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.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
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
Business
NNPC denies claim of Port Harcourt refinery shutdown
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
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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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