Reps Investigate Failure of Nigeria’s Mass Transit Schemes Since 1999

By Adedapo Adesanya President Bola Ahmed Tinubu yesterday disclosed plans to roll out 3,000 units of Compressed Natural Gas (CNG) buses to cushion the effect of the fuel subsidy removal on Nigerians. Mr Tinubu disclosed this in a 20-minute televised broadcast addressing the nation’s state, giving backing to alternative energy sources cheaper than petrol and diesel, which have tripled since the president announced that subsidy was no more as of May 29, 2023. The president said that the buses would be rolled out across the state and local government in the country for mass transit at a cheaper rate. While

By Adedapo Adesanya The Nigerian Automobile Technicians Association (NATA) Lagos State chapter has lauded Hyde Energy following an assessment of the quality of lubricants produced and distributed in the Nigerian market as well as adherence to international best practices by Hyde Energy Lubricant business. This came as the executive members of the association visited the energy trading company’s lubricant blending plant located in Ijebu-Ode, Ogun State. The lubricant plant, one of the largest lubricant manufacturing facilities in Nigeria, has the capacity to blend 30,000 litres of lubricant per day. The lubricants produced at the Hyde Energy blending plant undergo stringent

By Adedapo Adesanya After years of delays and extensions, the Lagos Blue Line Rail has begun commercial operations, with Governor Babajide Sanwo-Olu taking the first ride this morning (September 4). The first phase of the rail line extends from Marina to Mile 2 with five stations located in Marina, National Theatre, Iganmu, Alaba, and Orile. Operations commenced from Marina to Mile 2 Train Station, with Mr Sanwo-Olu taking the first ride at about 09:45 am. He was joined by some select persons, including the Commissioner of Police for the state, Mr Idowu Owohunwa; the First Lady, Mrs Ibijoke Sanwo-Olu; the

By Adedapo Adesanya Five Nigerian transport startups have emerged from Seedstars and Lab of Tomorrow (LoT) 17, an innovative programme aimed at transforming Nigeria’s transport and e-commerce sectors. These are CargoLink, Efotainer, MonieMove, SHAPP, and Trade Tracka. These selected startups will bring fresh ideas for overhauling intercity and last-mile transport services for people and goods in Nigeria. In a statement seen by Business Post, LoT 17 focused on Nigeria, where the booming e-commerce and logistics sectors are poised for technological innovation. However, challenges remain, especially in terms of transportation quality and the sector’s largely informal nature. The programme, thus, targeted

By Adedapo Adesanya  Trading activities at the platform for the buying and selling of unlisted securities in Nigeria, the NASD Over-the-Counter (OTC) Securities Exchange, closed negative on Thursday, October 24, 2019. The bearish closure happened a day after the market recorded its first gains of the week. At the close of transactions yesterday, the market capitalisation depreciated by 0.54 percent or N2.71 billion to close at N494.67 billion in contrast to the N497.38 billion recorded at the previous market day. Also, the NASD Security Index (NSI) recorded a reduction from what was quoted in the previous session as NSI went

By Modupe Gbadeyanka A WooCommerce plugin that will allow thousands of Nigerian online merchants to integrate seamlessly its delivery service to their WordPress online stores has been released by Kwik Delivery. The last-mile delivery platform said in a statement that by installing this plugin in a few minutes, large and small online stores can offer Kwik Delivery’s on-demand, just-in-time delivery service to all their customers. Kwik Delivery, established in 2019, is an on-demand, last-mile delivery platform that connects African businesses to independent delivery riders, dubbed Kwiksters. The Kwik platform, which delivers within two hours in Lagos State, is currently open

By Dipo Olowookere The amendment of the Oil and Gas Free Zones Authority (OGFZA) Act of 1996 has received a huge boost with the support of the Speaker of the House of Representatives, Mr Yakubu Dogara. Mr Dogara, in his opening remarks on Thursday in Abuja at the public hearing on the bill, said he was convinced deliberations at the event would lead to appropriate review and correction of any ambiguities that may exist in the OGFZA Act. The public hearing was organised by the House Committee on Commerce. Represented by the Deputy Chief Whip of the House, Mr Pali

By Adedapo Adesanya One of Nigeria’s bilateral trade partners, The Republic of Turkey, is set to invest $15 million in the Nigerian agricultural sector in two years. Minister of State for Agriculture and Rural Development, Mr Mustapha Baba Shehuri, has welcomed this move by the Turkish Government, saying it will boost the nation’s economy. He commended the Turkish government for the decision, saying prior to the discovery of crude oil in Nigeria, agriculture was the mainstay of the country’s economy, but due to the boom that came with the oil sector, the dependence on the sector waned. Mr Shehuri, during

By Modupe Gbadeyanka Arrangements have been completed to build the second largest refinery in sub-Saharan Africa in Ogun State, which will also be the largest petroleum product depot in Nigeria and Wema Bank is providing the financial backing for this project. Business Post learnt that the refinery and tank farm, when fully completed, will generate over 2,000 jobs. Wema Bank is partnering with the Ogun State Government and three other companies to carry out this laudable project. The other firms, apart from Wema Bank Plc, are Petrolex Oil and Gas, Hyundai and Ajayi Legal Partner. They recently signed a deal

By Sodeinde Temidayo David Nigeria, through the FMDQ Securities Exchange, has launched its first noted green exchange. The exchange was launched on November 7 in an effort to tap into the opportunities in the green and sustainable finance market. To enhance the market, the FMDQ Group signed a partnership with the Luxembourg Green Exchange (LGX) to promote the dual listing of securities and spotlight green and sustainable securities. The Luxembourg Green Exchange is the world’s first platform dedicated entirely to sustainable securities, as its lists 50 per cent of the world green bonds in a total of 32 currencies. Following

By Adedapo Adesanya The Lagos State Government will today restrict vehicular movement for the live football match between the Super Eagles and Lesotho. This was announced on Monday via a statement by the Commissioner for Transportation, Mr Frederic Oladeinde, adding that the closure was necessary to effectively manage traffic better and tighten security at the stadium. He assured that provisions have been made to manage traffic along the axis for the 12-hour period. “In line with this development, motorists are advised to avoid moving around the stadium from 10.00 am. Traffic approaching Teslim Balogun from Ojuelegba and Alaka/Eric Moore can

By Dipo Olowookere The Jigawa State House of Assembly has impeached its Speaker, Mr Idris Garba, over allegations bordering on high handedness and abuse of power. Clerk of the Assembly, Mr Hussaini Ali, informed the lawmakers that he received an impeachment notice signed by 25 of the 30 assembly members, which he read on the floor. During the plenary on Tuesday morning presided over by the Deputy Speaker, Mr Ahmed Garba, and attended by 23 members, the Assembly emphasised that due to the allegations, it was necessary to have a new leader. After Mr Garba was impeached as Speaker, the