By Grace Alegba

The Federal Roads Maintenance Agency (FERMA) has urged Nigerians to actively support the protection of public infrastructure to prevent damage and misuse, thereby avoiding unnecessary financial waste.

During an inspection of the ongoing rehabilitation of the Lagos-Badagry Expressway, Mr Olaniyi Kolawole, Director of East Operations at FERMA Headquarters, emphasised the importance of citizens contributing to the maintenance of smooth roads.

The inspected project involves the “Emergency/Urgent Repairs of Critical Failed Sections between (Anuoluwapo Shopping Complex -Agbara Market), Lagos Bound and (Agbara Market-Ajibade) Badagry bound.”

This falls under the Lagos 2 West Zone and is supervised by Mr. Olisah Emeter, the Federal Roads Maintenance Engineer (FRME) for the zone.

Kolawole acknowledged the challenges faced by FERMA due to various forms of road abuse, particularly in areas like Agbara Market, where human activities impact the drainage systems.

Despite initiating the “Operation Connect Your Destination” intervention in December 2023, aimed at easing traffic congestion during the Yuletide, FERMA has encountered ongoing issues.

The agency has conducted rehabilitation works and drainage evacuation between Ajibade and Okokomaiko bus stop areas.

Due to limited funds, some work remains incomplete, but FERMA plans to cover drainage channels with slabs to prevent refuse stuffing.

Additionally, FERMA is organising a meeting with community leaders, transport unions, traders, and other stakeholders to address drain stuffing and road abuse.

Kolawole stressed that the money spent on repairs comes from taxpayers, making it crucial for the public to take ownership of government properties and protect them.

He appealed for positive community action, highlighting the impact of refuse on drainage, causing flooding and road damage.

FERMA’s South West 2 Zonal Coordinator, Mr Olayemi Olaniyan, shared plans for 2024 to make all road networks in Lagos and Ogun states motorable.

Intervention projects include major sections of roads, milling, reinstatement, scarification, surfacing of existing routes, and pavement strengthening.

Roads such as Jibowu and Ikorodu dual carriageway, Ijora Olopa, Carter Bridge, Awolowo and Sura-Obalende ramps, and others will receive attention.

Community leaders and road users commended FERMA for ongoing rehabilitation works on the Badagry Expressway, acknowledging improvements in road conditions.

They urged FERMA to complete the rehabilitation of the Ajibade section before the rainy season to prevent flooding and inconvenience to road users.

While motorists praised FERMA for the rehabilitation efforts, they emphasised the need for sustained action to maintain the highway’s motorability.  (NAN) www.nannews.ng

Edited by Oluwole Sogunle

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) says it has concluded the payment of all verified claims by airlines with an additional 64.44 million dollars.

Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications, said this in a statement on Tuesday.

Sidi-Ali said that the apex bank had to fulfil its pledge to clear the backlog of foreign exchange owed foreign airlines in the country,

She said that the latest amount brought the total verified amount paid to the airlines to 136.73 million dollars.

“All the verified airline claims have now been cleared,” she said.

She assured that the CBN management was committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared.

“We will ensure that confidence is restored in the Nigerian foreign exchange market.

“The CBN is working with stakeholders to ensure that liquidity improves within the forex market, thereby reducing pressure on the Naira,” she said.

Sidi-Ali expressed optimism that the market would respond positively with the latest injection of over 64.44 million dollars.

She admonished actors in the foreign exchange market to guard against speculation as such actions could hurt the Naira.

She also called on the Nigerian public to support the reforms in the foreign exchange market.

According to her, the CBN will continue to promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates.(NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Tolu Aiyegbusi

TAJBank Limited and Nigerian Postal Service (NIPOST) have collaborated to advance the nation’s socioeconomic benefits via driving financial inclusion initiatives.

TAJ Bank’s Managing Director/CEO, Mr Hamid Joda, said this when he paid a visit to the Postmaster General/CEO of NIPOST, Ms. Tola Odeyemi, in Abuja.

Joda said the new public-private partnership (PPP) initiative with the postal agency was to work together for mutual and the nation’s socioeconomic benefits.

According to him, both parties met for discussions on how to push further on initiatives targeted at public-private endeavours aimed aimed at adding value to the nation’s financial inclusion drive and enhancement of postal services in the country.

He said that the bank would work hand in hand with the NIPOST management, riding primarily on branch expansion with the postal agency’s offices thus expanding the innovative products and services of the non-interest lender.

The managing director explained that the collaboration with NIPOST hinged on 3Rs – rent, refurbish and rebrand.

He also explained that the latest network expansion of TAJBank’s services in Lagos was another step taken by the board and management of the bank to add value to individuals and business owners’ efforts.

”Indeed, the point here is that at TAJBank, we are about a strategy of cost-saving, in addition to leveraging our services on world-class ICT infrastructure and solutions nationwide.

”We are determined to promote inclusion at the grassroots not through POS or other channels alone but through human interface with prospective customers,” Joda said.

He thanked the Postmaster for the opportunity given to the bank to partner with the agency.

Commenting on the collaboration, Odeyemi lauded TAJBank’s collaboration strategy and expressed optimism that working together would be mutually beneficial.

According to her, the brand speaks for itself and is here to provide cost-efficient and interest-free banking services to everyone.

She expressed the readiness of the agency to work together with the bank.

In the same vein, the bank’s Executive Director, Mr Sherif Idi, noted that TAJBank was determined to show how to redefine non-interest banking services as a customer-focused lender.

”NIPOST’s mandate aligns with our strategy which reflects in its readiness to give all that it takes to surpass customer expectations wherever we are located.

”Our only interest is our customers and I wish to mention that as a country, TAJBank is a proudly Nigerian institution and with partnership with NIPOST,

”We can rebuild our heritage, re-tell our story and above all contribute significantly to the nation’s economy,” Idi said. (NAN) (www.nannews.ng)

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Edited by Deborah Coker/Isaac Aregbesola

By Lucy Ogalue

Crown Takaful Insurance Ltd. has received operating licence from the National Insurance Commission (NAICOM) to begin business.

The company’s Managing Director, Mr Abubakar Song, confirmed this in a statement on Monday in Abuja.

Song said the licence was coming barely few weeks after the issuance of approval-in-principle by the NAICOM on Dec. 18, 2023.

He said Crown Takaful Insurance was entering the risk-underwriting market as a solution provider.

Song said flagging off the company’s operations could not have come at a better time than now when the world was grappling with economic uncertainties and unpredictable risks.

“The company will be leveraging the professionalism and innovativeness of the management and workforce to change the narrative by providing secured risk underwriting alternatives that can guarantee Insurance for all cadres of participants,” he said.

Song said its technical team had designed Takaful Insurance Services tailored to meet the specifications and demands of participants.

“It is an advanced approach to insurance and provides an ethical option for participants or policyholders, who require financial security – offering flexibility and quality that can transform the lives of Nigerians.

“This Joint Guarantee Cooperative is open to all and focuses on social solidarity, financial protection, and transparency.

“Under Takaful, Crown Takaful provides security in areas such as automobiles, real estate, travels, and family/life insurance services, amongst others,” he added.

The insurer expressed optimism that the company would emerge as a leading player in the industry within six months of its operations.

He urged Nigerians “to analytically assess the values of its products and services in order to know that they are robustly packaged to deliver superior values to them in terms of assets’/family protection come rain or shine.”

Industry analysts believed that Crown Takaful Insurance coming into the insurance market was timely.

This is because of the current regulatory drives by NAICOM to boost the performance of the industry and increase its contributions to the nation’s Gross Domestic Product. (NAN) (www.nannews.ng)
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Edited by Chidinma Agu/Chinyere Joel-Nwokeoma

By Kadiri Abdulrahman

The Central Bank of Nigeria (CBN) says it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions.

Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, said this in a a statement on Monday in Abuja.

According to Sidi-Ali, this comes barely a week after the apex bank paid approximately 2.0 billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors.

She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame.

She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms.

“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said.

Sidi-Ali said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities.

She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment.

She urged all participants in the market to play by the rules, adding that transparency in the market would enable the fair determination of exchange rates.

The News Agency of Nigeria (NAN) recalls that the CBN, over the past few months, has released various sums in its effort to clear the backlog of foreign exchange liabilities.(NAN)(www.nannews.ng)

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Edited by Sadiya Hamza

By Emmanuel Oloniruha
A political support group has urged Nigerians to look beyond sentiments and politics on the planned relocation of headquarters of some federal agencies, departments and parastatals out of the Federal Capital Territory (FCT), Abuja.
The group, No Alternative To Tinubu Shettima 2023 (NATTS 2023), gave the advice in a statement by its National Coordinator, Mr Vincent Uba, in Abuja.
The Federal Government had announced the relocation of the Headquarters of the Federal Airports Authority of Nigeria (FAAN) and some departments of the Central Bank of Nigeria (CBN) to Lagos.

Uba said it was unfortunate that the decision was being politicised and tribalised in spite of its long term benefits.
He said that in every civilised and developed clime, headquarters and all departments of the Federal Government agencies were not necessarily cited in the nation’s capital.
Uba said they were rather located, where they had comparative advantage, ease of administration and less logistic costs.
He said even when it was not constitutionally given that all headquarters of agencies or departments of government should be restricted to the federal capital; it took a leader who understands all these to try to do the needful.
“In the history of Nigeria, we have not had a technocrat as leader; we have not had an accountant of international repute and an administrator per excellence as a president.
“Nigeria is now lucky to have a president who is a tested administrator and whose administrative competence and know how are playing out currently.
“We now have a man as president whose exposure and experience as a renowned accountant of international repute has started to yield dividend of quality leadership,” he said.
According to him, this president, with his profession and wealth of experience, knows that for agencies and parastatals to function optimally, certain frame works and structures must be put right.
“Hence the obvious need to relocate some of these agencies or departments to where they have comparative advantage.
“Rather than inputting tribal sentiments to these sound administrative changes, we should be concerned about the long term overall results.
“We should look at the benefits accruable from the action nationally,” Uba said.
He said what President Bola Tinubu had done so far should have started to endear him to the citizenry, including his fight against corruption without minding whose ox is gored.
Others according to him, include how the FCT was being sanitised, using Mr Nyesom Wike as the minister, as well as the removal of fuel subsidy.
“At the beginning, see how he fearlessly and courageously removed fuel subsidy that past presidents were afraid to touch, even with a long pole, for fear of the cries of the citizens because of the hardship associated with it.
“The question is, should a loving parent refuse to administer bitter pills to his children just because they will cry?
“No responsible father will refuse to give painful remedies to make sure the children become sound health wise,” he said.
He advised Nigerians to be patient with the reforms of the present administration, expressing confidence that the country would get better.
“Yes, things and times are hard partly because of the inherited problems from past administrations on the one hand and fuel subsidy removal on the other.
“The pains and economic hardship we experience now are like the pains suffered when a loving and caring parent administers bitter pills to the sick children, which if not done, may result in their death.
“Patience is what every Nigerian should exercise. We need to be patient with the president who has not even spent a year in office.
“Let us give him time and stop being quick in condemning. Things are certainly going to be better,” Uba said. (NAN)(www.nannews.ng)
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Edited by Abiemwense Moru/Isaac Aregbesola