Construction of $1.6bn Lekki seaport attains 50% completion – Newstrends
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Construction of $1.6bn Lekki seaport attains 50% completion

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4 years ago

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Construction work on the Lekki deep seaport expected to cost $1.6bn has reached about 50 per cent completion, Lekki Port LFTZ Enterprise Limited has said,

Already, the firm said it had completed its 1,909m long core of the main breakwater while work on the quay wall and landside infrastructure had reached an advanced stage.

The Managing Director, Lekki Port LFTZ Enterprise Limited, Du Ruogang, disclosed this while briefing the Permanent Secretary, the Federal Ministry of Transportation, Dr. Magdalene Ajani, and other key stakeholders.

The significant milestone of the completion of the core of the main breakwater was achieved on Thursday, April 29, 2021.

Ruogang said the construction would be completed as scheduled with a targeted commercial operation expected in the last quarter of 2022.

He said the container terminal operator – Lekki Freeport Terminal, a subsidiary of CGM/CMA, is ready to commence operations once the construction is completed.

“We would like to appreciate the Federal Ministry of Transportation, Lagos State Government and the Nigerian Ports Authority (NPA) as well as other stakeholders for the immense support towards the actualisation of the world-class seaport,” he said.

Ajani stated that it was heart-warming to note that the project was moving at a fast pace, assuring all the promoters and stakeholders that the Federal Government would play its part to ensure the smooth take-off of the port as scheduled.

Ajani noted that the progress of work since the initial visit of the ministry in November 2020, is impressive and that the Federal Government through the Federal Ministry of Transportation would work out modalities of rail connectivity to the port for easy evacuation and transfer of cargo to the different parts of the country.

She also promised to liaise with her counterpart at the Federal Ministry of Works and Housing on the issue of the road network at the corridor to prevent the issue of congestion.

Managing Director/Chief Executive Officer, NPA, Hadiza Bala Usman, said that NPA would play its part to ensure that the timeline set for the delivery is achieved, adding that efforts are being made to facilitate the deployment of all necessary infrastructure needed before commercial operations begin.

“To meet the timeline for the Port, we would deploy the control tower as well as the BTS and GDMS which are critical infrastructure needed for the take-off of the port operations. In addition, we have to begin the construction of the administrative block,” Usman said.

The Executive Secretary/Chief Executive Officer, NSC, Hassan Bello reaffirmed the significance of Lekki Port to the economic prosperity of Nigeria noting that when completed, the port would be transformational for the country, and indeed the West African maritime landscape.

Director-General, NIMASA, Bashir Jamoh stressed the importance of railway connectivity to the project.

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Lagos Rail Mass Transit part of FG free train ride – NRC

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1 day ago

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December 21, 2024

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Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

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NNPC denies claim of Port Harcourt refinery shutdown

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1 day ago

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December 21, 2024

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Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down. 

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

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CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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3 days ago

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December 20, 2024

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CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). 

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period. 

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department. 

The arrangement will be in effect from December 19, 2024, to January 30, 2025. 

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.  

Transactions to occur at the prevailing NFEM rate 

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department. 

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025. 

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.” 

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

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