Police to go After Unregistered Motorcycle Riders in Ogun

By Bliss Okperan The Third Mainland Bridge in Lagos will be closed for two Sundays to allow for repairs on the bad portions of the facility, the Lagos State government has said. The federal government is partnering with the state government to fix the bridge, which was built in 1990 by a former Military President, General Ibrahim Babangida. As a result of the repairs, the bridge will be shut down, with traffic diverted to other routes, according to a statement issued by the Ministry of Transportation in Lagos State. These measures were due to recurring accidents caused by potholes and

By Modupe Gbadeyanka The proposed repair works on the Third Mainland Bridge by the Lagos State government have been suspended indefinitely. The state government had planned to close the bridge for two Sundays, beginning today, Sunday, September 17, 2023, but due to the heavy downpour witnessed in the state on Saturday, the action has been postponed. A statement signed by the Lagos State Commissioner for Transportation, Mr Oluwaseun Osiyemi, did not disclose when work would resume at the bridge. However, it explained that the planned repairs had to be put on hold “due to the heavy downpour experienced” in the

By Adedapo Adesanya * Cost of other alternatives transport soar in Review Month ** Ripples of fuel subsidy spur rise in food, rent, others *** President Tinubu launches palliative measures to cushion effect The average fare paid by commuters for bus journeys within the city per increased by 97.9 per cent from N649.59 in May 2023 to N1,285.41 in June 2023 as Nigerians grapple with a rise in prices after President Bola Tinubu announced the removal of fuel subsidy. This was contained in the Transport Fare Watch June 2023 released by the National Bureau of Statistics (NBS) over the weekend,

By Adedapo Adesanya President Bola Tinubu has approved the establishment of the Presidential Compressed Natural Gas Initiative (PCNGI) as part of efforts to ease the impact of fuel subsidy removal on Nigerians by reducing energy costs. In a statement released late on Friday, the presidency said this initiative is poised to revolutionize the transportation landscape in the country, targeting over 11,500 new CNG-enabled vehicles and 55,000 CNG conversion kits for existing PMS-dependent vehicles. The federal government also envisions that it will simultaneously bolster in-country manufacturing, local assembly, and creative jobs. The initiative, which comprises a comprehensive adoption strategy, will include

By Dipo Olowookere Governor Babajide Sanwo-Olu of Lagos State on Tuesday forwarded another set of names of those he intends to appoint as commissioners and special advisers. A statement signed by the Deputy Chief Press Secretary to the Governor, Mr Gboyega Akosile, stated that the list contains 13 accomplished politicians and technocrats who “understand the current need of Lagos” and the development agenda of Mr Sanwo-Olu. One of the prominent persons on the final list of the Governor’s nominees, already transmitted to the Lagos State House of Assembly, is the publicity secretary of the All Progressives Congress (APC) in Lagos,

By Adedapo Adesanya The Association of Bureau de Change Operators of Nigeria (ABCON) has said that none of its members gets foreign exchange (forex) at rates lower than the standard market price put in place by the Central Bank of Nigeria (CBN). This was disclosed by president of ABCON, Mr Aminu Gwadabe, in a statement issued by the group to comment on a petition written against the CBN by a lawyer. The legal practitioner, Barrister J.U. Agoyu, had claimed that the apex bank was running a dual exchange rate allocation regime. But defending Governor of the CBN, Mr Godwin Emefiele,

By Adedapo Adesanya The exchange rate of the Naira to the Dollar at the interbank segment of the foreign exchange (forex) market slid on Tuesday by N1 or 0.26 per cent to N380/$1 from N379/$1. At the previous trading session, the local currency was exchanged against the greenback at N379/$1, according to data from FMDQ Securities Exchange. Business Post reports that this was the biggest loss the Nigerian currency has suffered since the second devaluation of the currency this year in July by the Central Bank of Nigeria (CBN). At another segment of the FX market, the Bureaux De Change (BDC),

By Modupe Gbadeyanka Teleology Holdings Limited has commenced the process of taking over the affairs of Nigeria’s fourth telecommunications network, 9Mobile. Teleology was recently announced as the preferred bidder of 9Mobile by Barclays Africa, which acted as the transaction adviser of bidding exercise. The firm was picked from the final five companies that scaled through rigorous bidding process. Others were Globacom, Alheri, Smile Telecommunications and Bharti Airtel. After Teleology was chosen as the preferred firm to acquire 9Mobile, it was told to pay a deposit of $50 million before March 22, 2018, which the company met. The deposit was to

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit asking the court to restrain the federal government and its ministries and agencies from shutting down telecommunication networks in any part of the country. In the suit number FHC/ABJ/CS/1323/2021 filed at the Federal High Court, Abuja, SERAP is asking the court to “determine whether the shutdown of telecommunication networks in any part of Nigeria by the Buhari administration is unlawful, and a violation of the rights of access to correspondence, freedom of expression, information, and the press.” SERAP is also asking the court to “determine whether

By Adedapo Adesanya Anambra State Governor, Mr Charles Soludo, has asked residents of the state to report any bank that rejects the old Naira notes after he said he engaged the central bank governor, Mr Godwin Emefiele, who confirmed the validity of the notes. Two weeks ago, the Supreme Court extended the validity of the old N200, N500, and N1,000 notes till December 31, 2023, and invalidated the Naira redesign policy introduced by the Central Bank of Nigeria (CBN), citing defective timing and implementation. However, many Nigerian banks, traders, and retailers have refused to accept the notes since no official

By Modupe Gbadeyanka The Nigerian economy has continued to show major growth after exiting recession in the second quarter of this year. Data released on Monday, November 27, 2017, by the National Bureau of Statistics (NBS) revealed that in the third quarter of 2017, a total $4.2 billion was earned in capital importation by the country. Business Post reports that this is a substantial increase compared with the past few quarters, especially in the second quarter of this year, when the capital importation was at $1.8 billion, representing an increased value of 147.5 percent on a year on year basis.

By Dipo Olowookere The stock market in Nigeria further lost 0.11 per cent on Wednesday on the back of selling pressure, especially on banking equities led by Zenith Bank. The financial institution sold 33.7 million units of its shares valued at N795.0 million on the floor of the Nigerian Exchange (NGX) Limited yesterday to emerge as the most active stock by volume. eTranzact transacted 21.0 million shares worth N43.2 million, Fidelity Bank traded 13.7 million stocks worth N31.4 million, Royal Exchange exchanged 13.1 million equities valued at N8.3 million, while Japaul traded 13.0 million stocks valued at N6.1 million. Business