Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Business

President Buhari to flag off $2 billion Kano-Maradi, Kano-Dutse rail line on Tuesday

Amaechi has announced that President Buhari will commission the Kano-Maradi, Kano-Duyse Railway Project next week.

Published

on

Amaechi proposes a capital budget of N205 billion for Ministry of Transportation in 2021, FG approves $3 billion Port Harcourt-Maiduguri railway and $462 million Bonny deep seaport, Banks to hold shipowners accountable for $200m CVFF disbursement. FG sets deadline for completion of Ibadan-Kano rail project, gives reason for delay 

The Minister for Transportation, Rotimi Amaechi, has announced that President Muhammadu Buhari, will on Tuesday, February 9, 2021, perform the groundbreaking ceremony of the Kano-Maradi, Kano-Dutse Railway Project.

This follows the approval of about $2 billion by the Federal Executive Council in September 2020, for the rail line and the subsequent signing of the contract documents for the commencement of the project last month.

This was disclosed by the Transportation Minister, in a tweet post on his official Twitter handle on Friday, February 5, 2021.

READ: Presidency denies building rail line from Nigeria to Niger Republic

The railway project is expected to connect 3 Nigerian Northern states namely Kano, Katsina and Jigawa and then terminate at Maradi, Niger Republic.

Amaechi in his tweet post said, ‘’We are pleased to announce the Groundbreaking of the Kano-Maradi, Kano-Dutse Railway Project, slated for Tuesday, our President, Muhammadu Buhari would do the honours. Work begins.’’

READ: FEC approves $1.96 billion for Kano-Niger Republic railway

What you should know

  • It can be recalled that the Federal Government had about 3 weeks ago, during the signing of the Memorandum of Understanding with Mota-Engil Group, the contractors to the project, disclosed that the Kano-Maradi railway project would be completed within 36 months.
  • The rail line is expected to financially empower Nigeria as the import/export hub for Niger and would help the country compete favourably with other coastal countries of West Africa in servicing the landlocked countries around in the area of movement of cargoes to make Lagos seaports very viable.

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]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

SEC denies Oando’s shareholder court victory

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

Published

on

unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

Continue Reading

Business

FG urged to sell-off “unproductive” Ajaokuta Steel Plant

The FG has been urged to sell the moribund Ajaokuta steel plant located in Kogi State.

Published

on

Ajaokuta Steel Plant: FG Spends N2bn Salary Every Year on Workers Doing Nothing 

The Federal Government has been urged to sell the moribund Ajaokuta steel plant located in Ajaokuta, Kogi State. The FG was advised to sell the defunct facility to the private sector, which would be more capable to turn the massive structural investment into a profitable venture.

The call was made by the Chairman and Managing Director of Energy Services Limited, Chief Sunny Onuesoke who spoke to newsmen in Warri after visiting the plant last week.

He lamented that no Nigerian would feel good about the country after visiting the $8bn structural investment which has never “produced a single bar of steel since reaching 98% completion as far back as 1994.”

On his visit to the plant, he reported that it was a very emotional experience for him.

“I went there, I cried and asked what exactly is the problem?” he said.

He reflected on the numbers associated with the moribund Ajaokuta steel Plant from its flag off in 1979 to date.

  • 3.9bn was budgeted for the resuscitation of the facility in 2016
  • 4.27bn was budgeted for the same purpose in 2017

Onuesoke said that successive governments have plunged about $8bn into the complex since 1979. He lamented that the FG has been wasting the huge sum of N2 billion for payment of staff salaries every year for doing nothing.

“Why would anyone continue to pump money into an unproductive enterprise? Why do government keep promoting, paying staff salaries, pensioning, and retiring them?

“Why does government spend an appropriation budget on the maintenance of a plant that is not working? How do you maintain a non-commission plant?” Onuesoke queried.

The Ajaokuta steel plant has been in a moribund state for four decades with no concrete plans on the ground for its full resuscitation.

What you should know 

  • Nairametrics earlier reported on the 3 key reasons why the Ajaokuta Steel Plant has remained moribund for more than 4 decades. You can find them here
  • The Ajaokuta steel company was constructed by the Soviet Union in 1979 under a cooperation agreement with Nigeria, the complex reached 98% completion by 1994.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings