Connect with us

Business

FG Releases N72bn For Lagos-Ibadan Rail Project

Published

9 years ago

on

The Minister of Transportation, Mr Rotimi Amaechi, says the Federal Government has released N72 billion counterpart funding for the construction of Lagos-Ibadan modernisation railway project.
Amaechi made this known at the quarterly Presidential Business Forum which was presided over by Vice-President Yemi Osinbajo at the Presidential Banquet hall, Abuja.
The Tide source reports that the Lagos-Ibadan rail project which was awarded to China Civil Engineering Construction Corporation (CCECC) would cost about 1.5 billion dollars (N458bn).
Amaechi, who commended the Minister of Finance, Mrs Kemi Adeosun, for ensuring full release of the counterpart funds for the project, enjoined the National Assembly to ensure speedy approval of the 30 billion dollars foreign loans for the project.
“On the construction of Lagos-Ibadan Railway, the Minister of Finance has been kind enough to release the counterpart funding in full.
“I think in the history of Nigeria this is the first time that we are releasing counterpart funding in full so that there will be no delay, since the Chinese loan appears to have been approved.
“The only thing we need to do, I thank God there is somebody from the National Assembly, is to plead with the National Assembly.
“The National Assembly should please approve the 30 billion dollars loan.
“If you don’t respond, if you don’t encourage the National Assembly to make that approval, then, the economy won’t be making the kind of progress we want the economy to make.
“So, for me here, I will enjoin you to persuade the National Assembly to kindly make that approval because they are tied to projects,’’ he said.
He called on the National Assembly to approve the loans in order to enhance employment opportunities in the country.
On the concerns raised by the President of Manufacturers Association of Nigeria (MAN), Frank Udenba-Jacobs, over the closure of the Nnamdi Azikiwe International Airport, Abuja, Amaechi said the airport’s runway would be reconstructed not rehabilitated.
“I don’t know if there is anything new you want to hear about the closure of the airport.
“The story is the runway was built to last for 20 years and now it has lasted for 34 years and government does not want to lose anybody.
“I heard that Lufthansa landed and damaged their gear. They have been grounded for three days, trying to repair it and fly back.
“Imagine if those three hundred and something persons had died. The first thing you will hear is Minister of Transportation- resign; Minister of State for Aviation – resign. “We don’t want to resign’’ ’
According to Amaechi, the entire architecture of the runway from bottom to top has collapsed, insisting it is totally unsafe to continue to use the runway.
In his remarks, Vice-President Yemi Osinbajo, reiterated the determination of the Federal Government to inaugurate its Economic Recovery Growth Plan in February.

Related Topics:
Continue Reading

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

Published

2 days ago

on

December 8, 2025

By

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
Continue Reading

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

2 days ago

on

December 8, 2025

By

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
Continue Reading

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

Published

2 days ago

on

December 8, 2025

By

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
Continue Reading

Trending