LAGOS HOTEL, 3 OTHER PROPERTIES FORFEITED BY DRUG KINGPINS AUCTIONED AT N6.1BILLION.(PHOTOS). #PRESS RELEASE.

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 Lagos hotel, 3 other properties forfeited by drug kingpins auctioned at N6.1billion *- It’s a clear message that cartels won’t be allowed to enjoy proceeds of their criminal trade, says Marwa*  A Lagos hotel and three other properties seized from drug kingpins by the National Drug Law Enforcement Agency (NDLEA) and forfeited to the Federal Government through court processes have been auctioned for the sum of Six Billion One Hundred and Forty- Eight Million Nine Hundred and Sixty-Four Thousand Naira (N6,148,964,000.00) only. This was the outcome of a competitive bid process for the sale of eight assets forfeited by drug barons in parts of the country. While bidders who offered above reserved prices emerged winners of four of the listed properties, bids for four others failed because none offered up to the reserved prices. Announcing the winning bids at the bid opening ceremony attended by representatives of ICPC, Civil Society Organisations, auctioneers and bidders at the NDLE...
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LAGOS DMO INSPECTS BLUE RAIL LINE PROJECT.(PHOTO).#PRESS RELEASE.

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LAGOS DMO INSPECTS BLUE RAIL LINE PROJECT


The Permanent Secretary, Debt Management Office, Mrs. Rukayat Alake Sanusi, has inspected the progress of work on the Blue Rail Line project in anticipation of a visit by the members of the Securities and Exchange Commission (SEC) and the Trustees.

Speaking during the inspection tour, Mrs. Sanusi said the project, initially funded with Bonds, was further funded with the Central Bank of Nigeria (CBN) Intervention Programme and Real Sector Support Facility Differentiated Cash Reserve Requirement (RSSF-DCRR) for the financing of the Blue as well as the Red Line Rail Projects.

Her words: “Although the project was at inception funded with Bonds issued by Lagos State. The innovative financing option was used by Lagos State to kickstart the Lagos Rail Mass Transit, a major component of the Lagos State Strategic Master Plan (STMP). The facility was obtained at a single-digit concessionary loan for a 10-Year tenor. Lagos State was the first Sub-National to access this lending window”, the Permanent Secretary stated. 

Mrs. Sanusi also expressed satisfaction with the progress of work done so far on the project, maintaining that the project will be delivered on schedule.
 

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