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.
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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.
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
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.
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.
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.
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.
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.’’
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.
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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.
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.
In line with the current administration’s commitment to the rule of law, fairness & enabling a stable business climate for investment, President @MBuhari has approved the restoration of the leases on OMLs 123, 124, 126 & 137 to @NNPCgroup,…
— Garba Shehu (@GarShehu) April 23, 2021
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.
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.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Stanbic IBTC profit plunges by over 45% to N11.3 billion in Q1 2021.
- Nigerian Breweries Plc grows profit by 39% to N7.7 billion in Q1 2021.
- Trans Nationwide Express Plc profit after tax slumps by over 95% in Q1 2021
- FCMB approves FY 2020 dividend pay-out of N2.97 billion to shareholders.
- Africa Prudential Plc posts profit after tax of N381.35 million in Q1 2021.