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FG reintroduces toll plazas, Nigerians to pay N500, N200 per trip

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4 years ago

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The Federal Executive Council has approved the reintroduction of toll collections on some selected dual carriageways across the country.

This is as it exempted diplomatic, military, para-military vehicles, tricycles, motorcycles from the scheme.

Minister of Works and Housing, Babatunde Fashola, disclosed these on Wednesday while briefing the State House correspondents at the end of the weekly meeting of the Federal Executive Council presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

The decision was made almost two decades after the Olusegun Obasanjo’s administration dismantled all toll plazas on federal roads across the country in 2003.

Fashola said his ministry presented a memo which the council approved to reintroduce tollgates on dual carriageways of the 35,000km federal roads.

These roads, he explained, amounted to only 14.3 per cent of the entire 35,000km stretch of federal roads that were dual carriageways and would be eligible for tolling with vehicles paying between N200 and N500 toll per trip, depending on their brand while diplomatic, military, para-military as well as tricycles and motorcycles would be exempted.

The minister added that dual carriageways represented only 5,050km out of the total 35,000km.

He said, “So the total network of roads today, assuming we wanted to start today, which we’re not, that will be eligible for tolling on the federal network will be 14.3 per cent of the total network. So, 85.27 per cent will not be eligible for tolling.

“We have seen that most of those dual carriageways also have alternative roads, but they are single carriageways; that’s why we left them. So, the only exception to single carriageway are some bridges and they are listed in the regulation.”

The minister said with the FEC approving the reintroduction of toll plazas on selected roads, it was now working modalities to determine how soon the tolling system would take off.

He said, “The Ministry of Works and Housing presented a policy memorandum for the approval of federal roads, bridges, tolling policy, and also a regulation that will provide a legal framework for the tolling policy.

“So, we have taken another step. So let me be clear, tolls are not going to start tomorrow. So let us be clear about that.”

Fashola stressed that the open tolling system to be introduced would not commence until the affected roads were motorable while operational agreements would have to be negotiated with relevant government agencies.

The Minister also said the toll collected would not only be used to maintain the roads but would also be used to construct new ones while the toll system would be electronically driven for transparency.

Fashola noted that FG consulted widely with public and private sector stakeholders before agreeing to reintroduce toll on federal highways.

The Federal Executive Council also approved $2.54m and N498.23m for four projects in the Ministry of Power.

The Minister of Power, Saleh Mamman, disclosed this on Wednesday to State House.

He said, “The Federal Ministry of Power also received the blessing of the Federal Executive Council by giving four approvals for our contracts. One is the supply and installation of a motorised portable hydraulic compressor for the Transmission Company of Nigeria in favour of Messrs Intern Equipment Nigeria Limited for $502,950 plus N15,800,000.

“The second approval was also received for the award of the contract for the supply and delivery of three sets of online partial discharge measurement and monitoring equipment for the TCN in favour of Messrs T and D Technology Limited in the sum of $874,800 offshore plus N240,100,000 onshore with a delivery period of nine months.

“The third approval was the award of the contract for the repairs of 100 MVA and four sets of 60 MVA 132/33 power transformers for TCN in favour of GT Engineering Limited in the sum of $661,220 offshore and N127,758,781 onshore with a delivery period of 12 months.”

He said approval was also granted for the contract for procurement of 10 sets of 330KV and 30 sets of 133KV circuit breaker for the TCN in favour of Horsepower Engineering Trading Limited in the sum of $502,719 plus N114,571,500 with a delivery period of six months.

On his part, the Minister of Environment, Mohammad Abubakar, said the council ratified an anticipatory approval received from the President, Major General Muhammadu Buhari (retd.) on the nation’s Nationally Determined Contribution, which is part of its commitment to the climate change pact.

He noted that Nigeria committed to cut greenhouse gas emission by 20 per cent as of last year and by 45 per cent in 2030.

“The Federal Ministry of Environment presented a memo today, seeking for the ratification of an anticipatory approval that we received from Mr President, on the submission of our primary Nationally Determined Contribution.

Asked if Nigeria achieved the 20 per cent emission cut last year, Abubakar said, “Yes, we have. Since the ratification of the Paris Agreement on Climate Change in 2016 and even before then, the government has put in several interventions to deal with the issue of climate change.”

Culled from the Vanguard News Nigeria

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Black History

Bernice King’s Redemption Bank is now the first Black-owned in the West

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3 months ago

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June 27, 2025

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In 2023, a group of Black investors based in Atlanta agreed to buy a white-owned bank, Holladay Bank & Trust, and convert it into a Black-owned one. The investors included Dr. Bernice A. King, a daughter of civil rights icon Dr. Martin Luther King Jr; Ashley D. Bell, a former White House policy adviser, and former NFL player Dhani Jones.

They planned to rename the Utah-based institution Redemption Bank and said they wanted to provide financial services to Black communities historically underserved by financial institutions while offering online banking services and small business loans.

The deal, which was awaiting regulatory approval, would mark the first time Black investors purchased a non-Black bank, a statement by Redemption Holding Company said at the time. It would also be the first time in American history that an existing commercial bank would become a Black-owned Minority Depository Institution (“MDI”) through acquisition, the statement added.

After two years, Redemption has finally completed its acquisition of Holladay Bank & Trust. It makes it the first time a bank has been owned by a Black-led investment group in the Western U.S., the AP reported this month.

The acquisition got delayed due to the collapse of Silicon Valley Bank in 2023, Bell, CEO and chairman of Redemption Holding, told the AP.

“This process has undoubtedly taken longer than any of us anticipated,” Bell said. “However, we are grateful for the diligence of the staff at the FDIC, the leadership of the (American Bankers Association), and the renewed sense of urgency from the new administration this year, all of which helped bring everything together.”

While Bell is the CEO, King is expected to be Redemption Bank’s senior vice president for corporate strategy and serve on the company’s advisory board.

With about $65 million in assets, Redemption Bank will be the first Black-owned bank not physically located within an economically vulnerable community and the first in the Rockies, according to the AP.

It will also be the only one located in the Black-banking desert that stretches from Houston to Los Angeles, the AP added.

The company will further become the 24th Black-owned bank in the nation, termed as Minority Depository Institutions (MDI). MDI is a federal designation for banks and unions that are owned or controlled by minority groups. The most recent MDI was Adelphi Bank, launched in January 2023.

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Africa

Hotel groups Hilton and Marriot announce African expansion plans

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3 months ago

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June 21, 2025

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U.S. hotel chains Hilton and Marriott have announced African expansion drives to tap into the continent’s rapid tourism growth.

Rising business and leisure travel on the continent has made it increasingly attractive for multinational companies and Hilton said on Wednesday that it plans to more than triple its African portfolio to more than 160 hotels.

The company plans to enter Angola, Ghana and Benin for the first time while returning to Madagascar and Tanzania, its statement said without providing a specific time horizon for the expansion plans.

Marriott expects to add 50 properties by 2027, it said on Wednesday. Those will include entry into five new countries: Cape Verde, Ivory Coast, the Democratic Republic of Congo, Madagascar and Mauritania.

The group’s existing African portfolio encompasses nearly 150 properties and 26,000 rooms across 20 countries and 22 brands.

Airlines have also increased their African capacity.

Emirates now offers 161 weekly flights across Africa, recently adding daily services to Entebbe and Addis Ababa. United Airlines launched a direct Washington-Dakar route in May and Delta will begin a seasonal daily flight to Accra in December.

International arrivals to the continent rose 9% year on year in the first quarter of 2025, the United Nations World Tourism Organization says, 16% above the same period of pre-pandemic 2019.

That momentum is translating into economic impact. Tourism accounts for between 3% and 7% of gross domestic product in countries such as Kenya, Morocco and South Africa, and up to 15% in tourism-heavy economies such as Namibia, World Bank and national statistics show.

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Business

AfricanShowcase 2025 Set to Transform Barking Town Centre into a Celebration of African Culture and Commerce

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4 months ago

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May 10, 2025

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Barking Town Centre will come alive with the sights, sounds, and flavors of Africa as AfricanShowcase 2025 arrives for a one-day festival spotlighting the continent’s vibrant culture, commerce, and creativity.

Set for Wednesday, August 13, this dynamic event will feature over 30 curated stalls offering authentic African wares—from handwoven textiles and artisan jewelry to gourmet delicacies and unique cultural artefacts. Designed as both a cultural festival and a business platform, AfricanShowcase connects the public, press, and buyers directly with African creators and entrepreneurs.

Festivalgoers can expect a packed lineup of live entertainment, including performances by drummers, dancers, poets, and singers from Gambia, Ghana, and Nigeria. A high-energy runway fashion show will highlight cutting-edge African designers, while interactive workshops will invite participants to try traditional Kente weaving and head wrap styling.

The event also boasts uplifting music by Afrobeats DJs and a local gospel choir, along with a lively cultural procession that will wind through Barking Town Centre.

Sponsored by LemFi, Abfoods, Mr. Fatai Abiola, and 1Accord Living Ltd, the showcase is proudly supported by the London Borough of Barking and Dagenham Council and Town Centre Manager Lianne Douglas.

“AfricanShowcase is more than a market—it’s a celebration of Africa’s rich heritage, a platform for African businesses, and a joyful reminder of the beauty of cultural exchange,” said Ola Mustapha, Founder of Kiskirine Events Ltd.

Launched in Brent in 2003, AfricanShowcase has evolved into a signature event for celebrating African excellence in the UK, drawing crowds from across the capital. The 2025 edition promises a vibrant day of community, connection, and cultural pride.

 

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