Govt to demolish 795 houses for Lagos Fourth Mainland Bridge – Newstrends
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Govt to demolish 795 houses for Lagos Fourth Mainland Bridge

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A total of 795 houses may be demolished to clear the path for the construction of the proposed 37-kilometre Fourth Mainland Bridge, according to the Federal and Lagos State governments.

They both said the number of affected structures were reduced from about 9,000 to less than 800.

Lagos State Government said owners of the affected property would be adequately compensated, despite the prevailing economy situation.

It said all stakeholders would be satisfactorily considered in the execution of the project.

Speaking at the Environmental and Social Impact Assessment Stakeholders’ scoping workshop with the Federal Ministry of Environment in Lagos, Minister of Environment, Mamoud Abubakar, said there should be sincere commitment on the part of Lagos State government on the compensation for owners of affected properties.

The minister, who was represented by a director in the ministry, James Kolawole, explained that though the project would have about 16 alignments, only the best had been selected.

“There was an alignment that will affect about 9,000 structures along the corridor, but we have reviewed it and gone for the alignment that will affect about 795 houses, instead of the one that will take more houses. It is an ongoing thing on how best to minimise the negative impact,” he said.

The Federal Government said the proposed bridge will boost economic growth and enhance international trade.

Abubakar said the Lagos State government had been working on the project for about four years and had made several representations to the Federal Government.

The minister said the project would enhance commerce and international trade to improve the people’s livelihoods.

He congratulated the state government on the laudable project, while stressing the need to take cognisance of both positive and negative impacts of the project on stakeholders.

According to him, doing this will ensure all issues are addressed to avoid compromising the comfort of future generations.

“For us as a ministry, we are happy with the positive impact, but there is need to resolve the negative aspects: what we need is sustainable development,” he said.

The Lagos State Ministry of Physical Planning and Urban Development said the bridge, which would connect Lagos and Ogun states, would pass through Abraham Adesanya in Lagos and Sparklight Estate near the Lagos-Ibadan Expressway in Ogun State.

A town planner in the ministry, Mr Abayomi Amos, said the alignment of the project had been carefully designed to reduce the number of houses that should be demolished.

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CBN gives new directive on dormant accounts, unclaimed bank balances

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CBN gives new directive on dormant accounts, unclaimed bank balances

The Central Bank of Nigeria (CBN) has released updated guidelines for managing dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions across Nigeria.

Under the new directives released on Friday, financial institutions must transfer accounts that have been inactive for over a decade to the CBN’s custody.

The CBN’s guidelines aim to standardize the handling of dormant accounts, unclaimed balances, and financial assets. They detail the procedures banks and financial institutions must follow to manage these funds and assets.

The bank will later provide details on how to transfer the relevant balances, funds, and assets to the CBN. It will also supply updated templates for submitting quarterly returns to the Banking Supervision Department or the Other Financial Institutions Supervision Department, as appropriate.

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Effective immediately, these guidelines replace a previous circular from October 2015.

The CBN noted that financial institutions often hold deposit accounts and other liabilities that see no customer activity for extended periods, rendering them dormant. Maintaining such accounts can lead to significant unclaimed balances, which may not benefit the depositors.

Furthermore, the CBN warned that dormant and unclaimed balances are increasingly vulnerable to fraud and misuse.

The revised regulation aims to prevent the misuse of dormant and inactive accounts, establish operational standards, and enhance the CBN’s oversight of these accounts. It also seeks to identify dormant accounts and unclaimed balances, reunite them with their rightful owners, hold the funds in trust, and provide a standardized procedure for reclaiming these funds.

Eligible accounts include those that have been dormant for 10 years or more.

CBN gives new directive on dormant accounts, unclaimed bank balances

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Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

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Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

Both the sellers and buyers alike are confused at the Bakin Dogo food market in Kaduna North Local Government Area, Kaduna State, as 100 tubers of old yam go for N1 million at wholesale.

Meanwhile, the same number of new yams cost between 350,000 and 400,000 in the same market.

One of the retailers in the market identified as Alhaji Abubakar, lamented his inability to recoup his capital let alone make any profit from the last 100 tubers he bought.

According to him, “Honestly we are in big trouble. I have never experienced this type of market for decades. We are suffering too much this time around.

“One Koriya (100 pieces) of big old yam is N1 million. More than half of the last ones I bought are still here because people are not ready to buy one yam for more than N9,000.

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“Imagine selling one yam for N10,000. Those who buy one or two are our regular customers who have built trust in us over a period of time. Others are pricing it anyhow”, he said.

To Muhammed, “the new yam is already here, and that poses a big threat to those of us who still have old yams for sale. “For example, I sell one new yam for between N4,000 and N4,500. That is equivalent to the old ones while we sell10 pieces of new yam (medium) for 14,500.”

They both attributed the scarcity of yams to the inability of a lot of yam dealers to go to remote villages due to escalating insecurity in the country. The available are also being mopped up for inward transportation to neighbouring countries like Niger and Ghana.

One of the prospective buyers who spoke in confidence said: “I have to change my mind. The last time I came here, I bought the same size N3, 000. “Today they are asking me to pay N9,000 for just one old yam and N4,000 for a new yam. But, I don’t want to buy the new yam yet because it can easily spoil.

“Meanwhile one tier of garri is N1, 400. So, why do I have to spend my scarce money just to buy just one yam that we will just boil and eat once?”

Nigerians lament high cost of yam, 100 tubers sell for N1m in Karuna

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Nigeria’s external reserves climb to $36.89bn, says CBN gov

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CBN Governor, Olayemi Cardoso

Nigeria’s external reserves climb to $36.89bn, says CBN gov

Nigerians can look forward to economic improvements as the Central Bank of Nigeria (CBN) announces an increase in the country’s external reserves.

According to CBN Governor Olayemi Cardoso, the reserves have reached $36.89 billion as of July 16, 2024.

Cardoso made this announcement in Abuja during a briefing with the Senate Committee on Banking, Insurance, and other Financial Institutions.

He highlighted several positive economic indicators, including a significant reduction in the disparity between official and Bureau De Change (BDC) rates, which has decreased from N162.62 in January to N47.22 in June 2024. This reduction points to enhanced market efficiency and fewer opportunities for arbitrage.

Addressing the committee, Cardoso stated that various measures and strategies are in place to address emerging economic challenges. He noted that the increase in external reserves, up from $33.22 billion at the end of December 2023, is primarily due to revenues from crude oil-related taxes and third-party receipts.

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“In the first quarter of 2024, we maintained a current account surplus and saw improvements in our trade balance,” said Cardoso. “Our reserves as of the end of June 2024 are sufficient to cover over 11 months of imports of goods and services, or 14 months of goods alone. This is well above the international benchmark of three months, providing a strong buffer against external shocks.”

Cardoso also emphasized the robustness and diversity of Nigeria’s banking sector, which includes twenty-six commercial banks, six merchant banks, and four non-interest banks. He reported significant improvements in key indicators such as capital adequacy, liquidity, and non-performing loan ratios, highlighting the sector’s growing stability and resilience.

The governor noted the impressive performance of the equity market, with the All-Share Index rising by 33.81 percent and market capitalization increasing by 38.33 percent from December 2023 to June 2024. These gains reflect a growing confidence among investors.

While acknowledging these positive developments, Cardoso assured that the CBN remains committed to policies that support sustainable growth in the financial markets and overall economic stability.

Senator Adetokunbo Abiru, Chairman of the Senate Committee, opened the session by stating that the primary goal of the interaction was to receive updates on the CBN’s efforts, activities, and plans regarding monetary policy.

Nigeria’s external reserves climb to $36.89bn, says CBN gov

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