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Economy

FG plans 10 new rail lines

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  • As ICPC arraigns Presidency’s ex-nominee for N182m fraud

The Federal Government is currently carrying out feasibility studies on the construction of 10 new standard gauge rail lines across the country.

According to the Nigerian Railway Corporation, the standard gauge rail lines will cover a travelling distance of over 3,421 kilometres when completed.

It further stated that the various rail lines would pass through Lagos, Oyo, Osun, Ogun, Benin, Abuja, Kogi, Onitsha and Sokoto, among other states.

The corporation disclosed this in its latest Rail Development Plan report that was obtained by our correspondent from the Federal Ministry of Transportation in Abuja on Sunday.

The NRC outlined the 10 new standard gauge rail routes where feasibility studies were being carried out as the 300km Lagos-Sagamu-Ijebu Ode-Ore-Benin City East-West rail line; Lagos-Ibadan-Osogbo-Baro-Abuja high speed 615km line; Ajaokuta (Eganyin)-Obajana-Jakura-Baro-Siraj-Abuja rail, with additional line from Ajaokuta to Otukpo (533km); and the 520km Zaria-Kaura Namoda-Sokoto-Ileila-Birnin Koni in Niger Republic.

Others are the Benin-Agbor-Onitsha-Nnewi-Owerri-Aba rail, with additional line from Onitsha-Enugu-Abakaliki, 500km; Eganyin (near Ajaokuta)-Lokoja-Abaji-Abuja, 280km; Benin-Sapele-Warri-Yenagoa-Port Harcourt-Aba-Uyo-Calabar-Akampa-Ikom-Obudu Cattle Ranch coastal rail line, 673km; Port Harcourt-Aba-Umuahia-Enugu-Makurdi-Lafia-Kuru-Bauchi-Gombe-Biu-Maiduguri line; Ikom-Obudu-Ogoja-Katsina Ala-Wukari-Jalingo-Yola-Maiduguri line; and the Kano-Nguru-Gusau-Damaturu-Maiduguri-Gamborugala rail line.

In its report, the NRC stated that the construction and rehabilitation of the Itakpe-Ajaokuta-Warri standard gauge line project was nearing completion.

It recalled the construction of the Abuja (Idu)-Kaduna standard gauge rail had earlier been completed and train operations commenced.

The corporation noted that the groundbreaking for the construction of Lagos-Ibadan standard gauge (double track) 2 x 180km rail line project, awarded to the CCECC, was done earlier this year, adding that work had commenced on the site following the conclusion of its funding arrangement.

It, however, stated that paucity of funds was a key challenge to the projects, adding that the government required more funds to complete the rehabilitation of the Western and Eastern lines, carry out addendum for sidings and loop lines on the Western line, procure and rehabilitate locomotives and rolling stock, as well as for the procurement of maintenance equipment.

It said more funds were needed for complete modernisation projects, as well as for the rehabilitation and construction of links to the sea, rivers and airports.

In the meantime, the Independent Corrupt Practices and other related Offences Commission has arraigned one of the men recently nominated by Vice-President Yemi Osinbajo to the board of the ICPC.

Osinbajo had, in his capacity as Acting President in August, appointed Dr. Saadu Alanamu as a member of the ICPC board, where he was expected to play an active role in the anti-corruption campaign.

Alanamu, who was later dropped by Osinbajo following unfavourable reports, was arraigned by the ICPC for alleged N182m fraud last week.

The commission said in a statement by its spokesperson, Mrs. Rasheedat Okoduwa, that Alanamu, a former Chairman of the Governing Council of the Kwara State Polytechnic, Ilorin, allegedly collected a bribe from a contractor.

He was subsequently charged with eight counts before Justice Mahmud Abdulgafar of the Kwara State High Court 7, Ilorin, along with the Chief Executive Director of Namylas Nigeria Limited, Salman Sulaiman.

The commission, in the charge sheet, accused Alanamu, who was also the Chairman of the Kwara State Polytechnic Tenders Board, of collecting N5m bribe from a contractor, Salman Sulaiman, as a kickback for the award of a contract.

Counsel for the ICPC, Sunny Ezeana, told the court that Alanamu received the bribe through his First Bank account on February 11, 2015 from Namylas Nigeria Limited, a company owned by Sulaiman, who is also his friend.

The court heard that Alanamu ensured that the contract for the construction and furnishing of an auditorium in Kwara State Polytechnic, at the cost of N182,369, 625.00, was awarded to Namylas Nigeria Limited even when it was found that the company was not qualified to execute the contract.

The ICPC said its investigation into the petition had revealed strong evidence of collusion, bid rigging and corrupt practices against Namylas Nigeria Limited in the bid process; and that the company used falsified, forged and doctored PENCOM Compliance Certificate, Tax Clearance Certificate and ITF Certificate of Compliance to submit its bid during the bidding process.

Sulaiman, on his part, was accused of bribing a government official when he paid N5m to Alanamu as a reward for the award of contract to his company, thereby committing an offence contrary to Section 9(1) (a) and punishable under Section 9(1) (b) of the Corrupt Practices and Other Related Offences Act, 2000.

Their offences are also in violation of Sections 8 (1) (a), 10(a) (i), 18 (b), 19 and 22(1) (a) (i) of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the aforementioned sections.

The accused persons pleaded not guilty to the charges when they were read to them.

The trial judge granted them bail in the sum of N2m with two sureties in like sum each while one of the sureties each must have a landed property in Ilorin.

The matter was then adjourned till October 12, 2017 for pre-trial hearing in line with Section 3 of the Kwara State High Court Practice Direction, 2013, after which a new date for trial would be set.

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Economy

Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

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Nigeria Secures $600m Danish Shipping Seaport Infrastructure Investment

President Bola Tinubu has secured a 600 million U.S. dollar Danish shipping and logistics company, A.P Moller-Maersk, investment for Nigeria’s seaport infrastructure.

This investment is to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.

Chairman of A.P Moller-Maersk, Mr Robert Uggla, disclosed this during a meeting with Tinubu on the sidelines of the World Economic Forum Special Meeting in Riyadh, Saudi Arabia, on Sunday.

Tinubu noted that this investment would complement the administration’s ongoing one billion dollars investment in seaport reconstruction across the eastern and western seaports of Nigeria.

The President added that it would further support the country’s port modernisation efforts and port process automation through his administration’s implementation of the national single window project.

The window is aimed at enhancing trade facilitation, easing import/export flow, reducing corruption at the ports, while improving the efficiency and transparency of port processes in Nigeria.

“We appreciate your business and the contribution you have made and continue to make to our country’s economy over time. We do not take our partners for granted.

”A bet on Nigeria is a winning bet. It is also a bet that rewards beyond what is obtainable elsewhere.

“More investment opportunities are available, and my government has worked on various reforms to encourage investments. We need to encourage more opportunities for revenue expansion and minimize trans-shipments from larger ships to smaller ships,” he said.

The President assured Maersk of his administration’s commitment to collaborating and creating an enabling environment for businesses to thrive in the country.

He cited Maersk’s previous partnership in the development of the Ogun State container terminal as a testament to fruitful partnerships with the reputable logistics company.

Highlighting Maersk’s longstanding engagement in Africa’s most populous nation and his belief in the future of Nigeria, Uggla said his company had made significant investments of over two billion dollars in Nigerian ports and other activities.

He emphasised the potential for Nigerian ports to accommodate larger container ships and stressed the need for expanding port infrastructure to meet this demand, while reducing the cost of logistics.

‘’We have seen a significant opportunity for Nigeria to cater for larger container ships. Historically, most of the West African coasts are already served by smaller ships. Currently, we see an opportunity to deploy larger ships to Nigeria.

“To achieve this, we need to expand the port infrastructure, especially in Lagos, where we need a bigger hub for logistics services. The growth potential is hard to quantify.

‘’We believe in Nigeria, and we will invest 600 million dollars in existing facilities and make the ports accommodating for bigger ships.

‘’In my humble view, given that Nigeria is the most populous country in Africa, Nigeria should have the best and biggest port and we are very eager to invest.

“We will continue that dialogue with the relevant Nigerian authorities to explore further investment opportunities,’’ Uggla said.

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Economy

NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

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NRC Flags-off 2024 Annual Capital Procurement Process, With 524 Bidders

The Nigerian Railway Corporation (NRC) flagged off Thursday, its annual Capital procurement process for 2024 at the National Headquarters in Ebute Metta, Lagos.

The Maritime First learnt that the significance of this exercise was to ensure transparency in the selections of the most competent bidders among the 524 documents that bidder.

The Managing Director/ Chief Executive Officer, Engr. Fidet Okhitia was represented, by Dr. Monsurat Omotayo flagged off the exercise. 

In her remarks, she promised it would be a transparent exercise, even as she identified some of the challenges before they arrived at the present state of the exercise.

She however noted that placing two Adverts, on the nation’s national daily was not planned for initially.

According to the Director of Procurement, NRC, 524 companies bid across the three categories, as published in the National newspapers.

The Categories were: 

*Works, comprising renovations, growth, and repairs of locomotives, coaches and rolling storks.

*Services, covering business concerns bordering on insurance, and alternative revenue generation.

Goods, which touches on supplies of lubricants, diesel (AGO), spare parts, and track materials.

Amongst the audience were professional evaluators, and representatives of the Federal Ministry of Transport, Chartered Institute of Purchasing and Management Supplies. 

Others were Non-governmental organizations like the Civil liberty, Professional bodies, Outside observers, and the members of the Fourth Estate.

Engr. Fidet Okhiria

Participants were made to register their details at the entry point. While, the Health Safety and Environment (HSE) was also on ground to ensure adequate care, and to nip in the bud, any health challenges.

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Economy

Naira Loses 6% Against Dollar At Official Market

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Naira Loses 6% Against Dollar At Official Market

The Naira on Monday slightly depreciated at the official market, trading at N1,234.49 to the dollar.

Data from the official trading platform of the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N64.50.

This represents a 5.51 per cent loss when compared to the previous trading date on Friday, April 19, when it exchanged at N1,169.99 to a dollar.

However, the total daily turnover increased to 110.17 million dollars on Monday, up from 86.68 million dollars recorded on Friday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,295.00 and N1,051.00 against the dollar.

CBN Governor, Yemi Cardoso, on Saturday, April 20, 2024, said the apex bank was doing everything possible to achieve a stable exchange rate.

He said the apex bank was also working to ensure that the exchange rate found its adequate price discovery level.

Cardoso said that CBN’s foreign exchange reforms were paying off and had made the naira the best-performing currency globally.

He spoke at a press conference during the annual meeting of the International Monetary Fund (IMF) and World Bank Group.

He predicted ups and downs but assured the global economic community that the Naira would steadily gain against foreign currencies.

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