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LASTMA Confiscate 40 Vehicles at Illegal Garages

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The Lagos State Traffic Management Authority (LASTMA) has confiscated about 40 vehicles, including 25 commercial and 15 private ones, for operating illegal garages and causing road obstructions in the Oyingbo, Ijora, and Idumota areas of Lagos.

The operation, led by Mr. Kayode Odunuga, Head of Enforcement at LASTMA and directed by Special Adviser to Governor Babajide Sanwo-Olu on Transportation, Sola Giwa, aims to improve the efficiency of the city’s transportation network.

This announcement was conveyed on Friday in a statement issued by Adebayo Taofiq, LASTMA’s Director of Public Affairs.

“In a decisive move to restore order and ensure the free flow of traffic, the Lagos State Traffic Management Authority (LASTMA) has impounded another 25 commercial and 15 private vehicles operating illegal garages and causing serious road obstructions around Oyingbo, Ijora, and Idumota areas of Lagos,” the statement read in part.

The statement disclosed that the impoundment exercise targeting illegal garages in Lagos began in recent weeks as part of a broader initiative by the state government to ensure a safe and orderly environment for all road users.

The targeted areas, Oyingbo, Ijora, and Idumota, are known hotspots for traffic congestion due to unauthorized parking and makeshift garages. These activities obstruct vehicle movement and pose safety risks to pedestrians. LASTMA’s intervention aims to clear these bottlenecks and improve the traffic situation in these areas.

The newly unveiled Lagos State Transport Policy targets the issue of illegal parking as a key focus.

According to the policy, through the Lagos State Parking Authority (LSPA), the government will regulate street and on-street parking to ensure free-flowing traffic on primary and secondary roads, as well as in central business districts.

This involves implementing and enforcing policies to prevent obstructive parking practices, thereby promoting smoother and more efficient vehicle movement across the state.

The LSPA manages all forms of parking, registers parking spaces, implements state policies, issues permits, charges fees, and enforces parking rules. To enhance its effectiveness, the LSPA collaborates with public and private sector agencies and parking providers.

Additionally, the Lagos State Government plans to conduct a functional review of the LSPA within the next two years, aiming to recommend improvements and boost its capacity.

 

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Telecom Operators Reject NLC’s Demand for Tariff Reduction, Justify 50% Hike

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By Emmanuel Ogbodo

Nigeria’s Mobile Network Operators (MNOs) have rejected calls from the Nigeria Labour Congress (NLC) to negotiate a reduction in the recent 50% tariff increase, insisting the hike is necessary for the industry’s sustainability amid rising operational costs.

The NLC, opposing the adjustment, has demanded a rollback to 5% and threatened a nationwide protest on Tuesday, February 4, if its demands are not met.

The union described the increase as “insensitive and unjustifiable,” warning it would further strain Nigerian consumers.

At a weekend forum in Lagos, representatives from the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and major telecom firms, including MTN Nigeria, Airtel Nigeria, and 9mobile, defended the hike.

ALTON Chairman Gbenga Adebayo likened the increase to a “lifeline” for the industry, arguing that anything lower would cripple operations.

MTN Nigeria’s Chief Corporate Services & Sustainability Officer, Tobechukwu Okigbo, clarified that operators do not engage directly with the NLC, as ALTON manages industry-wide negotiations.

Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, added that discussions with labour unions fall under the purview of government agencies and ALTON.

The Nigerian Communications Commission (NCC), which approved the tariff adjustment on January 20, 2025, defended the move, citing inflation, foreign exchange volatility, and rising energy costs.

The commission emphasized that the decision aligns with its mandate under the Nigerian Communications Act, 2003, to ensure telecom sector viability.

Despite these justifications, the NLC remains firm in its opposition. Union President Joe Ajaero reiterated the demand for a significant reduction, warning of nationwide protests if the hike is not reversed.

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Dangote Refinery Reduces Petrol Price to N890 Per Litre

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By Alexis Uchendu

Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890 per litre, effective February 1, 2025.

The company attributed the price adjustment to a favorable shift in global energy markets and a decline in international crude oil prices.

This follows a previous price hike on January 19, driven by rising crude costs.

Dangote Refinery expressed optimism that the price cut will lower fuel costs nationwide, ease the cost of living, and positively impact key economic sectors.

The company also urged fuel marketers to reflect the reduction at retail stations, ensuring consumers benefit from the adjustment as part of broader economic recovery efforts led by President Bola Ahmed Tinubu.

Reaffirming its commitment to Nigeria’s self-sufficiency in refined petroleum products, the refinery pledged to strengthen the country’s position as a leading oil export hub in Africa.

 

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Naira Gains Against Dollar Amid CBN Reforms

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By Adenike Lawal

The Naira appreciated by 0.78% at the official market on Wednesday, trading at N1,510.72 per dollar, an N11.96 gain from the previous day’s rate of N1,522.68, according to FMDQ Securities Exchange data.

Since December 2024, the Naira has remained relatively stable, largely due to ongoing reforms by the Central Bank of Nigeria (CBN).

On Tuesday, the apex bank introduced additional measures, including a waiver on the 2025 annual license renewal fee for Bureau De Change (BDC), operators and the launch of the Nigeria Foreign Exchange (FX), Code to enhance transparency in forex transactions.

Dr. Aminu Gwadabe, President of the Association of Bureau De Change Operators of Nigeria (ABCON), praised the CBN’s initiatives, urging continued support for policies that strengthen the local currency.

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