- Four Firms Ready to Refund Section One Cost
The Minister of Works, Mr David Umahi, has disclosed that the Federal Government’s Lagos–Calabar Coastal Highway project is already attracting strong interest from international investors, with at least four companies offering to refund the entire cost of Section One in exchange for operating and tolling the road.
Umahi made the disclosure on Wednesday during a press briefing at the ministry’s headquarters in Abuja, describing the highway as an investment-driven legacy project rather than a conventional public works programme.
“When a nation is in crisis, you have to do everything possible to bring external funds into the system. That is the wisdom behind what the President is doing with these four legacy projects,” the minister said.
He stated that the Federal Government is funding about 30 per cent of the Lagos–Calabar Coastal Highway, while 70 per cent of the financing is being sourced from international financiers, adding that the project’s return on investment remains “very high”.
“There are about four companies that have indicated interest to pay 100 per cent of what was spent on Section One of the coastal highway, take it over and toll it. That process is ongoing,” Umahi said.
The minister explained that the coastal road was designed as a strategic economic corridor to unlock multiple infrastructure assets across the country, rather than being limited to road and bridge construction.
“This legacy project is an investment. It is linking all the ongoing projects of Mr President,” he added.
Umahi also dismissed allegations by Senator Eyinnaya Abaribe questioning the procurement process of the project, describing the claims as an attack on his integrity.
“By saying that I didn’t care about the procurement process, that is an attack on my personality and integrity,” he said, insisting that the project fully complied with the Public Procurement Act.
According to him, the law recognises three procurement methods, all of which were duly observed in the execution of the Lagos–Calabar Coastal Highway.
Umahi further disclosed that the project passed through a comprehensive Environmental and Social Impact Assessment (ESIA) process, which he said was critical to attracting international funding.
He said the ESIA involved public advertisements, stakeholder engagements with affected communities, independent academic-led assessments, and an international comment window before certification was issued.
“At the end of the day, a certificate of ESIA was issued. It was displayed publicly, and it remains on record,” he said.
The minister revealed that international financiers, including the Dutch Development Bank, carried out independent evaluations of Section One and returned favourable assessments.
“They found that the project was properly packaged, of very high quality, and undervalued,” Umahi said, adding that when the project was opened to foreign financial institutions, it was oversubscribed by $100 million.
“International funders are not jokers. They scrutinise every detail before approving funding,” he said.
The Lagos–Calabar Coastal Highway is one of President Bola Ahmed Tinubu’s four flagship legacy infrastructure projects and is designed to span about 700 kilometres, linking Lagos, Ogun, Ondo, Delta, Bayelsa, Rivers, Akwa Ibom and Cross River states.
The project is expected to boost trade, tourism and logistics, provide coastal protection, and serve as a strategic evacuation corridor for oil, gas and agricultural assets in the southern region.
Section One of the highway, stretching from Ahmadu Bello Way in Lagos to the Lekki axis, has attracted public scrutiny over cost, procurement and environmental concerns, which the Federal Government has consistently denied.
Umahi said sustained foreign investor interest was evidence of the project’s economic viability and credibility.
The minister also responded to comments by Senator Abaribe suggesting that the South East had no reason to support President Tinubu, describing the remarks as misleading and unreflective of federal investment in the region.
Umahi said the Tinubu administration had delivered inclusive governance, citing security appointments and the recent approval of an army training depot in Abia State as evidence.
“How can a zone be totally excluded? President Bola Tinubu corrected that wickedness,” he said, adding that South-East governors were fully aligned with the President.
He dismissed claims that the South East would not support Tinubu in 2027, saying the assertion represented a personal opinion rather than the position of the region.
Emma Tochi ✔
Godwin Okafor is the Publisher & CEO of Naija247news Media Group LLC, an independent investigative news platform delivering accurate, data-driven reporting on Nigerian and global politics, economy, finance, and business. Founded in October 2010, Naija247news specializes in developmental journalism, providing timely insights and analysis to readers across Nigeria and the diaspora.
View Archive →
