News
Lagos 3rd Mainland Bridge Collapsing- Mark
Lagos Third Mainland Bridge, the 11.8 km long bridge connecting Lagos Island to the mainland is in danger and will portend a major national disaster if allowed to collapse, according to David Mark, Senate president.
Mark said “the bridge is an important edifice and its collapse will be a major catastrophe, as many lives may be lost.”
This is coming as the upper legislative house will today debate a motion on the imminent collapse of the bridge.
At the plenary session yesterday, Senator Gbenga Ashafa from Lagos East raised a point of order to bring to the attention of the Senate the state of the bridge, adding that he would want an urgent remedial measures to be taken.
He said the consultant who carried out the post-assessment of the repair works of the bridge discovered that the repair work on its foundation was not properly done.
Ashafa said the consultant discovered that the bridge “could collapse today, tomorrow, next year, five or 10 years and, therefore, there is the urgent need to discuss the imminent collapse.”
The repair of the Third Mainland Bridge before it was re-opened last year reportedly gulped N1.5 billion, including repairs at eight expansion joints of both sides of the bridge.
The Third Mainland Bridge, measured 11.8 km and connected the Mainland to Lagos Island, was commissioned by former military president, General Ibrahim Babangida, in 1990.
The bridge is the longest of three bridges connecting Lagos Island and starts from Oworonshoki which is linked to the Apapa-Oshodi express way and Lagos-Ibadan express way, and ends at the Adeniji Adele Interchange on Lagos Island.
By 2006, many commuters had reported that the Third Mainland Bridge was vibrating noticeably, indicating that it needed urgent attention.
As a result, remedial work was commenced on the portions of the bridge at different times, leading to partial closure of the bridge at different times.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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