Question: What is the cost of Lekki toll?
Answer: According to information from the Lekki Concession Company (LCC), the new tariff, to be effective tomorrow, November 8th 2017 include:
At the Admiralty Circle Plaza (along the Lekki-Epe expressway);
Saloon cars will be N200, from N120;
Sports utility vehicles will pay N400, from N300;
Commercial buses will pay N150 from N80.
While at the Lekki-Ikoyi Link Bridge;
Saloon cars will pay N300, from N250;
Sports utility vehicles, mini vans, and light trucks N400, from N300.
However, the Lagos State government has proposed that the tariff hike on Lekki-Epe Expressway and Lekki-Ikoyi link bridge by the Lekki Concession Company, LCC should be put to halt.
Buhari to finally send Petroleum Industry Bill to National Assembly next week
Sources in the Presidency have disclosed that the President may be presenting the bill to the National Assembly.
President Muhammadu Buhari is expected to present the long-awaited Petroleum Industry Bill (PIB) to the Senate as early as next week.
According to Reuters, who were quoting 4 sources familiar with the development, the presentation of the bill to the National Assembly, follows its official approval by the president late last week. This is as the National Assembly has already formed teams of members that will work most closely on the individual portions of the bill.
Both chambers of the National Assembly must have to pass the bill after deliberating on it before it can then be passed on to the president for his final signature.
The PIB which is an oil reform bill has been in the works for about 20 years, is key to the repositioning of Nigeria’s Oil and Gas Industry under its post-COVID-19 agenda as the main laws governing oil and gas exploration have not been fully updated since the 1960s due to some contentious issues like taxes, payments to local communities, terms and revenue sharing within Nigeria.
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), had disclosed that the delay and non-passage of the bill has made international investors to start losing confidence in the country’s oil and gas industry.
While revealing last month that the PIB will be presented to the National Assembly in the next few weeks, the Minister of State for Petroleum Resources, Timipre Sylva, also said that the executive arm will be requesting the lawmakers to specially reconvene to receive and start deliberations on the bill.
These oil reforms and regulatory certainty became more pressing this year as low oil prices and a shift towards renewable energy made competition for investment from oil majors tougher.
The draft copy of the bill which was prepared by the Petroleum Ministry is a product of series of consultation between the federal government, oil and gas companies and other industry stakeholders.
Excerpts from the bill reported by Reuters include provisions that would streamline and reduce some oil and gas royalties, increase the amount of money companies pay to local communities and for environmental clean-ups alter the dispute resolution process between companies and the government.
It also included measures to push companies to develop gas discoveries and a framework for gas tariffs and delivery. Commercializing gas, particularly for use in local power generation, is a core government priority.
UK-based group to investment $245 million in 100 Nigerian businesses
A UK based organization is to partner local investment funds to disburse $245 million to 100 Nigerian businesses.
A UK-based development finance institution, CDC Group, has finalized plans to invest US$425 million as an aid to 100 businesses and 38,000 jobs in Nigeria.
This is sequel to its partnership with 40 investment funds such as Afreximbank, African Capital Alliance and Indoram, NAN reports
In a virtual visit to the country by the board of the organization led by Chief Executive, Nick O’Donohoe and Chairman, Graham Wrigley, the UK Government-funded organization stated that all earnings from its investments are ploughed back to improve the lives of millions of people in Africa and South Asia.
CDC Group noted that it paid a virtual visit to the Vice President of Nigeria, Prof. Yemi Osinbajo, and British High Commissioner to Nigeria, Catriona Laing, to discuss and ascertain the impact of CDC’s aid to its investees through the COVID-19 crisis and understand how to stimulate recovery and growth.
The discussions also focused on CDC’s own response to the pandemic through its preserved, strengthen and rebuild programme, the statement said
Commenting on the rationale of the aid, the Chief Executive of the CDC Group, Nick O’Donohe said that, “Nigeria plays a key part in our strategy of partnership and investment for economic growth in West Africa. “Hosting our 2020 board trip– albeit virtually – in both markets is a testament to our commitment.
“Looking forward, we will continue to prioritise the post-COVID-19 recovery as part of the Build Back Better agenda.
“We are committed to supporting a deeper and more strategic bilateral partnership between the UK and Nigeria that is based on enhancing economic development, job creation, inclusion, trade and investment,” O’Donohoe further remarked.
In a glowing tribute and commendation to the group, British High Commissioner to Nigeria, Catriona Laing CBE said CDC has been pivotal to creating jobs and supporting the growth of businesses by investing in the poorest countries across Africa, including Nigeria.
“CDC’s commitment to the country signals to other UK investors that investing in Nigeria is possible and should be prioritized in order to help Nigeria and indeed, Africa, mitigate the impact of COVID-19,” the envoy said.
MTN, Seplat, Mobil record gains, ASI up by 0.50%
SEPLAT led the gainer’s chart today, while ETERNA was the top loser.
The Nigerian equities market witnessed another green day, as investors take positions in blue-chip stocks.
The All-Share Index and market capitalization added 0.50% to settle at 25,783.02 points and N13.474 trillion respectively, reducing the YTD loss to 3.92%.
- A total volume of 414 million units of shares, valued at N6.28billion exchanged hands in 3,793 deals.
STERLNBANK was the most traded shares by volume at 85.2million units while MTNN topped by value at N3.12billion.
- Investor sentiment as measured by market breadth was positive as 21 stocks advanced against 14 decliners. SEPLAT (+3.90%) led the gainer’s chart today, while ETERNA (-6.72%) was the top loser.
- NSE Oil & Gas Index: Improved by 2.02%, on SEPLAT (+3.90%).
- NSE Consumer Goods Index: Gained by 1.35%, on price appreciation in INTBREW (9.09%) and NB (3.57%)
- NSE Insurance Index: Up by 1.09%, on price appreciation in PRESTIGE (+9.09), CORNERST (8.33%), and LASACO (3.85%)
- NSE Banking Index: Up by 0.65%, buoyed by FCMB (+1.94%), ZENITHBANK (+1.80%) and FIDELITYBK (+1.69%).
- NSE Industrial Index: inched by 0.09%, on WAPCO (+1.54%)
- SEPLAT N385 N400 15 3.90%
- NB N42 N43.5 1.5 3.57%
- MTNN N123 N123.9 0.9 0.73%
- MOBIL N192.5 N193.1 0.6 0.31%
- FLOURMILL N19.65 N20 0.35 1.78%
- ETERNA N2.68 N2.5 -0.18 -6.72%
- BOCGAS N4.36 N4.25 -0.11 -2.52%
- AFRIPRUD N4.45 N4.35 -0.1 -2.25%
- NPFMCRFBK N1.3 N1.22 -0.08 -6.15%
- CUSTODIAN N4.85 N4.8 -0.05 -1.03%
Nigerian bourse closed Wednesday’s trading session amid rising cases of the COVID-19 virus globally.
- Buying pressures from NSE30 stocks like Seplat, MTN Nigeria, Mobil, Nigerian Breweries, Flourmill triggered the bourse to closed green.
- Nairametrics however envisage you seek the advice of a certified stockbroker in selecting stocks to buy.