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Oando, LAMATA sign MoU on electric mass transit buses

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Oando Clean Energy Limited has announced the signing of a Memorandum of Understanding (MoU) with the Lagos Metropolitan Area Transport Authority (referred to as LAMATA), the Lagos State Government agency tasked with planning, implementing, regulating and franchising sustainable integrated public transport in Lagos.

The MoU establishes a partnership between OCEL and Lagos State in her journey to becoming a sustainable city via the rollout of electric mass transit buses, supporting charging infrastructure and service centres (EV Infrastructure Ecosystem).

The statement obtained from the NGX noted that with over 25 million residents, Lagos is the most populous city in Africa and among the top ten of the world’s fastest-growing megacities.

 

Speaking at the MoU signing ceremony, Commissioner for Transportation, Lagos State, Dr. Frederic Oladeinde said the MoU represented the State Government’s commitment to cutting greenhouse gases by replacing them with cleaner sources of energy.

Oladeinde said, “With an understanding that transportation is a key emitter of greenhouse gases in Nigeria, we developed a strategy to cut greenhouse gases by 50%. A key component of this strategy was identifying and developing a more robust mass transit system for Lagos that would include rail and waterways amongst others. Using electricity to power mass transit is a step in the right direction, and from there we would gradually transit to private cars.

“This is just the beginning, there is still a lot more to come on stream. I commend LAMATA and Oando on this MoU signing, and both parties can be rest assured that they have my full backing to ensure success,” he added.

Commenting on the MoU signing, the Managing Director, LAMATA, Engr. Abimbola Akinajo said: “We began this journey late last year, and for us, this has been a rapid development. It speaks to the energy and zeal of both organizations, and that is commendable. Oando Clean Energy came to us with a comprehensive solution that went beyond electric mass transit buses to include supporting infrastructure, and this was key for us, as the full remit of an EV support ecosystem is the only way to achieve success.

“This initiative will not only accelerate the Government’s transportation agenda, but also positively impact the health of Lagosians and the environment. The magnitude of its impact is far-reaching, and when you start to look at it as more than a transport initiative, you will see how laudable a project it is. The Oando brand comes with know-how and experience, and we are relying on this to successfully move from MoU signing to actual implementation that will in the medium to long term benefit over 22 million Lagos commuters. We look forward to a very robust and fruitful partnership.”

In his response, the Chairman, Oando Clean Energy, Adewale Tinubu, who was represented at the MoU signing by Dr. Ainojie ‘Alex’ Irune said: “Oando Clean Energy was born out of a need to curate the best energy mix to propel Nigeria and indeed Africa, to its full potential.

As a company, Oando has always championed Public-Private Partnerships as fundamental to Nigeria’s industrialization. Through the signing of this MoU, we are revolutionizing the landscape of mobility by pioneering e-mobility in Lagos. Furthermore, we remain dedicated to achieving our national commitment to net-zero by 2060, ending energy deficiencies and further propelling the country to an industrialized phase through decentralized and sustainable energy systems.

We are excited to be embarking on this journey with Lagos State and must commend their foresight and willingness to forge a template for others to follow. It’s easy to be perturbed by the perceived challenges that come with the mega-city status tag, but by taking this bold step, Lagos is showing the continent what is indeed possible and giving other cities the impetus to redefine today how to build a public transport system for the future.”

 

Over the last decade, the number of vehicles on Lagos roads has quadrupled, yet studies suggest that Lagos could become the world’s most populated city by 2100 with as many as 100 million residents; and as the city grows, so will the number of vehicles.

This upward trajectory in vehicle numbers poses a significant challenge as transportation has been identified as the key contributing sector at circa 23% to 30% in annual CO2 emissions.

Against this backdrop, the Public-Private Partnership (PPP) between LAMATA and OCEL will enable the successful fulfilment of the objectives of the Lagos State Government through the deployment of an EV Infrastructure Ecosystem towards the attainment of a sustainable road transport system in the State.

Furthermore, this initiative will bridge the existing gap in available mass transit buses for the increasing number of Lagos commuters.

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Contempt: Again, court commits EFCC boss, Abdulrasheed Bawa, to prison

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The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has been committed to prison for allegedly disobeying court order.

The court also directed the Inspector-General of Police, Usman Baba, to effect Bawa’s arrest and remand him in Kuje prison for the next 14 days until he purges himself of the contempt.

Justice R.O. Ayoola of the Kogi State High Court, in his judgement on Monday, granted the application for committal to prison of the EFCC chairman for disobeying a court ruling delivered on November 30, 2022, wherein the EFCC chairman was directed to produce the applicant in the case, Ali Bello.

Ali Bello had dragged Bawa to court for arresting and detaining him illegally, with the court ruling in his favour, only for the EFCC to arraign him for alleged money laundering three days after the ruling.

The EFCC’s applications for setting aside and stay of execution of the ruling were refused for want of merit.

The Court had, in Form 49, Order IX, Rule 13, marked, “HCL/697M/2022” and titled, “Notice to Show Cause Why Order of Committal Should not be Made,” asked the EFCC Chairman to appear before it on January 18, 2022 to explain why he should not be jailed for flouting the order given on December 12, 2022 in a case filed by Ali Bello against the EFCC and Bawa, as the 1st and 2nd respondents, respectively.

The court ordered that the EFCC and Bawa be served the motion of notice together with Form 49 by substituted means.

The court had declared the arrest and detention of the applicant in the face of a subsisting court order made by a court of competent jurisdiction and without a warrant of arrest “or being informed of the offence for which he was arrested” as unlawful, unconstitutional, and in contravention of the personal liberty and dignity of human person guaranteed under Chapter IV of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

The court had also ordered the respondents to tender an apology to the applicant in a national newspaper and awarded N10 million compensation for him.

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Fidelity grows profit to N52 billion for FY 2022 

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Fidelity Bank Plc has announced an impressive growth in Profit Before Tax to N52 bn for the Full Year 2022. This was made known in the Bank’s unaudited statement of account presented to the Nigerian Exchange (NGX) on Wednesday, 31 January 2023.

 

According to the regulatory filing, the bank grew Gross Earnings by 33.9% to N335.897 billion (from N250.774 billion in FY 2021) and Net Interest Income by 61.1% to N152.813 billion (from N94.877 billion in FY 2021) leading to a Profit After Tax of N47.163billion for FY 2022 (from N35.579billion in FY 2021).

 

Similarly, Total Assets for the Bank now stand at N3.999trillion (from N3.289trillion in FY 2021) and Deposit from Customers is now at N2.591trillion (from N2.024trillion in FY 2021).

 

Analysts posit that this is yet another strong showing for the tier-one bank having sustained impressive performance year-on-year even in the face of the headwinds in the economy. Despite growing its Gross Earnings at an impressive rate, the bank has managed to record one of the lowest Non-Performing Loans (NPL) ratios in the Nigerian banking industry, for instance.

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Petition signatures to Emefiele over new naira hit 1653..

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Petition signatures to Emefiele over new naira hit 1653

 

Following the crisis over the non-availability of the redesigned N100, N200, N500 and N1000, over 1653 Nigerians have petitioned the Central Bank Governor, Mr Godwin Emefiele, to end what they termed ‘hardship’ on the citizens.

 

The petition, hoisted on the global change website, change.org, which was started on Friday, garnered over 1653 signatures on Saturday.

 

As of the time of filing this report, many bank customers have yet to access the new notes as many automated teller machines are either not dispensing cash or completely shut down because of the crowd.

 

Protests have erupted over the situation in some parts of the country and some banks vandalised by hoodlums, demanding access to their money lodged in several accounts.

 

 

 

There have also been controversial videos showing bank officials sabotaging the process by hiding the new notes behind old ones in vaults.

 

The President, Major General Muhammadu Buhari (retd.), has requested seven days from Nigerians to fix the mess.

 

Part of the petition stated, “The recent shortage of physical cash in Nigeria has caused major untold hardship to Nigerians. People are spending hours in long lines at banks just to withdraw cash, and many are forced to rely more on digital transactions which tend to be unreliable due to poor bank networks.

 

POS operators also charge outrageous amounts; as much as N1000 for a N10,000 withdrawal. The Central Bank of Nigeria has stated that the shortage is temporary, but it is causing serious disruption to the daily lives of many Nigerians.

 

“We call on the government, stakeholders, law enforcement agencies and the CBN to take urgent action to address the cash shortage crisis in Nigeria. We demand that the CBN increase the distribution of physical cash to meet the demand, and also any POS operator found charging outrageous amounts for withdrawal should be arrested.’’

 

Meanwhile, the National Association of Nigerian Students has expressed displeasure over the issue, noting that the process was not only ill-timed but also not well thought out.

 

Speaking to Sunday PUNCH during a telephone interview on Friday, National Vice President (External Affairs), Akinteye Afeez-Babatunde, said, “The whole situation is crazy. We are tired. Students are crying and complaining. They can’t get cash. The leaders have confirmed to us that they don’t care for the people. The policy is fine but the process to get it done is to the detriment of our own lives as Nigerians. Our day-to-day activities have been disrupted. Nigerians are suffering.’

 

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