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Lagos Free Zone gets IFC $50m industrial growth investment

Published

10 months ago

February 8, 2025

Lagos Free Zone gets IFC $50m industrial growth investment

The International Finance Corporation (IFC) has announced an equity investment of $50 million in the Lagos Free Zone Company (LFZ) to support Nigeria’s industrial growth and economic diversification.

Dahlia Khalifa, IFC regional director, Central Africa and Anglophone West Africa, made this known at an official signing on Friday in Lagos.

Ms Khalifa said the investment was to support the development and expansion of Nigeria’s first deep sea port based in the Lagos Free Zone.

She noted the investment was designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.

The IFC director stated that the funds would support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.

She noted that the facility owned by Tolaram, a diversified multinational group with operations across Africa, Asia, and Europe, would provide an integrated industrial ecosystem.

This, she said, would drive efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.

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Ms Khalifa noted that with Nigeria’s economy projected to grow by 3.7 per cent by 2026, investments in infrastructure were vital to ensuring sustainable growth.

“When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs while contributing significantly to Nigeria’s gross domestic product (GDP) upon completion.

“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria.

“Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.

“We are proud to partner with Lagos Free Zone in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential,” she said.

Ms Khalifa added that the investment in Lagos Free Zone also reflected IFC’s commitment to sustainable development, with a focus on green infrastructure.

She noted that approximately 15 per cent of the investment was earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.

Commenting, Adesuwa Ladoja, managing director of the Lagos Free Zone Company, noted that IFC’s support represented a positive recognition of the vision to establish Lagos Free Zone as a world-class industrial hub.

She said the investment allowed the company to scale up existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.

Ms Ladoja said the Lagos Free Zone integrated with Lekki Deep Sea Port, facilitated ease of doing business in Nigeria, and supports the federal government’s drive for economic diversification.

“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC.

“This investment aligns with Nigeria’s ongoing economic reforms and the IFC’s strategic frameworks, which prioritise economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure.

“By addressing infrastructure bottlenecks and enhancing connectivity, IFC’s investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader,” Ms Ladoja said.

Lagos Free Zone gets IFC $50m industrial growth investment

(NAN)

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Court Sends Chris Ngige to Kuje Prison on EFCC’s N2.2bn Fraud Charges

Published

1 hour ago

December 12, 2025

Trends Admin

former Anambra State Governor, Dr. Chris Ngige

Court Sends Chris Ngige to Kuje Prison on EFCC’s N2.2bn Fraud Charges

A High Court of the Federal Capital Territory (FCT) in Gwarinpa has ordered the remand of former Minister of Labour and Employment, Chris Ngige, in Kuje prison pending the hearing of his bail application.

Justice Maryam Hassan issued the order on Friday after Ngige pleaded not guilty to an eight-count charge filed against him by the Economic and Financial Crimes Commission (EFCC).

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The former minister, who served from November 11, 2015, to May 29, 2023, is being prosecuted for his alleged role in a N2.2 billion contract fraud. The charges include abuse of office and accusations that he received kickbacks from companies that secured contracts from the Nigeria Social Insurance Trust Fund (NSITF).

The court ruled that Ngige should remain in custody until Monday, when his bail application will be heard.

Court Sends Chris Ngige to Kuje Prison on EFCC’s N2.2bn Fraud Charges

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Supreme Court Reinstates Death Sentence for Maryam Sanda Despite Tinubu’s Pardon

Published

1 hour ago

December 12, 2025

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Maryam Sanda

Supreme Court Reinstates Death Sentence for Maryam Sanda Despite Tinubu’s Pardon

The Supreme Court of Nigeria has reaffirmed the death sentence imposed on Maryam Sanda, daughter-in-law of a former PDP chairman, for the culpable homicide of her husband, Bilyamin Bello, in 2017.

Sanda was convicted by an Abuja High Court on January 27, 2020, and sentenced to death by hanging after being found guilty of stabbing her husband to death at their Abuja residence. She had spent six years and eight months in Suleja prison before President Bola Tinubu reduced her punishment to 12 years under the recent presidential pardon initiative.

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According to the Attorney General of the Federation, Lateef Fagbemi, SAN, the clemency was granted on “compassionate grounds” and in the “best interest of the children,” noting Sanda’s good conduct, reformed behaviour, and remorse during incarceration.

However, in a split decision of four to one, a five-member panel of the Supreme Court on Friday overturned the executive intervention and reaffirmed the original death sentence. Delivering the lead judgment, Justice Moore Adumein ruled that the prosecution had proved its case beyond reasonable doubt.

The apex court upheld the earlier decisions of both the trial court and the Court of Appeal, describing them as sound and unassailable. It further held that President Tinubu lacked the constitutional authority to issue a pardon in a homicide case that was still under judicial review.

Sanda’s appeal was dismissed for lacking merit, bringing a definitive close to one of Nigeria’s most widely followed murder conviction cases.

Supreme Court Reinstates Death Sentence for Maryam Sanda Despite Tinubu’s Pardon

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Mother, 10-Month-Old Baby Murdered in Katsina Over Alleged Paternity Dispute

Published

5 hours ago

December 12, 2025

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Katsina State Police Public Relations Officer (PPRO), DSP Abubakar Sadiq Aliyu

Mother, 10-Month-Old Baby Murdered in Katsina Over Alleged Paternity Dispute

A woman and her 10-month-old baby have been found murdered in Sheme village, Faskari Local Government Area, Katsina State, in what authorities believe was linked to a paternity dispute.

The Katsina State Police Command confirmed that detectives are investigating the incident. In a statement, the Police Public Relations Officer, DSP Abubakar Sadiq Aliyu, said 35-year-old Sahabi Rabi’u has been arrested in connection with the killings, while a second suspect remains at large.

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Aliyu explained: “During interrogation, the suspect confessed to the crime and admitted conspiring with a friend, now at large, to lure the victims to the outskirts of Sheme village, where they were killed. The bodies were burnt and thrown into a nearby well.”

Investigations revealed that the murder stemmed from a paternity disagreement, which escalated into a brutal killing. The bodies have been recovered, and the suspect is currently in police custody. Efforts are ongoing to apprehend the fleeing accomplice.

Katsina State Commissioner of Police, Bello Shehu, condemned the killings as “barbaric and inhumane,” assuring that justice will be served. He appealed to members of the public to provide information that could assist in capturing the second suspect, with guarantees of confidentiality.