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FG, China to Finalise $11bn Lagos-Calabar Rail Deal in June

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  • FG, China to Finalise $11bn Lagos-Calabar Rail Deal in June

The acting President, Yemi Osinbajo, on Tuesday said the federal government and the People’s Republic of China would round off negotiations on the Lagos-Calabar rail project estimated at $11.117 billion in June.

Osinbajo also disclosed that the federal government had already provided its portion for funding the rail project and promised that the negation would be concluded in the next three months.

He said this at the unveiling of Lagos-Ibadan rail project at the Nigerian Railway Corporation compound, Ebute-Metta, Tuesday, noting that the national rail project would create 500,000 jobs.

On behalf of the federal government, President Muhammadu Buhari had in June 2016 signed an agreement with the China Civil Engineering Construction Company (CCECC) for the construction of the Lagos-Calabar coastal railway line at $11.117 billion.

Under the agreement, the federal government was able to negotiate the price of the contract downwards by $800 million, stressing that although the contract was initially valued at $11.917 billion, it would now to cost $11.117 billion.

The first segment of the rail line comprises Calabar, Uyo, Aba and Port Harcourt. Other segments of the Lagos Calabar coastal rail line such as Otueke, Yenagoa, Ughelli, Warri, Sapele, Benin, Agbor, Asaba, Onitsha, Ijebu Ode, Lagos, would be ready also within another two years.

Osinbajo, however, unveiled the Lagos-Ibadan rail project alongside the state governor, Mr. Akinwunmi Ambode, his Oyo State counterpart, Senator Abiola Ajimobi, the Minister of Transportation, Mr. Rotimi Amaechi, Senate Chief Whip, Senator Olusola Adeyeye and Oba of Lagos, Oba Rilwan Akiolu, among others.

At the unveiling, the acting president disclosed that the federal government “has already provided our portion for funding for the Lagos-Calabar route as well. We expect that negotiations with the foreign component of the funding will be finalised within the next three months”.

He, therefore, assured Nigerians that a vibrant railway system “will confer many benefits on the society. Our ultimate goal is to restore a railway using culture for both commercial and personal transportation. We are confident that the national rail project will create up to 500,000 jobs. Aside, it will facilitate the movement of up to 3.2 million tonnes of cargo per annum.”

He explained that the ground breaking “reflects the federal government’s to build a globally competitive economy with first grade infrastructure. Railway, in our strategy, is underscored by our economic recovery and growth plan as well as incorporated 2016 and 2017 budgets”.

“We made provision for matching funds in 2016 budget to complement the concession loans obtained from the People Republic of China. The Chinese Government and Chinese Exim Bank have always proved to be a reliable partner to the Nigeria Government. We have the entire Lagos Kano rail track as well as the Lagos Calabar railway track in the 2017 budget, he added.”

Osinbajo disclosed that negotiation on the Kaduna –Kano portion of the track would soon be completed, noting that when completed the rail projects “will reduce the burden on national high ways. It will also reduce deterioration of the road network and increasing the life span of our roads”.

He explained that railway network would support efforts “to diversify the economy and enhance our export potentials. Several of our cities will become known as railway towns will boost economic activities within the railway lines that will eventually cut across the entire country”.

He, therefore, said the new approach to rail project development explained why the federal government “supports the replacement of the 1964 railway acts with a legal frame work that open railway projects in the country to greater private sector participation.

“We expect to ensure that the resources to manage efficient modern and reliable train services. We will see the same zeal in the project construction so that the railway lines we be completed on schedule. We are looking forward to a fast and efficient service between Lagos and Ibadan within the projected time frame which is on or before December 2018”.

Also speaking, Ambode commended the federal government for approving the right of way for the proposed Lagos Light Rail (Red Line) project, thereby asking the Nigeria Railway Corporation “to cooperate with the state government during the construction of the red line”.

He said the proposed extension of the Lagos-Ibadan Rail Project would go a long way to open up the economy of the South-west as well as facilitate regional integration and growth.

He said the project also marked a new dawn in the transformation of the nation’s transport infrastructure, especially for the South-west, thereby expressing delight that the take-off had become a reality.

Ambode added that aside boosting regional integration, the agricultural sector would receive the long awaited boost as the rail line “will be a fast and convenient means of transporting farm produce from the hinterland to the city thereby increasing the economies of the states”.

“A direct benefit of this project is that containers and goods from the Apapa Port will now be transported by rail thereby reducing the number of trailers and other heavy duty vehicles on our roads.

“A direct consequence of this project would be less productive man hours wasted on the roads due to gridlock and bad roads due to heavy duty vehicles. In addition, we expect government to expend fewer resources on road repair and maintenance once the rail line takes off and reduce the pressure of articulated vehicles on our roads,” the governor said.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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