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FEC Approves $3.02bn for Reconstruction of Port Harcourt – Maiduguri Railway

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Transport Minister Rotimi Amaechi
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The Federal Executive Council (FEC) has approved the award of contracts for the rehabilitation and reconstruction of the Port Harcourt-Maiduguri eastern narrow gauge railway, with new branch lines and trans-shipment facilities.

The Minister of Transportation, Mr Rotimi Amaechi, made this known when he briefed State House correspondents on the outcome of the 18th virtual meeting of the Federal Executive Council (NAN).

The meeting was presided over by President Muhammadu Buhari at the Council Chamber of the Presidential Villa, Abuja, on Wednesday.

The minister also revealed that the Council approved the construction of a new deep seaport in Bonny, under Private-Public- Partnership (PPP) programme and the construction of a railway Industrial park in Port Harcourt.

“The Federal Executive Council today, approved the award of contract for the rehabilitation and reconstruction of the Port Harcourt to Maiduguri Eastern Narrow Gauge Railway, with new branch lines and trans-shipment facilities.

“It also approved the construction of a deep seaport  in Bonny under PPP and construction of a railway industrial park in Port Harcourt.

“The railway line will be at the cost of $3,020,279,549. The industrial park, which is under PPP, at no cost to federal government, will cost $241,154,389.31.

“The Bonny deep seaport will cost $461,924,369, at no cost to the federal government.

“The Port Harcourt to Maiduguri narrow gauge railway will have new branch lines: from Port Harcourt to Bonny and from Port Harcourt to Owerri are new lines.

“There is another connecting to narrow gauge to standard guage at Kafanchan.

“There is a branch line from Gombe or before Maiduguri to Damaturu and Gashua. That’s what has been approved,’’ he said.

The Minister of Communications and Digital Economy, Dr Isa Pantami, who also briefed the correspondents on the outcome of the meeting.

He said the Council approved N653.8million to procure and deploy hybrid spectrum monitoring system that would cover the Southeast zone of the country.

He explained that the approval followed the presentation of an investigative report by the ministry to the council on the use of illegal frequencies, saying that 106 out of the 320 frequencies being operated across the country were illegal.

Pantami, therefore, expressed the hope that the deployment of the new hybrid spectrum would go a long way in promoting safety and security, enhance revenue and create many jobs for the citizens.

“From January to August 2020, within the period of eight months, we discovered 320 frequencies being used all over the country and of this 320, 106 were illegal.

“This is very worrisome because the usage of this illegal spectrum or frequencies will compromise our security and safety in the country.

“It is because of the agenda of President Muhammadu Buhari of promoting security that we came up with this initiative of monitoring the usage of frequencies and uncovered the legal and the illegal ones.

“For the legal ones to ensure they renew their licenses annually and for the illegal ones, necessary actions are being taken according to the gravity of the offence.

“We discovered that our monitoring did not cover south east. It covered five zones – northeast, northwest, north central, southwest and south south. However, south east has not been covered.

“It is because of this that we presented our memo, seeking for council’s approval of N653,886,584 to procure and deploy hybrid spectrum monitoring system that will cover the southern part of the country, most importantly the south east.

“So, Council approved for the deployment, and this project will go a long way in promoting safety and security and secondly, identify the usage of illegal spectrum and thirdly, enhance revenue for the federal government and fourthly, in the long run it will create many jobs for the citizens.’’(NAN)

Economy

Investors Gain N183bn on NGX

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The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

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Economy

Yuan Weakens to 7.1870 Against Dollar

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The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

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Economy

Bring Kaduna Refinery Back into Operation, Youth Group Urges NNPCL

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Arewa Youths Initiative for Energy Reforms (AYIFER), has urged  Nigeria National Petroleum Corporation Limited (NNPCL)  to do everything possible to bring Kaduna Refinery back into operation.

National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.

Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.

He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.

“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.

“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.

“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.

Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.

According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.

He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)

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