News

Tinubu considers last week of February for flag-off of Lagos Red Line

Published

3 months ago

February 6, 2024

…As Sanwo-Olu strikes deal with China Railway Rolling Stock Corporation

President Bola Tinubu would tentatively commission the Red line rail project in Lagos soon, as the President is considering the last week of February for the ceremony, NewsDirect has learnt.

Recall, Governor Babajide Sanwo-Olu had recently disclosed that the Red line rail will be commissioned in the first quarter of 2024 between February and March.

Sanwo-Olu who has been China since last week in furtherance of efforts on the rail projects in the State, on Sunday visited the headquarters of China Railway Rolling Stock Corporation in Dalian, China to conclude transactional conversations with the top management of the company, on the purchase of rolling stock for the Blue and Red rail lines in the State.

Governor Sanwo-Olu during the meeting expressed his government’s commitment to reducing the traffic congestion in Lagos in line with the Traffic Management and Transportation, which is the first pillar of the THEMES+ developmental agenda.

The Governor charged the China Railway Rolling Stock Corporation, who delivered those of the Blue Line train to deliver additional rolling stock for the Red and Blue lines before the end of the year.

The company in their response to the Governor’s request assured that the additional rolling stock, which the Lagos State Government procured from China for the Blue and Red lines would be delivered in December.

They also expressed their commitment to continuous partnership and relationship with the Lagos State Government in rail transportation.

Governor Sanwo-Olu, who is currently in China with some top government officials on a working visit, said Lagos will ensure the deployment of modern technology in infrastructural development.

He said, “We are at the Dalian train manufacturing plant. They are manufacturers of the existing Blue Line trains. We have also come here to order new rolling stock for both the Red Line and additional rolling stock for the Blue Line.

“It is a very impressive facility. They have been in this business for over 100 years. And they are indeed one of the foremost and known train coaches manufacturers in the world. As you can see, these are all finished products that have been done for other cities. And I am sure, like you have seen the red ones, the ones for Lagos too, will be on this track very soon.

“We are indeed excited that we are also bringing the technology back to us in Lagos. They have agreed with us, and given the number of rolling stock we are procuring. There is a need for us to have a joint maintenance conversation. And we have seen that indeed, when we collaborate like this, we are not just doing procurement, we are actually doing knowledge and skill transfer. Lagos still expects a whole lot more.

“A train is not something you just buy off the shelf. We were not as lucky as when we were in Milwaukee, which was produced for a particular city, but we had to just pay the premium and take it off. It usually takes between two to three years for you to finish the manufacturing because each one of them has its specifications, the platform and the load that you require.

“They have done the Blue line before. So, in less than a year, we are going to still have a tough discussion with them. Before the end of the year, we are expecting that some of the rolling stock will start coming in. And the final bid should come in early next year. We are ready for them. This is the best we can get in terms of delivery time.”

Governor Sanwo-Olu also disclosed that President Bola Tinubu will flag off the Red Line in the last week of February based on expectations from the President.

He said, “We are ready for the flag off of the Red Line. We are waiting for Mr. President. The President is still promising us this month February for us to formally flag it off. We have started doing a lot of testing.

“We have some rolling stocks already. We have started doing some testing and if the President is able to check his calendar and give us the last week in February, we are waiting for him. And thereafter, we would probably cross the ‘t’ and dot the ‘i’ to ensure that we have enough safety to begin to carry passengers.”

News

Nigeria’s money supply dropped to N92.3trn in March – CBN

Published

13 hours ago

May 17, 2024

NewsDirect

Nigeria’s money supply dropped marginally to N92.3 trillion in March 2024 from N93.9 trillion in February.

This is according to recent data from the Central Bank of Nigeria.

Experts have linked the development to CBN’s hike in interest rates.

Demand deposits increased from N26.8 trillion to N28.8 trillion, suggesting a preference among depositors for more liquid forms of money.

Similarly, currency outside banks surged from N3.4 trillion to N3.6 trillion as more Nigerians moved towards cash following the end of the apex bank’s controversial new naira note policy.

The naira has continued to depreciate against the dollar despite the CBN’s policy intervention. On Thursday, it further dipped to N1533.99 per dollar.

News

Naira appreciates against dollar, ends week on good note

Published

13 hours ago

May 17, 2024

NewsDirect

The Naira appreciated against the dollar at the foreign exchange market barely 24 hours after depreciation.

FMDQ data showed that the N1497.33 appreciated against the dollar on Friday

This represents an N33.66 gain against the dollar compared to N1497.33 traded on Thursday.

Similarly, at the parallel market, the Naira appreciated to N1475 per dollar on Friday from N1555 on Thursday.

This showed that the Naira ended the week well after days of depreciation.

The country’s currency continued to experience instability since mid-April when it recorded months of appreciation.

Meanwhile, the Bureau De Change Operators had blamed forex scarcity for the continued depreciation of Naira.

News

Police dismiss inspector for N29.8m theft, kidnapping

Published

13 hours ago

May 17, 2024

NewsDirect

The Nigeria Police Force has dismissed one of its officers identified as Adabo Mohammed for criminal conspiracy and armed robbery, among others.

Mohammed, who was an Inspector, alongside five others was said to be a member of an armed robbery gang allegedly responsible for the stealing of N29.8 million from a victim in Gwagwalada, Federal Capital Territory.

This was disclosed by the Force Public Relations Officer, Olumuyiwa Adejobi, in a statement issued at the Force Headquarters in Abuja on Friday.

The statement, titled, ‘Police speak tough on indiscipline, misconduct,’ noted that in a move to uphold professional standards within the Force, the Inspector-General of Police, Olukayode Egbetokun, stressed the Force’s intolerance to any form of indiscipline.

The statement read partly, “In a decisive move to uphold the highest standards of professionalism and integrity within the Nigeria Police Force, the Inspector General of Police, IGP Kayode Adeolu Egbetokun, has emphasised his administration’s zero-tolerance policy towards any form of indiscipline. He stressed that the mandate of the police is to serve and protect with honour and integrity, and as such all breaches of the core values of the NPF will be met with decisive action to maintain public trust and ensure justice.

“In line with this policy, all cases reported against personnel have been creditably attended to, and justice has been done appropriately. Many of the erring officers have been sanctioned, while some cases are still at the orderly room trial level, and will soon be concluded.

“For instance, a police inspector has been dismissed from service while three others were demoted to their previous ranks following thorough investigations which confirmed their involvement in various acts of indiscipline/crime.”

Adejobi added, “One Inspector Adabo Mohammed was dismissed for the offences of criminal conspiracy, armed robbery/kidnapping, and corrupt practice. The dismissed officer, along with five others were members of an armed robbery gang responsible for the robbery of the sum of N29.8 million from a victim in Gwagwalada, FCT as well as the kidnap of one Ikechukwu Emmanuel Okafor in Tunga Manje, and the collection of ransom sum of N4.4m. The ex-officer has been charged to court accordingly.

“Similarly, the trio of Inspectors Osagie Efford, Semiu Agbekin, and Francis Ahuen, attached to the Special Tactical Squad (STS), have been demoted to their previous rank of Sergeant for the extortion of some motorists in Abuja. The trio intercepted an unregistered Mercedes Benz at Gwarinpa, Abuja, and forced the occupants to part with the total sum of N29.4m.

“The matter when reported by one Harrison Gwamnishu (#HarrisonBBi18) via the social media platform ‘X’, was taken up and properly investigated. While the monies have been returned to the complainants, the officers were subjected to orderly room trial in line with extant laws, and have been demoted.”

The FPRO noted that some senior officers have “been subjected to the Force Disciplinary Committee hearings” to “scrutinise and address allegations of misconduct against higher-ranking officers of the Force.”

He assured the public that “these measures are taken with the utmost seriousness and are integral to restoring and maintaining their trust. He re-emphasised that the NPF is dedicated to fostering a culture of accountability and respect within all ranks to ensure that police officers serve with integrity.”