Confusion as tanker fire halts traffic on Lagos-Ibadan Expressway – Newstrends
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Confusion as tanker fire halts traffic on Lagos-Ibadan Expressway

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Confusion reigns on the Magboro Bridge of the Lagos-Ibadan Expressway as traffic has been brought to a halt after a petrol tanker explosion early Wednesday morning.

The tanker going out of Lagos was said to have gone up in flames around 4:15am, grinding traffic to a halt.

It was not immediately clear if there were casualties arising from the inferno which officials of the Federal Road Safety Corps (FRSC), police and firefighters have been battling to contain.

In a caution notice by the FRSC, motorists especially those using the Lagos-Ibadan corridor were urged to use other alternative routes or be ready for the delay.

The FRSC Corridor Commander, Kehinde Hamzat, said, in the notice, “The Federal Road Safety Corps wishes to advise the general public on the need for adequate planning of their trips for today for users of the Lagos-Ibadan Corridor.

“The tanker explosion on Magboro bridge on the outward Lagos section of the expressway which occurred at about 0415hrs in the early hours of the day, Wednesday 2nd December, 2020 has called for the need to adjust ones movement for the day.

“The fire is still burning as at 0520hrs and this means a total standstill situation of vehicular movement along the expresway.

“Relentless efforts are still being made to extinguish the fire by men of Fire Service backed up by men of other agencies around the scene of the inferno.

“We therefore advise the general public to have an adequate planning for their trips for those who cannot cancel their planned journeys. We also advise that travellers who are bound to transit in and out of Lagos from the neighbouring state to explore alternative routes where necessary.

“All hands on deck to ensure that the situation is professionally managed and the road returned to proper use for the public.”

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CBN raises commercial banks’ capital base to N500bn

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CBN raises commercial banks’ capital base to N500bn

The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.

The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.

This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.

The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.

It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.

To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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