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Ekiti Residents Condemn N7.3Billion Road Project As Fraudulent And Unnecessary, Say Worse Roads Remain Abandoned

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The Ikogosi–Efon Road was among the 10 major roads inaugurated by former Governor Kayode Fayemi in 2012 during his second anniversary celebrations.

A resident of Ekiti State has raised an alarm over the approval of N7.3 billion by Governor Biodun Oyebanji’s administration for the rehabilitation of the 20km Ikogosi–Ipole–Efon Alaaye Road, describing the project as fraudulent and unnecessary.

The resident, who recently travelled on the road, told SaharaReporters that the highway was largely motorable and had only two potholes, unlike other roads in the state that are completely impassable.

“I am on the newly approved N7.3 billion, 20km Ikogosi–Ipole–Efon Alaaye Road. I can categorically tell you that the highway is largely motorable and has only two potholes, unlike other roads in the state that are completely impassable.

“This project is fraudulent and unnecessary. Where are we heading in Ekiti with this high level of monumental fraud going on?

“How can our governor be planning to spend N7.3 billion on a 20km road with just two potholes, while the real roads that people are crying about remain abandoned?” the resident lamented.

The contract, announced after a virtual State Executive Council meeting on September 4, 2025, was awarded to Wals and Funs Nigeria Limited, a company linked to one Wale Olatunji.

Some residents have expressed doubts about the firm’s competence, noting that it lacks a verifiable track record in handling road projects of such magnitude.

The Special Adviser to the Governor on Information, Taiwo Olatunbosun, defended the project, stating that the scope would include clearing, earthworks, concrete drains, pavement construction, and asphalt laying, with completion expected in 24 months.

He explained that the road upgrade was in line with Governor Oyebanji’s infrastructure agenda and aimed at easing residents’ hardship, boosting socio-economic activities, and improving security in the area.

The residents, however, insist that the project is another “conduit pipe” to siphon public funds.

“What we see here is just a recycling of the same fraudulent pattern; abandon the critical federal roads like Ado–Ijan–Iluomoba–Ikare that have become death traps, and throw billions at roads that need little or no repair. The contractor itself looks shady,” another source said.

The Ikogosi–Efon Road was among the 10 major roads inaugurated by former Governor Kayode Fayemi in 2012 during his second anniversary celebrations. Fayemi had touted the projects, including the Erijinyan–Ilawe, Odo Owa–Oke Ila, Ado–Ilawe, and Ado–Afao roads, as crucial investments to end commuters’ “harrowing experiences” and boost the state’s economy.

Meanwhile, Ekiti residents and transporters continue to groan over the deplorable state of major federal roads, particularly the Ado–Ijan–Iluomoba–Ikare highway, which links the state to Abuja and Ondo. Despite repeated assurances from the Federal Government and the Minister of Works, the road remains in ruins.

Popular gospel comedian Ayo Ajewole (Woli Agba) recently joined calls for urgent repairs, lamenting that bad roads pose serious risks to users. He recalled how Nollywood actor Kunle Afod also raised concerns about Ekiti’s roads but was attacked by indigenes who claimed he only wanted to mock the state.

Woli Agba revealed that during a live video appeal, he suffered flat tyres due to the poor condition of the road. He urged Ekiti people to vote for leaders with practical competence.

“If light is your problem, vote for electricians. If it’s water, vote for plumbers. And if it’s roads, then vote for construction engineers as governors,” he said.

The N7.3 billion approval has since triggered fresh anger, with many accusing the Oyebanji-led government of prioritising contracts that serve political and private interests over the real infrastructural needs of citizens.

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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