Business
LASG set to launch 15 commercial ferries, unveils transport policy
The Lagos State Government is set to launch 15 commercial ferries in line with its mandate to provide effective transport mode options and improve commuting within the metropolis.
Speaking at the unveiling of the Lagos Transportation Policy, the Governor of Lagos State, Mr. Babajide Sanwo-Olu ably represented by the Deputy Governor, Dr. Kadri Obafemi Hamzat called it a monumental stride on the part of his administration towards providing a dependable alternative for lagosians.
Mr. Governor explained that the newly purchased ferries have the capacity to convey 40 passengers and will in addition to the existing fleet enhance accessibility and provide convenience by decongesting the road networks further.
Speaking on the Transport Policy, The Governor explained that the Policy will provide the foundation on which the state will improve the livability Index of the state by ensuring that commuting is seamless and hitch free.
Commending the efforts of all and sundry who contributed to the development of the policy document, Mr. Governor assured Lagosians that the state government had deployed all that is necessary to create an all-inclusive, robust transport system as part of its unwavering dedication to providing the citizenry with a safer, more efficient and sustainable environment.
Also speaking at the event, the Commissioner for Transportation, Mr. Oluwaseun Osiyemi said that the policy was crafted through extensive consultation with stakeholders, experts, and citizens, demonstrating the State’s commitment to innovation, efficiency, and inclusivity in all aspects of transportation planning and management.
He further stated that the policy is proof of the State Government’s commitment to a future where transportation is no longer a barrier but a facilitator of progress and prosperity.
The Special Adviser, Hon. Sola Giwa in his goodwill message, also encouraged all Government Agencies, Private Sector stakeholders and the public to embrace the policy to achieve a transport system that reflects the innovative nature of the state and support its economic aspirations.
In his review, Dr. Adegboyega Banjo said the policy for the transport sector of Lagos State is the outcome of a process over several years involving a robust technical assessment of the current situation of the transportation sector and extensive consultations on the assessment findings.
He said the state transport system’s overarching objective is to be a sustainable transport system that is integrated, safe, environmentally friendly and anchored on a progressive and competitive market economy. He added that the policy identifies various transport issues that need to be addressed and generates policy options for addressing them.
The event was attended by dignitaries across the Federation, members of the Academia and Transportation Unions operational within the State.
By Seun Ibiyemi
SIFAX Shipping Company Limited, a subsidiary of SIFAX Group, has sealed a partnership deal with ECU Worldwide, the world’s number one LCL player, to boost export activities from Nigeria.
Less-than-Container Load (LCL) is one of two main types of containerised transportation services.
The other is Full-Container Load (FCL). LCL is optimal when an entire container isn’t filled up. LCL allows the transportation of small cargo volumes without paying for the whole container.
The partnership will help business owners and exporters whose consignments are less than container load to access the international market.
According to MD, SIFAX Logistics Company Limited, Paul Linden, this service was offered in response to inquiries from various customers who are desirous of exporting their products but do not have the required huge volume.
He said, “We know that many SMEs and business owners are desirous of accessing the international market, but are hampered by their lack of large volume.
“This service is designed particularly to address this concern. It will boost Nigeria’s export and be a game changer for our small and medium-scale businesses. We have put all facilities in place to ensure the business runs smoothly in partnership with ECU Worldwide.”
AGM, SIFAX Shipping, Adekunle Owobamirin, noted that all arrangements have been perfected to make the service a success.
“Our partners from ECU have inspected our warehouse and we have already assigned dedicated staff who would work on this service.
“ECU Worldwide and SIFAX Shipping is the first consolidator partnership to offer dedicated LCL export services from Nigeria to the world. Our partners have established 2,400 direct trade lines with a presence in over 180 countries.
“This will allow all our customers to export their goods anywhere in the world,” Adekunle said.
The Retail Insured Family Association of Nigeria (RIFAN), the country’s largest community of insurance consumers, has praised the Commissioner for Insurance, Olusegun Omosehin, and the Inspector General of Police, Kayode Egbetokun, for their recent efforts to enforce mandatory third-party insurance.
RIFAN’s major aim is to restore public confidence in insurance policies.
This commendation follows a meeting on June 11, 2024, where Omosehin visited Egbetokun at Louis Edet House, Force Headquarters in Abuja to discuss the enforcement of compulsory third-party insurance.
Omosehin highlighted the illegality of driving without valid motor insurance and announced that the benefits attached to third-party insurance have increased to N3 million.
Responding to Omosehin’s request, Egbetokun committed to deploying the Deputy Inspector General of Operations to ensure the enforcement of this mandate.
RIFAN’s Director General, Ali Theophilus, expressed support for this initiative and indicated RIFAN’s readiness to collaborate on enforcement and public awareness.
He emphasised that proper enforcement could significantly boost premium income for the insurance industry, facilitating easier claims payments and enhancing public confidence in insurance.
He said getting the enforcement done is also in line with the Road Traffic Act for any vehicle plying Nigerian roads to have 3rd party motor insurance.
Theophilus commended the Inspector General of Police (IGP) for his proactive steps towards enforcing third-party motor insurance and urged him to extend this message of hope to all police officers and relevant law enforcement agents.
He emphasised that third-party insurance benefits every vehicle user, including law enforcement personnel, regardless of their career or social status.
He pointed out that many law enforcement officers neglect this insurance under the guise of “Esprit de Corps,” which does not cover damages in the event of an accident. This negligence costs the insurance industry over N15 billion annually, which could otherwise be added to premiums to facilitate claim payments.
Theophilus reiterated the importance of third-party insurance, explaining that while it does not cover personal vehicle damage directly, it covers damages caused to other vehicles due to negligence. This coverage can help settle such claims, benefiting all parties involved.
Furthermore, Theophilus urged the IGP to enforce licensing for insurance agents through an initiative he called “Operation Show Your Licence.” This would reduce the prevalence of fake agents and help NAICOM reach its goal of increasing licensed insurance agents to three million by the end of the year.
He called on the Nigeria Police Force and all law enforcement agents to join RIFAN to unite in restoring public confidence in the insurance industry. He stated RIFAN membership benefits, including easy access to claims payments, unique insurance covers, and professional advice etc.
Theophilus also announced plans to collaborate with underwriters to create a funeral insurance policy as an additional membership benefit, particularly in Southern Nigeria, where funeral expenses are significant. RIFAN plans to hold town hall meetings to educate grassroots communities about the importance of insurance.
Theophilus called on the IGP, law enforcement agencies, the Commissioner for Insurance, the Director General of NIA, and underwriters to register with RIFAN to help build the insurance industry of Nigeria’s dreams and restore public confidence in insurance.
Afreximbank and First Bank of Nigeria(FBN) have signed a 200 million dollar facility agreement for financing the needs of FBN’s numerous clients.
The signing took place at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, The Bahamas, on Friday.
The facility will finance the needs of FBN’s numerous clients engaged in oil and gas and energy, manufacturing, telecommunications and associated infrastructure projects.
The parties who signed the agreement included Olusegun Alebiosu, Acting CEO, FBN, Awani Kanayo, Executive Vice- President, Intra-African Trade Bank (IATB), Afreximbank, and Viswanathan Shankar, CEO, Gateway Partners on behalf of African Credit Opportunity Fund.
The 31 AAM2024 is being held in Nassau, The Bahamas from June 12 to June 15, with the theme: “Owning our Destiny: Economic Prosperity on the Platform of Global Africa’’.
The AAM is taking place alongside the 3rd edition of the AfriCaribbean Trade and Investment Forum (ACTIF2024).
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