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We May Increase Number Of Trips On Lagos-Ibadan Rail To Meet Demand — FG

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The federal government says it may increase the number of scheduled trips on the Lagos-Ibadan train service to meet surging demand.

Mu’azu Sambo, minister of transportation, spoke to journalists on Thursday after a courtesy visit to the Nigeria Railway Corporation (NRC) headquarters in Lagos, leading to the inspection of the Lagos-Ibadan rail facility.

Satisfied with the progress made so far, Sambo vowed to sustain the “trajectory” of President Muhammadu Buhari’s railway modernization program.

However, the minister did not specifically provide details on the possible increase in daily trips.

In August, the NRC reduced the number of trips on the Lagos-Ibadan corridor due to the hike in the price of automotive gas oil, better known as diesel.

The corporation currently runs two trips on the route – one in the morning and another in the afternoon.

“Yeah, we can have more trips, but you cannot have more than 24 hours in a day. Can you? So, you have to schedule these train services to cover a particular period of the day from morning until evening. That’s it,” Sambo said, responding to a question on increased patronage.

“I am highly impressed with the railway modernization program of this administration. What we have seen is unprecedented. And we have vowed, my colleague and I, that within the short time that we have to spend as ministers, we will build on what we have found so that the trajectory will not be truncated in any way at all.”

Further speaking on resumption of train services on the Abuja-Kaduna corridor, Sambo reiterated the ministry’s stance on resuming operations in November.

Refraining from stating a specific resumption date, he asked Nigerians to wait patiently.

“We have announced previously that we are going to commence operations on that line this month. We have the target date. It is not necessary for me to share that date publicly. I don’t think that would help in running the service. Nigerians are interested in the service, right? Today [is] November 17. Less than two weeks before the month is over. So, just be patient,” the minister said.

In his welcome address, Fidet Okhiria, managing director, NRC, commended the Minister’s commitment towards ensuring the completion of all the projects within the time frame, adhering to quality and international best practices.

Okhiria also appreciated Buhari for keeping the railway alive through critical infrastructure development and sustainability of the NRC operation.

He said that the railway was one of the cornerstones of economic growth and development of any country, through the mass movement of freights and people, thereby creating direct and indirect job opportunities, urbanization, business expansion, and social integration for peaceful coexistence.

“In the recent time, NRC has been facing some challenges which include security and vandalism,” Okhiria said.

“We thank the minister and his team for their effort towards ensuring that the railway corridors are now properly secure for the safety of our esteemed passengers and other stakeholders.

”I also commend the effort of the honorable minister by ensuring all hostages of AKTS infamous train attack were released before the resumption of the train operations on AKTS.

“This shows the compassion and empathy of our minister.”

BIG STORY

JUST IN: Police Arrest Yahaya Bello’s ADC, Security Details

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The Nigeria Police Force has detained a female police officer who was the aide-de-camp to embattled former Kogi State Governor, Yahaya Bello, Saturday PUNCH is reporting.

The ADC was arrested alongside other police officers attached to 48-year-old Bello and is being detained at the State Criminal Investigation Department, Federal Capital Territory, Abuja.

Their arrests and detention followed a Thursday night order by the Inspector General of Police, Olukayode Egbetokun, directing their immediate withdrawal from the former governor.

Senior police sources, who spoke to our correspondent on the condition of anonymity because they did not have authorization to comment publicly on the matter, noted that the officers were arrested on the suspicion that they aided and abetted Bello’s escape from operatives of the Economic and Financial Crimes Commission, who had gone to effect his arrest at his Abuja home on Wednesday.

“The ADC and the other police details attached to Yahaya Bello have been arrested and detained.

“They were arrested on the order of the IG, on the suspicion that they aided and abetted the former governor’s escape from the EFCC on Wednesday,” one of the sources told our correspondent in a telephone conversation on Friday.

Another source said, “Yahaya Bello’s female ADC and other police officers attached to him were brought to the command this morning, and they’ve been detained for aiding and abetting (the governor’s escape).”

Egbetokun had, on Thursday night, ordered the withdrawal of all police officers attached to Bello.

The order for the withdrawal was contained in a police wireless message sighted by our correspondent on Friday morning.

The document read, “CB:4001/DOPS/PMF/FHQ/ABJ/VOL.48/ 34 X ORDER AND DIRECTIVES X FOLLOWING MESSAGE RECEIVED FROM NIGPOL.

“DOPS ABUJA X BEGINS X CB:4001/DOPS/FHQ/ABJ/VOL.21/462 DTO:180955/04/2024 X ORDER AND DIRECTIVES X REF MYLET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/36 DATED 15/04/2024 X AND MY EARLIER LET NO CB:3412/DOPS/FHQ/ABJ/VOL.1/30 DATED 24/01/2024 X Nigeria police have ordered the withdrawal of all men.

“Police attached to His Excellency and former Executive Governor of Kogi State, Alhaji Yahaya Bello, should acknowledge compliance and treat with utmost importance. Please above for your information and strict compliance.”

Also, the Federal Government had on Thursday night placed Bello on a watch list.

In a document exclusively obtained by our correspondent on Thursday night, the Comptroller General of the Nigeria Immigration Service, revealed that Bello was placed on a watchlist for conspiracy, breach of trust, and money laundering.

The Assistant Comptroller General signed the document and copied the Nigeria Customs Service, the Inspector General of Police, the Director General of the Department of State Services, and the Director of the National Internet Agency.

The document read, “I am directed to inform you that the above-named person has been placed on a watch list. Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for Conspiracy, Breach of Trust and Money Laundering vide letter Ref; CR; 3000/EFCC/LS/EGCS.1/TE/V 1/279 dated April 18, 2024.

“If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation, or contact 08036226329/07039617304 for further action.

“Please, accept as always the Comptroller-General’s warmest regards and esteem.”

The Economic and Financial Crimes Commission had earlier declared Bello wanted for laundering the sum of N80,246,470,088.88.

The development was contained in a notice posted on the commission’s official Facebook page on Thursday, with a snapshot of the embattled ex-governor attached.

The notice read, “The public is hereby notified that Yahaya Adoza Bello (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission in connection with an alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).

“Bello, a 48-year-old Ebira man, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja. Anybody with useful information as to his whereabouts should please contact the Commission.”

Bello had, on Thursday, failed to appear before Justice Emeka Nwite of the Federal High Court sitting in Abuja following his arraignment by the EFCC.

The embattled former governor was arraigned in absentia before Justice Emeka Nwite alongside three other suspects, Ali Bello, Dauda Suleiman and Abdulsalam Hudu on 19-count charges bordering on money laundering.

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BIG STORY

Access Holdings’ Shareholders Unanimously Back Capital Raising Plan, Hail Aig-Imoukhuede’s Return As Chairman

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  • Re-elect Olusegun Ogbonnewo, Ojinika Olaghere as a Non-Executive Directors

 

The shareholders of Access Holdings Plc (“Access Holdings” or “the Group”) at the 2nd Annual General Meeting (AGM) held on Friday, April 19, 2024, unanimously backed the Group’s plan to establish a capital raising programme of up to US$1.5 billion as well as the subset initiative to raise up to N365 billion, specifically, through a Rights Issue of ordinary shares to its shareholders.

The proceeds of the Rights Issue would be used to support on-going working capital needs, including organic growth funding for its banking and other non-banking subsidiaries.

The shareholders also ratified the appointments of Aigboje Aig-Imoukhuede, Olusegun Ogbonnewo, and Ojinika Olaghere as Non-Executive Directors.

The appointment of Aig-Imoukhuede as the Chairman of Access Holdings was praised by the shareholders, who pointed to his rich history of success with the institution, having transformed it into Nigeria’s biggest lender by market value alongside Herbert Wigwe. Aigboje’s leadership was instrumental in driving the institution’s growth during the 2004 recapitalisation of the banking industry led by the Central Bank of Nigeria (CBN) under the leadership of its former Governor, Prof. Charles Soludo.

“We are thrilled with Aigboje Aig-Imoukhuede’s return to the role of Chairman. His proven track record, experience, and strategic insights position him as the ideal leader to steer Access Holdings towards meeting its lofty targets. During his tenure as CEO, particularly during the recapitalisation directive by the CBN, he steered Access Bank to raise an impressive $2 billion in capital, and this demonstrates his capacity to, once again, lead Access Holdings towards successfully achieving the objectives of our planned Capital Raise and Rights Issue targets,” said Chief Sunny Nwosu, Chairman Emeritus of the Independent Shareholders Association of Nigeria (ISAN).

In line with the Group’s strong financial performance, the payment of a final dividend of N1.80 kobo per every N0.50 Kobo ordinary share for the 2023 financial year was approved, marking a 28 per cent improvement from the corresponding period in 2022.

The Group’s full-year results for the period ending December 31, 2023, showcased an impressive 335 per cent increase in pre-tax profit to N729 billion from N167.68 billion in 2022. The Group also experienced an 87 per cent surge in gross earnings to N2.59 trillion from N1.39 trillion in 2022 and reported a remarkable 306 per cent growth in profit after tax to N619.32 billion, from N152.20 billion in 2022.

Commencing in the second half of 2024, Access Holdings’ global expansion strategy will enter the consolidation and efficiency phase, aligning with its five-year plan to accelerate the attainment of its 2027 strategic objectives. The Group remains focused on driving sustainable growth, and delivering value to its shareholders even as it continues to build a globally connected community and ecosystem, inspired by Africa, for the world.

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BIG STORY

Customs Adjust FX Rate For Import Duties To N1,147/$

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The foreign exchange (FX) rate for duties has once again been modified by the Nigeria Customs Service (NCS) to N1,147.02 per dollar.

When compared to the N1,238.1/$ reported on April 18, this indicates a decline of 7.3 percent. On Friday, the customs rate was observed.

It dropped below the official foreign exchange rate, which ended trading at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on April 18 at N1,154/$.

The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.

On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.

Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.

NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.

Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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