Business News
Experts weigh in as Lagos okada ban continues to bite hard
Bismarck Rewane and Atedo Peterside have expressed misgivings over Lagos State Government’s decision to ban commercial motorcycles and tricycles in 15 LGAs and LCDAs across the state.
Bismarck Rewane, the Chief Executive Officer of Financial Derivatives, and Atedo Peterside, the former Group Chairman of Stanbic IBTC Holdings Plc, are some of the notable experts, who have expressed misgivings over the Lagos State Government’s decision to ban commercial motorcycles and tricycles in 15 LGAs and LCDAs across the state.
Speaking to CNBC Africa, Rewane stated that although the move to rid Lagos of commercial motorcycles and tricycles is a good one, the implementation is rather controversial. This is because the ban is causing a lot of confusion, he said. He then went further to add that the Lagos urban transit system is not mature enough to cater to everyone. And this is true.
Ever since the ban took effect on February 1st, there have been reported cases of long queues at major bus stops and people sometimes having to trek long distances. Employees resume late at work, and this is affecting productivity. In view of all these and more, the Director-General of the Lagos Chamber of Commerce and Industry, Muda Yusuf, said this is not sustainable law.
“This policy or this law is not a sustainable law. Given all the gaps and given the demand for transportation, and given all the lapses we have in the general planning of the city, given the welfare effect, the economic effect, the social effect… and the employment effect…”
Prior to the ban, traffic on major Lagos road was a regular occurrence. Unfortunately, there seems to have been more traffic across Lagos in recent times, thereby defeating one of the government’s motives for the ban – which was to combat traffic. An Uber driver who refused to be named attributed the increase in traffic the fact that more Lagosians, who hitherto kept their cars at home and used public transport, now have their cars on the roads.
[READ FURTHER: Lagos turns to Uber, Bolt, others, clamps down on them over permits]
Commercial motorcycles used to be a good way for many commuters in Lagos to get around traffic gridlocks. Bike hailing companies like GoKada and Max.NG even tried to revoluntionise the business by introducing better motorcycles and ensuring that their riders meet safety standards. Unfortunately, the ban affected these ones as well much to the chagrin of many people.
Atedo Peterside is one of those who feels like banning bike hailing companies as well might not have been a good move. According to him, it would have been a better option to regulate them than to ban them outrightly.
LASG should review outright Okada ban. Difficult as it may seem, regulating them properly is the way forward. Ride hailing Apps actually simplify the challenging task of regulating the business properly.
— Atedo Peterside (@AtedoPeterside) February 5, 2020
In the meantime, the Lagos State Government does not seem to care about these logical criticisms. In the same vein, the government certainly does not seem swayed to backtrack based on the outrage expressed by Lagosians. Instead, it is insisting that this is the way forward, as okada and keke ban is intended to help curtail road accidents, crime, and other vices.
The government has, however, acknowledged the negative effects the ban has had on Lagosians, even as it has outlined plans aimed at addressing these challenges.
For now, Lagos commuters are continuing to groan under the negative effects of the ban. There could even more trouble for commuters, as the government is currently planning to clamp down on Uber and other cab-hailing service providers over permits.
Energy
BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari
Nigeria sells petrol at N161 per litre when the same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin.
The Federal Government has said that it does not make sense for oil to be cheaper in Nigeria than Saudi Arabia, Egypt, Niger Republic and Republic of Benin, other oil-producing nations.
This was disclosed by President Muhammadu Buhari during his Diamond Jubilee Presidential Broadcast to mark the nation’s 60th independence anniversary on Thursday.
He said, “We sell petrol at N161 per litre when same is sold at N168/litre in Saudi Arabia, N211/litre in Egypt, N362/litre in Ghana, N362 in Chad, and N346 in Niger Republic among others.
“It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia.
“Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.”
Tech News
Google launches Chromecast with Google TV
Google unveils the Chromecast device to stream contents from Walt Disney Co’s Disney+ and Netflix.
Alphabet Inc’s Google, some hours ago, launched Chromecast with Google TV, a hardware platform designed to show contents from leading streaming services like Walt Disney Co’s Disney+ and the most popular streaming service company, Netflix.
The tech juggernaut unveiled the Chromecast streaming device that now comes with a remote control. It will cost $49.99 in the U.S, and will be available in other countries by the end of 2020.
The real advantage this device holds looks to be the underlying search smarts that serve as the foundation for so much of what Google does. Here’s the company discussing the new feature in a blog post:
“Google TV’s For You tab gives you personalized watch suggestions from across your subscriptions organized based on what you like to watch—even your guilty pleasure reality dramas. Google TV’s Watchlist lets you bookmark movies and shows you want to save for later.
You can add to your Watchlist from your phone or laptop, and it will be waiting on your TV when you get home.
The new Chromecast with Google TV comes in a compact and thin design and is packed with the latest technology to give you the best viewing experience. It neatly plugs into your TV’s HDMI port and tucks behind your screen.
Hardware composition:
- Switching it on, the new Google Tv comes with a crystal clear video in up to 4K HDR at up to 60 frames per second in no time. With Dolby Vision, you’ll get extraordinary color, contrast, and brightness on your TV.
- The Hardware also supports HDMI pass coupled with Dolby audio content.
Coronavirus
COVID-19 Update in Nigeria
On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,848 confirmed cases.
On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,549 samples across the country.
To date, 58,848 cases have been confirmed, 50,358 cases have been discharged and 1,112 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 509,555 tests have been carried out as of September 30th, 2020 compared to 507,006 tests a day earlier.
COVID-19 Case Updates- 30th September 2020,
- Total Number of Cases – 58,848
- Total Number Discharged – 50,358
- Total Deaths – 1,112
- Total Tests Carried out – 509,555
According to the NCDC, the 201 new cases were reported from 13 states- Lagos (77), Rivers (37), Plateau (25), FCT (13), Kaduna (12), Ogun (12), Adamawa (8), Taraba (7), Imo (4), Kwara (2), Osun (2), Abia (1), Oyo (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,461, followed by Abuja (5,709), Plateau (3,450), Oyo (3,261), Edo (2,626), Rivers (2,432), Kaduna (2,419), Ogun (1,850), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,036), Abia (895), Gombe (883). Katsina (861), Osun (839), Borno (745), and Bauchi (699).
Imo State has recorded 572 cases, Benue (481), Nasarawa (450), Bayelsa (399), Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (248), Anambra (237), Sokoto (162), Taraba (102), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
At 60, can Nigeria keep depending on Crude Oil?
BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari
Google launches Chromecast with Google TV
Exchange rate weakens at NAFEX window as dollar supply continues its decline
U.S stocks post gains in Q3, amid growing geopolitical uncertainty
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦465/$1
Access Bank gets regulatory approval to become a Holding Company
How declining interest rates, others drive a shift in Nigeria’s investment sector
FMDQ Clear gets SEC approval as Nigeria’s premier central counterparty clearing house
