Business
Akpabio begs protesters to vacate East-West road
The Minister of Niger Delta Affairs, Senator Godswill Akpabio, has appealed to protesting Niger Delta youths to vacate Section III of the East-West road to enable contractors to commence work.
“The essence of this protest is to draw the attention of the government to the road. Now we are here, allow contractors to bring in equipment to commence work,” Akpabio appealed.
He made this appeal yesterday in Abuja after a meeting with contractors handling different sections of the road acknowledged that the youths were right to stage a protest over the delay.
The Minister, who disclosed that the Federal Government has released an additional N2.5 billion for payment of compensation to property owners along the road corridor, regretted that the initial N4.5 billion budgeted for compensation could not meet up with demands.
According to him, the Niger Delta Development Commission (NDDC) has also budgeted another N35 billion to support the project, adding that the ministry has channeled funds meant for over 304 projects into the East-West road project.
He further disclosed that the ministry has proposed an extra-budgetary intervention for inclusion of the East-West Road Sections I-IV in the 2020 SUKUK Issuance Programme of the Ministry of Finance, Budget and National Planning and the Debt Management Office.
This, according to him, was part of the efforts made by the ministry to access adequate funding for the completion of the East-West road project.
Akpabio explained that the initial contracts for dualisation of the 338km road linking Warri to Oron through Kaima, Ahoada, Port Harcourt, Ogoni, and Eket Townships (Section I-IV) were initially awarded in four sections to four different contractors in 2006.
“It is well known that Section I (Warri-Kaima covering Ch. 0+000-Ch. 87+400 and Section III) and Section III (Onne Port Junction-Eket covering Ch. 15 + 000 -Ch. 99 + 000) have been duly completed by Messrs Setraco Nigeria Limited and Messrs. RCC Nigeria Limited respectively,” he added.
Akpabio maintained that the Section IIIA (Port Harcourt Onne Road Junction, covering Ch. 0 + 000 – Ch. 15 + 000 was not part of the contract initially awarded in 2006 because it was in good condition having been dualised earlier, noting that “over time, the Port Harcourt-Onne Port Junction portion had progressively deteriorated as a result of heavy axle loading, flooding and is no longer serviceable for the current traffic volumes. Therefore, the ministry had to award the contract for additional works to Messrs RCC Nigeria Limited to upgrade the Port Harcourt-Onne Port Junction.”
He further stated that due to poor annual budgetary provisions, the contract for the upgrading of Section IIIA awarded in 2014 could not commence until the ministry paid the contractors the full mobilisation advance in 2020.
“The condition of the road deteriorated during the period of delay and there has been serious encroachment on the right-of-way initially delineated for the road.
“With the review of the initial contract scope of works and contract unit rates imperative, specific measures for addressing the contingent site conditions militating against the progress of work were scheduled by the ministry. These include the initial design for interchange bridges at Onne Junction, which is to be substituted with a flyover bridge, but due to space constraints caused by the newly constructed Power Sub-Station which cannot be relocated due to higher cost implications.
A new flyover bridge has also been designed to replace the interchange bridge initially designed for Refinery Junction amongst others,” he said.
Business
RT Briscoe appoints Femi Eguaikhide as Deputy Managing Director
RT Briscoe appoints Femi Eguaikhide as Deputy Managing Director
The Board of RT Briscoe Plc has appointed Dr Olorunfemi Abidemi Eguaikhide, the Executive Director responsible for business operations to a new position of Deputy Managing Director.
The appointment, according to the management of the organisation, will take effect from January 1st, 2025.
Born on March 28, 1968, Eguakhide holds a Postgraduate Diploma in Business Administration and an MBA in Marketing Management from the Enugu State University of Science and Technology.
He is an Alumnus of the prestigious Lagos Business School of the Pan Atlantic University having attended the Advanced Management Programme (AMP) in 2016.
He is a full member of the Chartered Institute of Personnel Management of Nigeria (MCIPM); associate member of the Nigerian Institute for Training and Development (AITD); Fellow of the Institute of Credit Administration (FICA), Certified Digital Marketing Professional (CDMP) and Fellow of the Institute of Corporate Administration of Nigeria.
The core experience of the new Deputy Managing Director is in the areas of operations management, sales and marketing management, human resources and business leadership.
Dr. Eguaikhide previously worked with Genesis Group variously as deputy general manager in charge of Human Resources and IT; general manager HR & IT; general manager, operations and chief operations officer at the Bridge Healthcare Company in 2010.
He joined RT Briscoe as group head, human capital development in 2012 and was appointed to manage the Briscoe-Ford Business unit in 2014 as the general manager.
He was subsequently appointed as head of the Briscoe-Motors Business unit in 2017 and later as the group chief operating officer in September 2018.
He obtained his doctorate degree in December 2021 and was appointed a director of RT Briscoe with effect from September 1, 2019.
Reacting to his latest promotion, Mike Ochonma, Chairman of Nigeria Auto Journalists Association (NAJA), described the appointment as a square peg in a square hole.
He said it was as a well deserved elevation, coming at a time when businesses are going through very difficult times, adding that he has no doubt that Eguaikhide would bring his wealth of experience to bear on the role in the company.
Business
Food price, transport fare hike push Nigeria’s inflation to 33.88%
Food price, transport fare hike push Nigeria’s inflation to 33.88%
Rising cost of living based on the increase in food prices and transport fares among others has reflected in the latest inflation figures in Nigeria, put at 33.88 per cent.
Nigeria’s headline inflation rate rose to 33.88 per cent in October 2024, up from 32.7 per cent in September 2024, according to the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report released on Friday.
Newstrends.ng observes that the Central Bank of Nigeria (CBN) has raised interest rates five times this year in an effort to rein in inflation.
The NBS in its latest report attributed the rise in inflation to increased transportation costs and higher food prices.
On a year-on-year basis, the rate was 6.55 percentage points higher than the 27.33 per cent recorded in October 2023, highlighting a substantial increase in inflation over the past year.
On a month-on-month basis, the headline inflation rate in October 2024 stood at 2.64 per cent, representing a 0.12 per cent increase from the 2.52 per cent recorded in September 2024
This indicates that the rate of increase in the average price level in October 2024 was higher than the rate of increase observed in September 2024.
Aviation
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
Disaster averted as bird strike hits Abuja-Lagos Air Peace flight
An Abuja-Lagos flight was on Thursday aborted following a bird strike on the airplane belonging to Air Peace, forcing the authorities to ground the aircraft.
The bird strike experienced in the early hours reportedly prompted a ramp return to ensure the safety of passengers onboard.
All the passengers quickly disembarked and were calmed down before they were moved into another plane for the one-hour journey.
A bird strike is a collision between a bird and an aircraft, or other airborne animal, while the aircraft is in flight, taking off, or landing. And it can be a significant threat to aircraft safety.
Air Peace in a statement by its Head of Corporate Communications, Ejike Ndiulo, said the bird strike occurred at 6:30am, and all passengers disembarked normally.
The statement read, “We wish to inform our esteemed passengers that our Abuja- Lagos 06:30 flight experienced a bird strike before take-off, prompting a ramp return as a safety measure. All passengers disembarked normally.
“We have deployed a replacement aircraft for the affected flight in order to minimize disruptions, thus ensuring that passengers continue their journeys promptly.
“We appeal for the understanding of our valued passengers impacted by this development, as well as those on other flights that may experience delays.
“At Air Peace, we are committed to providing safe, comfortable, and reliable air travel for all our passengers.”
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