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Lagos Red Line Metro Rail Commences Partial Passenger Operations

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The Lagos Rail Mass Transit (LRMT) Red Line has commenced partial, invitational passenger operations on Wednesday, August 28th, 2024, following the successful completion of a six-week trial run.

The initial phase will see trains running four trips daily between Oyingbo and Agbado in Ogun State, marking a significant milestone in Lagos State’s efforts to modernize its transportation system.

This development was announced in a statement released on Wednesday by Kolawole Ojelabi, Head of Corporate Communication at Lagos Metropolitan Area Transport Authority (LAMATA).

“The Lagos Rail Mass Transit (LRMT) Red Line will begin partial, invitational passenger operations from Wednesday, 28th August 2024.

“The trains will run four trips a day between Oyingbo and Agbado. The Red Line, one of the six rail lines and one monorail prescribed for Lagos in her Strategic Transport Master Plan (STMP) is a vital transport project connecting Lagos with Ogun State where many workers and business owners in Lagos reside.

“This milestone marks the culmination of planning, training and technical and ground staff, installing all the security features and a successful six-week trial run conducted without passengers to ensure the system’s safety, reliability, and efficiency,” the statement read in part.

The statement further detailed that the partial operations will involve carefully selected groups of non-paying passengers from August 28 to September 27. These groups will participate in trial runs, providing crucial feedback on the system’s performance, efficiency, and overall user experience.

This feedback is essential for refining the operations before the Red Line opens fully to the public, ensuring that the service upholds the highest standards of safety, reliability, and commuter satisfaction.

How to register for the Red Line partial passenger trial rides 

In another post on their official account, the Lagos Metropolitan Area Transport Authority (LAMATA) on Tuesday shared a registration link for Lagosian interested in participating

in the partial, invitational rides on the Red Line.

To join the trial rides, interested individuals must first visit the provided registration link and submit the required details for potential selection.

The registration process requires participants to provide a valid email address, full name, phone number, age bracket, preferred test ride date, trip group (morning or evening), and their choice of boarding station from any of the eight available stations: Mushin, Agege, Agbado, Oyingbo, Iju, Yaba, Oshodi, and Ikeja.

After submitting the form, participants will await further communication from LAMATA regarding their selection and additional details about the ride.

The Red Line is a 37km rail project, with its first phase covering 27km from Agbado in Ogun State to Oyingbo, featuring eight strategically located stations: Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo.

Construction of this phase began on April 15, 2021, and it was inaugurated by President Bola Tinubu on February 29, 2024.

The Red Line will share tracks with the Nigerian Railway Corporation’s Lagos to Ibadan route, thanks to a track-sharing agreement signed during former President Goodluck Jonathan’s administration.

Lagos State Governor Babajide Sanwo-Olu announced the acquisition of trains from the United States, with additional rolling stock procured from the United Kingdom in 2023 and China earlier this year.

The Lagos State Government estimates that the Red Line will initially transport 250,000 passengers daily, with this number expected to rise to 750,000 as the system becomes fully operational and additional rolling stock is integrated.

Full passenger operations are projected to begin by the last quarter of 2024.

 

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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