• Says conversion program will be initiated in Lagos, Kwara, the FCT, and Rivers States

The countrywide Mass Transit Conversion Programme has officially begun, according to a joint announcement from Rolling Energy and the Presidential Compress Natural Gas Initiative (PCNGI).

The declaration was made on Wednesday during the PCNGI conversion and refuelling site launch in Ilorin.

According to a PCNGI statement, the initiative’s goal is to switch public transport vehicles to cleaner energy sources, which will drastically cut emissions and advance environmental sustainability.

The administration of President Bola Tinubu is promoting clean energy alternatives throughout Nigeria through the PCNGI programme.

PCNGI seeks to lessen its negative environmental effects and assist the transportation industry’s shift to sustainable energy sources through cooperative collaborations and creative projects.

The initial phase of the conversion program will be initiated in Lagos, Kwara, the Federal Capital Territory (FCT), and Rivers States. This phase will be executed in partnership with major transport unions, including the National Union of Road Transport Workers (NURTW), the Road Transport Employers’ Association of Nigeria (RTEAN), and the Nigerian Association of Road Transport Owners (NARTO).

To ensure the success of the program, PCNGI said the rollout will commence in eight of over 120 designated conversion workshop sites, after which the key union partners, will have the opportunity to observe, evaluate the conversion process, and provide valuable feedback as the initiative plans to scale up operations across 15 states over the next 45 days.

The rollout, it said, will be backed by a 50 per cent discount on equipment and kit costs, and support to qualified union members for installation cost.

It said, “PCNGI and Rolling Energy are committed to driving Nigeria towards a more sustainable future. Establishing the Ilorin site and the nationwide conversion program are pivotal steps in reducing our carbon footprint and enhancing the efficiency of mass transit systems”.

Interested public members are to visit Femadec, FixIt45, and Portland in Lagos, NITT, Nipco in Abuja, Total Support and Femadec in Abuja, and Rolling Energy in Ilorin for conversion.

The development comes after the Presidency said it would launch 2,700 CNG-powered buses and tricycles before May 29 when President Tinubu turns one year in office.

It said FG would deliver 100 conversion workshops and 60 refuelling sites spread across 18 states before the end of 2024.

The Federal High Court sitting in Lagos has authorised Guaranty Trust Bank, to temporarily take over the funds and assets of Afex Commodities Exchange following an indebtedness of ₦17.8bn Central Bank of Nigeria Anchor Borrowers’ Loan.

Justice Chukwujekwu Aneke granted an order of interim Global Standing Instruction (GSI) injunctive relief, following an Exparte application by GTBank through its lawyers, Senior Advocate of Nigeria, Ajibola Aribisala and Senior Advocate of Nigeria, Ade Adedeji.

The 17,808,452,467.107 (billion) comprises “₦15,766,475,417.06 (billion) being the amount outstanding and unpaid, as of April 17, 2024, on the loan facilities (with the accrued interest) granted by the Plaintiff to the Defendant.

“Pre-judgement interest on the ₦15,766,475,417.06 at the prevailing rediscount rate of 28 per cent per annum approved by the CBN from April 18, 2024, when the Plaintiff’s letter of demand dated April 17, 2024, was delivered to the Defendant until Judgment is delivered in this suit.

“Post-judgement interest on the said sum of ₦15,766,475,417.06” and “Cost of recovery and incidental expenses in the sum of ₦2,041,977,050.047.”

In the court papers, GTBank is listed as the sole plaintiff/applicant in the suit, Afex Commodities Exchange is the defendant/respondent, while 27 commercial banks and all money deposit banks were listed as nominal respondents.

The plaintiff, GTBank via a 285-page affidavit deposed to by a member of staff, Ifeoma Esemudje disclosed that the tenor of the facility was nine months, intended to finance smallholder farmers registered under the CBN Anchor Borrower’s program.

The source of the repayment was to come from the sale of the Maize produced while the maturity date for the loan was April 22, 2021.

But, according to the plaintiff, the defendant did not fulfil its end of the deal.

The plaintiff, through its lawyers, then approached the court for an interim Global Standing Instruction (GSI) injunctive relief.

The GSI, launched in July 2020, by Nigerian banks and the CBN, authorises a creditor bank to recover its debt from any or all other accounts held by the debtor with other financial institutions in case of default by the debtor.

Before GSI, borrowers who defaulted on their loans to a particular financial institution were still able to maintain their bank balances in other institutions, even if those balances were sufficient to repay their debt.

Granting GTBank’s prayer, Justice Aneke ordered a “Place a No Debit” on all monies standing to the credit of Afex Commodities Exchange as of the day the order was served on the 1st to 28th Respondent Banks.

The order included “all such monies that may be credited into the Defendant/Respondent’s account afterwards until the Defendant/Respondent’s entire indebtedness to the Plaintiff/Applicant in the sum of ₦17,808,452,467.107 is fully liquidated. pending the hearing and determination of the Motion on Notice filed by the Plaintiff/Applicant in this Suit.”

The judge further directed all banks in Nigeria to move/transfer all monies standing to the alleged debtor’s credit (in the said debtor’s account domiciled in any of the banks) into the debtor’s account domiciled with GTBank with Account Number 0425755319 until Afex Commodities Exchange’s “entire indebtedness to the Plaintiff/Applicant in sum of ₦17,808,452,467.107 is fully liquidated…”

The court also ordered the debtor to furnish it and GTBank’s lawyers, the debtor’s current statement of account, within 7 days of being served with the order.

Justice Aneke also restrained the defendant/respondent and its agents from obstructing or interfering with GTBank’s right to enter Afex Commodities Exchange’s 16 warehouses across seven federation states.

The states are the Federal Capital Territory (FCT), Oyo, Ogun, Kwara, Kano, Taraba and Benue.

It further granted a mandatory injunction commanding the defendant/respondent to allow the plaintiff to appoint its appointed agent to take over the commodities/produce stored by the defendant in the 16 warehouses across the seven states.

Lastly, the court granted an order directing the Police and Civil Defence Corp to assist GTBank in securing and dealing with the commodities/produce stored by the defendant in the 16 warehouses across the seven states.

Further hearing in the suit was adjourned till June 10, 2024.

Credit: Channels TV

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has reiterated his administration’s commitment to ensuring Nigeria’s progress while fostering inclusivity.

President Tinubu stated this on Thursday, May 30, during the opening of the overhead bridge that connects Wuye District to Wuse District in Abuja and the provision of engineering infrastructure to Wuye District.

He, however stressed that achieving the desired progress will demand the hard work and dedication of all citizens.

He said: “Whatever anybody might say, it should be that Nigeria will definitely make progress and prosperity, the hope and achievement is in our hands. We will build a nation where no one is excluded.”

Speaking during the inauguration ceremony, President Tinubu highlighted some of the advantages of the project, which he said included easy access to the Wuye axis and fast improvement in traffic flow within the district.

“We celebrate not just the infrastructure, but also the empowerment of the Wuse and Wuye as a community and the fulfilment of promises made several years back. As they always say experts acknowledge the fact that government is a continuum.

“The best way to achieve greatness is to look forward, aspire for great results and not look at obstacles. See opportunities from the obstacles and grab them.

“We are investing in essential services such as water supply, electricity, and road network, we are laying the groundwork for economic growth and prosperity, social progress and improvement in the quality of life for all residents of Abuja, the Federal Capital Territory.

“With the completion of this project, we will witness a fast improvement in traffic flow within the district and the adjoining districts”, he said.

The President lauded the Minister of the FCT, Nyesom Wike, for providing leadership to the federal capital, noting that the minister and his team had, through hard work, led the way to true democracy, which is translated into making the people the centre of governance.

“I extend, once again, my heartfelt appreciation to the FCT Minister, Barrister Nyesom Wike, for making this a realizable dream for all of us and the country as a whole. The completion of this facility brings the security of life close to our people.

“Making the people the central focus of our development is the way democracy should work. Our determination to succeed and extend happiness to our teeming population, bringing about prosperity and value of immense proportion to our people, is the goal of the government. Thank you for making a dream a reality”, he said.