Politics
NO IMPACT ON LAGOS RATINGS OVER VISIONSCAPE MISSED PAYMENTS – FITCH RATINGS
N
…Says State’s B+ Status Stable, Unaffected
A global credit rating agency, Fitch Ratings, has affirmed the positive economic ratings of Lagos State despite the missed contracted services payment by Visionscape Sanitation Solutions as a result of halting of the waste management agreement.
In a statement dated March 28, 2019, (See the full Fitch Statement Attached Below) Fitch said the State’s B+/(AA+(ngn)/ ratings remained stable and unaffected by the default of the SPV Municipality Waste Management Contractors Limited (MWMCL) led by Visionscape occasioned by the halt of the said contract and the subsequent resolution of the State House of Assembly.
The SPV is a private consortium led by Visionscape Sanitation Solutions (Visionscape), a company mandated to manage Lagos’ waste collection and disposal.
Early this March, the SPV is reported to have missed the semi-annual principal and coupon payments for about N800million on the N4.85billion tranche under MWMCL’s N50billion medium term note programme.
The bond was issued by MWMCL reportedly to raise funds to purchase recycling trucks and equipment, linking debt service to the proceeds coming from Lagos for the implementation of the waste recycling contract.
Some market participants had deemed MWMCL’s default to imply also the default of Lagos, given the state’s irrevocable standing payment order (ISPO) whereby a stream of its own internally generated revenue was remitted to the SPV account for debt servicing.
But the agency, in its opinion, said the ISPO, and similar arrangements in other countries, is a mechanism enhancing the predictability of payment flows from an administration, potentially enabling it to address liquidity stress by prioritizing the payment of certain liabilities.
However, such a mechanism normally falls short of the senior, unconditional, and irrevocable features qualifying it as a solvency guarantee, i.e. a guarantee of timely repayment of long-term financial liabilities, such as bonds and loans, over extended periods.
“In short, the ISPO is seen as a commitment to set aside resources for debt service, making it a risk-mitigating factor in case of liquidity stress by an administration rather than a credit enhancement.
“Fitch does not rate the defaulted bond and believes that it would not have been able to rate the state’s commitment towards Visionscape – underpinning the bond debt servicing – under its Public-Sector Counterparty Obligations in PPP Transactions Criteria. Fitch does not rate commercial liabilities, i. e. those arising from service provision, such as waste fees/utility bills,” the agency said.
Giving further details, Fitch said when the payments of commercial nature are recurrent amid the need to procure the service of an asset otherwise purchasable/funded via borrowing (i.e. hospital, energy, motorway, public transport infrastructure), Fitch tests the rateability of the commitment and cautions that the IGR of the grantor, Lagos State in this case, does not address the default risk on commercial, or quasi-debt arrangements.
The agency added that since the commitment underlying the MWMCL bond may meet the rateability tests under its PPP counterparty obligation criteria as Lagos lacks the control of the asset, and that it is the grantee (Visionscape) that appears to have the option to put to the state the waste recycling trucks in case of contract termination, rather than the state having the control that will enable it to operate them at the end of the PPP arrangement if it so chooses, then the State Government could not be held liable.
“Lagos reportedly committed itself to pay for a service but those payments were discontinued in 2018 once the waste collection halted and the State’s House of Assembly issued a subsequent resolution.
“Under Fitch’s criteria, Lagos’ ratings are not impacted because the defaulted debt is not Lagos’ direct debt, as well as because its multi-annual commitment towards Visionscape is unlikely to qualify as a PPP counterparty obligation. This would make the credit quality of the bond and its issuer detached from that of Lagos,” Fitch said in the statement.
Politics
Tinubu Is the ‘Surgeon’ Nigeria Needs; Opposition Lacks Courage for 2027 — Ogra
Tinubu Is the ‘Surgeon’ Nigeria Needs; Opposition Lacks Courage for 2027 — Ogra
ABUJA — Senior Special Assistant to the President, O’tega Ogra, has defended the reform agenda of President Bola Ahmed Tinubu, describing him as a “surgeon” prepared to take difficult but necessary decisions to stabilise Nigeria’s economy, while criticising opposition figures ahead of the 2027 general elections.
In a statement titled “My thoughts on the APC, President Bola Tinubu’s reforms, and the opposition,” Ogra, popularly known as ‘The Tiger,’ said many opposition leaders lack the political will required to implement tough but beneficial policies.
‘Surgeon vs Bystander’
Drawing a medical analogy, Ogra likened the President’s leadership style to that of a specialist willing to carry out life-saving surgery, while portraying critics as passive observers.
“The difference between President Bola Ahmed Tinubu and them is like comparing a surgeon willing to take a difficult but life-saving decision in the operating theatre, and a bystander more concerned with applause than outcome,” he said.
He argued that while the President is willing to endure short-term criticism in pursuit of long-term national stability, the opposition remains driven by populist considerations that could delay meaningful progress.
Structural Reforms Underway
Ogra dismissed claims that the administration’s policies are superficial, insisting they represent fundamental changes aimed at correcting longstanding economic distortions.
He cited developments in the oil and gas sector, including efforts to promote domestic refining and eliminate what he described as fraudulent subsidy regimes, as measures targeted at blocking revenue leakages. He also referenced fiscal reforms designed to boost government revenue and support infrastructure and social investments.
“These decisions are not politically convenient. They demand resolve,” Ogra said, adding that history tends to favour leaders who undertake systemic reforms rather than those who “manage decline.”
Criticism of Opposition
The presidential aide said opposition parties have “a lot to learn” from the internal workings of the ruling All Progressives Congress (APC), accusing rival groups of failing to present clear and workable policy alternatives.
According to him, criticism in a democracy must be accompanied by substance and conviction.
“Nigeria does not need rehearsed outrage. It needs tested ideas and leaders willing to stand by them when it matters most,” he added.
Outlook on Reforms
While acknowledging that the reforms may take time to fully materialise, Ogra expressed confidence that early signs across key sectors point to a more resilient economy and improved fiscal discipline.
He concluded that leadership is ultimately defined by the ability to make difficult and sometimes unpopular decisions, insisting that such choices are essential for building a strong and stable nation.
Politics
Top Reps Aspirant, Abudu-Balogun Assures Constituents of Inclusive, Progressive Representation
Top Reps Aspirant, Abudu-Balogun Assures Constituents of Inclusive, Progressive Representation
It is an incontrovertible fact that Watersiders should GET IT RIGHT this time around by overwhelmingly support this distinguished Watersider, Hon. Abudu-Balogun to emerge as the Candidate of APC for the Federal House of Representative in the 2027 elections.
Apart from being a respected politician among the creme-de-la-creme professionals in politics in Ogun State, and undoubtedly a prominent grassroots politician of Waterside extraction, Hon. Abudu-Balogun has seen it all in National politics that will be of great benefits to the Federal Constituency if eventually elected.
Hmmm! With the emergence of the distinguished Senator Solomon Adeola (Yayi) as the consensus Governorship candidate of APC in Ogun State, Waterside agitation for enduring developmental projects and its realisation like Deep Sea Port, assumption of Oil producing LGA via Eba Oil deposits, sustainable Electricity Supply would be a walk-over. This anaysis is predicated upon a scientifically established empirical evidence that Hon Abudu-Balogun is a sustainable Bridge between this Federal Constituency and the Powers that be at Federal level.
He has the competence, he posseses the Capacity, he has the cognate political experience, he has fortified the developmental blueprint, he has worked tirelessly, and earned the link to facilitate the expected developmental projects to this Federal Constituency.
Above all, Hon Abudu-Balogun has concluded political and economic arrangements to galvanise support in all respects from the main actors at the National and sub-national levels in the country for the tasks ahead.
TENI NI TENI. This is the time TIME FOR “ACTION” in the realisation of the enduring Developmental Agenda (that has been eluding us from time immemorial) for the entire Federal Constituency, particularly, our dear Ogun Waterside LGA.
Distinguished Watersiders, particularly, the comrade professional politicians and the astute Professionals in politics, please factcheck this. Hon Abudu-Balogun is a very popular and honoured politician in Ijebu-North LGA, he is cherished and respected professional in politics in Ijebu-East LGA, he is a consistently consistent rare breed politician in Waterside who has the interest of Waterside development at heart.
ACTION needs our support, he needs our endorsement at this political turning point of our dear LGA, the Wealth Side of Ogun State.
Iwe teni, iwe teni, iwe teni o.
Ajuse ri Dede Eni o.
Happy Sunday to us all.
Politics
ADC Unstoppable, Like the Sun — Aregbesola Declares at 8th National Convention
ADC Unstoppable, Like the Sun — Aregbesola Declares at 8th National Convention
ABUJA — Former Osun State Governor and chieftain of the African Democratic Congress (ADC), Rauf Aregbesola, has declared that the party remains “unstoppable,” likening its rise to the inevitability of the sun, despite what he described as attempts by the ruling establishment to weaken opposition forces.
Speaking at the ADC’s 8th National Convention, Aregbesola said the party’s existence is rooted in the will of Nigerians and protected by the constitution, insisting that no political pressure or institutional interference could halt its progress.
“Just as no power can stop the sun from rising, so can the ADC not be stopped,” he told delegates.
Blasts Political System, Accuses Ruling Forces of Undermining Democracy
The ADC leader accused the ruling All Progressives Congress (APC) and the Independent National Electoral Commission (INEC) of actions he described as anti-democratic, alleging efforts to frustrate opposition parties ahead of the 2027 elections.
He criticized what he termed the normalization of political “criminality,” arguing that recent political realignments and electoral practices undermine democratic integrity.
According to him, ADC does not owe its existence to any individual or institution but to Nigerians “tired of deceit and mismanagement.”
Harsh Assessment of Economy, Security, and Governance
Aregbesola painted a grim picture of the nation’s condition, citing economic decline, rising inflation, and worsening living standards.
He noted that the naira’s depreciation from about ₦700 to ₦1,400 per dollar reflects what he described as poor economic management, while fuel prices have surged significantly, making daily life difficult for citizens.
On security, he described the current situation as one of the worst in Nigeria’s history, raising concerns about increasing violence and what he called a lack of empathy from leadership in responding to national tragedies.
ADC Positions Itself as Nigeria’s “Rescue Mission”
The former minister said the ADC has, within months, transformed into a major opposition force, claiming it now represents the “hope of the Nigerian people.”
He outlined the party’s rapid structural expansion, ongoing membership drive, and efforts to build alliances with other opposition groups including the Peoples Democratic Party (PDP), Labour Party (LP), Social Democratic Party (SDP), and New Nigeria Peoples Party (NNPP).
Aregbesola emphasized that the party is preparing to challenge the APC in the 2027 general elections through what he described as a “united opposition front.”
Defends Party Leadership Changes, Convention Legitimacy
Providing details of internal restructuring, Aregbesola said the emergence of new leadership, including David Mark as caretaker national chairman, followed due constitutional process and was duly communicated to INEC.
He argued that the commission’s refusal to monitor the convention violates provisions of the Electoral Act, insisting that ADC fulfilled all legal requirements.
Alleges Persecution of Opposition Figures
The ADC leader further accused the government of using state institutions such as anti-corruption agencies and security services to intimidate opposition politicians.
He cited cases involving figures like Nasir El-Rufai and Aminu Tambuwal, describing the trend as a dangerous signal for democracy.
Calls for United Front Ahead of 2027
Aregbesola concluded with a rallying call for Nigerians to support the ADC’s mission to restore “freedom, security, and prosperity,” warning against political apathy.
“A democracy without opposition is an autocracy,” he said, urging citizens to reject what he termed any attempt at political “coronation.”
Closing Note
The convention, themed “So that Nigeria will work for Freedom, Security and Prosperity,” brought together party delegates and stakeholders, marking a significant step in ADC’s preparations for the 2027 elections.
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