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Business

Ministry of Works & Housing starts procurement process for highway concessionaires

FG seeks to concession 12 federal highways to qualified individuals and consortia for management in the first phase.

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N117 billion approved by FG for road rehabilitation, Second Niger Bridge will be completed in 2022, project, Minister of Power works and housing Babatunde Fashola, Shell Nigeria Exploration and Production Company, SNEPCo Bayo Ojulari, Power supply in Nigeria

The Federal Ministry of Works and Housing has started the procurement process to concession highways across the nation under its novel Highway Management and Development Initiative (HMDI).

This was disclosed by the ministry in a statement issued on Sunday and seen by Nairametrics.

It stated that the HDMI seeks to leverage private sector investment to improve facilities and operations on the selected 12 highways, maximize the routes’ revenue-generating potential, and ensure international best practices in developing and managing the nation’s highways.

It stated, “In continuation of efforts to bring private sector resources and efficiency to the development and management of federal highway corridors under its novel (HMDI), the Federal Ministry of Works and Housing has today opened the e-portal for the submission of Request for Qualification (RFQ) applications.

READ: FG to re-open portal for youths to assess $5,000 grant

“The submission of the RFQ application for the Value-Added Concession (VAC) component of the HDMI, begins  Monday, March 29.”

According to the ministry, VAC component of the HDMI, which was officially advertised on Sunday, seeks to concession 12 federal highways to qualified individuals and consortia for management in the first phase.

The 12 highways which were carefully chosen to cover the six-geopolitical zones include the Benin-Asaba, Abuja-Lokoja, Kano-Katsina, Onitsha-Owerri, Shagamu-Benin, Abuja-Keffi-Akwanga and Kano-Maiduguri Expressways.

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The others are Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Ota-Abeokuta and Lagos-Badagry Expressways. They amount to a total of 1,963.24 kilometres, which is 5.6/ of the 35,000km Federal road network.

READ: FG to complete Abuja-Lokoja-Benin road dualisation by December 2021

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What you should know

  • The Minister of Works and Housing, Mr Babatunde Fashola SAN, had last week stated that the portal would ensure competitiveness and guarantee transparency in the process.
  • He had said that no staff of the ministry would interface with the public in the management of the HDMI conceived in 2020, from procurement to implementation.
  • FG is currently executing over 700 different contracts, which aggregates to the rehabilitation and reconstruction of over 13,000 km of roads and bridges across all 36 states, including the Federal Capital Territory.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business

FAAC payment: Obaseki replies Finance Minister, says FG should end monetary rascality

Governor Obaseki has urged the FG to take urgent steps to end the current monetary rascality

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Edo State to build Museum, set for more Benin Bronze returns in 2021, Over 13,000 MSMEs benefit from Edo State Government fund 

The Edo State Governor, Godwin Obaseki responded to allegations by the Finance Minister, Zainab Ahmed, over FAAC top-up in March, saying that the state will not “join issues with the Minister” but urges the FG to end the current monetary rascality.

The Edo State Governor disclosed this in a statement on Thursday morning, stating that:

  • While we do not want to join issues with the Finance Ministry, we believe it is our duty to offer useful advice for the benefit of our country.
  • The Finance Minister should rally Nigerians to stem the obvious fiscal slide facing our country.
  • Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.

The Governor added that he believes the imperative to approach the Nigerian project “with all sense of responsibility and commitment and not play to the gallery”.

In case you missed it

Nairametrics reported that The Nigerian Government stated the claim made by the Edo State Governor, Godwin Obaseki, that N60 billion was printed as top-up for the Federation Account Allocation Committee (FAAC) in the month of March is untrue.

“What we distribute at FAAC is revenue that is generated by NNPC, FIRS, Customs… It is not true to say we printed money to distribute at FAAC,” Finance Minister, Zainab Ahmed said.

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Business

Shoprite: Nigerian company, Persianas to take over operations

Persianas, a Nigerian property group, will take over Shoprite’s operations in Nigeria at the conclusion of a bidding process.

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Shoprite’s sales drop by 8.1% in Nigeria in H2 2019 over Xenophobic attacks

Nigerian property group, Persianas, will take over Shoprite’s operations in Nigeria after a bidding process was concluded. The company is reportedly arranging debt to finalise the deal.

This was disclosed in an exclusive report by Reuters on Wednesday. According to the report, the deal was confirmed by banking sources.

What the report says

  • Persianas Properties emerged as the buyer after a bidding process, and the company is arranging debt for the buyout.
  • MBO Capital and KPMG advised Persianas, while FBNQuest is arranging debt.

Bloomberg also reported that Shoprite’s owners valued its sale at N30 billion; however, the deal between Persianas and Shoprite remains undisclosed.

READ: NSE fines Mortgage bank, Conoil, others over N1 billion for account filing default

What you should know

Persianas Group owns the Palms Shopping Mall in Lagos, which also contains a Shoprite outlet.

Recall Nairametrics reported last week that the Federal Competition and Consumer Protection Council (FCCPC) had said it was not aware that Shoprite was exiting Nigeria, but that there was a pending application for a merger/acquisition involving it.

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