Business

N280 Billion Final Approval For Bodo-Bonny Road Project ~ FG

Published

11 months ago

June 20, 2024

The Federal Government has approved a final N280 billion for Julius Berger Nigeria PLC to complete the Bodo-Bonny road project in Rivers State.

This announcement was made by the Honourable Minister of Works, David Umahi, during his inspection visit to the project site on Wednesday, as reported on the Ministry’s website.

Minister Umahi set December 2024 as the deadline for the project’s completion and urged the contractor to strictly adhere to this timeline, with the goal of resolving the longstanding transportation challenges in Bodo-Bonny once and for all.

“The Federal Government has approved the total and final sum of N280 billion for the completion of Bodo-Bonny road project”

“This was revealed by the Honourable Minister of Works, His Excellency, Sen. Engr. Nweze David Umahi CON during his inspection visit to the project site this 19th June 2024. He warned that the contractor handling the project, Julius Berger Nigeria Plc, must work round the clock to beat the project delivery timeline of December 2024,” the statement read in part.

Engr. Umahi strictly advised Julius Berger Nigeria Plc. that, regardless of any unexpected challenges or difficulties, the cost of the project will not be increased beyond the approved amount. He insisted that the project must be completed to a high standard.

The Works Minister highlighted the urgency by noting that the project has been ongoing for 11 years and must be finished within this year, setting December 15, 2024, as the deadline for completion.

The statement also revealed that Umahi praised the perseverance of the Bodo-Bonny Peace Committee and the cooperation and integrity of Nigeria Liquefied Natural Gas (NLNG) in funding the project.

NLNG representative Dienye Godson, on behalf of the company, expressed gratitude to the President and his team for their determination to complete the project.

He noted that NLNG is pleased with the progress and will now review its internal processes to provide as much support as possible to the government.

In response, the project manager from Julius Berger Nigeria Plc. assured that they will continue their efforts without hesitation and will expedite the re-mobilization of the project to demonstrate their full commitment.

He acknowledged the Minister of Works’ statement and emphasized the need for everyone involved to work together diligently as partners to ensure the project’s success.

Back story

The contractor handling the Bodo-Bonny road project, Julius Berger Nigeria Plc., had abandoned the 35.7-kilometer project, which includes 13 bridges: three main bridges, nine mini bridges, and one bridge over a pipeline.

This road is set to be the first to connect oil-rich Bonny Island to mainland Rivers State. The abandonment occurred because Julius Berger was seeking additional funds for the project.

In 2021, Julius Berger requested a review of the contract, but the Federal Government maintained that this was against the original agreement signed in 2017 by the three parties: the Federal Government, Nigeria Liquefied Natural Gas (NLNG), and Julius Berger Nigeria Plc.

The Federal Government’s refusal to accept the contractor’s request for a variation led to the abandonment of the Bodo-Bonny road project.

In December 2023, the Federal Government directed Julius Berger to return to the site and complete the project, faulting the company for seeking a project variation despite the agreement. However, Julius Berger did not comply and refused to return until their request for an upward variation was eventually approved by the Federal Government in June 2024.

Business

Dangote Holds Fuel Price Steady

Published

2 days ago

May 20, 2025

Samson Adeyanju

By Adewunmi Oluwaseun

Despite the rising cost of crude oil on the global market, Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to keeping petrol prices stable for Nigerian consumers.

The company said its decision to maintain affordable pump prices amid international volatility reflects its firm dedication to supporting the nation’s economy and easing the burden on the public.

According to a statement from Group Chief Branding and Communications Officer, Anthony Chiejina, the move aligns with the Federal Government’s Nigeria First policy and President Bola Tinubu’s Renewed Hope Agenda.

“Refining locally at the world’s largest single-train refinery strengthens Nigeria’s energy security, conserves foreign exchange, and boosts economic resilience,” the statement noted.

The firm praised the President’s Naira-for-Crude initiative, which it said has enabled consistent price cuts on petroleum products.

The refinery also assured stakeholders of its continued focus on affordability, quality and national interest in its operations.

Meanwhile, the refinery has taken delivery of 146,000 metric tonnes of crude oil, with another 125,000 metric tonnes expected soon.

Additionally, three vessels have arrived to lift jet fuel exports, further positioning the facility as a key player in the global energy market.

Business

Africa Pushes for Cheaper Flights, Seamless Skies

Published

2 days ago

May 20, 2025

Samson Adeyanju

By Oso Abidemi

Top aviation leaders from seven West African countries have renewed the call for urgent adoption of a single air transport market to lower ticket prices and improve connectivity across Africa.

Speaking at the 18th plenary of the Banjul Accord Group in Abuja, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, said implementing the Single African Air Transport Market (SAATM), would transform travel on the continent.

“It is time Africa connected itself more. SAATM will make flights shorter, cheaper, and more efficient,” he said.

Keyamo described SAATM as a key driver for realizing the African Union’s Agenda 2063 and boosting global competitiveness.

Also speaking, Secretary-General of the African Civil Aviation Council, Adefunke Adeyemi, urged countries to embed SAATM into their national laws and empower aviation regulators to make it work.

Nigeria’s Civil Aviation chief, Captain Chris Najomo, called the meeting an opportunity to tackle major challenges such as infrastructure gaps, skilled manpower shortages, safety risks, and digital transformation.

The gathering includes aviation authorities from Nigeria, Ghana, Liberia, Sierra Leone, Guinea, Cape Verde, and Gambia.

With firm backing from regional lawmakers and regulatory bodies, the push for unified skies across West Africa is gaining momentum.

Abuja Reports

Abuja: Tinubu, Akpabio Lead Talks on Real Estate Reform

Published

2 weeks ago

May 5, 2025

Samson Adeyanju

By Ekaete Bassey

President Bola Ahmed Tinubu and Senate President Godswill Akpabio are billed to headline the 55th Annual National Conference and Annual General Meeting of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), in Abuja.

The week-long event, themed “Transform, Invest, Thrive: Optimising Real Estate Finance and Taxation,” will run from May 5 to 10 at the Abuja Continental Hotel.

A statement by NIESV’s National Publicity Secretary, ESV Richard Olodu, confirmed Tinubu will serve as the special guest of honour, while Akpabio will attend as guest of honour.

The conference aims to chart a transformative path for real estate development through deeper fiscal reforms and investment strategies.

Also expected at the high-powered gathering are Minister of the Federal Capital Territory, Nyesom Wike; Minister of Housing, Ahmed Dangiwa; and Minister of Finance, Wale Edun.

Chairman of the Federal Inland Revenue Service and Presidential Adviser on Revenue, Dr. Zacch Adedeji, will deliver the keynote address, expected to dissect current tax policies and their impact on property financing.

NIESV President, ESV Victor Adekunle Alonge, has extended an open invitation to estate professionals, public sector leaders, investors and diaspora stakeholders to partake in what he described as a defining moment for Nigeria’s real estate sector.

The conference is projected to offer insights capable of unlocking economic growth, with real estate positioned as a strategic anchor.