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SANWO-OLU: WE’RE FINANCIALLY CREDIBLE GOVT

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•Says LASG will never default on loan repayment responsibilities

•LOTUS, Parallex banks hail Governor’s giant strides in Lagos

Lagos State Governor, Mr. Babajide Sanwo-Olu, on Wednesday said the State is a financially credible government to financial institutions, noting that Lagos State Government has never defaulted in terms of repayment and other responsibilities.

Governor Sanwo-Olu made the statement on Wednesday when the management of Parallex Bank Limited led by its Managing Director, Olufemi Bakre, paid him a courtesy visit at the Lagos House, Marina.

He said Lagos State Government is open to doing business with any financial institutions, adding that his administration will continue to encourage all players without giving anyone unnecessary advantage.

Sanwo-Olu said his government is service-driven based on the administration’s commitments to the citizens by improving quality of lives, providing security of lives and properties and providing a friendly and conducive environment for businesses to thrive.

“We are open to doing additional businesses with any of the financial institutions. Lagos will continue to be a major player in the public sector space and we are very disciplined because we never default on all our responsibilities in terms of repayment and others. So, I am very sure that we are a credible creditor to banks,” he said.

Governor Sanwo-Olu also received the management of the LOTUS Bank Limited led by its Managing Director, Kafilat Olaoye, during a courtesy visit at the Lagos House, Marina on Wednesday.

Speaking during the courtesy visit, Governor Sanwo-Olu said his administration is embarking on developmental projects in different parts of the state to create value for residents of Lagos State.

He said Lagos State Government will continue to collaborate with partners and stakeholders in the private sector who want to contribute to the growth and development of the state.

In his address, the Managing Director and Chief Executive Officer (CEO) of the Parallex Bank Limited, Olufemi Bakre commended the Babajide Sanwo-Olu administration’s giant strides in Lagos State, noting that the incumbent government’s performance is visible in the area of transportation, health, making Lagos 21st Century economy, information and technology, security and governance.

He said his bank is ready to partner with the government to finance some State developmental projects like the Fourth Mainland Bridge.

The Managing Director of LOTUS Bank Limited, Kafilat Olaoye, who said her organisation is ready to partner with the Lagos State Government in developmental projects, said Governor Sanwo-Olu has done a lot in the last three years and deserved a second term in office based on the recent endorsement of the Governor for reelection in 2023.

 

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Tax Reform Bills: Senate To Consider Viable Opinions Of Stakeholders

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The chairman, Senate committee on Finance, Senator Sani Musa, says the Senate will consider viable opinions of all stakeholders in the passage of current Tax Reform Bills .

Senator Musa who stated this during an interview with newsmen in Abuja emphasized the need for Nigerians to be patient for a tax regime that would be beneficial to all and sundry.

He explained that the red chamber would evolve a legislation that is workable in line with international best practices.

Senator Musa told newsmen that president TINUBU needs one trillion dollar economy adding that the proposed Tax regime would outlive every individual including the lawmakers.

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Price Hike: FCCPC Summons MultiChoice, Warns Against Exploitation

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The Federal Competition and Consumer Protection Commission (FCCPC) has summoned MultiChoice Nigeria to explain its proposed subscription price increase, set to take effect on March 1, 2025.

Exercising its mandate under Sections 32 and 33 of the FCCPA, the FCCPC directed the Chief Executive Officer of MultiChoice Nigeria to attend an investigative hearing at the Commission’s headquarters on Thursday, February 27, 2025.

In a statement, the Director of Corporate Affairs in FCCPC, Mr Ondaje Ijagwu said the action follows MultiChoice’s formal notification of the price adjustment, which raises concerns about recurrent unilateral price hikes, potential market dominance abuse, and perceived anti-competitive practices in the pay-TV industry.

“The FCCPC is deeply concerned that Nigerian consumers continue to face frequent price increases, amid accusations that MultiChoice applies different pricing strategies in other markets, heightening questions about fairness and market abuse and should MultiChoice fail to provide satisfactory explanations or be found in violation of fair market principles, the FCCPC will be left left with no other option than to impose regulatory penalties, sanctions, or other corrective measures to protect Nigerian consumers” He warned

In his words”Furthermore, the FCCPC is engaging the sector regulator and other relevant agencies to ensure fair competition and consumer protection within Nigeria’s broadcasting and digital subscription landscape”.

 

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Senator Natasha Sues Akpabio For Defamation, Asks ₦100bn Damages

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Kogi Central Senator, Natasha Akpoti-Uduaghan has filed a lawsuit against Senate President Godswill Akpabio for allegedly defaming her

The suit was filed before the Federal Capital Territory High Court on Tuesday with Akpabio and his senior legislative aide Mfon Patrick listed as second to third defendants.

In the suit, Senator Akpoti-Uduaghan through her lawyer, Victor Giwa, referred to Akpabio’s words published by his aide on his Facebook page with the title, “Is local content committee of the senate Natasha’s birthright?” where he stated that the claimant thought being a lawmaker is all about pancaking her face and wearing transparent outfits to the Chambers.

Giwa alleged that the statement on Akpoti-Uduaghan was defamatory, provocative, and disparaging, and lowered her dignity in the eyes of her colleagues and right-thinking members of the public.

“A declaration that the words ‘it is a bottled anger by the Kogi Lawmaker, who knows nothing about legislative rules. She thinks being a lawmaker is all about pancaking her face and wearing transparent outfits to the Chambers’ used and written by the 3rd defendant at the prompting of the 1st and 2nd defendants is defamatory and intended to cause public opprobrium and disaffection towards the claimant by members of the public,” her reliefs partly read.

Akpoti-Uduaghan urged the court to restrain the defendants or associates from publishing defamatory words against her on any platform.

“An order of perpetual injunction restraining the defendants whether acting by themselves or through their agents, privies, assigns, or associates from further publishing or caused to be published the said defamatory words herein stated or any other similar publications about the claimant on the social media platform or in any other manner, which is capable of defaming the claimant,” she stated.

She, however, urged the court to order the defendants to pay her ₦100bn as damages and ₦300m as litigation costs.

“An order for payment of the sum of ₦100,000,000,000 as general damages. An order for payment of the sum of ₦300,000,000.00 only as cost of action,” she said.

Senator Natasha Akpoti-Uduaghan had recently voiced her concern after her seat was reassigned due to a reshuffle. She resisted the relocation and this led to a clash between her and the senate president.

The Kogi lawmaker has been referred to the Senate Disciplinary Committee in the wake of the seating arrangement dispute.

 

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