Public Private Partnership
Obudu contract debt: Appeal court reserves judgment against Cross River
The Abuja division of the Court of Appeal has reserved judgment in the appeal filed by a private firm, Zedici Capital Ltd, against the Cross River State Government over a N3.8 billion contract debt. The appellant, Zedici Capital Ltd, is the firm that remodelled the Obudu Mountain Resort in Cross River State, now a subject of litigation. The three-member panel of the Court of Appeal, headed by Justice Peter Ige, reserved the date after counsel to the parties had adopted their legal submissions for and against the appeal, that is challenging the judgment of a High Court of the Federal Capital Territory (FCT), which had in 2019, refused to affirm the arbitral award to Zedici Ltd over its investment of N3.8 billion in the resort. Justice Ige announced that a date for the judgment would be comm...
FRSC: 90% of trucks in Nigeria over 30 years
The Federal Road Safety Corps (FRSC) says 90 per cent of trucks in the country are over 30 years. The FRSC Corps Marshal, Dr Boboye Oyeyemi, disclosed this in an interactive session between the Nigerian Shippers’ Council (NSC), the FRSC and Haulage operators on Monday in Lagos. Oyeyemi called for an improvement on the maintenance and standardisation schemes for vehicles as most of them lacked safety measures like lighting, reflectors and other parts. He stressed the need for an intervention from the Federal Government to ensure truckers had fleet renewal as vehicles that had been on the road for 30-years should be scrapped. Oyeyemi pointed out that “due to the age of the trucks, they frequently breakdown on the road prolonging the days goods spend on the road before getting to its destinat...
DMO: Nigerian roads financed with Sukuk not repaying debt as planned
File Photo The Debt Management Office (DMO) has decried the country’s debt service to revenue ratio, describing it as a major issue of concern. Patience Oniha, the Director-General of DMO, said this in Abuja on Thursday at the fifth Budget Seminar (webinar) organised by the Securities and Exchange Commission (SEC). The theme of the budget seminar was, “Financing Nigeria’s Budget and Infrastructure Deficit through the Capital Market.” Oniha stressed the need for infrastructure built with borrowed funds to generate revenue to service the debts. According to her, “We have done the Sukuk, for instance, but the government is the one servicing the debt of those Sukuk. “They (the debts) are not being serviced with revenue from those sources (infrastructure). “I think that when we are talking abou...
Kano set to design metro transport master plan
The Kano state Executive Council has approved the constitution of a committee, to design a Strategic Metropolitan Transport Master Plan, in order to regulate the transport system in the metropolis. This is contained in a statement signed by the State Commissioner for Information, Mr Muhammad Garba, made available to newsmen on Friday. It said the development of a Transport Master Plan for the state would strengthen economic growth and development, in line with the megacity goal of the Ganduje administration. Garba, in the statement, noted that the terms of reference of the committee, included a comprehensive mass transit system, to address the current transportation challenges. “It will also identify facilities and services to manage the dynamics of Kano as an emerging Megacity.” the state...
5 Ways Technology could Enhance PPP Projects
Sourced from TTEC.com The South African economy is expected to contract by up to 7.2%, reports Finance Minister Tito Mboweni. He says this will be “the largest contraction in 90 years”. And it’s no secret that the COVID-19 pandemic has played a massive role in exacerbating the issue. According to the World Bank Blog, now is the time to prepare for public-private partnerships (PPPs) as these could play an increasingly important role in reshaping South Africa’s post-pandemic economy. Tumi Moleke, Head of the PPP Unit at Treasury, believes “the timing is perfect to mobilise the utilisation of the PPP model, and it is now paramount to deliver economic growth for the public interest.” What exactly are PPPs? /* custom css */ .tdi_3_1a1.td-a-rec-img{ text-align: left; }.tdi_3_1a...
Oyo governor flags off construction of 360 housing units, Ajoda new town estate
Oyo State Governor, Engineer Seyi Makinde, on Wednesday, flagged off the construction of 360 Housing Units at the Ajoda New Town Estate, located on the New Ibadan-Ife Expressway. The estate, which is estimated to cost about Two Billion, Five Hundred Million Naira (N2.5 billion), according to the governor, will enhance affordable housing to all and sundry in the state. A statement by the Chief Press Secretary to Governor Makinde, Mr. Taiwo Adisa, quoted the governor as saying that the strategic location of the new estate will ensure that the investors make quick returns on their investments. In another development, Governor Makinde, also, on Wednesday, handed over the Agbowo Shopping Complex, Ibadan, to investors who have committed to turning around the fortunes of the abandoned complex in ...
Oyo APC, Governor Makinde in war of words over N100 billion bond
The All Progressives Congress (APC) in Oyo State, yesterday, said it has uncovered fresh plots by Governor Seyi Makinde to add to the debt profile of the state through what it called needless borrowing of N100 billion styled bond by the governor to finance some projects. But the state government, in a swift reaction, said the APC was frustrated and has exhibited its mercantile approach to governance. The war of words came on the heels of Governor Mankinde’s approval for the issuance of N100bn Private bond for circular road, Iseyin-Ogbomoso road, Ibadan Airport expansion. However, APC, in a statement by its Publicity Secretary in the state, Dr. Abdul-Azeez Olatunde, noted that the governor on his assumption of office, was shouting on the roof top of meeting debt from his predecessor, in the...
Lagos to create more Islands to curb land scarcity
To further increase land availability for housing and infrastructure development, the Lagos State Government has expressed the desire to continue to create more man-made islands at its waterfront across the State. Commissioner for Waterfront Infrastructure Development, Arch. Ahmed Kabiru Abdullahi, disclosed this on Wednesday at the 2020 Ministerial Press Briefing at JJT Park Alausa, Ikeja, to mark the first year of Governor Babajide Sanwo-Olu’s administration. According to the Commissioner, work has begun on the reclamation of 100 hectares of the land proposed for mixed-use development named “Ostia Islands”, beside Orange Island at Eti-Osa Local Government Area. Abdullahi added that approval was also granted for the reclamation of 54.58 hectares at Makoko for redevelopment, while the Maji...
