BUSINESS
Access Bank to Fund Plateau’s British-American Junction-Commissioner
From Jude Dangwam, Jos
The Plateau State Commissioner of Works Hon. Pam Botmang has disclosed that the newly flagged off construction of British American-Junction overhead bridge is to be funded by Access Bank PLC.
He said the project will gulp about N10 billion and that the bank has fully mobilized the contractor to site on mutually agreed terms and are ready to make further payment on receipts of Certificates of Valuation (CVs) on permanent work executed.
Botmang made this known during the official flag-off ceremony for the construction of the long-awaited overhead bridge held at the construction site in Jos the Plateau State capital.
He said his ministry was going to provide technical services and design amongst others for the success of the project.
“The Plateau State Ministry of Works is charged with the responsibility of providing technical services such as design, construction and maintenance of state roads and bridges.”
The Commissioner said in exploring the financing of the project, the Lalong administration has engaged Access Bank Nig PLC to provide all the funding. “The Ministry of Works got the approval of the Plateau State Executive Council led by His Excellency the Executive Governor to explore the option of Contractor financing of this project.
“From the contractors available, Craneburg Construction Company Ltd made the best and realistic submission, as they brought a Finance Institution Access Bank Nig. Plc who agreed to provide all the funds for the construction of the project to completion.”
He added that, “The cost of the project is N9.988,949,835.74 with it’s attendant cost of funds and with 12 months completion period. Access Bank has fully mobilized the contractor to site on mutually agreed term and they are ready to make further payment on receipts of Certificates of Valuation (CVs) on permanent work executed and certified by the Ministry of Works as approved by His Excellency up to project completion.”
Governor Simon Lalong said the road was a major carriageway that links the North-east to the Federal Capital Territory and other parts of the country.
“At the end of the day, this project will fit into the Reconstruction and the Dualisation of the Akwanga-Jos-Bauchi-Gombe road which is part of the Dualization of Abuja-Keffi-Akwanga-Lafia-Makurdi road being carried out by the Federal Government.
“While we eagerly await the commencement of the Akwanga through Jos to Gombe segment of the project, the construction of this flyover is an intervention by Plateau State on a section of this federal road,” Lalong stated
He said as part of his administration efforts to consolidate on achievements in road infrastructure, “the total sum of about N12 billion naira has so far been expended by our administration on payment of outstanding cost of projects unfinished by the previous administration and billions of naira on numerous projects awarded by our Rescue administration.”
Former Head Military Head of State Gen. Yakubu Gowon applauded the step taken by Lalong and urged him to give his best while another admintration completes the project in line with the values of completing ongoing projects demonstrated by him.
The Contractor Engr. Nasiru Gani has assured that they are going to give their best and work with the stipulated timeframe of the contract.
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)
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)
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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