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OKADA RESTRICTION: SANWO-OLU’S ACTION IN THE BEST INTEREST OF LAGOS  

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‘’If you care about the security of Lagos State, support your Governor on the restriction of Okada and Keke.’’ This was the submission of the former Governor of Lagos State and current Minister of Works, Mr. Babatunde Raji Fashola at a recent interaction with newsmen in Lagos.
I have followed news reports, commentaries, opinion articles and street reactions for and against the restriction on the commercial operations of Okada and Keke by my principal, Governor Babajide Olusola Sanwo-Olu in some parts of Lagos State. While some appear as balanced argument, especially along the economic line, which can’t stand as good reasons for policy reversal, several others were pure sentiment and emotional outbursts, mostly lacking in logical reasoning. A careful analysis of the subject matter has shown that there is a consensus among the protagonists and the antagonists that commercial motorcyclists and tricyclists have become a danger in Lagos; everybody knows and agrees to this red flag! In fact many of those against the Okada restriction, whether knowingly or unknowingly have called for total eradication of bicycles and tricycles in the city of Lagos.
A columnist, Bimbo Adelakun in the back page of the Punch newspaper on Thursday February 6th wrote:
‘’In principle, I am not against the ban on those vehicles themselves, but the timing and the execution of Sanwo-Olu’s decision. I believe that okadas and kekes have to go at some point. They are an urban nuisance, an ungainly sight, a blight, and an ugly blotch on Nigeria’s botched landscape. Those vehicles desecrate spaces and painfully highlight the un-citiness of our cities.”
Same with Bashorun Dele Momodu in his pendulum column at the back page of ThisDay newspaper submitted that:
”Apart from the population explosion and the stupendous traffic jams, Lagos is bedevilled by a major security conflagration. This arises from its metropolitan nature and its willingness to welcome and absorb all those who genuinely want to be a part of its miracle. The flip side of this welcoming attitude is that Lagos will also attract shady characters and nefarious elements. The recent influx of unidentifiable immigrants into Lagos is just a sample of this major headache and has further compounded the bad situation.”
There are several other writers who have taken a position either for or against this restriction. Many of them have offered what they, in their opinion think should be the best solution to the Okada menace. I see this as a good development for our fledgling democracy. However, one must remind these opinion writers that most of what they offered in their write ups were at one time or another, part of several suggestions placed before Government. One must also educate them that Government didn’t wake up to place restrictions on the commercial activities of bicycles and tricycles in parts of the city.
Deaths were being recorded on a daily basis as a result of the reckless nature of Okada riders. Security of lives was threatened, as Okada became the easiest form of mobility for criminals. Recklessness, disorderliness and total disregard to the traffic rules reigned supreme among the Okada and Keke riders.
Their behaviour has taken a toll on the social and environmental well-being of the people.
Government has a responsibility to protect the lives and property of its citizens. As Governor Sanwo-Olu said during the flag off of the commercial operations of Lagos Ferry services, his administration deemed it necessary to restrict the operation of commercial motorcycles and tricycles in some parts of the State, especially in six Local Governments, nine Local Council Development Areas (LCDA), 16 major highways and 41 bridges, where there have been records of security breaches, disobedience to traffic rules, accidents and untimely deaths caused by motorcycle and tricycle riders. The decision of the government is definitely in line with what he promised over 22 million Lagosians during his inauguration on May 29, 2019.
“We intend to make history by making for ourselves and our children a better future…Let us vow to ourselves, and to posterity that we shall not just dream of a Greater Lagos. Let us agree this day that we shall collectively rise up to build the Lagos of our dreams.
“My administration will ensure that we walk the talk as far as transparency, the rule of law and fiscal discipline are concerned. We will make sure that we create the right environment in which security and safety of lives and property are guaranteed…On this day, I vow as your Governor that I will serve the public cause with my utmost ability and commitment,” Governor Sanwo promised while delivering his inaugural address titled ‘Awakening a Greater Lagos’ on May 29, 2019 at Tafawa Balewa Square (TBS), Lagos.
Therefore, as a man who is passionate about pursuing his dream of a Greater Lagos, it is expected of him to do the needful in protecting the citizens of the state who trooped out en masse during the March 9, 2019 governorship poll to elect him as the Chief Executive of the commercial capital of Nigeria.
There is also a need to remind these commentators that one of the rare qualities of a leader is his ability to make tough decisions especially in the best interest of the people. As a great leader, Governor Sanwo-Olu believes in the greatest good for the greatest number. On the strength of this, Mr. Governor has said his decision to restrict the movements of Okada and Keke in the publicized locations is irreversible because it was made in the best interest of the residents.
Governor Sanwo-Olu, while launching eight locally manufactured speedboats of the Lagos State Ferry Services, LAGFERRY held at Badore Ferry Terminal, Ajah, reiterated that the decision was for security and safety reasons.
His said: “We will sustain the restriction on Okada and tricycles, mainly because of security and safety reasons. The security and safety of citizens are paramount to any government. As a responsible government, we will not fold our arms and allow any security breach in the state.
“We will continue to ensure the safety of our people on all fronts. There have been reports of serious security breaches and safety concerns in areas where these operators ply. We had to respond to these concerns because lives and safety matter to this government.”
Reports from different quarters have shown clearly that more people, including opposition parties in the state are fully in support of the step taken by the Government. None has outrightly disagreed with the restriction policy but many of them have raised concerns about provision of alternative for commuters and riders who were affected by the order.
In answering the above question, less than 24 hours after the enforcement of the restriction, Governor Sanwo-Olu ordered the release of 65 buses to immediately begin operations. There are plans for additional 550 buses for the feeder roads. This is to ameliorate the challenge being faced by the residents. Also, the continuation of massive rehabilitation of roads across the state is part of efforts by the government to give the residents a great lease of life.
Corroborating the Governor’s position, the National Publicity Secretary of the Action Democratic Party (ADP), Mr. Adejare Adeoye, in a press statement he signed and issued on Monday said: “Sanitising Lagos State and getting rid of these lawless miscreants that have been invading Lagos in droves for many years is a welcome development and good step in the right direction. Many of them hide under the pretense of riding Okada and Keke during the day, while they strategically distribute themselves in inner and exterior parts of Lagos State committing all manners of crimes and untold hardship on residents.
“Security of lives and properties in any part of Nigeria is a business of all citizens of Nigeria, so, undocumented invaders, should not be allowed in any part of the country, as there is serious need for vigilance due to the growing rate of terrorism, banditry, kidnapping, thuggery, mindless killings and other criminal activities.
“Many of these guys are invaders, who must be checked and be sent back to wherever they came from. At least, on two occasions, they have shown their true colors, when they went to attack Ejigbo Police Station in Oshodi-Isolo, around 11pm at night, which caused panic in the area. At another time, they went to attack a local government, because a task force official of the local council demanded for the normal levy, which they refused to pay, hence their bike got confiscated, instead of following lawful ways to get the issue resolved, they resulted to lawless act by setting the local government council on fire. This is brutal, crude, mindless, and must be stopped.
“We cannot afford to open our eyes, while these aliens take over the entire Lagos, because if not quickly arrested, we won’t all be able to sleep, as another type of insurgents might spring up, and will be troubling everyone of us in the State. When our lives is threatened by invaders, we must learn to eschew politics of bitterness and stand by the truth.”
Also speaking on the issue, a security expert and President of Association of Industrial Security and Safety Operators of Nigeria, Dr. Ona Ekhomu, said the restriction was necessary to bring sanity back to Lagos roads.
He disclosed this during an interview published on Saturday, February 1 edition of The Punch Newspaper.
Ekhomu said, “The ban on okada and keke on some routes in Lagos has some advantages. I think the government has done well in a civil manner by listing the roads where they are to stop plying. Any commercial motorcycle or tricycle rider that is affected should simply look for other routes to ply because it is good to have sanity on the road.
“Those that used to ply Ikorodu road around the Ketu and Mile 12 axis had hitherto constituted nuisance. A society without rules and regulations is a lawless society, so, I think that they should abide by it.”
A governorship candidate in the 2019 governorship election in Lagos State, Mr. Babatunde Gbadamosi, without any iota of doubt is a passionate Lagosian who wants the best for Lagos State and this is the reason he contested to govern the State on three occasions. Despite the political differences between him and Governor Sanwo-Olu, Gbadamosi hailed Lagos State government for taking a bold step to restrict the operation of the commercial motorcycles.
“There is no doubt in my mind that something needed to be done about the clear and present danger that many Okada & Keke operators had come to constitute to the lives and limbs of Lagosians, as well as their safety and security, with the invasion of Ajeromi-Ifelodun LGA HQ still fresh in our minds, as well as several recently reported incidents of attempted lynchings by mobs of Okada riders over traffic incidents. To that extent, one must commend the government for making some kind of decision,” he stated in a Facebook post titled “Transport for Lagos PT 2” on Tuesday, February 4.
The icing on the cake is the support by the ruling political party, the All Progressives Congress. Commenting on the restriction, the State Publicity Secretary of the party, Hon. Seye Oladejo, said people remained the focal point of Governor Sanwo-Olu’s administration.
His words: “Let me recall that the law being implemented has been in place for over six years after painstaking efforts by the Lagos State house of assembly to incorporate in-puts from all stakeholders. The gradual implementation of the law is a reflection of the thoughtfulness of the government not to create a shock in the polity.
“While he noted the reasons for the partial ban, it was convenient not to acknowledge the measures put in place by government to stem the impact. May I use this medium to acknowledge and appreciate the voluntary compliance of some operators in line with the laws of the state. We also wish to encourage the riders to take advantage of opportunities offered by the Lagos State Employment Trust Fund, the Lagos State Vocational Training Institutes, the ministry of women affairs and poverty alleviation, civic engagement etc. The people remain the focal point of the Sanwo-Olu administration while not losing sight of its onerous responsibility to ensure the safety of lives and property of the citizenry.”
Reading through the views of many people, it is clear to me that this action taken by Governor Babajide Sanwo-Olu’s administration is in the best interest of Lagos State and all the residents.
It should however be noted that this is not the first time that Lagos State government will be restricting the operation of commercial motorcycles in the State. Former Governor Babatunde Fashola’s administration in 2012 banned Okada in some parts of Lagos due to increase in crimes and high records of accident victims in government hospitals, a move that saw a drastic reduction in crime rate and Okada-related hospital enrolments.

* by Akosile is the Chief Press Secretary to Lagos State Governor.

 

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SWITZERLAND PLEDGES SUPPORT FOR NIGERIA’S BID FOR IMO CATEGORY ‘C’ SEAT, Says Oyetola

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Nigeria’s quest to secure a Category ‘C’ seat on the International Maritime Organization (IMO) Council for the 2026/2027 biennium received a major boost today as the Government of Switzerland formally pledged its support.

The Honourable Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola, CON, received the letter of endorsement during a courtesy visit by the Swiss Ambassador to Nigeria, H.E. Patrick Felix Egloff, at the Ministry’s headquarters in Abuja.

Expressing his delight, Oyetola described the Swiss government’s backing as “a significant milestone in Nigeria’s campaign and a strong testament to the Federal Government’s commitment to upholding international maritime standards.”

According to the Minister, Nigeria’s election into the IMO Council would further strengthen global efforts towards building “a more robust, safe, and sustainable maritime industry.”

Highlighting Nigeria’s maritime potential, Oyetola disclosed that the country boasts 200 nautical miles of Exclusive Economic Zone and an extended continental shelf of 16,300km, positioning it as a strategic maritime nation.

“With these vast endowments, Nigeria, by any standard, is a maritime nation. That’s why the Ministry, in collaboration with the World Bank, AU-IBAR, the Kingdom of Norway, and other stakeholders, has developed a comprehensive National Policy on Marine and Blue Economy capable of standing the test of time,” he stated.

Oyetola further revealed that the Federal Government is adopting a Public-Private Partnership (PPP) model to drive rapid investments in the maritime sector. These include inland waterways development, supply of boats, dredging, and navigation infrastructure.

On maritime security, the Minister emphasized the success of the Deep Blue Project, Nigeria’s state-of-the-art surveillance initiative:

“For the past three years, there has been zero piracy in our waters, and we’re committed to sustaining this achievement. We’re also working with other Gulf of Guinea countries to extend safety and security beyond our national waters.”

In his remarks, Ambassador Egloff noted that Switzerland’s decision to endorse Nigeria followed an earlier request from the Ministry in April 2025.

“I’m very glad to convey this letter of support. Switzerland is very happy to stand with Nigeria. You’re a strong candidate, and we appreciate your commitment to multilateralism and the maritime sector. Nigeria plays a very important role globally,” he affirmed.

With Switzerland’s endorsement, Nigeria’s campaign for the IMO Category ‘C’ Council seat gains further international momentum ahead of the elections slated for October/November 2025.

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Update : JUST IN: Tinubu returns after Japan, Brazil trips

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President Bola Ahmed Tinubu returned to Abuja around 1:20am on Thursday after concluding a three-day state visit to Brazil that yielded a raft of bilateral agreements and high-level engagements aimed at deepening Nigeria’s economic and diplomatic ties with South America’s largest economy.

The President, who arrived aboard the presidential jet, was received at the Presidential Wing of the Nnamdi Azikiwe International Airport by a high-powered delegation of political leaders and senior government officials.

Among those present were Governors Caleb Mutfwang (Plateau); Uba Sani (Kaduna); Hope Uzodinma (Imo) and AbdulRahman AbdulRazaq (Kwara).

Also on hand to welcome the President were Speaker of the House of Representatives, Tajudeen Abbas; Deputy Senate President, Barau Jibrin; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; and some Ministers, including Nyesom Wike (FCT); Abubakar Atiku Bagudu (Budget and Economic Planning) and Bello Matawalle (Defence, State).

President Tinubu’s visit to Brazil was marked by the signing of five Memoranda of Understanding (MoUs) covering aviation, trade, science, diplomacy, and finance.

At a joint press conference in Brasília, he welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint ventures.

“We have the largest gas repository. So I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done,” he said.

The agreements also included a Bilateral Air Services Agreement, paving the way for direct flights between Lagos and São Paulo, to be operated by Air Peace.

Other MoUs targeted political consultations, scientific collaboration, and agricultural financing through Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.

Beyond the MoUs, President Tinubu underscored his administration’s economic reforms, assuring Brazilian investors of a stable, transparent financial climate.

He cited Nigeria’s capital market growth as evidence of renewed investor confidence and pledged continued reforms to “unlock capital, protect investors, and drive innovation.”

In a meeting with Nigerians in Brazil, Tinubu called on the diaspora to contribute actively to nation-building, pledging technology-driven development and food security as the pillars of a prosperous future.

“We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” he told the gathering.

The visit, which featured red-carpet honours, bilateral meetings with President Luiz Inácio Lula da Silva, and cultural engagements, signalled what both leaders described as a new era in Nigeria–Brazil relations.

Tinubu’s state visit to Brazil was preceded by his participation at the recently concluded ninth edition of the Tokyo International Conference on African Development (TICAD9).

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Symbolic gestures to tangible cooperation, Air Peace clearance, Oil giant Petrobras return is key gain of Tinubu’s Brazil visit, Says Onanuga

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……Air Peace clearance for Lagos-Sao Paulo direct flights excites President

The return of Brazil’s oil giant, Petrobras, to Nigeria’s upstream is a major breakthrough recorded by President Bola Ahmed Tinubu’s two-day state visit to the largest economy in South America, Minister of Information and National Orientation Mohammed Idris said yesterday.

Besides, Nigeria’s largest airline, Air Peace, was given the right to commence Lagos-Sao Paulo flights to underscore the renewed economic and cultural ties between the two countries.

Sao Paulo is Brazil’s economic powerhouse and largest city.

Air Peace Chief Executive Officer, Allen Onyema, said the airline would deploy a Boeing 777 from its fleet to service the route.

A symbolic flight was planned for last night.

These agreements are part of the Memoranda of Understanding (MoUs) signed by the two countries during the President’s third visit to Brazil in less than one year.

His two earlier visits were on invitations extended to Nigeria by G-20 and BRICS.

“Air Peace is now cleared to run flights between Lagos and Sao Paulo”, Brazilian President, Luiz Inácio Lula da Silva, declared to the excitement of President Tinubu at a joint news conference at the Palácio do Planalto in Brasília to round off the visit.

According to Presidential spokesman, Bayo Onanuga, President Tinubu said the resumption of Petrobras’ operations five years after it halted joint ventures in Nigeria, would reignite economic cooperation in the energy sector.

“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” Tinubu said.

The President praised his Brazilian counterpart for committing to revitalising the partnership between the two nations.

“Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies,” Tinubu said, while acknowledging Embraer’s role in boosting local airline operations through plans for a service centre in Nigeria to support maintenance and repairs.

Reflecting on his past engagements in Brazil, Tinubu urged a shift from symbolic gestures to tangible cooperation.

“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.

“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today, we say that is the end of that,” he said.

Tinubu stressed Nigeria’s readiness to partner Brazil in technology transfer, food security, renewable energy, and manufacturing.

“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we, as a nation, the most populous, the most dynamic country, share with Brazil. We need to share—technology transfer, energy, economy — so Brazil can continue to widen opportunities for us to embrace Africa. Africa is the new frontier,” he said.

The President also called for knowledge sharing in pharmaceuticals, saying “we have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.

“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty”, President Tinubu said.

Highlighting the reforms at home, Tinubu assured Brazilian investors of a new era in Nigeria’s economy.

“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption.

“We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.

President Lula described the renewed Brazil–Nigeria engagement as timely in an era of rising protectionism.

“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.

“There are many possibilities for synergy between the world’s two largest countries with black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.

“Increasing direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo,” he said.

The following MoUs were signed between the two countries:

*Bilateral Air Services Agreement by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.

*Diplomatic Training Cooperation and MoU on political consultations were signed by Minister of State for Foreign Affairs of Nigeria, Ambassador Bianca Odumegwu-Ojukwu, and her Brazilian counterpart, Ambassador Mauro Vieira.

Nnaji, and Brazil’s Luciana Santos.

*The Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s Minister for National Bank for Economic and Social Development (BNDES), Aluísio Mercadante, signed an MOU for cooperation on trade and investment promotion, harmonising efforts to expand agricultural financing, investment, and joint projects.

Nigeria is currently Brazil’s 49th largest export destination, with trade between both countries reaching $2.1 billion in 2024.

Following the agreements, President Tinubu attended a state luncheon, hosted at the Itamaraty Palace.

Mohammed Idris: BASA to deepen ties

Minister of Information and National Orientation, Mohammed Idris, described the Bilateral Air Services Agreement (BASA) signed between Nigeria and Brazil as a significant breakthrough that will reconnect the two countries economically, socially, and culturally.

He described BASA as representing more than aviation.

“The 350 years of slavery between Africa and Brazil is being looked at again by the two leaders. And one way of looking at it is to ensure there is now a reconnection – economic, financial, social, cultural, whichever sphere. I think this is the best way to really go past what has happened during the period of slavery,” the minister said.

He noted that President Tinubu’s fourth meeting with President Lula in just over a year underscored the growing partnership between the two nations, which he said would also benefit Africa.

The minister said immediate “quick wins” from the agreement were already being realised, with a symbolic flight planned from Brazil to Abuja at midnight on Tuesday.

He noted that the direct link would reduce travel time between the two countries from more than 24 hours through European routes to about seven hours.

“Once this becomes commercially viable, it will not just enhance trade between the two countries, it will also improve the cultural and social cooperation that already exists,” he added.

Onyema, who described the BASA agreement as “a milestone,” said: “We cannot start daily flights for now, but we want to start with three weekly flights. As we go on, we develop the route and we’re going to increase the frequency. We told the Brazilians that we want to do Lagos, Rio, São Paulo and back to Lagos”.

The Air Peace chief emphasised that aviation would serve as a catalyst for unlocking the economic potential of both nations.

“The Brazilian economy is the largest in Latin America. The Nigerian economy is one of the largest in Africa. They need to tap into this. But without aviation, it’s very, very difficult for some of these things to be actualised,” Onyema said.

Boeing 777 for route

Speaking in an interview, Onyema said: “Nigerian aviation is grateful to President Tinubu for all he has been doing for the industry.

Air Peace has had long relation with Brazil as the biggest customer to Brazillian airplane maker, Embraer.

Air Peace signed a firm order for 13 Embraer E195-E2 jets in 2019, with the delivery of the first aircraft in early 2021. This was part of a larger agreement that included purchase rights for 17 additional aircraft of the same type, bringing the total potential order to 30 jets. The airline is the first African carrier to operate this new generation of Embraer aircraft.

Besides buying aeroplanes, Air Peace is fine-tuning strategies for the setting up of an aircraft maintenance facility in Nigeria.

Embraer, a few years ago, unveiled plans to establish an MRO (Maintenance, Repair, and Overhaul) facility in Nigeria, in partnership with Air Peace. This initiative is part of a broader maintenance deal with the Nigerian airline to provide local maintenance support for its growing fleet of Embraer aircraft, aiming to conserve foreign exchange for airlines and create jobs in Nigeria.

As one of Nigeria’s biggest flag carriers , Air Peace is designated on Lagos/ London, Dubai, Johannesburg, Tel Aviv, China, Mumbai, Antigua and Barbuda,

Air Peace serves 20 major cities in Nigeria and many regional destinations throughout West Africa (Accra, Dakar, Douala Freetown, Banjul, and Monrovia.

Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras, is a Brazilian majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro. The company’s name translates to Brazilian Petroleum Corporation — Petrobras.

Petrobras began operations in Nigeria in 1998 in the deep waters off the Niger Delta. It sold its stakes more than 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to address some of the problems that have limited oil and gas output.

Petrobras stopped business in Nigeria five years ago.

The company was ranked #71 in the 2023 Fortune Global 500 list. In the 2023 Forbes Global 2000, Petrobras was ranked as the 58th-largest public company in the world.

Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan “The Oil is Ours”. It was given a legal monopoly in Brazil.

In 2000, Petrobras set a world record for oil exploration in deep waters, reaching a depth of 1,877 metres (6,158 ft) below sea level. In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc Family Group and its family foundation for $1.18 billion.

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