Business
Sanwo-Olu says traffic around Apapa will end in October, to get trucks off the roads
Sanwo-Olu lamented that the gridlock had impacted negatively on businesses.
The Lagos State Governor, Babajide Sanwo-Olu, has assured that the gridlock typically experienced around the Apapa corridor will end in October 2020, following the completion and opening for public use of all the road networks leading in and out of the port area.
The Governor disclosed that there is a massive and extensive road construction works that are going on in Apapa at the moment. This disclosure was made by the governor on Sunday, August 9, during a 5-hour tour of the projects/infrastructure works that are being developed on the Apapa axis.
While pointing out that they are using concrete for the roads that are being reconstructed, he announced that Liverpool and Creek roads in Apapa have already been completed. The Governor in his statement said:
“We need to set out our activities in a methodical order and see how we redevelop Apapa. There is a massive road construction that is going on in Apapa and the work is extensive. We are using concrete for roads that are being rebuilt. Liverpool and Creek roads have already been completed. By October, all the road network leading in and out of the port area would been opened up for public use.’’
READ MORE: Sanwo-Olu announces dismantling of Lekki Second Roundabout as it wears new look
Sanwo-Olu also pointed out that the disturbing gridlock created along Apapa corridor in Lagos State by heavy-duty trucks clogging the major highways may soon fade away, if the actions the government is taken materializes.
On the blame game going on among terminal operators, Nigerian Port Authority (NPA) and Maritime Transport Unions and Associations (COMTUA), the governor expressed his disapproval of the truck drivers’ action and the failure of the NPA to enforce extant regulations preventing trucks not yet approved for loading to park indiscriminately on the highways.
He stressed on the need to overhaul the terminal system at the ports, noting that there was no reason for the trucks to park on the highways if their dedicated terminals were operational.
READ ALSO: AfCFTA forces FG to revamp port infrastructure to avert trade loss
Going further, he disclosed that the State Government had made a request to the Federal Government to prevail on the concessionaire that will be operating the 700-truck capacity Lilypond Terminal at Apapa to open the facility for use without further delay.
As part of the solution to the parking problem by container laden trucks, the governor revealed that the state government had donated additional 30 hectares of land in Ijora area, noting that the land would increase the holding capacity of the Lilypond terminal.
Sanwo-Olu said, ‘’Today, I have taken time to personally inspect some projects being developed both by the Federal and State governments to improve traffic around Constain, Iganmu, Apapa and Mile 2 areas. The projects are initiated specifically to address the chaos created mainly by indiscriminate parking of trailers along the routes. Already, there is an ongoing rehabilitation work on Marine Bridge, where a stretch has completely been scarified.
“There is also a Lilypond Terminal, a major holding bay for heavy-duty trucks, which has not been operated after it was transferred to a concessionaire. We are aware that the concessionaire is meant to complete an agreement with NPA on the transfer of the facility. But, while this is being done, the Lagos Government has donated 30 hectares of land in Ijora to raise the capacity of the Lilypond Terminal.’’
READ MORE: Lagos to impose building insurance on properties above 2 floors, meets stakeholders
He said that while these steps will be part of the solution of taking the trucks off the Apapa highways, the rehabilitation work on Marine Beach Bridge when completed within the next 4 months, there will be an improvement in journey time towards Apapa.
The governor lamented that the gridlock created by the indiscriminate parking of trailers had impacted negatively on businesses on the axis and endangered the lives of people living on the corridor.
He observed that the volume of maritime business being carried out in Apapa and Tin Can Island ports had outgrown their capacities. He said the State Government had started building another port in Lekki in collaboration with the NPA to serve as alternative and ease the pressure on the two ports in Apapa.
Business
PenCom recovers N17.51billion from defaulting employers, imposes penalties
N17.51 billion was recovered by PenCom from employers who refused to remit pensions from workers’salaries
The National Pension Commission has recovered N17.51 billion from employers that refused to remit deducted monthly pensions from their workers’ salaries to their Retirement Savings Accounts with the respective Pension Fund Administrators.
This was disclosed by the Commission in its 2020 second quarter report which was released on Friday.
Out of the N17.51 billion, the principal contribution was N8.89 billion, while the penalty imposed on the employers was N8.63 billion.
The report read, “Following the issuance of demand notices to some defaulting employers whose outstanding pension contribution liabilities had been established by the recovery agents, 16 of the affected employers remitted the sum of N261.33 million representing principal contribution of N152.79million and penalty of N108.54million during the quarter. This brought the total recoveries made from inception as at June 30, 2020 to N17.51billion.”
According to the report, one batch of NSITF lump sum payment application totalling N225,442.72 was however received on behalf of five NSITF members during the quarter.
It said the application was processed and five members’ contributions were transferred to their bank accounts.
Consequently, it added, the cumulative sum of N2.94billion had been paid into the bank accounts of 36,551 NSITF contributors as lump sum/one off payment from inception to June 30.
For the quarter ended June 30, the commission said it processed monthly pension payments totalling N62.25million in respect of 3,629 NSITF pensioners.
As of June 30, it said the total pension payment to NSITF pensioners amounted to N4.73billion.
The commission added that it reviewed the request for the payment of attributable income to eligible NSITF members and granted a “no objection” for payment of N2.92billion to 165,954 eligible NSITF members whose NSITF contributions were refunded to their RSAs or bank accounts as of December 2018.
Business
It would be difficult to find loans to finance rail to Niger Republic – Cheta Nwanze
Finding loans to finance rail to the Niger Republic would be difficult, says Cheta Nwanze.
Cheta Nwanze, Lead Partner at socioeconomic research firm, SBM Intelligence, says that it would be difficult to find loan financiers for the proposed $1.9 billion rail project from Kano to Maradi in Niger republic.
Cheta, in an interview with Nairametrics on Friday, explained that it appears that Nigeria is more keen on the project than Niger Republic.
READ: Ghana blows hot over Nigeria’s $2 billion rail project that involves Amaechi
Back story: Nairametrics reported this week that the Federal Executive Council has approved the disbursement of $1.96 billion, for the railway line from Kano in Nigeria to Maradi in Niger Republic.
According to the report, the President is also expected to commission the Warri-Itakpe standard gauge rail line, running through Kogi, Edo, and Delta States.
“Nigeria is investing so much in this rail line, given that we are Niger’s 4th largest trading partner,” Cheta said.
READ: FG threatens to disconnect Togo, others from electricity over $16 million debt
He added that Niger, although being landlocked already, has an existing infrastructure for its imports and export services, which is much better utilized than Nigeria’s export infrastructure.
“The majority of their imports from France, China, and the USA come in via the port of Lome, precisely because the port in Lome works, and the rail link in Togo is much better than ours.
“Nigeria, on the other hand, has let its Apapa port to become a wreck, while transportation between Lagos and Kano/Jibia is a nightmare, if we’re being charitable with words.”
(READ MORE: Trade and Investments, a way out of Nigeria’s economic troubles – Fola Fagbule)
According to him, with the reality of the Apapa congestion and other factors, finding fund for such project, when debt to service ratio is high and amidst reduced oil revenue, will be difficult.
READ: Local refining; A panacea for Nigeria’s reliance on imported refined products
“With these realities in mind, I find it difficult to imagine who will extend such a loan to Nigeria, especially since, as far as all the information available to me indicates, Niger does not seem as keen on pushing this as Nigeria does,” he added.
However, the media aide to President Buhari, Garba Shehu, disclosed that the Federal Government is not constructing a rail line from Nigeria linking Kano-Dutse-Maradi into the Niger Republic, as it will only stop at the designated border point.
READ: NDDC Probe: Senate orders IMC to refund N4.9 billion illegal payments
Maradi is 55km from the Katsina border Town of Jibia.
Business
Canada invites another 4,200 Express Entry candidates for permanent residency
Canada has invited 4,200 immigration candidates to apply for permanent residency.
As countries around the world commence relaxation of ban on international travels, the Canadian government has issued another round of invitation to 4,200 Express Entry Candidates, to apply for its permanent residency.
Canada held its 163rd Express Entry draw, inviting 4,200 immigration candidates to apply for permanent residence on September 16, being the second draw this month, with a comprehensive ranking system (CRS) score of 472. This is three points less than the previous draw held earlier in the month.
This draw matches the 4,200 ITAs issued in an Express Entry round on September 2, which ties it for the second-biggest draw ever. The biggest draw issued 4,500 ITAs on February 19, 2020. The large number of invitations being issued by Canada is a strong indication that it remains committed to welcoming high levels of immigrants in 2021 and beyond.
READ: Jobberman launches ‘Best Match’ product to get employers the right candidates, faster
The recent round of draw brings the total number of invitations issued this year to 74,150; a new record for this date, indicating an 86.4% success rate.
IRCC used its tie-break rule in this draw. The timestamp used was March 9, 2020, at 13:03:40 UTC. This means that all candidates with a CRS score above 472, as well as those candidates with scores of 472 who entered their profile in the Express Entry pool before the selected date and time, received an ITA in this invitation round.
This rule is used to rank candidates, who have the same CRS score. A candidate’s CRS score remains the primary factor in selecting candidates to be invited to apply for permanent residence. Factors that can affect the cut-off CRS score include the size of the draw (larger draws can produce a lower minimum CRS score), and the time between draws (shorter periods between draws can help to lower the CRS score).
READ: 13.9 million Nigerian youth are unemployed – NBS
How it works
Express Entry, is the application system that manages the pool of candidates for Canada’s three main economic immigration classes — the Federal Skilled Worker Program (FSWP), the Federal Skilled Trades Program (FSTP), and the Canadian Experience Class (CEC). The highest-ranked candidates in the Express Entry pool are issued ITAs in regular invitation rounds.
A set number of the highest-ranked candidates are invited to apply for Canadian permanent residence, through regular draws from the pool. These invitation rounds typically take place every two weeks, and the vast majority involve candidates from all three Express Entry-managed categories.
Eligible candidates for each program are issued a score under Express Entry’s CRS, which awards points for factors such as age, education, skilled work experience, and proficiency in English or French.
While a job offer is not required in order to be eligible under the Express Entry system, the CRS does award additional points to candidates who have one. It is worth noting that the Government of Canada has a processing standard of six months for permanent residence applications, filed through the Express Entry system.
Nigerians trooping to Canada
According to the report, Nigeria was the fifth highest country, that migrated into Canada in the month of July 2020, behind India, China, Philippines, and Pakistan. This is an indication, that Nigerians are taking every opportunity possible to move into other countries of the world, perceived to give better opportunities in terms of education, career growth, sufficient earnings, amongst others.
A recent report published by CEOWorld Magazine, reveals that Canada is the third world’s best country to start a career in 2020, which is why many people around the world would troop in numbers, seeking to migrate to the country, while Nigeria on the other hand ranks bottom four, with the likes of Libya, Syria, and Yemen.
PenCom recovers N17.51billion from defaulting employers, imposes penalties
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