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Lost assets: Cardoso leads Lagos eight-man rebuild team

- Sanwo-Olu signs executive order
Fola Raheem
Lagos State Governor Babajide Sanwo-Olu on Wednesday signed an Executive Order for the formation of an eight-man board to coordinate efforts to restore assets lost or damaged in the recent attacks by hoodlums on public and private facilities in the state.
Citibank Nigeria Chairman, Mr. Yemi Cardoso, will head the Board of the Lagos Rebuild Trust Fund. The board members were unveiled at a press conference at the Governor’s Office, Alausa, Ikeja.
A statement by the Lagos State Commissioner for Information and Strategy, Gbenga Omotosho, reported Sanwo-Olu said the government decided to put the destruction behind it and face the huge and necessary task of rebuilding the state.
The government, he said, would be embracing new standards of governance and building stronger partnerships, which would enable the state to bequeath stronger institutions and cohesion among residents.
He spoke of how many friends and admirers of the state had been calling to lend a hand in the rebuilding of the razed assets.
He said, “In the last few weeks, we have been inundated with local and global offers of assistance to rebuild our state and recover all we lost to arson and violence in October. It is obvious that we can no longer wait to begin the onerous task of reconstructing Lagos. In the next few days, our government will be sending a bill to the House of Assembly for the establishment of a Trust Fund to Rebuild Lagos.
“Today, I am signing an Executive Order to set up an eight-man Lagos Rebuild Trust Fund Committee, which will begin to oversee our recovery process. To ensure the highest standards of probity, transparency and accountability, FBN Trustees headed by Mr Kunle Awojobi will oversee the Lagos Rebuild Trust Fund Committee. The Committee will comprise five members from the private sector, two members from the public sector and one member from the International Donor Aid Community.
“We will embrace new standards of governance and build stronger partnerships, stronger people, stronger institutions, and stronger Lagos. Our strength lies in our uncanny ability to overcome the most complicated challenges because we have people who genuinely love Lagos State and will assiduously do all they can to preserve its peace and unity.”
Sanwo-Olu said the trust fund would be responsible for getting detailed cost of restructuring and rebuilding of destroyed assets.
The Funds, he added, will also advise the state government on the most critical assets to prioritise and identify emergency response service critically needed.
The rebuilding plan, the governor said, would be all-inclusive, stressing that the government would welcome support and contributions from well-meaning individuals and corporate organisations who believe in the Lagos dream.
His words: “I believe this is the starting point of a new socio-economic process. I am hopeful that this initiative will help us to seamlessly make the transition to a rebuilt Lagos with upgraded public structures, facilities and amenities. I know that the ashes that presently dot our landscape will birth modern and globally acceptable infrastructure.
“At the centre of this decisive action to rebuild Lagos is the need to closely work with the people and organisations who call Lagos home; those who believe in the Lagos dream, and those who share our collective vision of a mega-city that thrives on peace and unity among all ethnic groups.”
Other members of the Trust Fund’s Board are the Managing Partner, Olaniwun Ajayi LP, Prof. Konyinsola Ajayi, SAN; Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman; Co-Founder and CEO, Flutterwave; Mr. Gbenga Agboola; Vice Chairman, Standard Chartered Bank, Mrs. Bola Adesola – all representing the private sector – and a representative of an International Donor Agency.
The Commissioner for Economic Planning and Budget, Mr. Sam Egube, and Permanent Secretary, Ministry of Works and Infrastructure, Engr. Jimi Hotonou, are members of the Board representing the public sector.
As part of the government’s objectives to fully heal the wounds of the crisis, the governor also announced six other committees. They are: Business Continuity Committee; Assessment Committee; Execution, Measurement and Evaluation Committee; Communication and Engagement Committee; Trust Fund Implementation Committee; and Security and Enforcement Committee.
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Nigeria seeks fresh $300m W’Bank loan for health security

Nigeria seeks fresh $300m W’Bank loan for health security
The Federal Government has engaged the World Bank for a new $300 million loan aimed at strengthening Nigeria’s health security infrastructure.
According to World Bank documents, the Nigeria Centre for Disease Control (NCDC) will implement the project, with the Federal Ministry of Finance acting as the borrower.
The initiative aims to enhance Nigeria’s capacity to prevent, detect, and respond to health emergencies.
The project is currently in the pipeline stage, with a disclosure date set for February 6, 2025.
The World Bank Board is expected to approve it on July 30, 2025, after necessary appraisals and assessments. Implementation will commence in the 2026 fiscal year.
The Nigeria Health Security Programme (HeSP) will focus on expanding molecular laboratory capacity, upgrading primary healthcare centres, establishing emergency operation centres and deploying mobile laboratories.
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Others are constructing warehouses for medical supplies, installing water, sanitation, and hygiene facilities and integrating solar energy systems to power health infrastructure.
The initiative is part of efforts to strengthen Nigeria’s public health infrastructure, following lessons from past outbreaks, including COVID-19.
This latest loan request comes as Nigeria continues to rely heavily on external financing. Under President Bola Tinubu’s administration, the Federal Government has secured $6.95 billion in World Bank loans over the past 18 months.
Data from the Debt Management Office shows that Nigeria owes the World Bank $17.32 billion, with the International Development Association (IDA) accounting for $16.84 billion.
In the first nine months of 2024, Nigeria spent $3.58 billion servicing its foreign debt, a 39.77% increase from $2.56 billion during the same period in 2023.
Nigeria seeks fresh $300m W’Bank loan for health security
News
CBN to sanction banks limiting ATM withdrawal below N20,000

CBN to sanction banks limiting ATM withdrawal below N20,000
The Central Bank of Nigeria, CBN, has threatened to sanction banks that limit Automated Teller Machines (ATM) withdrawal to less than N20,000 per transaction.
The apex bank disclosed this in a document addressing concerns over the reviewed fees on ATM withdrawal.
Recall that CBN on Tuesday increased ATM transaction withdrawal fees, saying, from March 1st, bank customers will pay N100 charge for every N20,000 withdrawal from the on-site ATM of other banks.
The CBN in a circular to banks and other financial institutions, the CBN said, “ATM Transaction Fees On-Us for customers withdrawing at the ATM of the customer’s financial institution in Nigeria with No charge.
“Not-On-Us for withdrawal from another institution’s ATM in Nigeria; On-site ATMs will attract a charge of N100 per N20,000 withdrawal.
“Off-site ATMs will attract a charge of N100 plus a surcharge of not more than N500 per N20,000 withdrawal.
“The surcharge, which is an income of the ATM deployer/acquirer, shall be disclosed at the point of withdrawal to the consumer.
“International Withdrawals (per transaction) whether debit/credit card: Cost Recovery – exact charge by international acquirer.
“Furthermore, the three free monthly withdrawals allowed for Remote-On-Us (other bank’s customers/Not-On-Us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply.”
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However, following widespread concerns over the limit on ATM cash withdrawal by banks, the apex and yesterday released a list Frequently Asked Question, FAQ, to clarify implementation of the new charge.
CBN to sanction banks limiting ATM withdrawal below N20,000
News
Google CEO meets Tinubu over AI skills expansion in Nigeria

Google CEO meets Tinubu over AI skills expansion in Nigeria
The CEO of Google, Sundar Pichai on Wednesday met with Nigeria’s President Bola Tinubu in Paris, where both leaders discussed a partnership to expand Artificial Intelligence (AI) skills in Nigeria.
Pichai first shared a picture of the meeting with Tinubu on X, noting that the discussions centered on the immense potential of AI in Nigeria.
“It was great meeting with President Tinubu @officialABAT.
“We talked about the immense potential of AI in Nigeria, and how we can partner to expand AI skills, enable innovation, and support Nigeria’s growing tech ecosystem,” Pichai posted.
Commitment to AI in Nigeria
Responding to the post, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, who was also at the meeting, described the discussions as “extremely productive”.
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According to him, the meeting demonstrated the Nigerian government’s commitment to AI and Google’s ongoing support towards developing AI skills and innovation in critical sectors in Nigeria.
Last year, Google announced two separate AI initiatives in Nigeria in partnership with the Ministry of Communications, Innovation, and Digital Economy, both aimed at empowering Nigerians with AI skills.
In the first initiative, the National Centre for Artificial Intelligence and Robotics (NCAIR), a N100 million AI Fund backed by Google to support Nigerian startups that are leveraging AI to develop innovative solutions.
The second initiative was a N2.8 billion support from Google to accelerate AI talent development across Nigeria.
According to the Ministry, the support, which was provided as a grant from Google.org to Data Science Nigeria, would bolster its ongoing AI-driven initiatives to upskill youth and under- and unemployed Nigerians, with a focus on AI skill development and education.
Google CEO meets Tinubu over AI skills expansion in Nigeria
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