Apapa-Wharf Road Swallows N560b Monthly—Dangote

Image

By Dipo Olowookere

President of Dangote Group, Mr Aliko Dangote, has revealed that not less than N20 billion is lost daily to the deplorable state of the Apapa-Wharf road in Lagos.

Mr Dangote said if the road had been fixed, the Federal Government would have been able to add N560 billion monthly to the struggling economy.

However, the business mogul commended the decision of the government to quickly rehabilitate the road, saying it was the right step to take at this critical time.

The Apapa-Wharf road leads to the nation’s major port, where billions of Naira is made to the coffers of Nigeria.

Few weeks ago, some stakeholders in the maritime sector staged a peaceful protest at the port, calling on authorities to fix the road.

Speaking on Tuesday with journalists in Lagos at a media parley, Mr Dangote noted that the bad state of the Apapa-Wharf road has made some businesses in the area to suffer low patronage.

According to the Africa’s richest man, his firm alongside Flour Mills will spend over N2.5 billion to repair 2 kilometres double lane on each side, bringing the total to 4 kilometres.

“The economy loses over N20 billion daily to the Apapa-Wharf road and this affects businesses across the country.

“All our operations in the hinterland in Ilorin, in Kano are operating at 40 percent maximum capacity.

“But at the moment, there is no linkage road going from South West to the North. If you have to do this, you will need to go through Ajaokuta, Obajana, Lokoja and you have to go by that uncompleted road Obasanjo started 13 years ago,” Mr Dangote said.

The businessman explained that the road would undergo a total reconstruction because the FG has said all cables and pipes must go underground.

“We will also construct good drainage system because we discovered that this is what destroys the road. We will make sure this problem is sorted out once and for all. This thing should not be allowed to happen,” he told newsmen.

Share
Related Stories
Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
21-February-2024

Unlisted Stocks Witness 0.96% Appreciation

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange closed yet again in the green zone on Tuesday, February 20 as it recorded a 0.96 per cent appreciation, increasing the value of the alternative bourse by N15.13 billion at the close of trading activities to N1.583 trillion from the N1.568 trillion it quoted in the previous session. In the same vein, the NASD Unlisted Security Index (NSI) went up by 11.16 points during the session to trade at 1,167.95 points, in contrast to the preceding day’s 1,156.79 points. The market breadth index closed negative on Tuesday after the exchange ended

Image
20-February-2024

Fuel Queues Emerge as FG Fails to Stop NARTO Strike

By Adedapo Adesanya Fuel queues emerged in Lagos as the meeting between the Nigerian Association of Road Transport Owners (NARTO) and officials of the federal government over the suspension of petroleum product loading activities ended in a deadlock on Monday. The meeting held in Abuja yesterday night was attended by the Minister of State Petroleum Resources (Oil), Mr Heineken Lokpobiri, with NARTO, as well as oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA). NARTO had in a letter dated February 15, addressed to the General Secretary of the Nigerian Union of Petroleum and Natural Gas (NUPENG)

More Stories
Image
12-August-2017

Expect Me Soon, I Wish to Return Home—Buhari Assures Nigerians

By Dipo Olowookere President Muhammadu Buhari has assured Nigerians that he “would be with them soon,” saying “there is tremendous improvement in his health.” In a statement issued on Saturday by his Special Adviser on Media and Publicity, Mr Femi Adesina, the President said he wishes to return home, “but I’ve learnt to obey my doctor’s orders, rather than be the one issuing the orders. Here, the doctor is absolutely in charge.” Mr Buhari left Nigeria on May 7, 2017 to London and is yet to return because his doctors have not yet given him the clearance to do so.

Image
21-September-2021

Infibranches Raises $2m for Energy Distribution Across Nigeria

By Ashemiriogwa Emmanuel A Nigerian-based fintech and energy startup, Infibranches Technologies Limited, has closed a total of $2 million in a seed round which will be deployed to bridge the gap of energy distribution and financial inclusion across underserved areas of the country. The fresh funding saw the participation of investors, including an impact investment company, All On, backed by Shell Foundation to support Infibranches in diversifying its energy products to extend towards rural and peri-urban areas. The two-year-old energy startup was founded by Mr Olusola Owoyemi with the sole aim of providing digital financial services for service providers in

Image
16-March-2020

European Shares Succumb to Heavy Selling Pressure

By Investors Hub European stocks have succumbed to heavy selling pressure on Monday, with shares of travel and leisure companies pacing the decliners after the World Health Organization said Europe has become the epicenter of the coronavirus pandemic. The number of fatalities in Italy shot up by 368 to 1,809 more than half of all the fatal cases recorded outside China. Germany is planning partial border closures, while the French government is considering putting Paris into full lockdown. Austria banned gatherings of more than five people. The Netherlands ordered its weed-selling coffee shops to shut down. Spain has imposed a

Image
28-February-2019

Dangote Cement Appoints Moyen Acting CFO as Egan Resigns

By Dipo Olowookere Mr Guillaume Moyen has been announced as the acting Chief Financial Officer (CFO) of Dangote Cement Plc. This followed the resignation of Mr Brian Egan, as an Executive-Director and CFO of the company with effect from February 28, 2019. Mr Egan left Dangote Cement so as to return to Ireland and spend more time with his family, a statement from the cement maker said. In the statement, the board of Dangote Cement expressed its “appreciation to Mr Brian Egan for his valuable contributions and services to the company during his tenure of office as an Executive Director

Image
13-October-2021

NDLEA Eyes Assets of Drug Traffickers in Nigeria

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA) has assured the international community of Nigeria’s preparedness and determination to go after the assets of drug traffickers and barons in any part of the country. This was disclosed by the Chairman and Chief Executive Officer of the agency, Mr Mohamed Buba Marwa, in his presentation at the ongoing third committee session of the 76th United Nations General Assembly (UNGA). According to a statement by NDLEA’s spokesman, Mr Femi Babafemi, the NDLEA boss said that, “Nigeria will remain undaunted in adopting dynamic strategies to counter new approaches adopted by organised

Image
14-February-2024

Access Bank to Give Customers Prizes in Love is More Campaign

By Modupe Gbadeyanka Access Bank Plc has disclosed that its customers would win different prizes in its MyAccessMoreValetineStory designed to reward them for their loyalty. The campaign was launched to make the love season memorable for its valued customers, a statement from the lender explained. It stated that special Valentine’s offers, themed Love is More, were introduced during this period to spread love and financial well-being all through February. “Access Bank is committed to enhancing the financial well-being of our customers while celebrating love in all its forms. “These Valentine’s offers are a token of our appreciation for their continued

Image
23-April-2018

Bola Adesola, Paul Polman Join United Nations Global Compact Board

By Dipo Olowookere Secretary-General of the United Nations, Mr António Guterres, has appointed chief executive of Standard Chartered Bank of Nigeria, Ms Bola Adesola, as vice chairman of the United Nations Global Compact board. Also appointed into the same position by the United Nations scribe was Chief Executive Officer of Unilever, Mr Paul Polman, a Dutch national. A statement issued from the office of the spokesperson for the Secretary-General disclosed that Mr Guterres, as Chairman of the board, “looks forward to working closely with Ms Adesola and Mr Polman, along with United Nations Global Compact Executive Director, Lise Kingo, as

Image
16-September-2022

NGX Trading Indices Dwindle as Inflation Turns Off Investors

By Dipo Olowookere The trading indices of the Nigerian Exchange (NGX) Limited maintained a downward movement on Thursday on the back of sustained profit-taking across the major sub-sectors of the platform. The industrial goods counter managed to close flat yesterday but the others pointed south, with the consumer goods sector losing 0.26 per cent, the insurance space declining by 0.18 per cent, the energy index dropping 0.16 per cent and the banking sector depreciating by 0.09 per cent. Consequently, the All-Share Index (ASI) cracked by 35.45 points to 49,540.48 points from 49,575.93 points, while the market capitalisation decreased by N19

Ad
Ad
Recent Stories
Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling