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New Lagos Bus Terminals to Move 12 Million People

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  • New Lagos Bus Terminals to Move 12 Million People

The new Ikeja Bus Terminal, the Oshodi Transport Interchange under construction and 11 bus terminals being built in strategic places in the Lagos metropolis are modelled after modern airport terminals, the Lagos State Government has said.

The Ikeja Bus Terminal inaugurated on March 29 by President Muhammedu Buhari will hopefully open a new chapter in public transportation in the nation’s economic capital as commuters are expected to be treated with a high level of dignity with the state-of-the-art facilities provided at the terminal.

According to the state government, the decision to build bus terminals with world-class facilities was to give about 12 million people using public transportation a sense of belonging, similar to the kind of treatment about 21,000 air passengers daily using all the nation’s airports get.

Details of the projects made available to journalists on Friday by the Lagos State Government, Planet Project, Lagos Metropolitan Area Transport Authority and Lagos Bus Services Limited showed a number of amenities/facilities that bear similar features with airport terminals.

For instance, at Ikeja, within the terminal building (ground and first floors), has a sheltered walkway, 13 ticketing booths, an ATM gallery, a food court, a functional Intelligent Transportation System that will make routes and travel plan easy.

The terminal is provided conveniences for both sexes and free Wi-Fi spot for the use of commuters.

Other major points are the information centre, waiting area, loading bay, bus and taxi parks, concession shops, office for operator, control room and power house.

The listed facilities showed a marked transformation from the old Lagos bus stop situation of indecency, filth and chaos that provided room for dehumanisation and criminal activities.

Like the Ikeja Bus Terminal, the Oshodi Transport Interchange said to have reached 70 per cent completion when operational would serve 300,000 every day while removing the over 20 rickety motor parks in the Oshodi area.

Speaking during a tour of both Ikeja and Oshodi bus terminals, the Lagos State Commissioner for Transportation, Mr Ladi Lawanson, said the terminals were part of Governor Akinwunmi Ambode’s gift to the 12 million masses of the state, using public transportation daily.

He said the terminals would put an end to insecurity, unreliability and accidents associated with the current commercial bus transportation in the state.

Lawanson said the construction of the new bus terminals was aimed at ensuring that more people embraced public transportation and restored sanity to the roads.

He said, “We have Alapere Bus Shelter, Ilupeju bus depot, Yaba Bus Terminal, Anthony Bus Depot, Maryland Bus Terminal, Agege Bus Terminal, Ojota Bus Terminal, Oyingbo Bus Terminal, Tafawa Balewa Square Bus Terminal, among other proposed corridors. These facilities will provide over 3,000 jobs for youths and increase transport connections and intermodal connectivity in the state.”

The Commissioner for Information and Strategy, Mr. Kehinde Bamigbetan, said the idea is to cater for low and medium income residents who could not afford to fuel their own cars every day.

He said the Ikeja Bus Terminal is a major transportation infrastructure constructed to improve efficiency, adding that 23 routes would be serviced from the terminal and while the facility would be servicing 400,000 passengers daily as well as reduce traffic congestion and environmental pollution occasioned by the current street loading and dropping off of passengers.

The Managing Director of Planet Project, Abiodun Otunola, said the Oshodi Transport Interchange, would have three terminals with terminal one serving the inter-city segment; two for the BRT buses from Oshodi to Abule Egba and other destinations such as Mile 2 and Okoko Maiko; and terminal three would serve Lagos Island and Ikorodu-Ojota axis.

He said all the three five-floor terminals would be connected with a skywalk.

He said, “In all, we estimate nothing less than 50 destinations to be served from Oshodi. And when this terminal is operational, our initial estimate is that in the first one year, the traffic would be about 300,000 going to about 500,000. Ultimately, in 10 years, we estimate that about one million would be able to use this facility at the end of the day.

“It is going to be a major hub and there is no major hub of this type in sub-Saharan Africa in terms of population, size, complexity and the number of destinations.”

The Planet Project boss said the transport facility was original and unique to suit the needs of the city.

The Managing Director, LAMATA, said the agency came up with project and engaged Planet Project for the construction, adding that plan was to encourage more people to drop their cars and use public means of transportation in Lagos.

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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President Tinubu Appoints Nigeria’s Renowned Banker, Jim Ovia as Chairman of Nigerian Education Loan Fund

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President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND).

This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.  Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.

In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai.

Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses.

James Hope University commenced activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.  In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative.

Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.

He is the author of “Africa Rise and Shine”, published by ForbesBooks. The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa. He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria.

Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

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NNPC and ARPHL Collaborate to Expand Port Harcourt Refinery to 310,000bpd

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The Nigerian National Petroleum Company Limited (NNPC) has joined forces with the African Refinery Port Harcourt Limited (ARPHL) to expand the Port Harcourt Refinery.

The collaboration entails ARPHL’s subscription of a 15% equity stake in the Port Harcourt Refining Company, a move aimed at augmenting the refinery’s daily production capacity from 210,000 barrels per day (bpd) to 310,000bpd.

The agreement, finalized at a signing ceremony held at the NNPC Towers in Abuja, underscores the commitment of both parties to bolstering Nigeria’s downstream oil and gas sector.

Managing Director of African Refinery Port Harcourt Limited, Omotayo Adebajo, and NNPC’s Executive Vice-President, Downstream, Adedapo Segun, sealed the deal, marking a pivotal moment in the nation’s quest for energy self-sufficiency.

According to statements released by NNPC and ARPHL, the subscription agreement represents a crucial step towards expanding Nigeria’s refining capacity and addressing the nation’s persistent reliance on imported petroleum products.

The proposed increment of 100,000bpd in the Port Harcourt Refinery’s capacity is poised to significantly reduce Nigeria’s dependence on imported fuel, fostering economic resilience and energy security.

Speaking on the collaboration, NNPC’s Executive Vice-President highlighted the strategic significance of co-locating the proposed additional refining capacity with the existing facilities at the Port Harcourt Refinery complex.

The move not only optimizes existing infrastructure but also underscores NNPC’s commitment to modernizing and revitalizing Nigeria’s refining sector.

In a similar vein, Tola Ayo-Adeyemi, Group Executive Director, Legal and Regulatory Compliance at African Refinery Group, emphasized the transformative impact of the collaboration on Nigeria’s energy landscape.

He highlighted the ARPHL refinery project’s position as the largest private refinery in Nigeria’s South-South and South-East geopolitical regions, underscoring its pivotal role in driving regional development and economic growth.

The groundbreaking ceremony for the ARPHL refinery project, scheduled for later this year, symbolizes a significant milestone in Nigeria’s journey towards energy independence.

With construction slated to commence in 2025 and commercial operations targeted for 2027, the project represents a beacon of hope for Nigeria’s refining sector, promising to deliver over 30 million liters of various petroleum products daily upon completion.

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Tech Giants Microsoft and Alphabet Beat Expectations, Driven by AI and Cloud Revenue

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Industry titans Microsoft Corp. and Google parent company Alphabet Inc. have surpassed Wall Street’s expectations, buoyed by robust growth in artificial intelligence (AI) and cloud computing revenue streams.

The stellar quarterly results underscore the pivotal role of advanced technologies in shaping the future of these tech behemoths.

Both Microsoft and Alphabet showcased impressive performances in their latest earnings reports, sending their shares soaring in after-hours trading.

Microsoft’s stock surged by 6.3%, while Alphabet witnessed an astonishing 17% increase, reflecting investor confidence in the companies’ strategic investments and innovative initiatives.

The driving force behind this remarkable success story is the accelerating demand for AI-powered solutions and cloud services. As businesses increasingly embrace digital transformation, the adoption of AI technologies and cloud infrastructure has become paramount, fueling substantial revenue growth for both Microsoft and Alphabet.

At the forefront of this AI revolution, Microsoft and Alphabet have been fervently expanding their AI capabilities and integrating them into a wide array of products and services.

From advanced AI models to cloud-based AI solutions, both companies have been relentless in their pursuit of technological innovation, positioning themselves as leaders in the rapidly evolving AI landscape.

Silicon Valley has heralded 2024 as the year of generative AI, a groundbreaking technology capable of creating text, images, and videos from simple prompts.

Microsoft and Alphabet have capitalized on this trend, leveraging generative AI to drive business growth and enhance their cloud computing offerings.

The surge in cloud computing demand has been a particularly welcome development for Google, which has long trailed behind rivals such as Amazon and Microsoft in this competitive market.

After achieving profitability in its cloud operation last year, Google’s first-quarter profit of $900 million far exceeded analysts’ projections, signaling a significant turnaround for the tech giant.

Microsoft’s Azure cloud computing platform also experienced robust growth, with sales climbing by 31% in the quarter, surpassing analysts’ expectations.

The integration of AI technology into Azure subscriptions has proven to be a key driver of growth, as businesses increasingly recognize the value of AI-driven insights and automation.

Furthermore, both Microsoft and Alphabet have seen promising uptake of AI-powered tools across various industries. From AI assistants for office productivity to AI-driven coding platforms, these companies are empowering businesses with cutting-edge AI solutions that enhance productivity, efficiency, and innovation.

Despite the stellar performance of Microsoft and Alphabet, the broader tech landscape remains dynamic and competitive.

While both companies have demonstrated resilience and adaptability in navigating market challenges, they must continue to innovate and evolve to maintain their competitive edge in an increasingly digital world.

As the AI and cloud computing revolution continues to unfold, Microsoft and Alphabet are well-positioned to lead the charge, driving innovation, shaping industries, and delivering value to customers around the globe. With their unwavering commitment to technological excellence, these tech giants are poised for continued success in the dynamic landscape of the digital age.

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