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After 9 Months, NRC Meets 32% of 2020 Revenue Target

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Nigerian Railway Corporation

By Adedapo Adesanya

The Nigerian Railway Corporation (NRC) generated N1.4 billion in revenue in nine months, a fraction (32 per cent) of the N4.4 billion revenue target for 2020.

The corporation noted that this was caused by the coronavirus pandemic which affected its operations as train services were stopped during its peak, thus affecting the IGR projection for the year.

The Managing Director of NRC, Mr Fidelis Okhiria, at the 2021 Budget Defence to the Joint Committee of Land and Marine transport at the National Assembly in Abuja on Friday, added that a sum of N245 million was remitted to the Treasury Single Account (TSA) as at October 31.

He said, “The Joint Committee should also note that for the year 2020, the corporation presented a separate Internally Generated Revenue & Expenditure Budget. The sum of N1.4 billion has been generated as at September 30 against the projection of N4.4 billion from our core activities, representing 32 per cent performance.

“It is necessary to mention that our train services were stopped and significantly reduced upon resumption due to the impact of COVID-19 pandemic.

“The construction work within the Lagos corridor including access to Apapa Port also impacted on our ability to provide train services.

“It is important to mention that during the period under review, the Corporation started making payments from its IGR into the Federal Government dedicated TSA as directed by the Federal Executive Council. A total sum of about N245.5million has so far been lodged into the account as at October 31.

“The Railway Property Management Company Limited is a wholly-owned subsidiary company of Nigerian Railway Corporation. As at October 31, the company has generated about N1.4 billion representing 91.5 per cent of N1.5 billion which was the revised approved revenue target for 2020.”

He said that the corporation projected N5.3 billion as Internally Generated Revenue for 2021 from its investments.

“For the year 2021, the corporation plans to generate a total of N5.3billion as IGR. More coaches are expected to be deployed to Abuja-Kaduna Train Service, the full commercial operation has commenced between Warri-Itakpe and the Lagos-Ibadan Train Service is expected to commence soon,” Mr Okhiria said.

According to him, the corporation’s operational expenditure remains very high because most of the stations along Abuja-Kaduna Railway line are substantially powered by diesel generators.

He said efforts were, however, being made to ensure that alternative sources through Independent Power Plant (IPP) was explored to service all routes beginning with the Standard gauge lines.

The NRC boss noted that the initial revenue target of N2 billion was reviewed downwards due to the impact of the COVID-19 pandemic.

“In 2021, the company has proposed to generate N2 billion, the total proposed Capital Budget of the Nigerian Railway Corporation is N23.8 billion distributed into 17 budget lines.

“In the year 2021 Budget (Capital and Recurrent) of the Nigerian Railway Corporation for the year 2020 budget, the sum of about N18 billion was appropriated for Capital Budget.

“This amount was subsequently revised downwards to N16 billion due to the economic downturn as a result of the COVID-19 pandemic which led to shutting down of economic activities as well as the dwindling revenue from crude oil.

“As at today, about N15 billion representing 94 per cent of 2020 Capital Appropriation has been released and the procurement process is on-going.

“The sum of N7.1 billion was appropriated for the year 2020 as total Personnel cost for the Corporation and as at September 2020 a total of about N6.47 billion has been paid, leaving a balance of about N627 million,” Mr Okhiria added.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Lanre Bhadmus Vows to Maintain High Standards, Deliver Quality Products

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lanre bhadmus industries

By Ashemiriogwa Emmanuel

Manufacturer of car care, household, lubricants, hotel amenities and sanitiser products in Nigeria, Lanre Bhadmus Industries Limited, has reiterated its commitment to providing high-quality products and services for its consumers.

The company, which also prides itself as being a top in contract packaging with giant-sized types of machinery, recently celebrated 50 years in business as well as a key player in the Nigerian manufacturing sector.

About a week ago, the organisation received the Quality Product Service Award from the Institute of Oil & Gas Research and Hydrocarbon Studies for its Holts Dextron 11 ATF lubricant product.

Speaking at the event to commemorate five decades of manufacturing excellence, the company Chairman and Chief Executive Officer, Mr Lanre Bhadmus, noted that his company has been able to thrive in the Nigerian market by understanding customers, their needs, what they deserve, amongst others.

“This is an incredible milestone for the company. We have only been able to achieve this through hard work, passion, and dedication from all our team members, customers; and ongoing support from our families and friends.

“We have dedicated ourselves to 50 years of manufacturing excellence, product quality, and innovative formulations, to provide our customers with the highest quality products across our range of car care, household products, contract packaging, lubricants, hotel amenities, and sanitisers,” Mr Bhadmus remarked.

He further disclosed that the firm has rebranded its logo on its range of products to the official anniversary logo “as a symbol of appreciation” to officially mark the milestone achievement.

Highlighting the opportunities advanced technology presents to the sector, he said the company has invested in new technology from manufacturing machinery to innovative research/formulations to meet the standards required by Original Equipment Manufacturers (OEMs).

He assured stakeholders that the organisation will continue to maintain high standards and come up with quality products that will not tear the pockets of consumers.

“Our customers deserve the best and as part of our efforts to ensure that we live up to expectations, we have invested in the latest manufacturing technology to continue to produce products that live up to world-class standards through technical innovation.

“The needs of manufacturing continue to evolve and it is important that we adapt to ensure effective delivery for the future,” the Chairman said.

Lanre Bhadmus Industries, which started with car care solutions in 1971 in Lagos, now has about 300 lines of production, including liquid wash for households and variations of liquid/spray sanitisers.

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NNPC Meets Stakeholders Over Road Network Challenges

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Road Network Challenges

By Adedapo Adesanya

The Nigerian National Petroleum Corporation (NNPC) has engaged critical stakeholders so as to find lasting solutions to the road network challenges and other lingering issues.

This is a follow-up to efforts in sustaining the current smooth supply and distribution of petroleum products nationwide within the festive period and beyond.

The state oil corporation had met with the Petroleum Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum & Natural Gas Workers (NUPENG) to call off the planned strike action, agreeing instead to accept the dialogue option proposed by the corporation, a development that has sustained smooth supply and distribution of petroleum products nationwide.

On Tuesday, the Group Managing Director of the NNPC, Mr Mele Kyari, took a decisive step towards the actualization of his promise when he hosted a major stakeholders’ meeting at the NNPC Towers.

The meeting was attended by the NNPC, the tanker drivers, the National Association of Road Transport Owners (NARTO), Department of Petroleum Resources (DPR), Federal Ministry of Works, Federal Inland Revenue Service (FIRS), Department of State Services (DSS), Federal Road Safety Corps (FRSC) and NUPENG.

During the meeting, the NNPC boss said stakeholders have agreed on a framework for the agency’s intervention in critical road rehabilitation through the Federal Government Tax Credit Scheme.

“We are committed to utilising the Federal Government’s Tax Credit Scheme to rebuild some of the affected roads in line with Mr President’s Executive Order 7.

“Upon our fruitful deliberations today, the NNPC has pledged to support the PTD and NARTO in carrying out quick intervention fixes on some strategic bad spots identified to enable unhindered movement of trucks for transportation of petroleum products nationwide,” Mr Kyari stated.

Established under FG’s Executive Order 7 of 2019, the Road Trust Fund Policy/Tax Credit Scheme gives private sector operators an opportunity to fund critical infrastructure with the government.

Stakeholders also agreed to enforce mandatory installation of safety valves in all petroleum product trucks in the country effective February 1, 2022, with the full commitment given by NARTO.

The meeting also frowned at the abuse of axle load or tonnage limits, with the NNPC agreeing to engage the Nigerian Customs Service for enforcement of preventing the importation of tanks that exceed 45,000 litres capacity.

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Bolt Introduces Campaign to Reward Drivers With Cars

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Bolt Driver’s League

By Aduragbemi Omiyale

A new campaign aimed at rewarding new and existing drivers on its ride-hailing platform has been introduced by Bolt.

The 10-week competition, called the Bolt Driver’s League, will allow 11 drivers in Nigeria, Ghana and South Africa to get brand new cars, while other participants will get consolation prizes.

A statement from Bolt said this initiative, an extension of the mega bonus challenge, is part of its commitment to drivers while advocating customer service excellence.

The Bolt Driver’s League is divided into a new drivers’ league, a women’s league, and an existing drivers’ league with each league given a unique achievable target.

Drivers in these leagues will be given goals in form of finished rides and driver ratings. Scoring these goals will qualify drivers to win a token towards a grand prize decided in a draw. The more tokens earned, the higher their chances of winning.

The contest will award three cars with a token system, one from each league. An additional car will also be given to the overall top driver in the country based on having the highest number of trips and maintaining high ratings in the period. During the competition, drivers will get regular updates to keep them informed on the number of tokens they have accumulated.

The contest showcases Bolt’s commitment to advancing and easing mobility in sub-Saharan Africa while also empowering the economy with extra earning opportunities.

“At Bolt, we continue to make drivers central to our business and do not take their commitment for granted in a competitive marketplace. We usually try to wrap up the year with a big statement of our appreciation and reward them for continuing to choose Bolt as their favourite ride-hailing platform,” Bolt Country Manager in Nigeria, Mr Femi Akin-Laguda, said.

“This year’s Bolt Driver’s League is an example of our commitment to incentivising both existing and new drivers and is a major expansion on the program we ran last year. I am also really excited that we have been able to add a unique reward for our amazing female drivers this time around.

“We will continue to work hard to retain the trust and loyalty we have earned over the years by fulfilling our promise to keep improving the overall experience for every driver,” Mr Akin-Laguda added.

This is not the first of this kind of intervention by the e-hailing giant. In 2020, following the advent of the lockdown, Bolt launched the Mega Bonus Challenge in Nigeria to support drivers with two brand new cars, gift hampers, N800,000 worth of fuel vouchers and household appliances.

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