Nigerian Railway Revenue Surges to ₦1.69 Billion in Q2 Amid Increased Rail Travel

The revenue generated by Nigeria’s railway sector reached ₦1.69 billion in the second quarter of 2024, a substantial 53.14% increase from ₦1.10 billion in the same quarter last year, according to the National Bureau of Statistics (NBS).

The Nigerian Railway Corporation (NRC) reported that 689,263 passengers utilized rail services during Q2 2024, marking a 45.38% rise from 474,117 passengers in Q2 2023.

Freight transport also saw significant growth, with 143,759 tons of goods transported by rail, a notable increase from 56,936 tons in the same period last year. Additionally, the NRC moved 5,940 tons of goods via pipelines, up from 2,856 tons in Q2 2023.

Revenue from rail freight soared to ₦537.36 million, reflecting a remarkable 206.68% increase compared to ₦175.22 million in Q2 2023. Pipeline transport revenue also grew to ₦42.08 million, up from ₦12.81 million the previous year. Other revenue streams contributed ₦994.68 million, showing an extraordinary increase of 5,206.68% from ₦18.74 million in Q2 2023.

Despite these gains, the first quarter of 2024 saw Nigeria incurring significant costs, with railway debt servicing surpassing earnings from services by 2,470%. Nonetheless, the NRC previously recorded a high of ₦2.12 billion in revenue for the first half of 2021, primarily driven by passenger services, especially on the Lagos-Ibadan standard gauge line.

This surge in revenue highlights the increasing reliance on Nigeria’s rail system for both passenger and freight transportation, alongside the expanding role of pipelines in the country’s logistics infrastructure.

CBN Clarifies: No Reinstatement of Cybersecurity Levy

The Central Bank of Nigeria (CBN) has officially stated that it has not reinstated the previously suspended cybersecurity levy on electronic transfers, despite recent media reports suggesting otherwise.

Initially mandated on May 6, 2024, the 0.5 percent levy on electronic transfers was quickly withdrawn by the CBN just two weeks later, suspending its implementation.

Recent claims of the levy’s reinstatement were based on references to the “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for the Fiscal Years 2024-2025.” In response, the CBN issued a statement affirming that these guidelines were published prior to December 31, 2023, and the bank’s stance on the levy remains unchanged.

The CBN emphasized that the reports reference outdated policy positions, highlighting that the cybersecurity levy was suspended in May 2024, superseding any previous circulars.

This clarification aims to clear up any confusion regarding the bank’s policies and underscores the CBN’s commitment to maintaining transparency in its operations, especially as the financial landscape continues to evolve.

PZ Cussons Plans Sale of African Subsidiaries Amid Naira Devaluation

PZ Cussons Nigeria Plc has announced plans to sell its African subsidiaries in response to significant financial challenges, particularly the 70% devaluation of the naira. The multinational consumer goods company stated that it is considering both partial and full sales to mitigate exposure to currency fluctuations.

In its preliminary results for the year ending May 31, 2024, PZ Cussons noted that the devaluation has severely impacted its financials, leading to a £107.5 million foreign exchange loss. The company has received multiple expressions of interest for its African business, recognizing the potential of its brands.

Despite these challenges, PZ Cussons reported improved revenue growth in its UK Personal Care segment and emphasized its commitment to transforming the business to maximize shareholder value. The company remains optimistic about its long-term prospects, focusing on stronger brands and a more streamlined portfolio.

Earlier this year, PZ Cussons faced setbacks in acquiring shares from minority shareholders in its Nigerian subsidiary and reported significant losses, including a N94.78 billion loss in the third quarter of 2023/24, compared to a profit in the previous year. The firm continues to navigate a difficult economic landscape, marked by high inflation and other macroeconomic challenges in Nigeria.

Nigerians Disappointed Over Dangote Refinery Fuel Prices

Nigerians expressed frustration after the first batch of petrol from the Dangote Refinery hit the market, as prices exceeded expectations. Many hoped for a price reduction with local refining, but the Nigerian National Petroleum Company Limited (NNPCL) priced the fuel higher than imported petrol, with prices ranging from N855 to N950 per liter, depending on the region.

Despite expectations, the price increase has left citizens disappointed. Residents across Nigeria, from Lagos to Kaduna, voiced their concerns, questioning why locally refined fuel is more expensive than imported petrol. Many blamed the NNPCL for controlling the market and preventing Nigerians from benefiting from the new refinery.

Experts explained that crude oil, being an international commodity, still dictates fuel prices in Nigeria. Until the refinery begins sourcing crude in naira in October, Nigerians may not see a drop in fuel costs.

Nigerians Disappointed Over Dangote Refinery Fuel Prices

Nigerians expressed frustration after the first batch of petrol from the Dangote Refinery hit the market, as prices exceeded expectations. Many hoped for a price reduction with local refining, but the Nigerian National Petroleum Company Limited (NNPCL) priced the fuel higher than imported petrol, with prices ranging from N855 to N950 per liter, depending on the region.

Despite expectations, the price increase has left citizens disappointed. Residents across Nigeria, from Lagos to Kaduna, voiced their concerns, questioning why locally refined fuel is more expensive than imported petrol. Many blamed the NNPCL for controlling the market and preventing Nigerians from benefiting from the new refinery.

Experts explained that crude oil, being an international commodity, still dictates fuel prices in Nigeria. Until the refinery begins sourcing crude in naira in October, Nigerians may not see a drop in fuel costs.

Senate Plans Constitutional Amendment to Ensure Local Government Autonomy Implementation

President of the Senate, Godswill Akpabio, has revealed that the Senate will amend the 1999 Constitution to implement the Supreme Court’s ruling on local government autonomy. The court had granted autonomy to all 774 local governments in Nigeria following a lawsuit by the federal government against state governors. Akpabio made this statement during a visit to Uyo, Akwa Ibom, highlighting President Bola Tinubu’s role in pushing for local government independence. He emphasized the need to close loopholes and prevent manipulation in the autonomy process through constitutional adjustments.

EFCC Intensifies Efforts to Arrest Ex-Kogi Governor Yahaya Bello Amid Immunity Concerns

Fresh drama unfolded on Wednesday as the Economic and Financial Crimes Commission (EFCC) attempted but failed to arrest former Kogi State Governor, Yahaya Bello, at the state government lodge in Abuja, where he was reportedly hiding. Despite surrounding the lodge, the EFCC operatives were unable to apprehend the ex-governor, who had earlier claimed he had honored the agency’s invitation to cooperate with its investigation.

Sources revealed that Governor Usman Ododo, Bello’s successor, has been shielding him from arrest, complicating the situation due to the immunity Ododo enjoys. The EFCC’s initial plan to arrest Bello in April had also been thwarted when he evaded capture with the help of the governor’s convoy. The anti-graft agency had declared Bello wanted in connection to an N80.2 billion money laundering case but remains cautious due to legal protections surrounding sitting governors.

EFCC Chairman Ola Olukoyede, committed to upholding the rule of law, expressed concerns over Bello’s resistance and the legal immunity shielding him. Despite numerous attempts to detain him, the agency is reportedly reevaluating its strategy in a bid to secure the former governor’s arrest while maintaining procedural integrity.

Black Market Dollar to Naira Exchange Rate and Updates on Nigeria’s $550M Ubeta Gas Project

Dollar to Naira Exchange Rate in the Black Market – 20th September 2024

As of Thursday, September 19, 2024, the black market exchange rate for the dollar to naira stood at N1655 for buying and N1665 for selling at the Lagos Parallel Market. The rates are provided by Bureau De Change (BDC) operators.

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals seeking foreign exchange to approach their respective banks. The official CBN rate for the dollar was N1593 for buying and N1594 for selling on the same day.

NNPC and TotalEnergies Launch $550M Ubeta Gas Project

In energy news, the $550 million Ubeta upstream gas project, a collaboration between the Nigerian National Petroleum Company Limited (NNPC) and TotalEnergies, has officially commenced. According to the Special Adviser to the President on Energy, Olu Verheijen, the project will produce 350 million standard cubic feet of gas per day once operational. This development is part of Nigeria’s broader energy reforms aimed at enhancing energy security and attracting more investments into the sector.

The reforms, initiated by President Bola Tinubu, focus on streamlining the gas-to-power value chain, improving cash flows in electricity distribution, and reducing carbon emissions. Five new executive orders have been issued to support these efforts by offering fiscal incentives and reducing the cost and time associated with developing gas infrastructure.

CMG Hosts “Written in the Sky: My China Story” Release Ceremony in Abuja

The China Media Group (CMG) hosted a special release ceremony of the global solicitation results, themed “Written in the Sky: My China Story” at the Shehu Musa Yaradua Center in Abuja, Nigeria’s capital city.

This prestigious event celebrated cultural and linguistic exchanges between Nigeria and China, attracting distinguished personalities from various sectors.

Among the notable attendees were Hon. Jaafaru Yakubu, Yu Dunhai, the Chinese Ambassador to Nigeria, Song Jianing, CMG Africa Bureau Chief; Chris Isigusor, the National President of the Nigerian Union of Journalists, alongside members of the diplomatic community, business leaders, academic scholars, media executives, and journalists.

In his remarks, Nigeria’s Minister of Information and National Orientation, Mohammed Idris emphasized that media outlets are essential in guiding society and fostering mutual understanding.

Minister Idris, represented by the Director of Public Relations and Protocols, Suleima Haruna commended the China Media Group for its dedication to delivering credible news and producing impactful content for both nations.

He stressed the need for balance in reporting, particularly in showcasing national achievements, and called for creating inspiring content that fuels aspirations for future growth. He called for a united front in tackling fake news, emphasizing that collaboration between Nigerian and Chinese media is vital in addressing the challenges posed by misinformation.

Also speaking, Hon. Jaafaru Yakubu said the event serves as a platform to reflect on China’s profound impact on individuals and nations worldwide. He described the “Written in the Sky, My China Story” initiative as a powerful testament to the ability of storytelling to bridge cultural divides.

Earlier in his remarks, Ambassador Yu Dunhai said the recent elevation of China-Nigeria relations to a comprehensive strategic partnership at the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) aims to enhance cooperation in various sectors, including media, as evidenced by the signing of several bilateral cooperation documents.

The ceremony also commemorated the 75th anniversary of the founding of the People’s Republic of China, featuring certificate presentations to CMG Africa partners, cultural performances, keynote speeches, and a display of captivating “My China Story” entries.

“Written in the Sky: My China Story” is an initiative by CMG that invites submissions of touching stories and special experiences with China. Over 73 individuals from across the African continent responded, sharing their unique China stories.

See more photos below:

Former Arsenal Striker Jay Emmanuel-Thomas Arrested for Alleged £600,000 Cannabis Smuggling

Former Arsenal striker Jay Emmanuel-Thomas, 33, has been arrested and charged with smuggling cannabis valued at £600,000 into the UK. The drugs, weighing approximately 60 kilograms, were discovered by UK Border Force officials at Stansted Airport in two suitcases arriving from Bangkok on September 2.

Emmanuel-Thomas, currently playing for Greenock Morton, was taken into custody on Wednesday and faces charges of importing class B drugs. He is set to appear in court at Carlisle Magistrates Court. Two women, aged 28 and 32, were also arrested in connection with the case and are facing similar charges. They were granted bail and will appear in Chelmsford Crown Court on October 1.

David Phillips, Senior Investigating Officer at the National Crime Agency (NCA), emphasized their commitment to combatting drug smuggling, urging individuals to consider the severe consequences of participating in such activities.

Emmanuel-Thomas, once a promising talent under Arsène Wenger at Arsenal, has faced challenges in his football career, moving between clubs after leaving Arsenal in 2011.