Sanwo-Olu, Tinubu unveil 1.4km Pen Cinema flyover – Newstrends
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Sanwo-Olu, Tinubu unveil 1.4km Pen Cinema flyover

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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.

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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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