Business
Sanwo-Olu, Tinubu unveil 1.4km Pen Cinema flyover
Lagos State Governor, Babajide Sanwo-Olu and the National leader, All Progressives Congress, APC, Asiwaju Bola Tinubu on Friday unveiled a 1.4km Pen Cinema flyover in Agege, Lagos State.
The massive project was started during the administration of Akinwunmi Ambode.
Sanwo-Olu said, “One of the most critical challenges being experienced on a daily basis by residents/road users along Agege Pen Cinema axis over the years was the heavy traffic volume occasioned by the geometric increase in traffic volume.
“Residents and road users along this axis have clamoured for a solution to the suffocating nature of the perennial traffic gridlock occasioned by the huge human and vehicular traffic, flowing through this intersection.
“To address the challenge of this huge traffic burden, our administration decided to continue with construction of a precast and pre-stressed reinforced concrete dual-carriage flyover and ramp, with road works, across the Agege Pen Cinema intersection which was then at about 20 per cent completion.”
He said this was in line with the first pillar of the THEMES Agenda which targeted the provision of roads as a critical infrastructure that would support economic activities, enable commercial interactions and ensure ease of commuting from one part of the state to another through elimination of traffic gridlocks.
Sanwo-Olu added that prior to the construction of this flyover, the increase in traffic volume across the critical business hub and the resultant congestion was a serious challenge to commuters who thronged the axis for businesses and the residents.
“As part of efforts to eliminate gridlocks on major roads around the axis, we identified for reconstruction some major arterial roads with good connectivity to adjoining roads that could serve as alternative bypasses to other arterial roads, especially during heavy/peak traffic periods, thus helping to free up more traffic
“The bridge alignment is along Agunbiade Street (along Oke-Koto junction) and spans across the intersections of Old Abeokuta Road, Railway Corridor and Iju-Isaga Road and terminates near the entrance gate of Ijaiye Low Cost Housing Estate along Oba-Ogunji Road.
“The bridge is also design to convey traffic from Oba-Ogunji Road into Old Abeokuta towards Abule Egba through ramp across railway corridor. This ramp will greatly enhance vehicular movement towards Abule Egba, Fagba and its environs just as it would reduce incessant traffic gridlocks being experience over the years in the area.
“To provide some context, the 1.4km Flyover Bridge has a dual carriageway with 2 lanes of 3.65m width each includes the improvement of road surface around the Agege Pen Cinema axis. It also consisted of dualization, expansion, construction and rehabilitation of 5 Network of Roads and Junctions with turning radius improvement.
“Provision of new drainage system; re-routing some roads and traffic signalisation are some of the innovative solutions that were carefully designed to ease the daily gridlock being experienced by commuters in this area.” he stated.
Sanwo-Olu said through the delivery of the Pen Cinema Bridge which was conceived to transmit vehicular traffic across the intersections at Agege, his administration would be resolving the perennial traffic gridlocks arising from the huge human and vehicular traffic, flowing through the Agege Pen Cinema Intersection.
He added that in the days ahead, commuters would bear witness to the improved vehicular movement and traffic flow with the attendant positive impact on businesses and living in the area.
The governor stated that a key outcome emanating from the strategic execution of the Pen Cinema flyover project was that his administration had again demonstrated the priority it accorded the welfare and well-being of the people.
Speaking at the event, Tinubu commended Sanwo-Olu for steering the ship of the state to safety.
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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