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
AMBO and the Osun Governorship Race: Assessing the Man, the Politics and the Vision
AMBO and the Osun Governorship Race: Assessing the Man, the Politics and the Vision
As political activities gather momentum ahead of the 2026 Osun State governorship election, a public affairs commentator, Oluseyi Olonade, has described the emergence of Asiwaju Munirudeen Bola Oyebamiji, popularly known as AMBO, as a significant development in the state’s political landscape.
In an article titled “Oyebamiji: The Man, The Politics and The Aspiration,” Olonade argued that the All Progressives Congress governorship hopeful possesses the character, experience and vision needed to reposition Osun State for sustainable growth.
According to the writer, Oyebamiji’s appeal stems from his extensive background in the banking sector, where he spent nearly three decades working with institutions including Wema Bank, Trans International Bank, Spring Bank and Enterprise Bank.
A native of Ikire in Irewole Local Government Area, Oyebamiji was described as a technocrat whose experience in corporate governance, finance and risk management has shaped his approach to public administration.
The article noted that his public service journey gained prominence in 2012 when he was appointed to oversee the then Osun State Investment Company Limited. Under his leadership, the organisation was reportedly restructured and transformed into Omoluabi Holdings Limited.
The writer further highlighted Oyebamiji’s tenure as Commissioner for Finance under successive APC administrations, where he was credited with managing the state’s finances during challenging economic periods.
Olonade also referenced Oyebamiji’s appointment as Managing Director of the National Inland Waterways Authority, describing it as further evidence of his administrative and leadership capabilities.
The article contrasted Oyebamiji’s governance philosophy with that of the current administration in Osun State, arguing that the APC aspirant favours institutional reforms, economic diversification and fiscal discipline.
According to the writer, Oyebamiji’s proposed agenda includes strengthening transparency in government spending, expanding internally generated revenue, attracting private-sector investments and promoting industrial and agricultural development.
The article also highlighted youth empowerment, entrepreneurship development and digital skills acquisition as key components of his vision for the state.
Olonade concluded that the forthcoming governorship election would present voters with a choice between different approaches to governance, expressing confidence that Oyebamiji’s experience and developmental agenda make him a strong contender in the race.
Politics
Oselu Tiwa nTiwa Endorses Oriyomi Hamzat for Oyo Governorship
*Oselu Tiwa nTiwa Endorses Oriyomi Hamzat for Oyo Governorship*
A sociopolitical support group in Oyo State, Oselu Tiwa nTiwa, has declared its support for Alhaji Oriyomi Hamzat as the authentic governorship candidate of the Accord Party ahead of the forthcoming governorship election in the state.
The group made its position known in a statement jointly signed by its President, Mr. Adewale Oluwaseyi and Secretary, Alh. Adebayo Oyewole, on Thursday, describing Hamzat as a grassroots figure with strong connection to the people and a track record of humanitarian interventions across Oyo State.
According to the group, the endorsement followed what it described as careful observation of Hamzat’s leadership qualities, compassion and dedication to the welfare of ordinary citizens.
“Oriyomi Hamzat has consistently demonstrated empathy, courage and selfless commitment to humanity. Through his numerous interventions in the lives of ordinary citizens, he has become a symbol of hope to many families and communities,” the statement read.
Oselu Tiwa nTiwa also appealed to the national leadership of the Accord Party to prioritise the long-term future and electoral growth of the party in its decision-making process.
The group noted that Hamzat’s candidacy presents an opportunity for the party to strengthen its grassroots support base and expand its political relevance across Oyo State.
“We respectfully appeal to the National Leadership of the Accord Party to look beyond immediate political calculations and consider the bigger picture, the future growth, stability and electoral success of the party in Oyo State and beyond,” the statement added.
The group further expressed confidence in the leadership of the party, saying it believes the party’s national officers and stakeholders would take decisions that reflect fairness, inclusiveness and the collective interest of members.
While calling on party loyalists to remain calm and united, Oselu Tiwa nTiwa said continued consultations among stakeholders would help strengthen the Accord Party ahead of the election.
Signed:
Alh. Adebayo Oyewole,
Secretary.
Politics
Atiku Set To Clinch ADC Presidential Ticket, Leads Amaechi, Hayatu-Deen In 34 States
Atiku Set To Clinch ADC Presidential Ticket, Leads Amaechi, Hayatu-Deen In 34 States
Former Vice President of Nigeria and frontline presidential aspirant of the African Democratic Congress (ADC), Atiku Abubakar, is projected to emerge winner of the party’s presidential primaries, according to impeccable sources in Abuja.
The primaries, conducted across over 8,000 wards in the 36 states of the federation and the Federal Capital Territory, reportedly placed Atiku far ahead of his closest rivals — former Rivers State Governor, Rotimi Amaechi, and former Chairman of the Nigerian Economic Summit Group, Mohammed Hayatu-Deen.
Highly placed party insiders disclosed that Atiku is currently leading in 34 states, including the FCT, after securing dominance across the 19 Northern states, the five South-East states, and the six South-West states, while also maintaining a strong showing in at least three states in the South-South geopolitical zone.
The sources added that the outcome reflects what they described as “an overwhelming nationwide acceptance” of the former vice president within the opposition party ahead of the 2027 general election.
Meanwhile, the ADC leadership has invited members of the press to the official announcement of the final collated results scheduled for 11:00 a.m. on Tuesday, May 26, 2026, in Abuja.
The declaration of results is expected to be broadcast live on ARISE Television and two other major television stations, while also being livestreamed on the party’s official social media platforms on X and Facebook.
Speaking ahead of the announcement, the founding National Chairman of the ADC, Chief Ralph Nwosu, said the decision to televise the exercise live was aimed at promoting transparency and democratic accountability.
“We want millions of Nigerians at home and in the Diaspora to witness democracy in action,” Nwosu said.
He further revealed that the party leadership would encourage all three presidential aspirants to publicly embrace a peace accord and commit themselves to working together in unity for the party’s success.
According to him, the move is necessary to strengthen internal cohesion and position the ADC for victory in the presidential election scheduled for January 16, 2027.
Details later.
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