Sanwo-Olu Unveils 2026 Lagos Economic Blueprint to Drive Growth

Lagos State Governor Babajide Sanwo-Olu on Tuesday officially launched the 2026 Lagos Economic Development Update (LEDU), reaffirming his administration’s commitment to achieving inclusive growth, economic resilience, and prosperity that benefits every Lagosian. The event, held in Ikeja, featured the governor alongside Deputy Governor Obafemi Hamzat, senior government officials, and key economic stakeholders.

The 2026 LEDU provides a comprehensive analysis of Lagos’ economic trajectory, incorporating global, national, and local trends to guide policy and investment decisions. Sanwo-Olu described the report as more than a policy document, calling it a strategic compass for shaping economic direction, guiding governance, and reinforcing Lagos’ position as a leading African economy.

“This platform has evolved beyond a mere policy document; it is a compass guiding our economic direction, shaping decisions, and reinforcing our commitment to building a resilient, inclusive, and prosperous Lagos,” the governor said. He added that despite global economic challenges such as inflation, exchange rate fluctuations, and post-pandemic recovery issues, Lagos continues to thrive through strategic policies, fiscal discipline, and key infrastructure investment under the T.H.E.M.E.S+ Agenda.

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The theme of the 2026 report, “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity,” reflects Lagos’ current economic priorities. Consolidating resilience involves strengthening institutions, maintaining budgetary discipline, and reinforcing Lagos’ capacity to withstand economic shocks. Advancing competitiveness focuses on boosting productivity, encouraging innovation, and attracting both domestic and foreign investment. Delivering shared prosperity ensures that growth translates into job creation, expanded opportunities, and improved living standards for residents.

Sanwo-Olu highlighted progress achieved since the inception of LEDU, including the expansion of entrepreneurship and innovation ecosystems, improved digital revenue systems, and ongoing investments in roads, energy, ports, and urban planning. He emphasized the importance of human capital development, noting that “people are the true engine of growth.” The governor underlined the administration’s commitment to economic diversification, private-sector led growth, data-driven governance, and social inclusion, emphasizing collaboration with private sector partners, civil society, and international development institutions.

Ope George, Lagos Commissioner for Economic Planning and Budget, praised the state’s ability to respond to economic shocks while building stronger systems. He stated that growth should be measured by its impact on citizens’ lives, not just macroeconomic indicators. In a goodwill message, Biodun Adedipe, Chief Consultant at B. Adedipe Associates Limited, described LEDU as a credible framework for tracking economic performance and guiding development initiatives, noting Lagos’ central role in Nigeria’s overall economic success. Tayo Adeloju, CEO of the Nigerian Economic Summit Group, highlighted affordable housing as a critical factor for shared prosperity, emphasizing that it would improve living standards and support inclusive growth. He also stressed fiscal discipline, efficient service delivery, and broadening the productive economic base to maintain Lagos’ status as a leading megacity economy in Africa.

Looking ahead, the 2026 LEDU sets the stage for Lagos’ strategic focus on strengthening economic resilience and fiscal prudence, encouraging private-sector led growth and innovation, promoting inclusive urban development and social equity, and expanding investment opportunities through structured public-private partnerships. The blueprint aligns with the ₦4.237 trillion 2026 budget, titled the “Budget of Shared Prosperity,” ensuring that Lagos’ growth continues to be inclusive, sustainable, and globally competitive.

Sanwo-Olu Unveils 2026 Lagos Economic Blueprint to Drive Growth

EFCC Re-Arraigns Nadabo Energy Boss Over ₦1.4bn Oil Fraud

The Economic and Financial Crimes Commission (EFCC) has re-arraigned Abubakar Ali Peters, Managing Director of Nadabo Energy Limited, alongside his company before Justice Ismail Ijelu of the Lagos State High Court, Ikeja, over an alleged ₦1.4 billion oil subsidy fraud. The hearing took place on Tuesday, March 31, 2026.

The defendants were previously standing trial before Justice C.A. Balogun, but the case was reassigned following the judge’s retirement. The EFCC is prosecuting Peters and Nadabo Energy Limited on a 27-count charge involving alleged use of forged documents to defraud the Federal Government of Nigeria under the Petroleum Support Fund (PSF).

One of the charges alleges that on April 3, 2012, the defendants fraudulently obtained ₦978,401,732.09 by falsely claiming to have imported 19,488,992 litres of Premium Motor Spirit (PMS) from Ashland SA Geneva, Switzerland, when in reality only 6,505,140.04 litres were imported. The purported delivery involved mother and daughter vessels, including MT American Express, MT Evridiki, and MT St. Vanessa.

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Another count accuses the defendants of forging a Certificate of Marine Insurance no. 0047851, allegedly issued by Staco Insurance Plc, to facilitate obtaining funds under the PSF on October 25, 2011.

Peters pleaded not guilty to all the charges.

During proceedings, prosecution counsel S.K. Atteh requested that the court set a trial date and considered remanding the defendant in a correctional centre. Defence counsel E.O. Isiramen opposed the remand, noting that Peters had been granted bail on December 19, 2012, had complied with all conditions, and had never absconded. He urged the court to allow Peters to continue on his existing bail.

Justice Ijelu ruled in favour of the defence, allowing Peters to remain on bail. Sureties were ordered to appear in court on the next adjourned date to reaffirm their undertaking, and the lawyer was directed to sign an undertaking to produce the defendant for trial.

The court adjourned the matter for May 19, 20, and 21, 2026 for the commencement of trial.

The EFCC has continued to intensify its crackdown on financial crimes in Nigeria’s oil and gas sector, with particular focus on companies allegedly misappropriating subsidy funds. Analysts say cases like Peters’ highlight the ongoing challenges of regulating petroleum transactions and ensuring transparency in subsidy disbursement.

Observers note that convictions in such high-profile cases could serve as a deterrent for other players in the sector involved in large-scale financial fraud.

EFCC Re-Arraigns Nadabo Energy Boss Over ₦1.4bn Oil Fraud

‘I Have Not Resigned’ – Power Minister Adelabu Debunks Viral Resignation Report

Nigeria’s Minister of Power, Adebayo Adelabu, has dismissed viral claims suggesting he has stepped down from office, describing the report as false and misleading.

The clarification was issued through his Special Adviser on Strategic Communications and Media Relations, Bolaji Tunji, who confirmed that the minister remains in office and continues to carry out his duties.

Speaking during a phone conversation on Tuesday, Tunji said the resignation report circulating on social media is fake and should be disregarded.

The rumour was fueled by a purported resignation letter allegedly written by Adelabu to President Bola Tinubu and dated March 26, 2026. In the widely circulated document, the minister was said to have resigned to pursue his governorship ambition in Oyo State.

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Parts of the fake letter claimed that Adelabu expressed gratitude to the president for the opportunity to serve and indicated his intention to focus on contesting for the governorship position.

However, Tunji firmly debunked the document, stressing that it did not originate from the minister and has no official backing.

He reiterated that Adebayo Adelabu has not resigned, nor has he communicated any intention to step down from his position as Minister of Power.

The aide described the development as a deliberate attempt by mischief-makers to spread misinformation, especially amid increasing political activities ahead of future elections.

Despite speculations linking him to political ambitions in Oyo State, Adelabu remains focused on his current assignment, with ongoing efforts to improve Nigeria’s electricity supply and implement reforms in the power sector.

The public has been urged to verify information from credible and official sources before sharing, particularly on sensitive national issues.

‘I Have Not Resigned’ – Power Minister Adelabu Debunks Viral Resignation Report