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FG outlines requirements for tolling Benin-Asaba and Lagos-Abeokuta highways

Tosin Ranks
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FG outlines requirements for tolling Benin-Asaba and Lagos-Abeokuta highways

The Federal Government has outlined new prerequisites for tolling the Benin-Asaba and Lagos-Abeokuta road corridors, indicating that toll collection will only begin upon the completion of 100% of one carriageway.

These conditions emerged from a renegotiation process with Africa Plus Partners Nigeria Ltd due to increased inflation, exchange rate concerns, and decreased vehicular traffic caused by the rise in the pump price of Premium Motor Spirit.

The Minister of Works, David Umahi, introduced these new parameters to bolster the quality delivery and management of road infrastructure under the Highway Development and Management Initiative. The goal is to ensure the efficient use of completed projects by road users.

The conditions also include adherence to the project’s design, approved construction period, and a strict prohibition of variations.

Umahi emphasized the importance of these changes in optimizing the operational model of the Highway Development and Management Initiative.

 

He outlined key parameters to be incorporated into all contractual relations between the Federal Government and concessionaires.

 

These encompass alignment of business plans with socio-economic dynamics, adherence to federal laws for tolling road projects, and compliance with standard contract conditions.

Additionally, Umahi stressed that contingency and variation on price require express written permission, and the bill of quantities should align with prevailing market prices.

Investors must conduct traffic counts when provided by the client, and public sensitization to the toll program is the responsibility of the investors.

The Minister’s statement highlights that the client reserves the right to terminate an investor’s job for failing to meet the stipulated road project completion time.

All highway constructions must adhere to the standards prescribed by federal laws.

In response, the team leader of Africa Plus Partners Nigeria Ltd expressed gratitude for the minister’s insight into the need for a comprehensive review, encompassing both cost and project scope.

 

They affirmed their commitment to thorough negotiations for a project review leading to a prompt financial close.

 

The team pledged to conduct further technical analysis on raised issues, presenting the findings to the minister for consideration.

FG introduces the ‘Pulaku’ initiative aiming to mitigate conflicts between farmers and herders

Tosin Ranks
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FG introduces the ‘Pulaku’ initiative aiming to mitigate conflicts between farmers and herders

On Tuesday, the Federal Government announced the initiation of the Pulaku Initiative, a significant resettlement program aimed at tackling the persistent farmer-herder clashes across the nation.

Pulaku, referred to as the “Fulani code of conduct,” is a cultural and ethical value system specific to the Fulani people.

The farmer-herder crisis, particularly severe in the North-Central region, has endured for over two decades, claiming over 60,000 lives since 2001.

The program will initially focus on seven states disproportionately affected by these conflicts, namely Sokoto, Kebbi, Benue, Katsina, Zamfara, Niger, and Kaduna.

This announcement follows Vice President Kashim Shettima’s plans, revealed eight months ago, to address insurgency and poverty in the northern region.

Shettima emphasized that military actions alone cannot sustainably resolve the security crisis, advocating for both kinetic and non-kinetic solutions.

Inaugurating a steering committee to oversee the initiative, the VP explained that the selection of states is deliberate, aiming for ripple effects that revitalize communities and lay the groundwork for a more inclusive Nigeria.

The government plans to rebuild conflict-torn communities with residences, roads, schools, and essential facilities.

Shettima asserted that the Pulaku resettlement should be seen as an emergency to address a challenge threatening Nigeria’s fabric, fulfilling promises made by President Bola Ahmed Tinubu.

The initiative aims to create an environment where prosperity is not just a distant dream but a tangible reality.

The Kaduna State Governor, Uba Sani, announced the launch date and detailed the program’s components, including the construction of houses, schools, hospitals, and support for those affected by insecurity.

The Benue State Governor, Hyacinth Alia, expects tactical support for farmers in his state, reducing farmer-herder clashes.

Chaired by the Minister of Housing and Urban Development, Ahmed Dangiwa, the committee includes representatives from the benefiting states, the Minister of Agriculture and Food Security, Sen. Abubakar Kyari, and members from various organizations, such as the Economic and Financial Crimes Commission, Bureau of Public Procurement, BUA Group, Dangote Group, and NEMA.

Grant me the authority to pursue the perpetrators of the Yoruba monarchs’ murders, urges Gani Adams

Tosin Ranks
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Grant me the authority to pursue the perpetrators of the Yoruba monarchs’ murders, urges Gani Adams

The Aare Ona Kakanfo of Yoruba land, Iba Gani Adams, has requested the authorization of South-West governors to pursue those responsible for the deaths of three Yoruba monarchs.

 

Adams, in an open letter to Ekiti State Governor Abiodun Oyebanji, asserted his ability to confront the perceived enemies of Yoruba land but emphasized the need for official approval.

 

Recent incidents include the killing of two Ekiti monarchs and an attempted attack on another, raising concerns about the safety of over 60 million Yorubas in different regions of Nigeria.

 

Adams highlighted the urgency for collective action, proposing an immediate meeting with governors to address the escalating security threats and offering his support to effectively combat the issue.

Former Secretary-General of the Federation Exposes Forgery of Buhari’s Signature in $6.2m CBN Transfer

Tosin Ranks
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Former Secretary-General of the Federation Exposes Forgery of Buhari’s Signature in $6.2m CBN Transfer

In his testimony on Tuesday, the former Secretary to the Government of the Federation, Boss Mustapha, revealed that $6.2 million was illicitly released from the Central Bank of Nigeria in February 2023, using a falsified document.

 

Mustapha, the fourth prosecution witness in the ongoing trial of the ex-CBN Governor Godwin Emefiele, disclosed that the funds were intended for foreign observers ahead of the 2023 general elections.

 

Emefiele faces charges of forgery, criminal conspiracy, conferring undue advantage, and breach of trust. Mustapha discredited the document, emphasizing it didn’t originate from the President or his office.

 

He also refuted the existence of approved funds for foreign election observers, highlighting discrepancies in the purported presidential directives.

 

Mustapha asserted that the Federal Executive Council meeting on January 18, 2023, did not include approval for the $6.2 million, questioning the legitimacy of the entire transaction.

 

During cross-examination, he clarified that no funds were received by his office, and the identified payment procedures were atypical. The trial is set to resume on March 7, 11, and 25.

 

Wigwe: March brings the prepared crash report; fellow kinsmen announce an eight-day period of mourning

Tosin Ranks
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Wigwe: March brings the prepared crash report; fellow kinsmen announce an eight-day period of mourning

The National Transportation Safety Board (NTSB) plans to release a preliminary report on the recent helicopter crash in California, USA, within four weeks, shedding light on the circumstances of the tragic incident.

The crash claimed the lives of Herbert Wigwe, CEO of Access Holdings, his wife, son, and others.

 

NTSB Board Member Michael Graham mentioned that ongoing investigations would continue, with the preliminary report expected in 30 days, while the full investigation could last 12 to 24 months.

The wreckage, currently mapped by aerial drone and located at the California-Nevada border, will be moved for further analysis.

 

The Nigerian Safety Investigation Bureau is collaborating with NTSB, and condolences have been extended by prominent figures.

Access Holdings Plc has appointed Bolaji Agbede as the Acting Group CEO, pending approval from the Central Bank of Nigeria.

Meanwhile, Wale Tinubu, CEO of Oando Plc, remembers Herbert Wigwe’s contributions and emphasizes the continuity of his legacies.

Zenith Bank mourns the loss, highlighting Dr. Wigwe’s positive impact on the financial sector and the Nigerian economy.

Residents of Omueke community declare an eight-day mourning period, expressing grief over the loss of their esteemed member.

The community plans a procession, and dignitaries, including Aliko Dangote, visit to pay their respects.

The late Wigwe’s dream project, Wigwe University, continues its construction, reflecting his commitment to education and community development.

Soyinka is set to present the 50th-anniversary lecture for PUNCH on February 29th

Tosin Ranks
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Soyinka is set to present the 50th-anniversary lecture for PUNCH on February 29th

Nobel Laureate, Prof. Wole Soyinka, is set to deliver PUNCH Newspapers’ 50th-anniversary lecture on February 29.

The celebrated playwright, novelist, poet, and essayist will critically analyze a significant national issue during the event.

The lecture, a key component of PUNCH’s weeklong 50th-anniversary celebration, will take place at the Civic Centre, Ozumba Mbadiwe Road, Victoria Island, Lagos.

Expressing profound appreciation, Mr. Adeyeye Joseph, Managing Director/Editor-in-Chief of Punch Nigeria Limited, conveyed the company’s delight at Soyinka’s acceptance as the Guest Speaker.

Joseph highlighted the esteemed writer’s decision to undertake the responsibility without any cost to PUNCH, terming it a pleasant and gratifying surprise.

Joseph acknowledged Soyinka’s rescheduling of prior commitments to accommodate the invitation, emphasizing the global significance of his life and values that align with PUNCH’s enduring principles.

As Nigeria’s premier print and digital media group, PUNCH Nigeria Limited commemorates its 50th anniversary with various landmark events in Lagos.

The celebration, originally slated for March 2023, was moved to this year due to its coinciding with an election month and year.

The festivities kick off on February 24 with a novelty match between The PUNCHERS and MEDIA Amalgamated, followed by a three-day photo exhibition from February 28 at the Alliance Française de Lagos/Mike Adenuga Centre.

The pinnacle of the anniversary will be the distinguished public lecture on February 29, expected to attract leaders from both the public and private sectors.

 

Destalker Laughter Live Event Set to Sweep Across UK with Unmatched Fun and Excitement

Ranks-Staff
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Destalker Laughter Live Event Set to Sweep Across UK with Unmatched Fun and Excitement

London, UK – The much-anticipated Destalker Laughter Live Event, organized by Crystal Media, is gearing up to sweep across the United Kingdom, promising a whirlwind of entertainment and excitement in every city it visits.

Scheduled to kick off in Cardiff on March 1st, 2024, this talk-of-the-town show will traverse various cities, bringing laughter and joy to audiences across the country. The event’s itinerary includes stops in Newcastle on March 3rd, Coventry on March 8th, Nottingham on March 9th, Manchester on March 10th, Bournemouth on March 15th, Middlebroung on March 16th, London on March 23rd, Leeds on March 29th, and Birmingham on March 31st.

The UK tour, meticulously organized by Crystal Media Links Limited, promises to deliver an unparalleled entertainment experience, complete with side attractions and surprises at every turn. From stand-up comedy to live performances, the event guarantees to leave audiences in stitches and craving for more.

 

For those eager to join in on the laughter-filled extravaganza, detailed information and ticket inquiries can be made by contacting 07943533908 or 07424099983.

 

Get ready to laugh your hearts out as Destalker Laughter Live Event takes the UK by storm, promising an unforgettable experience for all attendees.

The Federal Government aims to create 10 million jobs through dry season farming initiatives

Tosin Ranks
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The Federal Government aims to create 10 million jobs through dry season farming initiatives

The Federal Government announced on Monday that the 2024 dry season farming is expected to generate 5-10 million jobs nationwide.

This revelation was made during the 30th regular meeting of the National Council on Water Resources and Sanitation in Abuja.

The recent cultivation of 323,000 hectares of farmlands, supported by the Federal Government, has raised optimism among farmers and agro-dealers about a potential drop in the cost of food items.

According to The PUNCH’s exclusive report last week, the National Agricultural Growth Scheme and Agro-Pocket Project, initiated by the Federal Ministry of Agriculture and Food Security in January 2024, highlighted significant cultivation of wheat, rice, maize, and cassava.

The targeted hectares for the 2023/2024 dry season farming include 123,000 for wheat, 150,000 for rice, 30,000 for maize, and 20,000 for cassava.

Addressing the National Council on Water Resources, Shehu Aliyu, the Permanent Secretary of the Ministry of Water Resources and Sanisation, outlined three flagship programs aimed at ensuring the success of the 2024 dry season farming and creating millions of jobs.

These programs include Water for Expanded Irrigated Agriculture, Partnership for Expanded Irrigation, and River Basin Strategy for Poverty Alleviation.

Aliyu emphasized the importance of aligning with the state of emergency on food security and the administration’s Renewed Hope Agenda.

He mentioned the launch of dry season farming covering 120,000 hectares of land in Jigawa State, highlighting the involvement of River Basin Development Authorities in leveraging current interventions for similar initiatives.

The Permanent Secretary expects these interventions to result in the creation of 5-10 million jobs within the agricultural value chain.

He stressed the need for collaboration between the Federal Ministry of Agriculture and Food Security and the Federal Ministry of Water Resources and Sanitation to ensure year-round food production through adequate irrigation.

Governors from Kwara, Taraba, Ondo, and Kogi also visited the Federal Ministry of Agriculture and Food Security, advocating for increased crop production to ensure food security in Nigeria.

Abdulrahman Abdulrazaq, Chairman of the Nigeria Governors Forum, emphasized the importance of concentrating efforts on dry season farming and improving yields to meet the government’s food targets.

The goal is not only to address the rising cost of food and living conditions but also to potentially export food, given Nigeria’s current status as the region’s cheapest food provider.

The Naira hits a historic low in the official market

Tosin Ranks
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0
The Naira hits a historic low in the official market

The Nigerian naira hit a historic low of N1,534 against the US dollar on the official Nigerian Autonomous Foreign Exchange Market on Monday, marking a 3.93% decrease or N58 from the previous week’s close of N1,476.13/$.

FMDQ Exchange, responsible for publishing official foreign exchange trading, reported this unsettling decline.

This new official rate stands as the weakest since the Central Bank of Nigeria adopted a floating exchange rate for the national currency in June 2023.

Simultaneously, at the parallel market, the naira traded between N1,480 and N1,490, suggesting a recent trend of higher values compared to the official rates, especially following FMDQ’s revised methodology for calculating the official exchange rate.

The shift in methodology contributed to the naira’s depreciation from over 900/dollar to over 1,400/dollar. In December, the official rate surpassed N1,000/$, reaching an all-time low of N1,099.05/$ on December 8, 2023.

Subsequent dates saw fluctuations, with the naira closing at N1,035.12/$ on January 3, 2024, and hitting a low of N1,348.63/$ on January 30, 2024, coinciding with FMDQ’s methodology review.

Dollar sales by banks decreased significantly, dropping by 56.58% to $253.77 million on Friday from the peak of $584.53 million on the first trading day after the CBN’s directive for banks to sell excess dollars in the official FX market.

Commercial banks collectively sold $1.97 billion in one week.

In Abuja, Bureau De Change operators quoted the buying rate of the dollar at N1,480 and the selling price at N1,503, yielding a profit margin of N23.

Despite this, some BDC operators, like Yahaya Abdul, noted limitations in purchasing beyond N1,460.

 

Government intends to impose penalties on underperforming Distribution Companies (Discos) to address outages

Tosin Ranks
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Government intends to impose penalties on underperforming Distribution Companies (Discos) to address outages

Power distribution companies in the Nigeria Electricity Supply Industry that fall below specified standards will face a 50% reduction in their operating expenditures, as announced by the Federal Government through the Nigerian Electricity Regulatory Commission during the 1st NESI Stakeholders Meeting of 2024 in Lagos.

The assessment of individual performances of Distribution Companies (Discos) will now be conducted on a case-by-case basis.

Nigeria has 11 power distribution companies supplying electricity to over 12 million registered users.

Despite the privatization of Discos in 2013, challenges persist, with poor liquidity and concerns about financial remittances impacting power production.

Vice Chairman of NERC, Musiliu Useni, emphasized the need for improved efficiency, stating that full operating expenditure (OPEX) would only be granted to those meeting expectations, while underperforming Discos would receive only 50% of administrative OPEX.

NERC, as the sector regulator, has the authority to approve operating expenditures and stressed the importance of sustainable payment obligations.

The meeting also addressed a centralized billing platform for Ministries, Departments, and Agencies, managed by the finance ministry.

Discussions included the need for a sustainable payment framework and highlighted plans for workshops to examine licensees’ responsibilities, with sanctions for non-compliance.

Concerns over supplying power to structures under transmission lines were raised, emphasizing the importance of adhering to safety guidelines to prevent accidents in the industry.

 

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