Business
Buhari flags off $1.96bn Kano-Maradi rail project
By Blessing Wika, Abuja
President Muhammadu Buhari, has said that the $1.96bn Kano- Maradi rail line is a viable one that will not only boost economic activities, but will significantly enhance the movement of passengers and freight to hinterland especially of raw materials from agricultural and mineral resources needed for industries.
Buhari stated this virtually at the ground breaking ceremony of the Kano- Maradi Rail line, in Katsina State on Tuesday, February, 2021.
According to the President, “The project when completed would serve import and export of goods for Niger Republic and other countries in the sub-region through Nigerian Ports” thus bringing in revenue for Nigeria while Niger Republic enjoys affordable transportation cost in their import and export business.
Futhermore, he informed that the rail line which transverses territories inhabited by over 80 million people and cuts across 10 States of Kano, Kazaure, Daura, Kastina, Jibiya and Maradi in Niger Republic will not only consolidate trade, which has existed for centuries between the two countries, but will promote Trans-Saharan trade and contribute to the expected gains in the African Continental Free Trade Agreement (AfCFTA).
The President further observed that challenges posed to the nation’s economic growth by the absence of strong and effective rail infrastructure, led his administration to try and bridge the gap by initiating the 1,424 km Lagos – Kano (Western corridor), the Port-Harcourt-Enugu-Markurdi-Maiduguri with branches to Owerri (Imo State), Damaturu (Yobe State), to link deep sea ports in Bonny Island and a Railway Industrial Patk in Port-Harcourt (Eastern corridor).
Others are the Eastern Costal Rail line from Lagos to Calabar, with links to Onitsha, Benin, Warri , Yenegoa, Port- Harcourt, Aba and Uyo, while the Central Railway will transverse Itakpe-Baro-Abuja with connection to Lokoja to link the new seaport in Warri.
The President commended the Construction Firm, Mota-Engil Nigeria Limited for “supporting knowledge and technology transfer by investing in the establishment of a learning institution for Transportation and Railway Science.”
Earlier, the host, Governor of Kastina State, Aminu Bello Masari, commended the President for the laudable feat of seeking to establish an international rail corridor with the Lagos – Ibadan rail line which has been completed with test run currently ongoing.
Masari said the soon to take-off Ibadan-Kano rail line and the now the Kano – Maradi rail project which will transverse across the country, thus easing conveyance of people and goods.
He however appealed to the Federal Ministry of Transportation and Mota – Engil, the contractor to ensure completion of the project before 2023.
In his remarks, the Minister of Transportation, Rt. Hon. Chibuike Amaechi, disclosed that the Kano-Maradi rail line is a single-track standard gauge line with freight yards, rolling stock depots and 15 stations along the rail corridor with major stations in Kano, Kastina, Kazaure, Daura, Jibiya and Duste.
He gave the assurance that the project will be completed in 2023 and deployed to transport 9,300 passengers daily as well as 3,000 metric tonnes of freight between Kano and Maradi.
Elucidating further on the project, Amaechi said that preliminary studies on the Kano-Maradi rail project began in 2012 and the Outline Business Case Certificate (OBC), certifying its commercial viability was obtained in 2015.
He said the Kano – Maradi project is among numerous other government projects and is key to the country becoming a key economic player in the region and the world.
Also speaking, the Chief Executive Officer, Mota-Engil Africa and contractor for the Kano-Maradi rail project, Manuel Mota, assured on timely completion of the project as it will bring about economic development and prosperity.
The representative of the Senate President, the Senate Committee Chairman on Land Transport, Sen. Abdulfatai Buhari, applauded President Buhari for his all-round infrastructural development while also assuring the support of the National Assembly as he seeks to reposition the rail sector.
Dignitaries at the event include: the Minister of Transportation, Niger Republic, Sadu Saidu, the Governor of Jigawa, Mohammed Badaru Abubakar, Governor of Kano State, Abdullahi Umar Ganduje and Governor of Yobe State, Mai Mala Buni.
Also present were: the Governor of Maradi, Niger Republic, Zakari Umaru, the Honourable Minister of Information and Culture, Alhaji Lai Mohammed, the Honourable Minister of State for Science and Technology, Barr. Mohammed Abdullahi, the Chairman Board of the Nigerian Railway Corporation, Engr Ibrahim Alhassan, traditional rulers and members of the National Assembly.
It will be recalled that the MoU signaling the commencement of the $1.96 billion, 284 km Kano –Maradi plus a 94 km line to Dutse in Jigawa State was signed on 11th January, 2021.
By Matthew Denis
The Securities and Exchange Commission (“the Commission”) has launched the revamped e-Dividend Mandate Management System (e-DMMS) Portal!
Investors whose shareholding accounts appear on the list of non-mandated accounts hosted on the Commission’s website (www.sec.gov.ng/non-mandated) are advised to use the new self-service portal by clicking on “NIBSS Self Service” link on the page and follow the prompts
Alternatively, investors may use the link, https://docuhub3.nibss-plc.com.ng/edmms/self-service, or approach their respective registrars or banks to register for collection of their unclaimed dividends and the receipt of subsequent dividends electronically.
Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria (CBN), on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.
Olubukola, who is the Economic and Financial Crimes Commission (EFCC)’s 2nd prosecution witness (PW-2) in the ongoing trial of Binance and its executive, Tigran Gambaryan, told Justice Emeka Nwite of a Federal High Court, Abuja, while giving his testimony.
The News Agency of Nigeria (NAN) reports that the EFCC had filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) bordering on money laundering offences.
The anti-graft agency had accused Binance and Gambaryan of money laundering involving $35.4 million.
Besides, the company was under suspicion of alleged terrorism financing.
Led in evidence by EFCC’s lawyer, Ekele Iheanacho, on Friday, Akinwumi, who heads the Payment Policy and Regulation Division in the Payments System Management Department of CBN, said the apex bank did not issue any licence to the cryptocurrency firm to operate in Nigeria.
“In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission); monitoring the activities of payment service providers and the usage of the payment system.
“We observed in doing that that Binance provides a trading platform where users trade virtual assets.
“And to consummate their transactions for the purpose of settlement of payments, the users make use of the payment system for the purpose of transfering or making payment to one another.
“These traders normally trade in pseudo names (pseudonyms) that hide their identities and they are not authorised by the CBN,” he said.
The PW-2 described virtual assets as “digital representation of values created by computer system which can be digitally traded, transferred or use in payments.”
He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on Binance Peer to Peer (P2P) platform.
“Binance Platform provides a trading place or market place for traders and users of virtual assets, otherwise known as cryptocurrency.
“The platform also provides other services like electronic wallet, fiat wallet, publishing of exchange rate, etc,” he told the court.
Asked where the activities of Binance are carried out, Akinwumi said its “activities are conducted on its website; binance.com and through its mobile apps (applications).
“They have two variations of Binance Apps; Binance Pro or Binnace Lite.”
Asked what P2P means, the witness said: “P2P means Peer to Peer, and for basic translation, it can also mean person to person.
“What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting for the purpose of buying or selling virtual asset, cryptocurrency and fiat directly between the two users.
“This is done by quoting rates with offers to sell or buy at the quoted rate.
“The P2P Platform of Binance provides such service to such two users to come to an agreement on such trade.
“Once such understanding for the trade is reached by the two users on Binance platform, the selling party will provide a bank account to which the buying party can send the naira amount or transfer into the account provided by the selling party.
“Once the buying party transferred the amount agreed, he clicks on a particular icon on Binance platform to communicate the fiat that he has transferred the amount to the selling party.
“The Binance platform will, on the side of the selling party, awaits confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.
“So the Binance platform facilitates all the processes or P2P transaction as I have just enumerated, either using Nigerian bank account already stored by users on Binance platform and or the naira wallet account , provided by Binance platform.”
Submission of certified true copies of documents made available to SEC by Binance which was equally made available to the investigating team at the office of the National Security Adviser, and pages generated on the firm’s website were tendered in evidence and marked as Exhibits 8 and 9 by the judge.
Taking the witness through Exhibit 8 and 9, Iheanacho asked him to tell the court more about the nature of the transactions.
Akinwumi said Page 2 of Exhibit 8 introduced Binance as the world’s leading crypto exchange with users from over 190 countries.
“They have on the page, the address of the website in full which is Https://www.binance.com.
“Binance has what is called Binance Academy. That is on page 16 of Exhibit 8.
“Some of the videos will be on their YouTube platform which they use in educating those who are interested in the services that they provide,” he said.
The PW-2 said the firm equally has Binance coins and that on its website, it gives the description of the coin as “NGN” (Naira).
“On page 21 of Exhibit 8, it listed the ways to use Binance coin,” he added.
Akinwumi said on Page 9 of Exhibit 9, there is an information which reads: “Depositing and withdrawing NGN (Naira) on Binance via cash link; it is swift and simple.”
The witness, however, explained that depositing and withdrawing Naira which “NGN” stands for, is a regulated activity carried out by banks and other financial institutions duly registered by CBN.
He said another information on Exhibit 9 reads: “To help Binance users in Nigeria understand this Fiat Gateway, Binance has been holding various events such as the Binance Cash Link, Live Master Class to educate users on cash link and why it is an excellent method of deposit and withdrawal on the Binance platform.”
“Generally, Exhibit 9 explains to Nigerians on how to deposit Naira on the Nigerians wallet on the Binance platform.”
He said there is a statement on a page which says though “Binance does not charge deposit fees,” he said next to the statement, there is another message which says: “for each withdrawal, a flat fee is paid by users to cover the transaction cost of moving the cryptocurrency out of their Binance account.
“So as I explained earlier, Binance maintains accounts and it needs revenue for its services
“On Page 2 of Exhibit 9, under the Fiat Section, it shows the rates that are applied for regular users.”
After concluding given his evidence, Justice Nwite adjourned the matter until July 16 for cross-examination of PW-2.
In demonstration of its leadership in the Sustainability space, leading financial institution – Fidelity Bank Plc – has emerged the first bank to publish its 2023 ISSB-Compliant Sustainability and Climate Report in the Nigerian banking industry.
Hosted on the bank’s website on 30 June 2024, the report provides insights into the Bank’s Governance, Strategy, Risk Management, Metrics and Targets around Sustainability and Climate-related risks and opportunities, Human Capital, Community Efforts, amongst others in the 2023 financial year.
“2023 marked a pivotal point in our sustainability journey. We became a signatory of the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB) and the UN Women’s Empowerment Principles (WEP). These associations go beyond mere statements of membership – they actively integrate sustainability and climate-related goals into our core business strategy and daily operations.”
“We believe innovation and transparency are essential for building trust in our strategies and achievements. As we progress towards sustainability, we remain committed to our diverse stakeholders including our dedicated workforce, esteemed shareholders, and valued customers”, remarked Mr. Mustapha Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc in the report.
The document, which was prepared in accordance with the requirements of IFRS S1 and S2, highlights the bank’s achievements and aspirations as pacesetters within the financial services sector.
Speaking on the bank’s strategy on Sustainability and Climate change, Mr. Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc, stated, “Our 2023 Sustainability and Climate Report details our commitment to continually situate ESG and Climate-related risks & opportunities considerations at the core of our business operations and activities as we constantly explore means of meeting our corporate objectives in a manner that significantly reduces the negative environmental and social effects. We are glad to be the first bank to publish its report as this emphasizes our market leadership in the Sustainability space and we commit to do more to increase our positive impacts in all aspects of sustainability.”
It would be recalled that Fidelity Bank was recently listed amongst the top Nigerian banks in ESG performance according to a survey commissioned by the Independent Project Monitoring Company (IPMC) Limited.
To access the Fidelity Bank 2023 Sustainability and Climate Report, please visit https://www.fidelitybank.ng/documents/Fidelity_Bank_Sustainability_Climate_Report_2023.pdf
Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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