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Business News

Lagos bus service limited announces 46% fare increase, to use BRT lanes

The government ha granted approval for the buses to transport passengers to its full capacity.

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The Lagos Bus Services Limited (LBSL), operator of Marcopolo high-capacity buses, has announced that it has secured the approval of the state government to increase its fares and also have the right to use Bus Rapid Transit (BRT) dedicated lane.

This was disclosed by the Chief Executive Officer of LBSL, Mr Idowu Oguntona, in a statement on Monday, July 20, 2020, that was signed by Mr Afolabi Olawale, the Public Affairs Officer of the company.

Oguntona while revealing that the approvals would take effect from August 1, he said that the firm had been given approval by the state government to effect an average of 46% increase in the transportation fare of LBSL.

READ MORE: The Witches and Wizards of 3rd Mainland

The LBSL boss said: “The approval to use the BRT corridor by the governor is to further give the commuting public a better experience on Lagos roads.

” The increase in the number of passengers and fare become necessary in order to enable the company sustain its operations following the negative impacts of the COVID-19 pandemic on public bus transportation.’’

“The governor also approved LBSL’s request to increase the number of passengers per bus from 20 to 42 in strict observance of updated COVID-19 safety protocol as directed by the Nigerian Centre for Disease Control (NCDC) in the operation of public transport, whilst ensuring all other measures are in place,” he said.

READ ALSO: Lagos Bus Service records 10 million passengers in 10 months

Oguntona pointed out that the government has also granted approval for the operators of the buses to transport passengers to its full capacity. This is part of the reforms that are presently ongoing in the LBSL

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He said that this must be done with strict adherence to necessary safety protocols.

The managing director disclosed that the COVID-19 guidelines, which restricted the firm to convey not more than 20 passengers per bus, had affected the running of the buses.

He said this development led to 72% drop in revenue of the company while running costs remained fairly stable.

He also said that the approval came at a critical time when the commuters needed it most, thus making bus journey times predictable on corridors with bus dedicated lanes.

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READ MORE: Netflix adds 10.1 million paid users in Q2 2020, yet stock plunges more than 9%

He said that the decision of the governor would further reposition the company for enhanced performance, assuring all the stakeholders of the company of an improved operational experience going forward.

Oguntona revealed that the fare increase would improve LBSL’s operational efficiency and place the company on the path of sustainability in the long term.

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According to him, the permission granted by the governor now gives access to LBSL buses to use the dedicated BRT corridor from Berger through Ikorodu Road to Leventis, TBS, and Obalende and also from Oshodi through Ikorodu Road to Leventis, Inner- Marina, TBS and Obalende among several other routes.

Lagos Bus Services limited which is regarded as the new face of smart city transport, is part of the bus reform initiative of the Lagos State government to help in alleviating transportation problems in the state.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Business

    President Buhari restores ownership of OML 123, 124, 126 and 137 to NNPC

    The President has ordered the restoration of ownership of OML 123, others to NNPC.

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    Buhari sacks DG National Directorate of Employment, Nasiru Argungu

    President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in a production sharing contract with the Chinese government-0wned, Addax Petroleum.

    This is in line with the current administration’s rule of law, fairness and enabling a stable business environment for businesses.

    This disclosure is contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a series of tweet posts on his official Twitter handle on Friday, April 23, 2021.

    The President directed the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases, while also directing NNPC to utilize contractual provisions to resolve issues in line with extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

    READ: Senate to investigate 7 oil companies over refusal to remit $21 billion 

    What the Presidential Media Aide is saying in the statement

    The statement from Garba Shehu partly reads, ‘’In line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment, President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to NNPC Group which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks. The leases belonging to the Federation were revoked on March 30, 2021.

    ‘’This development reaffirms the commitment of President Buhari to the rule of law and sanctity of contracts. While directing the Department of Petroleum Resources, DPR to retract the letter pf revocation of the leases, the President also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.’’

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    READ: Total SA to explore crude on Nigeria’s border with Sao Tome

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    Shehu in his statement also said that the restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account.

    In case you missed it

    It can be recalled that the Department of Petroleum Resources (DPR), had on March 31, 2021, revoked the 4 assets of Addax Petroleum Exploration Nigeria Limited, namely OMLs 123, 124, 126 and 137 due to the non-development of the assets by the company.

    The DPR had earlier said that it has inaugurated a team of experts to evaluate the revoked assets of Addax Petroleum, which was in preparation for the formal handing over to the new operators- Kaztech/Slavic Consortium.

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    The oil sector regulator also pointed out that the move was in fulfilment of the Federal Government’s commitment to reactivating all moribund oil and gas support facilities across the country.

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    Corporate Press Releases

    GAGE Awards 2021 takes centre stage as Bisola hosts virtual edition

    The virtual edition will be hosted by Ex–BBNaija star Bisola Aiyeola alongside a stellar cast of entertainers billed to perform on the night.

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    After what has been an interesting year for so many reasons, the GAGE Awards is finally taking centre stage on 24th April, 2021.This year’s edition is fully virtual, leveraging the best of technology to broadcast proceedings at the event.

    The event is beach-themed, which is meant to help set viewers in a relaxed mode after such a tough past year. Digital came through for us and it’s time to gather virtually to celebrate the stars that made our lives simpler and better especially in the thick of the pandemic.

    The virtual edition will be hosted by Ex – BBNaija star Bisola Aiyeola alongside a stellar cast of entertainers billed to perform on the night. It will be interesting to see the winner of some of the categories such as the Online news platform of the Year, Data Service provider of the Year, Webseries of the Year, Content Creator of the Year etc.

    The Influencer of the Year category which got the internet in frenzy with over 20 million engagements on the GAGE Awards website will definitely be one of the most anticipated categories on the night. In that category are online powerhouses such as BBNAIJA revelations Erica Nlewedim and Nengi Hampson. Also in that category are Twitter top influencers Pamilerin Adegoke, Aisha Yesuf and Instagram top brand Influencer, Tomike Adeoye. Another big category to watch out for is the Online Comedian of the Year. Top contenders in that category are; Mr Macaroni, MCLively, Sydney Talker, Taaooma and Lasisi Elenu. Taaooma took home this category last year and it will be interesting to see if she can retain her crown as king of Online Comedy. The Banking app of the Year is another huge category to look for.Top contenders for the crown are GTBank, VBank, Zenith Bank, Access Bank and Alat by Wema.

    To attend the GAGE Awards virtual edition, registration is via this link, https://gageawards.com/register/.

    It will be recalled that GAGE Awards seeks to celebrate and spotlight the best individuals, brands or groups who have enriched lives in 2020 by leveraging on the power of digital to simplify our everyday lives. The award recognizes, celebrates, rewards, and amplifies the eventual winners’ outstanding activities and contributions to the digital ecosystem yearly.

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