Business
Nigeria, 3rd largest debtor to World Bank’s scheme

A financial statement published by the World Bank has placed Nigeria as the third largest debtor to the Bank’s International Development Association (IDA) as of June 30, 2024.
In the financial statement, Nigeria’s exposure to IDA rose to $16.5 billion as at June 30, which is an increase of $2.2 billion, or 14.4% over $14.3 billion recorded at the end of 2023.
On top of the IDA debt list is Bangladesh with $20.5 billion, followed by Pakistan with $17.5 billion exposure.
IDA is a key arm of the World Bank which provides concessional loans and grants to the world’s poorest countries.
The loans are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations, and are characterised by low interest rates and long tenors.
Nigeria pushed India to the fourth spot with $15.9 billion after the country reduced its IDA exposure from $17.9 billion in 2023; while Ethiopia, Kenya and Vietnam followed with $12.2 billion, $12.0 billion, and $12.0 billion, respectively.
The three countries at the bottom of the list are Tanzania with $11.7 billion, Ghana $6.7 billion, and Uganda with $4.8 billion.
“As of June 30, 2024, the ten countries with the highest exposures accounted for 63% of IDA’s total exposure.
“Monitoring these exposures relative to the SBL requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees,” the World Bank said.
Business
Why People Like to Live in Ojo, Lagos by Dennis Isong
People are renting rooms, apartments, self-cons, and even shared spaces. If you’re an investor reading this, take note. The rental demand in Ojo, especially near LASU and major roads, is not child’s play.

Ojo. That name rings a certain kind of Lagos bell — the kind that echoes both old-time charm and present-day promise.
Located on the western flank of Lagos State, Ojo has quietly but consistently won the hearts of many Lagosians looking for a place to call home.
In fact, when people say they’re relocating to the Lagos mainland but don’t want to “suffer,” Ojo is often their silent dream.
But what exactly makes this place tick? Why is it that people from different walks of life — from the everyday hustler to the savvy investor — are drawn to Ojo, like suya, to charcoal? It’s not just about the affordability, even though that’s a major sugar in the garri. It’s something deeper. Something a little emotional.
Ojo may not always be the loudest name on the Lagos real estate radar, but those who know… know. And trust me, many know.
Let’s start with the vibe. Ojo has a rhythm of life that somehow balances the Lagos bustle with a bit of hometown calm.
You see people moving, markets booming, buses shouting destinations in that dramatic conductor voice — yet you don’t feel overwhelmed. There’s room to breathe. Room to plan. Room to build.
That alone is gold in a city like Lagos where everything feels like a race. And speaking of building, the Ojo Lagos real estate scene has been buzzing, slowly but steadily.
The land here still gives you that hope — the hope that you can buy now, build small, and grow big without selling your grandfather’s inheritance. While some parts of Lagos make you feel like you need to be Dangote’s nephew to afford anything decent, Ojo gently whispers, “Relax, you can afford me.”
Ojo may not always be the loudest name on the Lagos real estate radar, but those who know… know. And trust me, many know.
Now, let’s not pretend that Ojo is some fantasy land where all your problems vanish. No, Lagos will be still Lagos. But Ojo gives you a softer landing.
It’s the kind of place where your Naira stretches just a little further. You buy a piece of land and still have money for block, cement, and maybe even a small naming ceremony afterward. That’s the subtle magic of Ojo Lagos real estate — it feels within reach.
Of course, we can’t talk about Ojo without mentioning its iconic market — Alaba International Market. It’s not just a market, it’s a city on its own. Electronics, appliances, gadgets, and goods of all kinds — if it plugs, charges, lights up or plays music, Alaba probably has it.
For many residents, living close to Alaba is not just convenient, it’s smart business. Imagine saving transport fare daily while your shop is booming.
That’s not just living, that’s strategic living. And then there’s the presence of Lagos State University — LASU.
The campus draws students, lecturers, and business people from across Nigeria. This means two things: First, it adds to the vibrant life of the community, and second, it feeds the rental economy like well-cooked jollof.
People are renting rooms, apartments, self-cons, and even shared spaces. If you’re an investor reading this, take note. The rental demand in Ojo, especially near LASU and major roads, is not child’s play.
Transport is another thing Ojo handles with surprising ease. From here, you can connect to FESTAC, Mile 2, Badagry, and even the Lagos-Badagry Expressway, which is slowly transforming into a world-class express corridor.
When that road fully hits its prime, let’s just say those who bought land in Ojo early will be smiling like politicians during campaign season. Ojo is also home to a rich mix of people.
There’s the core Lagos crowd, the business-savvy Igbo families, the student population, and a sprinkle of other tribes just doing their thing. It’s a cultural pot that simmers nicely, and somehow, people coexist. If you’re the kind of person who enjoys knowing your neighbor and greeting “Good morning, sir” with a smile, Ojo will feel at home.
Security?
It’s Lagos — we’re always watching our back. But Ojo holds its own. There are community vigilantes, police presence, and a population that looks out for itself. It’s not paradise, but it’s not chaos either.
With more estates springing up and more people investing in fencing, lighting, and organized structures, the environment is gradually evolving into a neater, safer version of itself.Let’s talk environment.
Ojo has water views. Not the fancy Lekki kind, but real water — the kind that reminds you of riverside childhoods, of fresh fish, and simple joys. Places like Iba and Iyana School have a mix of urban and rural beauty that makes for interesting real estate development.
You can literally build a bungalow beside a stream and still get Uber rides to your gate. Where else does that happen?
Then there’s something else — something less tangible but deeply felt. A spirit of growth. Ojo gives people the feeling that life can move forward. That a house isn’t just a roof over your head, but a sign that you’re progressing.
People don’t just live here; they thrive. They build. They plan weddings. They raise children. They retire in homes they built brick by brick.
The Ojo Lagos real estate market is not screaming headlines every day, but the smart ones are paying attention.
Plots of land are getting picked up quietly. Developers are carving out estates. New roads are being graded.
And one day soon, Ojo might just surprise everyone and become the new goldmine people wished they had entered early.
So yes, people like to live in Ojo. And it’s not just because of affordability, accessibility, or community.
It’s also because Ojo allows dreams to grow without choking them. In a city like Lagos where many live in survival mode, Ojo offers the rare chance to actually plan a life.
And if you ask me — or any of the sharp agents that roam that axis with their rolled-up trousers and unbeatable gist — they’ll tell you: If you miss Ojo now, you might be buying back in a few years at twice the price, with half the peace of mind.
Ojo is not just a place. It’s an opportunity. And in Lagos, opportunities like this don’t wait forever.
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Business
NNPCL: EFCC investigates Mele Kyari, 13 others over $2.9bn refinery funds [FULL LIST]

The Economic and Financial Crimes Commission, EFCC has commenced investigation into alleged misappropriation of funds and abuse of office by some former senior officials of the Nigerian National Petroleum Company Limited, NNPC Ltd.
Former chief executives of the company, Mele Kyari, Abubakar Yar’Adua and others were alleged to have misappropriated about $2.96 billion earmarked for the rehabilitation of Port Harcourt, Warri, and Kaduna refineries.
The development was disclosed in a letter dated 28 April and addressed to the Group Managing Director, NNPC Towers, Herbert Macaulay Way, Central Business District, Abuja.
It was gathered that the anti-graft agency is specifically investigating the disbursements of $1.56 billion for the Port Harcourt refinery, $740 million for the Kaduna refinery, and $657 million for the Warri refinery.
Those under investigation include:
Abubakar Lawal Yar’Adua
Mele Kolo Kyari
Isiaka Abdulrazak
Umar Ajiyap
Dikko Ahmed
Ibrahim Onoja
Ademoye Adeniyi Jelili
Mustapha Magaji Sugungun
Kayode Olusegun Adetokunbo
Efiok Michael Akpan
Babatunde Bakare
Jimoh Olasunkanmi
Bello Kankaya
Desmond Inyama
Business
JUST IN: NNPCL reduces fuel price to N910 per litre

Nigerian National Petroleum Company Limited, NNPCL, has reduced its retail price of Premium Motor Spirit.
It was observed on Saturday that NNPCL retail outlets along Kubwa Express Way, Zone 4 Abuja, and Gudu, all in the Federal Capital Territory, have adjusted their fuel pump price to N910 per litre from N935.
This showed that the state-owned firm reviewed its petrol price downwards by N20.
Fresh price drop in NNPCL retail prices has resulted in motorists trooping to NNPCL filling stations as of Saturday.
The latest price drop by NNPCL retail outlets is the latest outcome of the ongoing ‘price war’ in the downstream sector of the petroleum industry.
MRS filling stations and other Dangote Refinery partners currently sell petrol for N910 per litre.
Recall that Dangote Refinery announced a drop in its petrol ex-depot price to N835 per litre.
Thereafter, the 650,000-barrel refinery announced that its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will sell petrol at N890 to N920 in Lagos, Abuja, and other parts of the country.
The development caused price disruption in the country’s petroleum downstream sector.
Other filling stations sell petrol between N930 and N950 per litre, depending on the location.
On April 20, 2025, NNPCL reviewed its petrol retail price downwards to N935 per litre.
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