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Business News

Lagos bans Gokada, ORide, others from 15 local governments 

Bike-hailing startups, Gokada, ORide, MaxNG and other commercial motorcycles have been banned from plying 15 LGAs in Lagos State.

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okada ban

Bike-hailing startups, GokadaORideMaxNG and other commercial motorcycles (okada) have been banned from plying 15 out  local government areas in Lagos State. The ban also affects Keke Napep (tricycle) operators within the state.

The move was anticipated after several confrontations between government agencies and commercial motorcycles and tricycles operators. The ban, according to the government, will take effect from this weekend, February 1, 2020. Reason for the ban was not disclosed.

ORide

LGs where the ban is effective: Nairametrics learnt that the 15 local government areas include Apapa, Apapa Iganmu, Lagos Mainland, Yaba, Surulere, Itire Ikate, Coker Aguda, Eti-Osa, Lagos Island, Ikeja, Onigbongo, Ojodu, Ikoyi-Obalende, Iru Ikoyi-Obalande and Lagos Island East.

Residents of these local government areas won’t be able to utilise the services of bike-hailing startups like Gokada, ORide, MaxNG. They will also not be able to patronise the services of other motorcycles and tricycles (Keke Napep) operating in their vicinities. Note that ORide and MaxNG also have tricycles in their fleet. The ban will likely make some riders redundant.

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Is this a clampdown by government? The new development is somewhat confusing as the government has been seeking ways to end traffic gridlock on its roads. The state is in need of transportation options in order to reduce the number of cars on the road.

[READ MORE: OPay’s Country Manager reacts to ORide’s role in Gokada’s temporary shutdown)

Lagos State bans Gokada, ORide, MaxNG, others from 15 local governments So, banning bike-hailing rides and tricycles from these areas conflicts with the utterances of the state government. The bike-hailing operators, most especially, have been providing succour to Lagosians due to the constant traffic gridlock. So rather than offering support for the growth of the bike-hailing service, the government has been clamping down on them.

Deal book 300 x 250

Apart from Police and NURTW’s crackdown on bike-hailing riders, the Lagos State Government is also considering a license fee request from Gokada, MaxNG and ORide. The government is reportedly planning to introduce N25 million annually per 1,000 bikes for the bike-hailing market. Gokada and ORide, however, said they were open to government regulations.

 

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Economy & Politics

Updated: President Buhari appoints new Service Chiefs

President Buhari has appointed new Service Chiefs to replace the former with immediate effect.

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PIB; Will the jinx be broken this time around?, President Buhari may sign 2020 Budget tomorrow, President Buhari approves N37 billion for National Assembly renovation, President Buhari appoints Sarki Auwalu to head DPR , FG may stop interstate and inter-town travels, COVID-19: President salutes Elumelu, Dangote, Atiku, Banks, others for support, Naira export earnings, Covid-19: FG to set up N500 billion intervention fund, sovereign wealth, FG issues guidelines on implementation of gradual easing of lockdown nationwide, Electricity: FG approves one year waiver of import on meters, Buhari backs Lagos State Government Judicial Panel of Inquiry

President Muhammadu Buhari has appointed new Military Service Chiefs, and congratulated the outgoing Service Chiefs for efforts of “enduring peace to the country.”

The appointments was disclosed by Presidential media aide, Femi Adesina in a social media post on Tuesday.

Adesina said: “PMB appoints new Service Chiefs. Maj Gen LEO Irabor, CDS, Maj Gen I Attahiru, Army, Rear Adm AZ Gambo, Navy, AVM IO Amao, Air Force. He congratulates outgoing Service Chiefs on efforts to bring enduring peace to the country.”

President Buhari had come under heavy criticism in the last couple of years over his failure to sack the Service Chiefs for failing to tackle insecurity in the country.

“I have accepted the immediate resignation of the Service Chiefs, and their retirement from service. I thank them all for their overwhelming achievements in our efforts at bringing enduring peace to Nigeria, and wish them well in their future endeavours,” Buhari disclosed in a separate statement.

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What you should know: The outgoing Service Chiefs were appointed by President Buhari in 2015 and despite clamour from several quarters for the President to replace them with fresh blood, nothing happened until today’s announcement.

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Macro-Economic News

BREAKING: CBN retains MPR at 11.5%, holds other parameters constant

The CBN voted unanimously to keep the Monetary Policy Rate (MPR), at 11.5% and other parameters constant.

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CBN forex restrictions on food itemsCBN approves new cheque standard for banks

The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday 26th January 2021.

Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Highlights of the Committee’s decision

  • MPR retained at 11.50%
  • The asymmetric corridor of +100/-700 basis points around the MPR
  • CRR was retained at 27.5%
  • While Liquidity Ratio was also kept at 30%

More details shortly…

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Coronavirus

FG says N10 billion disbursed funds not only for Covid-19 vaccines

FG has clarified that the N10 billion it earlier disbursed was not only for the development of Covid-19 vaccines.

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Nigeria might fall into recession - Budget Office, FG not enjoying dividend of trillions spent on CBN, NPA, other MDAs - Akabueze

The Ministry of Finance, Budget and National Planning has said that the N10 billion it released for vaccine development is not only for the production of Covid-19 vaccines.

This was disclosed by the Director-General of the Budget Office, Mr. Ben Akabueze, representing the Finance Minister during a meeting with the National Assembly Joint Committee on Health on Monday, reported by NTA.

Following the announcement of the disbursement of the sum of N10 billion to the Ministry of Health for the development of Covid-19 vaccine, the Joint Committee scheduled a meeting with the Ministers of Finance and Health for clarifications on the funds.

READ: Covid-19: EU says it will force vaccine companies to respect supply contract

“The joint committee is invited to note that N10 billion has been released, to the Federal Ministry of Health under the budgetary vote referenced in above,” Akabueze said.

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Ibrahim Oloriegbe,  Chairman, Senate Committee on health, said the Committee wanted to know what the use of the funds was for and urged against the implementation of a lockdown.

“We got to see that what was released was in line with what was already there, for preparing the country for all other vaccines arrangements

“So our economy, we only need to live with covid, we cannot with due respect, contaminate Nigeria with a lockdown, it will badly affect our economy,” Oloriegbe said.

READ: Covid-19: U.S. donates field hospital worth $1.3m to Nigeria

The committee also said the total aim is to see how Nigeria can develop its capacity towards the development of vaccines,

The Joint Committee, therefore, resolved that the Minister of Health who was absent at the meeting should appear before it on Tuesday for a breakdown on the proposed use of the funds.

What you should know: Nairametrics reported last week that the Federal Government, through the Ministry of Finance, announced the sum of N10billion for the production of vaccines in Nigeria, to fight the coronavirus.

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