Business
UK okays more foreign investments for Lagos
- Firm set to build waste-to-energy plant
By Dada Jackson
The British government has given a seal of approval for more foreign investments in Lagos State, as plans get underway for the take off of the first waste-to-energy plant in the state.
The Deputy British High Commissioner in Nigeria, Mr Ben Jones, gave the official nod when he spoke at Igando refuse dumpsite after a guided tour of facilities of West African ENRG alongside state officials led by the Commissioner for the Environment and Water Resources, Tunji Bello.
His words: “Though some people think about Nigeria and investments and look the other way, we say ‘look this way’. We will help you and it is a real opportunity here, as it is being demonstrated today, and even opportunities to grow beyond even what is being achieved now, which is so fantastic”.
“It is absolutely outstanding what is being achieved using British technology, finance and real great Nigerian drive and expertise to create something special that is really going to grow and grow.”
The diplomat reiterated that so many issues of climate change, challenge of pollution, challenge of drainage and of plastics getting into the drains propped up at the site but are being solved by the West African ENRG waste conversion facility.
Commissioner for the Environment and Water Resources Tunji Bello while welcoming the team said the quest of West African ENRG to move from waste to wealth to establishing the first waste to energy facility spoke volume about the conducive business atmosphere in Lagos.
Bello who was with the Perm Sec, Environmental Services, Mrs Belinda Odeneye, and LAWMA MD, Ibrahim Odumboni, said West African ENRG came to Lagos in 2014, had its waste conversion plant unveiled by Babatunde Fashola as Lagos governor in 2015, saying the company now planned to set up a waste to energy plant.
“There were some intervals of difficulties that we have now successfully overcome. Now, we have been able to restore all that they started with. They have also improved on a lot of things. You must have observed during the inspection today a lot of conversion processes from waste to plastics, rubber, cans and bottles,” Bello stated.
The commissioner said from the brief and visual clips on the proposed waste to energy project presented by West African ENRG, it was clear that if the organisation had more enablement, it would make further progress in waste conversion.
“Lagos has always been a Mecca of investments. What we just need to do is to make sure that infrastructural developments are accelerated and substantial progress is being made in that regard. We have the roads, water and other infrastructural facilities ready,” he said.
While taking the guests round, the CEO West African ENRG, Paul O’Callaghan, said his organisation planned to invest about 125 to 150 million dollars to build a 25 megawatts waste to energy facility that would process 2.5 tonnes of waste daily.
“At the moment, it takes 3 to 4 hours in the dry season to tip waste at the open landfill site to the wet season that takes as much as 24 hours depending on the weather. We are committing to under 30mins and aiming for 15 minutes turnaround time,” Paul said.
He said the new project meant the PSP would move from houses to the waste to energy facility and within 15 minutes would be back on the streets collecting waste, thus creating better economy for the PSP and a quicker and cleaner Lagos.
Mr O’Callaghan who was with the COO, Lolade Oresanwo, expressed readiness to convert Olusosun dumpsite to a waste to energy facility that would be built to British standard in terms of emission control if closed down, adding that it would take approximately 20 months to complete after groundbreaking.
Managing Director of LAWMA, Ibrahim Odumboni, who was part of the team, expressed confidence with what he had seen there was the capacity to cope with the level of recyclables to be generated from the society while sorting from source.
“For me, this is an encouragement for us to give them an enabling environment to do something similar around here and other parts of Lagos so that we can bring development and prosperity to circular economy within the state,” he said.
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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