Business

FG Reopens Bidding Process For Lagos-Ibadan Expressway Phase 2

Published

6 months ago

August 9, 2024

The Federal Government of Nigerian has decided to reopen the bidding process for the Lagos-Ibadan Expressway Phase 2 project after rejecting Julius Berger Plc’s N258 billion proposal.

This decision was announced in a statement on the Ministry of Works’ official website, following a meeting held on Wednesday between the Minister of Works, David Umahi, and representatives from Julius Berger Plc at the Ministry’s Headquarters in Mabushi, Abuja.

The Ministry of Works, under Minister David Umahi, originally estimated the project cost at N153 billion after revising the plan from asphalt to concrete.

However, despite negotiations since September 2023, an agreement could not be reached on the cost discrepancy.

To ensure the project stays on budget and is completed efficiently, the government will invite new bids. The bidding process, which will include the Ministry’s estimate and Julius Berger’s proposal, is expected to be completed within the next month.

Speaking on the Lagos-Ibadan Expressway Phase 2 project, the minister said,

“We changed the elements of the pavement from asphalt to concrete, and the total cost we came up with based on prevailing cost is N153 billion.

“But they are offering N258 billion. Since we’ve been on this since September 2023, we have no choice but to determine this contract.

“And then we ask BPP for No Objection for selective tendering, whereby we will be sending our own advice of N153 billion to BPP, and we send their own of N258 billion to BPP, and then we invite other contractors to also bid.

“This we will conclude within the next one month so that we can get that job concluded.”

The statement also provided an update on the Odukpani road project in Cross River State, where the Minister of Works, Engr. David Umahi, highlighted significant developments recently approved by the Federal Executive Council.

Engr. Umahi announced that the project budget has been increased by N36 billion, raising the total cost from N54 billion to N90 billion. This adjustment, approved just a few days ago, was deemed necessary due to a critical change in the project’s scope.

The Minister explained that the pavement material for the Odukpani road will be switched from asphalt to concrete, a decision aimed at enhancing the road’s durability and longevity.

With this change, the government expects the contractors to focus on completing one carriageway at a time, once the new terms are agreed upon. Minister Umahi emphasized that the government is eager to receive the contractor’s response to ensure the project’s timely and efficient completion.

Business

FCMB, Proparco Partner to Boost Women-Led Businesses, Agriculture

Published

19 hours ago

January 23, 2025

Samson Adeyanju

By Our Correspondent

First City Monument Bank (FCMB), and Proparco have strengthened their partnership with a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—signed on January 20, 2025.

The deal, facilitated under the European Union’s EFSD programme, aims to empower small and medium enterprises (SMEs), with a focus on agriculture (90%) and women-led businesses (10%).

This initiative enhances FCMB’s role as a leading SME bank in Nigeria and aligns with global development goals, such as SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth). The funding will support high-impact sectors, including agriculture and renewable energy, fostering job creation and economic progress.

Proparco Deputy CEO Djalal Khimdjee emphasized the partnership’s impact: “This collaboration enables the growth of SMEs, advances gender equality, and strengthens food security in Nigeria, building a sustainable and resilient economy.”

Since 2014, Proparco has supported FCMB in advancing Nigeria’s economic development. This latest collaboration reaffirms both institutions’ commitment to inclusive growth and sustainable economic transformation.

Business

Cardoso Vows to End Buying, Selling of Naira Notes

Published

2 days ago

January 22, 2025

Samson Adeyanju

By Our Correspondent

Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has pledged decisive action to end the commoditization of the Naira, which has become prevalent across the country.

Speaking at the inaugural Stakeholders’ Conference of the Committee of Heads of Banks Operations (CHBO), in Lagos, themed “Commoditization of Naira: The Way Forward,” Cardoso, represented by his Senior Special Adviser, Fatai Kareem, described the practice as a grave threat to Nigeria’s financial system and economic stability.

He noted that the Naira, beyond being a currency, represents the nation’s identity and its stability is essential for economic growth.

However, the growing trend of treating the Naira as a commodity undermines its role as a medium of exchange.

Cardoso highlighted strategies to combat the issue, including public awareness campaigns on responsible currency use, enhancing cash management systems to ensure fair distribution, enforcing regulations against offenders, and promoting digital payment systems to reduce cash dependency.

Chairman of CHBO, Abraham Aziegbe, attributed the commoditization of the Naira to cash shortages in recent years, which forced Nigerians to pay premiums for transactions.

He emphasized the need for robust measures to address cash scarcity and prevent hoarding by financial institutions.

Business

Abuja BDC Denies Money Laundering, Terrorism Financing Allegations

Published

2 weeks ago

January 13, 2025

Samson Adeyanju

By Emmanuel Ogbodo
Abdullahi Abubakar Dauran, outgoing chairman of the Wuse Zone 4 Bureau de Change (BDC), merchants association, has dismissed allegations that the group is involved in money laundering and terrorism financing.
Dauran described the claims as baseless, emphasizing that the association operates within Nigeria’s financial laws.
He also refuted reports suggesting the formation of a parallel BDC group, calling them fabrications.
He urged the public to disregard the allegations and warned The Nation and The Independent newspapers to retract their reports within 48 hours or face legal action.