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Lagos plans to boost daily trips on the Electrified Blue Line to 76

Tosin Ranks
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Lagos plans to boost daily trips on the Electrified Blue Line to 76

The Lagos State Government aims to boost the daily trips on the electrified Blue Line rail from 54 to 76 by year-end, as disclosed by Abimbola Akinajo, the Managing Director, during a recent briefing marking the agency’s two decades of operations.

The second phase of the Blue Line Rail project, connecting Mile 2 to Okoko, is under construction and set to be completed by 2027.

Additionally, the Red Line is slated to commence commercial operations in Q2 2024, covering 37 kilometers with 13 stations from Agbado to Marina.

The first phase of the Blue Line, launched in September 2023, has already transported over 80,000 passengers, with plans to further increase daily trips, ultimately aiming to serve around 500,000 passengers daily upon full completion.

Three Oyo monarchs lose their lives in a car accident, while nine others sustain injuries

Tosin Ranks
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Three Oyo monarchs lose their lives in a car accident, while nine others sustain injuries

Three traditional leaders from Oriire Local Government Area in Oyo State tragically lost their lives in a car accident on Friday.

The incident involved a Benz E230 with the plate number OLODOGBO and a commercial Scania Truck with registration number 301 XF at Aje Iye in the local government area.

Eyewitnesses reported that two of the monarchs died on the spot, while the third succumbed to injuries a few hours later at the Ladoke Akintola University Teaching Hospital.

Additionally, another accident on the same day resulted in nine people being injured, but thankfully, no lives were lost.

The survivors are receiving treatment at LAUTECH Teaching Hospital.

The affected monarchs were identified as the Olodogbo of Odogbo, Onibowula of Bowula, and Alayetoro of Ayetoro in Oriire Local Government.

The state Sector Commander of the Federal Road Safety Commission, Joshua Adekanye, confirmed both incidents, stating that the first was a head-on collision, while the second involved a truck catching fire on Ogbomoso-Oyo Expressway.

The injured individuals are currently undergoing treatment in the hospital.

Why the surge in incompetence within Nollywood: Insights from Shan George

Tosin Ranks
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Why the surge in incompetence within Nollywood: Insights from Shan George

Actress Shan George has expressed concern about the growing lack of professionalism in Nollywood, attributing it to an influx of individuals lacking proper education and training in the industry.

She noted that this issue extends beyond Nollywood, affecting various sectors.

 

Emphasizing the surge in unprofessional behavior, she stated, “The sad part is that such display of unprofessionalism is currently increasing by the day in all industries.”

Reflecting on her background in Mass Communication, specializing in broadcasting, George highlighted how her education aligns with her work in Nollywood.

Recounting her unexpected entry into the industry in 1996, she shared her audition experience for the movie “Thorns of Rose” and detailed her ongoing journey in the world of filmmaking.

Streamline the process of connecting your NIN with your prepaid meter in Lagos with these 7 straightforward steps

Tosin Ranks
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Streamline the process of connecting your NIN with your prepaid meter in Lagos with these 7 straightforward steps

On August 22, 2023, the Nigerian Electric Regulatory Commission (NERC) issued a directive, urging users to upgrade their prepaid meters through the TID Rollover process.

NERC mandated Electricity Distribution Companies (DisCos) to assist users by providing two free Key Change Tokens (KCTs) essential for meter updates.

Since the announcement, DisCos have been notifying users to follow the upgrade process. As warned, some users faced difficulties recharging starting November.

The existing software on prepaid meters across Nigeria was set to expire by November 24, 2024.

For Lagos residents, Ikeja Electric Distribution Company (IKEDC) communicated via a tweet about the necessity to link meters with the National Identification Number (NIN) before upgrading.

Unfortunately, this information didn’t reach many, resulting in long queues at IKEDC offices and increased customer support wait times.

To avoid queues, link your NIN with your prepaid meter from home through these steps:

1. Visit the [Smart KYC website](link) and create a user profile using your email.
2. Log in with the provided details, change your password, and click on “Link Your NIN And Meter.”
3. Fill in required fields, ensuring accuracy. Confirm the provided information on the summary page and click “Submit.”
4. Complete the final step by entering your meter number and a 6-digit code sent to your email and phone.

Note: Landlords can link up to five meters with their NIN. For the next steps on upgrading your meter, follow [this link](link) to obtain your KCTs without visiting the Ikeja Electric office.

 

Ethio Telecom expands its 5G network coverage

Tosin Ranks
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Ethio Telecom expands its 5G network coverage

Ethio Telecom has introduced its 5G services in Jijiga, expanding coverage to key areas like Old Taiwan, Ethio Telecom Regional office, Parliament Hall, Sheik Abdusalam School, Regional Administration Office, Regional Revenue Office, and Hodley (Palace and Airport Road).

CEO Frehiwot Tamru previously announced plans to establish 150 5G sites nationwide during the 2022 launch in Addis Ababa.

Established in 2010 as the sole telecom provider in Ethiopia, Ethio Telecom aimed to sell a 40% stake in 2021.

Despite initial interest from Orange, the French telco withdrew due to strategic considerations, as stated in a Reuters report.

South Africa’s Oppenheimer acquires a complete ownership stake in a Nigerian can manufacturing company

Tosin Ranks
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South Africa’s Oppenheimer acquires a complete ownership stake in a Nigerian can manufacturing company

Jonathan Oppenheimer, the son of South African billionaire Nicky Oppenheimer, has secured a majority stake in GZ Industries, Nigeria’s largest beverage can manufacturer. The deal, disclosed by Affirma Capital (formerly Standard Chartered Private Equity), did not reveal financial specifics, as reported by Bloomberg.

In this transaction, Oppenheimer acquired Affirma Capital’s 37.5% stake in GZI, a key supplier of cans to companies like Coca-Cola Co.

This move follows Oppenheimer’s previous acquisition, where he already held a majority 62.5% stake in GZI.

His initial involvement dates back to 2018 when GZI established a factory in South Africa, and Affirma made its initial investment in 2012.

The investment signifies a strategic move in the Nigerian economy, aligning with President Bola Tinubu’s efforts to attract more foreign investments.

With Oppenheimer now holding a significant position, he will play a pivotal role in determining GZI’s trajectory in Nigeria and the broader West African region.

GZI, known for producing three billion aluminum cans annually in Africa, holds a prominent position in the market.

This acquisition reflects Oppenheimer’s confidence in the region’s economic prospects.

Bloomberg notes that Affirma Capital’s track record in Africa includes investments in 11 companies since 2008, with successful exits from eight, returning over $800 million to investors during this period.

The Lagos task force is set to dismantle more than 130 confiscated motorcycles

Tosin Ranks
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The Lagos task force is set to dismantle more than 130 confiscated motorcycles

The Lagos State Task Force has announced its intention to dismantle over 130 motorcycles seized from commercial bike operators in the Alakija, Second Rainbow area of Lagos State.

Shola Jejeloye, Chairman of the Lagos State Environmental and Special Offences Agency, revealed this on Friday, citing the enforcement as a response to the bike riders’ violation of state laws prohibiting their operation on specific highways.

Jejeloye further highlighted that, during a protest against the motorcycle seizures, some affected riders attempted to set fire to the task force and police’s official vehicles.

Emphasizing the action’s necessity, he explained, “The enforcement targets defiant motorcycle operators who disregard state laws, particularly the ban on using motorcycles on major expressways in Lagos.”

Alakija, known as a stronghold for bike operators, has been identified for intensified enforcement.

Jejeloye described the motorcyclists as causing a nuisance, especially during nighttime.

Assuring the public, he stated, “Confiscated bikes will not be utilized for personal purposes by the force.”

Highlighting the severity of the situation, he added, “Motorcyclists resorted to setting a bonfire on our truck, disregarding potential harm to road users.

When all communication channels failed, enforcement became necessary.”

Jejeloye affirmed that the operation will persist until tranquility is restored for motorists using the state’s expressways.

 

Federal Government plans to acquire compressed natural gas (CNG) fueled tricycles for local government employees

Tosin Ranks
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Federal Government plans to acquire compressed natural gas (CNG) fueled tricycles for local government employees

The Nigerian Orientation Agency, in collaboration with the SIMBA Group and Ecomead Acres, recently launched a Compressed Natural Gas (CNG) version of the popular “Keke NAPEP” tricycle in Abuja.

This initiative aims to reduce transportation costs by offering a tricycle that consumes less fuel compared to traditional petrol-based ones.

The Director General of the NOA, Lanre Issa-Onilu, highlighted the project’s focus on improving the lives of ordinary Nigerians, particularly those in rural areas.

He emphasized the government’s commitment to establishing 10,000 CNG stations nationwide to support the newly introduced CNG Keke NAPEP, ensuring accessibility and affordability.

Issa-Onilu assured the public that the CNG-powered tricycle would significantly lower transportation costs while addressing environmental concerns by reducing pollution associated with petrol use.

He emphasized the government’s broader plan to introduce thousands of CNG-powered buses to further mitigate the impact of fuel subsidy removal.

Kayode Oyin-Zubair, the CEO of Ecomead Acres, explained that the CNG Keke-NAPEP is designed to use both petrol and CNG, offering an environmentally friendly alternative.

He expressed confidence that this innovation would alleviate the effects of the fuel subsidy removal on transportation costs across the country.

Oyin-Zubair also outlined plans to distribute the CNG-powered tricycles to all 774 local government areas.

Sharma Shamrat, representing Wandel International and Simba Group, highlighted the global success of CNG-powered vehicles, emphasizing the urgent need for Nigeria to embrace this eco-friendly option.

He emphasized the flexibility of the CNG-powered-NAPEP, allowing users to switch between petrol and CNG, ensuring practicality for both urban and rural areas.

In summary, the introduction of the CNG Keke NAPEP represents a tangible solution to transportation challenges in Nigeria, aligning with the government’s efforts to provide immediate relief following the fuel subsidy removal.

The environmentally friendly aspect of CNG usage further underscores the commitment to sustainable and accessible transportation solutions for all citizens.

 

The Naira experiences a 16% decline, concluding the week at N927 per dollar

Tosin Ranks
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0
The Naira experiences a 16% decline, concluding the week at N927 per dollar

The official Investor and Exporter forex window recorded the naira closing the week at N927.19/$, reflecting a 16.64% decrease from the previous week’s N794.89/$, as reported by the FMDQ Securities Exchange.

The market also witnessed an increased dollar turnover from $75.82m to $110.14m during this period.

On Friday, the naira’s day started at N815.00/$, reaching a high of N1160/$ and a low of N701/$ before concluding at N927.19/$.

Last week’s Friday saw the naira trading between N1136/$ and N700.00/$.

Despite efforts by the Central Bank of Nigeria to address foreign exchange challenges, the naira continues its decline.

Governor Olayemi Cardoso acknowledged at the Chartered Institute of Bankers of Nigeria event that fiscal deficits and rising public debt contribute to the exchange rate instability.

The governor emphasized the need for transparent market rules, aiming for daily FX trade exceeding $1.0bn.

Cardoso outlined the bank’s commitment to developing new FX guidelines, with consultations planned before implementation.

However, the Economic Intelligence Unit expressed skepticism about the CBN’s ability to clear the foreign exchange backlog, citing an unsupportive monetary policy and predicting ongoing pressure on the naira.

 

Banks are concerned about a potential surge in activity after the Central Bank of Nigeria restricts access for customers without BVN and NIN in April

Tosin Ranks
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0
Banks are concerned about a potential surge in activity after the Central Bank of Nigeria restricts access for customers without BVN and NIN in April

On Friday, the Central Bank of Nigeria instructed commercial banks to enforce a “post no debit” restriction on accounts lacking Bank Verification Numbers and National Identity Numbers, effective March 2024.

Bankers anticipate a surge in customers rushing to comply, posing challenges for both banks and registration centers.

While a senior official views this as a move to cleanse the industry, concerns arise over staffing limitations, potential extended working hours, and impacts on naira liquidity.

The directive aims to enhance financial system stability, requiring mandatory BVN or NIN registration for Tier-1, 2, and 3 accounts. A comprehensive audit is planned, and non-compliance may lead to sanctions.

The CBN underscores the importance of uniform adherence to these measures for all regulated institutions.

The move aligns with previous plans, disclosed in April 2023, to eliminate unlinked BVN accounts.

Experts express support, emphasizing the need for citizens to embrace compliance, citing its role in combating financial crimes and ensuring data integrity.

 

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