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Tinubu inaugurates reconstructed Apapa-Oworonshoki-Ojota-Oshodi Expressway in Lagos
President Bola Tinubu on Sunday inaugurated the newly reconstructed Apapa-Oworonshoki-Ojota-Oshodi Expressway.
It is a 36.02km expressway connecting Nigeria’s premier ports – Apapa and Tin Can Island – to larger parts of Lagos State.
Tinubu, who performed the symbolic unveiling of the plaque of the concrete-paved road at the Gbagada stretch, also virtually inaugurated the recently rehabilitated Third Mainland Bridge.
Tinubu said that the expressway would enhance access to the ports, boost commercial activities, and spur economic development.
A statement by presidential spokesman, Ajuri Ngelale, on Sunday in Abuja, said Tinubu was represented at the inauguration of the projects, executed by the Federal Ministry of Works, by Senate President Godswill Akpabio.
Originally constructed between 1975 and 1978, the road had deteriorated significantly over the years, causing severe delays in the evacuation of goods from Apapa Wharf.
The reconstruction of the road was executed in four sections, using Continuously Reinforced Concrete Pavement (CRCP), by Dangote Industries Limited under the tax credit method of infrastructure funding, with Hitech Construction Nigeria Limited as the subcontractor.
The rehabilitated Third Mainland Bridge, the longest of three bridges connecting Lagos Island to the mainland, spans about 11.8km.
It was inaugurated by President Shehu Shagari in 1980 and completed by Gen. Ibrahim Babangida in 1990.
The bridge recently underwent significant rehabilitation to improve its structural integrity and extend its lifespan.
“This is a great feat by any standards, and it is all for Nigeria. I congratulate the Ministry of Works and the contractors for the great work.
“It is not only in Lagos that these good things are happening.
“From the Presidential Villa in Asokoro to the AYA Roundabout in the capital city (Abuja), you will notice a great deal of work and some of these projects will be commissioned this week,’’ the President said.
The Minister of Works, David Umahi, explained the reason for the use of concrete technology in constructing the road, noting its durability as well as the rising cost of bitumen used in making asphalt.
“We want our contractors to migrate to the use of concrete technology for road construction,’’ the Minister said, while describing the inauguration of the road as another plus on the utility of tax credits in the country.
On the Third Mainland Bridge, the Minister explained that the project went beyond mere rehabilitation.
“We had to replace all the expansion joints, and we also noticed that over the years all the maintenance on the bridge was only for the surface and that created a lot of super elevation, pot holes, and increased the dead load on the bridge resulting in increased deflection,’’ he said.
In his remarks, the Permanent Secretary, Federal Ministry of Works, Dr Yakubu Kofarmata, announced that Tinubu had directed the ministry to complete the Abuja-Kano Road within one year.
He assured Nigerians that Makurdi-Enugu Expressway was on the verge of completion and that other federal road projects across the country are receiving attention.
According to the Permanent Secretary, the Minister of Works has saved Nigeria a total of N1.19 trillion through renegotiations of some ongoing road project costs across the country.
“What we are witnessing today is Nigeria working under the Renewed Hope Agenda of this administration, and the determination to have a better Nigeria where infrastructural facilities are functioning,” he said.
The Deputy Governor of Lagos State, Dr Femi Hamzat, commended the President and the Federal Ministry of Works for fixing the roads, adding that it would reduce travel time from 7 hours to 1 hour and 15 minutes.
“About two years ago, a lot of companies on the Apapa-Oworonshoki-Ojota Road moved from this axis because of the deplorable state of the road.
“We are grateful to Mr. President, the Ministry of Works, Dangote Group and Hitech Construction Limited for the current state of the road and also for the Third Mainland Bridge,’’ Hamzat said.(NAN
The Nigeria Deposit Insurance Corporation (NDIC) has announced that it is actively working to ensure prompt compensation for depositors of the defunct Heritage Bank, specifically those whose account balances surpass the N5 million insurance cap.
Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating license on June 3, 2024, the NDIC was designated as the liquidator in accordance with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, alongside Sections 55(1 & 2) of the NDIC Act 2023.
In a recent update regarding the payment of uninsured amounts to Heritage Bank depositors (currently in liquidation), the corporation indicated that it has commenced the liquidation process, which includes verifying and reimbursing insured deposits to all depositors.
The NDIC reported significant advancements in the reimbursement of insured deposits up to the N5 million maximum per depositor. This clarification addresses concerns raised by depositors regarding the payment process.
According to the NDIC management, the depositors who have yet to receive their insured amounts mostly lack a Bank Verification Number (BVN) or do not have alternative accounts in other banks, which would enable the corporation to retrieve their information from the Nigeria Inter-Bank Settlement System (NIBSS) database for payment processing. Additionally, some accounts are subject to post no debit (PND) restrictions, while others face Know Your Customer (KYC) limitations, including Tier 1 accounts that restrict the maximum deposit amount, and issues with name discrepancies that need resolution.
Furthermore, some depositors who have received payments may not be aware due to the absence of mobile transaction alerts on their alternate accounts where the insured funds were deposited by the NDIC. The corporation advises these depositors to review their other bank accounts, as some payments may have been processed without their immediate knowledge.
Regarding the initiation of payments for uninsured depositors, the NDIC confirmed that while depositors with balances exceeding N5 million have received the initial insured amounts, the remaining balance above the N5 million insurance limit will be disbursed as liquidation dividends in line with the corporation’s statutory obligations.
The statement highlighted that the corporation has made significant progress in liquidating physical assets and recovering debts from the failed bank to expedite payments to depositors with balances above the insured threshold.
The NDIC emphasized, “To showcase our commitment, the corporation has initiated the liquidation of physical assets and investments while concurrently pursuing aggressive debt recovery, alongside the verification and payment of insured sums.”
“To ensure transparency and adherence to legal standards, the NDIC has extensively publicized the asset disposal process on its official website, social media channels, major national newspapers, and through radio and television broadcasts.”
The corporation’s strategy of simultaneously compensating insured depositors while aggressively pursuing asset liquidation and debt recovery aims to hasten the liquidation process, ensuring all depositors receive their funds without unnecessary delays.
The NDIC further stated, “With significant progress in asset realization, we plan to announce the first tranche of liquidation dividends in April 2025, which will be allocated to uninsured depositors on a pro-rata basis, in accordance with Section 72 of the NDIC Act 2023 addressing the priority of claims.”
For clarity, this section specifies: “In the event that an insured institution is unable to fulfill its obligations or suspends payments, or if its management is taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be utilized to meet its deposit liabilities, which take precedence over all other liabilities.”
Therefore, other claimants of the defunct Heritage Bank, including creditors and shareholders, will only be considered for liquidation dividends after all depositors have been fully reimbursed.
The NDIC reiterated its commitment to safeguarding depositors’ funds in all licensed banks, urging the public to engage in banking activities without apprehension, as all other banks remain stable and secure.
Affected depositors with further inquiries are encouraged to reach out to the Claims Resolution Department of the NDIC for additional clarification.
German Chancellor Olaf Scholz expressed on Sunday that Europe seeks collaboration with the United States, while simultaneously asserting that the EU is ready to take unified action if Washington enforces tariffs on steel and aluminum.
During his address at the Hanover Industrial Trade Fair, which this year highlights Canada as its partner country, Scholz underscored Canada’s status as an independent nation.
This statement follows former US President Donald Trump’s remarks about the potential annexation of Canada, referring to it as the 51st state of the US.
“We stand alongside you. Canada is not a territory to be claimed by anyone else. It is a proud, sovereign nation,” he affirmed.
In response to Trump’s tariff proposals, the Chancellor articulated that his counter to “America First” policies is a call for enhanced free trade, increased competitiveness, and greater technological independence.
He emphasized that Europe is neither naive nor weak, asserting that trade conflicts are harmful to all parties involved.
“I convey this message to the United States: Europe’s objective remains cooperation. However, if the US forces our hand through tariffs on steel and aluminum, we, as the EU, will respond collectively,” he concluded.
Trump said “There are methods which you could do it,” when asked to clarify a remark on seeking another term.
Donald Trump on Sunday repeated his suggestion that he might seek a third term as US president, NBC News reported, which would defy the two-term limit stipulated in the US constitution.
In a Sunday-morning phone call with NBC News, Trump said “I’m not joking,” when asked to clarify a remark on seeking another term, adding: “There are methods which you could do it.”
The 78-year-old billionaire has a history of suggesting he might serve more than two terms, but Sunday’s remarks were the most concrete in terms of referring to plans to achieve the goal.
Trump has launched his second presidency with an unprecedented blitz of executive power, using the world’s richest man, Elon Musk, to dismantle swaths of the government, and said his supporters want even more.
“A lot of people want me to do it,” Trump told NBC News on Sunday. “But, I mean, I basically tell them we have a long way to go, you know, it’s very early in the administration.”
Amending the US constitution to allow a third presidential term would require a two-thirds majority in both the House and Senate, which Trump’s Republican Party does not have.
Trump said it was “far too early to think about it,” but told NBC he had been presented with plans that would allow him to seek reelection.
When NBC asked Trump of a possible scenario whereby Vice President JD Vance would run for president and then abdicate the role to Trump, the US president said “that’s one” method.
He added that “there are others,” but refused to share further details.
If Trump does not approach Congress for the constitutional amendment, he would need to get support from two-thirds of the country’s 50 states to call a constitutional convention that would propose changes to the charter.
Whether he goes through Congress or the states, he would then require ratification from three-quarters of all states.
Both routes appear to be unlikely, given the current number of states and Congressional seats under Republican control.
A constitutional convention has never been successfully called in the United States, where all 27 constitutional amendments have been passed by the congressional method.
In January, days after Trump took office, Republican Andy Ogles of Tennessee introduced a House joint resolution to amend the constitution to allow presidents up to three terms.
AFP