Landlocked countries of Chad, Mali and Niger Republic have indicated interest in routing their cargoes through Nigeria, as the Lekki Deep Seaport gets set for operations Friday, September 16, 2022.
The Managing Director, Nigerian Ports Authority (NPA), Mohammed Bello-Koko, who disclosed this while addressing journalists, said the commencement of port operations would make Nigeria wrest lost transit cargoes from neighboring countries.
“By the 15th of this month, Lekki deep seaport will have completed installation of its equipment, so we can say the port is ready by 15th of September, however, this is the first time in a long time that a new port will be set up in Nigeria.
“A port with different system, different IT deployment that we don’t have currently in Nigeria will be at Lekki. No port currently in Nigeria has a Ship To Shore Crane. The IT system they have has minimal human interaction that you will do your clearance, other clearance processes from your office and finishes everything, containers will be identified using digital information system.
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“From 16th of September, they will start dry runs and testing. They are recruiting and probably have finished recruiting Nigerians that will work there and they need to train them on how to use the cranes and how to use the digital system, clearing system and all that and that take a lot of time, so from our interactions with them, as far as we are concerned, Lekki deep seaport is ready we are there when two vessels brought in the cranes and other equipment.
The marine services will be provided by the NPA, pilot cutters and mooring boats and so on. The Nigeria Customs will be there. The President, few weeks ago, approved and designated Lekki deep seaport as a port of destination. It has full compliment of a port and vessels can come from outside the country, berth and as well do rummaging and go,” he said.
Koko also said the Authority with the Nigerian Shippers’ Council (NSC), are working on affordable tariffs for land locked transit cargoes that will be imported into Nigeria when the Lekki Deep Seaport becomes operational.
According to him, landlocked countries such as Mali, Chad, Niger Republic have indicated interest in moving their cargoes through the new ports.
“Niger Republic as a country formerly imported their cargoes through Nigeria Ports. Mali is also interested and there are entities of neighbouring countries that are interested in bringing in their cargoes, but ours is to reach out as far as possible.
“We are encouraging the port management in Warri and Calabar in particular to actually go to Cameroon and there was a business that came to the port because of the engagement our port managers had with importers in Cameroon so we will keep pushing these multilateral and cross border agreement and where we need the assistance of the Federal Ministry of Foreign Affairs and Transportation, we will let them know.
CIG Motors announces career opportunities for young graduates
CIG Motors, sole distributor of GAC Motor in Nigeria, has announced exceptional career opportunities for young graduates eager to excel and grow in the automotive industry.
The auto firm in a statement obtained on Thursday evening said as a leading player in the Nigerian automotive market, it was committed to fostering talent and providing a platform for young professionals to thrive.
It said the initiative aimed to attract bright, ambitious individuals ready to embark on a rewarding career journey with GAC Motor.
It gave criteria for eligibility as
• A minimum 2:1 degree from an accredited university.
• Completion of NYSC with a certificate.
• WAEC/NECO with at least 5 credits, including Mathematics and English.
It stated that applicants must be under 26 years old and asked interested candidates to apply by July 14, 2024 to join the dynamic and innovative team.
Such persons are urged to register via https://cigmotors.com.ng/talent-hunt.
Ibadan, Kaduna DisCos hike Band A electricity tariffs, after NERC approval
Two power firms, Ibadan Electricity Distribution Company (IBEDC) and Kaduna Electricity Distribution Company (Kaduna DisCo) have announced an increase in electricity tariffs for their Band A customers, with effect from July 1st, 2024.
They said the hike in tariff had received the approval of the regulator, the Nigerian Electricity Regulatory Commission.
Acting Managing Director, IBEDC, Francis Agoha, in a notice said “this adjustment affects only Band A customers.
He added that the tariffs for Bands B, C, D, and E remained unchanged.
Agoha further stated that the company remained committed to providing reliable and efficient electricity services to all its customers across different bands.
“We understand that any change in tariffs can be a concern for our customers, and we assure you that this adjustment is necessary to maintain and improve the quality of our services. Our goal is to ensure that you receive the best possible value for your money,” he said.
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On its part, Kaduna DisCo in a statement by the company’s Head of Corporate Communication, Abdulazeez Abdullahi, also said the tariff for Band A feeders had gone up from N206.80 per kilowatt-hour (kWh) to N209.50 per kWh. This represents a 1.3 per cent increase.
Band A customers are those categorized under the Service Based Tariff regime and receive a guaranteed minimum of 20 hours to 24 hours of electricity supply daily.
This category often includes residential, commercial, and industrial consumers with high electricity consumption.
In the statement titled, ‘Upward Review of Tariff for Band A Feeders’, Abdullahi disclosed that the new tariff became effective on July 1.
“Dear esteemed customers, the Management of Kaduna Electric informs the public of an upward review in the tariff of Band A feeders from N206.80/kWh to N209.5/kWh.
“The review is effective from 1st July 2024 and affects both prepaid and postpaid customers.
“Kaduna Electric assures customers on its Band A feeders of the continued availability of 20-24hrs supply daily as stipulated in the Service Based Tariff regime.”
Bitcoin drops by 3% putting pressure on other cryptos
Bitcoin the primary crypto asset has fallen below its $61,000 price level in the early hours of today with the asset now trading for $60,400 at the time of report.
The crypto asset has fallen from $62,000 yesterday to $60,400 representing a 3% decline in price value over the last 24 hours.
The decline in Bitcoin price affected other major crypto assets with Ethereum, Solana, and Dogecoin all witnessing a 3% drop in price as well.
Bitcoin’s drop in price value can be attributed to various pressures the most significant being an impending major activity on the Mt. Gox exchange. The now-defunct Mt. Gox exchange is expected to begin the distribution of Bitcoin this month.
QCP Capital, a Singapore-based crypto firm shed more light on this issue in a Telegram broadcast to its nearly 14,000 members.
“The Mt Gox release is also slated to happen this week,” the firm wrote in its Telegram broadcast. “This overhang of up to 140,000 BTC should continue to weigh on markets, especially since the exact release schedule is unknown right now. The firm added.
Despite the drop in Price value due to the looming Mt. Gox activity Bitcoin has maintained a support level above $60,000 and Ethereum has not fallen below $3300. These are positive signs according to QCP Capital.
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Crypto analyst Ali shared his position on the crypto markets should Bitcoin price rebound from its current level to $62,600. He cited CoinGlass data stating that there is going to be significant liquidations should Bitcoin rebound past $62,000.
“Over $1 billion will be liquidated if #Bitcoin now rebounds to $62,600,” he wrote on X this morning.
Ali also pointed out the possibility of Bitcoin breaking its critical resistance level which he called was the $65,795 price level.
“One of the most crucial resistance areas for #Bitcoin is $65,795. If $BTC can break past this level, the next significant target is $78,700!” Ali added.
Tom Lee, managing partner and head of research at Fundstrat Global Advisors gave his 2 cents on the Mt. Gox issue from a long-term perspective in a recent interview with CNBC.
Over 140,000 BTC is set to be redistributed from the now-defunct Mt. Gox exchange and this activity is viewed as a net negative for Bitcoin price value.
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Ibadan, Kaduna DisCos hike Band A electricity tariffs, after NERC approval
