on schedule, adding that the nation’s recent ratification of the treaty was a demonstration of its commitment.

The Vice President said: “The project will go a long way in resolving the hindrances to cross border trading in West Africa with obvious positive implications for our business environment and beyond linking the major economic centres in West Africa, it is our hope that it will steer regional economy and regional bloc across the continent.”

He also described the project as a testimony of the strong relationship among ECOWAS member nations, despite language and currency differences.

While commending the efforts of AfDB, Japan International Cooperation Agency (JICA) and other financial institutions on the project, Osinbajo, said it would strengthen existing relations within the region.

“I will like you to keep in mind as you commence your deliberations that beyond the hard infrastructure, which is the main priority of this committee, we must also pay attention to the development of the requisite self-infrastructure, good brotherliness, mutual respect, security and rule of law.

“As we build the super highway, we must also build the highway of unity, brotherhood and prosperity for all of our people within ECOWAS and the African Union,” he explained.

Earlier, the Chairman of the Ministerial Steering Committee, and Minister of Power, Works and Housing, Mr. Babatunde Fashola, said the meeting was held to work towards the project financing.

He acknowledged commitment of President Muhammadu Buhari and the ECOWAS Commission to improving trans-border trade.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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