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Presidency denies building rail line from Nigeria to Niger Republic

The Federal Government has denied plans to construct a rail line stretching from the country into the Niger Republic.

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Presidency questions how many Nigerians have cars, generators, defends fuel price hike, Fraud, FG, Presidency denies building rail line from Nigeria to Niger Republic

The Presidency has 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.

This follows the public outcry that greeted the Federal Government’s announcement of the rail project.

The disclosure was made by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, through a thread of tweets on his official Twitter handle on Thursday, September 24, 2020.

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He revealed that, based on the agreement reached between Nigeria and Niger in 2015 for the Kano-Katsina-Maradi corridor masterplan, the 2 countries agreed to build a rail line to the border town of Maradi.

In his statement, Garba Shehu said, “Nigeria isn’t building rail line into Niger, but only to the designated Border point. An agreement between Nigeria and Niger in 2015, coordinated by the Nigeria-Niger Joint Commission for Cooperation has a plan for ‘Kano-Katsina-Maradi Corridor Master Plan, (K2M)’ as it is called.

READ: FG approves $5.3 billion for Ibadan-Kano rail construction

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“Going by this, the two nations would each build a rail track to meet at the border town of Maradi. Nigerian delegates to that meeting comprised officials from the Ministry of Foreign Affairs, National Boundaries Commission, Federal Ministry of Industry, Trade & Investment, Ministry of Agriculture and Rural Development, Water Resources as well as those of Kano & Katsina states.”

Going further he said, “The objective of the rail is the harnessing of raw materials, mineral resources, and agricultural produce. When completed, it will serve domestic industries, and play the role of a viable transportation backbone to the West African subregion, starting with the neighboring Niger Republic, for their export and import logistic chain.”

READ: Nigerian Bottling Company installs high-speed canning line at Ikeja Plant

Nairametrics had earlier reported that the Minister for Transportation, Rotimi Amaechi, after the Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, announced the approval of the total sum of about $1.9 billion, for the rail line contract and development of Kano-Katsina-Jibia that will terminate at Maradi rail line in the Niger Republic.

According to a media aide to the president, Ajuri Ngelale, the rail line is expected to connect the 3 states of Kano, Katsina, and Jigawa. It moves from Kano to Dambata, Kazaure, Daura, Mashi, Katsina, and terminating in Maradi, Niger Republic.

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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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Companies

Nestle Nigeria to pay interim dividend of over N19 billion to shareholders

The interim dividend will be paid on or before December 11, 2020 to shareholders whose names appear on the Register as at 7th December 2020.

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Why Nestle Nigeria’s return remains strong - EFG Hermes, Nestle Nigeria Plc appoints new Director, Nestle Plc: FY 2019 Revenue beats estimate; but profit underperforms, GTB, Zenith Bank, & Nestle emerge as Renaissance Capital’s top stock picks

One of the largest food and beverage companies in Africa, Nestle Nigeria Plc, has announced the payment of a total ₦19.81 billion as interim dividend to its shareholders.

The company is expected to pay an Interim dividend of N25 per share will be paid for all the outstanding 792,656,252 ordinary shares of the company. This equals N19.18 billion.

READ: Nestlé S.A buys additional shares of Nestlé Nigeria worth N287 million

This information is contained in a notification which was signed by the Company’s Secretary, Bode Ayeku, and sent to the Nigerian Stock Exchange today.

The notification partly reads:

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An Interim Dividend of N25.00 per 50 kobo ordinary share, subject to appropriate withholding tax will be to the shareholders whose names appear on the Register of Members as at the close of business on 20 November.”

READ: Unit holders earn N1.5 billion from UPDC REIT

What you should know

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  • The Interim dividend of N25 per share will be paid for all the outstanding 792,656,252 ordinary shares of the company owned by the shareholders of the leading telecommunications company. This gives a total interim dividend of ₦19,816,406,300.00, to be distributed to the shareholders of the company.
  • To enable Greenwich Registrars & Data Solutions, Nestle’s Registrar, prepare for the payment of interim dividend, the Register of Shareholders will be closed from 23 – 27 November 2020.
  • The interim dividend will be paid electronically to shareholders whose names appear on the Register of Members as of 20th December 2020, on or around 7th December, 2020.
  • Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-dividend Mandate Activation Form, complete and submit to their respective banks.
  • Shareholders with dividend warrants and share certificates that have remained unclaimed, are yet to be presented for payment, or returned for validation are advised to complete the e-dividend registration or contact the Registrars.

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ENDSARS

Gov. Sanwo-Olu lifts curfew in Lagos

Governor Sanwo-Olu has lifted with immediate effect, the curfew earlier imposed on the state.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Government has lifted the curfew imposed on the state with immediate effect.

This was disclosed by Governor Babajide Sanwo-Olu in a statement issued by the state’s Commissioner for Information and Strategy, Gbenga Omotoso, on Saturday.

He stated, “The curfew imposed on Lagos State after the hijack of the peaceful #EndSARS protests has been lifted immediately but the 12 a.m. to 4 a.m. curfew imposed by the Federal Government to curb the spread of COVID-19 remains.

“Lagosians are free to go about their business without any hindrance whatsoever. Security agencies will continue to discharge their duties.

“Lagosians are urged to co-operate with them to maintain the status of our state as one of the most peaceful.”

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Governor Sanwo-Olu appreciated the security agencies for their efforts in restoring peace to our troubled communities and commended Lagosians for observing the curfew and ensuring the return of normalcy.

“I urge the citizenry not to do or encourage any action that may turn back the clock, but to keep living in harmony as we get set to rebuild our dear State and strengthen the unity that we are known for,” he added.

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Economy & Politics

Gbajabiamila roots for the review of Federal Character Laws

House of Reps Speaker has called for the review of the federal character structure the country runs.

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House of Reps to make Youths globally competitive, Closing of Nigerian-owned shops in Ghana must be dealt with decisively - Femi Gbajabiamila, Lagos State needs N1 trillion for reconstruction - Femi Gbajabiamila

The speaker of the House of Representatives, Hon. Femi Gbajabiamila, has lent his voice to one of the pressing issues in Nigeria, which concerns reviewing the Federal Character Laws as enshrined in the 1999 constitution.

The honourable speaker made the revelation during the Young Parliamentarians Forum (YPF) National Strategy Meeting and Retreat in Abuja.

According to him, the need to broaden the scope of the federal character laws in the Nigerian constitution has become imperative.

He is of the opinion that it contrasts with the nation’s realities, as it limits national opportunities to geographical spread alone, without factoring in other criteria like gender, persons living with disabilities, and age classification.

What they are saying

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Commenting on the need for the review of the federal character laws in Nigeria, Hon. Gbajabiamila said:

In thinking outside the box, I think we should consider an amendment in the constitution to the definition of federal character because when we talk about Federal Character within the context of appointments, infrastructure and the rest of it in the constitution, Federal Character as it is, is limited to where you are from, like your ethnicity.

“I think it’s time that we expand the definition of Federal Character because the character of a Nation is not just based on your tribe, it’s based on Religion, it’s based on where you are from, it’s based on your sex, it’s based on your age. So when you are talking about Federal Character you look at all those things and they are what make up the Federal Character.”

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The Speaker ended by charging the young legislators to provide solutions to some vital questions on burning national issues.

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