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

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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 Family Loses Out on Discrimination Lawsuit Over Investment Property 

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The Houstonian black real estate investors filed the federal lawsuit after they said they were prohibited from buying condos in a community advertised to Asian buyers.

Last Wednesday, the racial discrimination lawsuit filed by three Black real estate investors in Texas was dismissed “without the option to refile.”

“The decision hinged less on whether the family had been discriminated against than whether the Fair Housing Act, which prohibits discriminating in the ‘sale or rental of a dwelling,’ had been violated,” the Houston Chronicle reports.

In 2022, James Ra-Amari and his wife Misty Ra-Amari, and Misty’s sister Rosemary Afful filed a civil lawsuit in federal court against realtor Josie Lin, “Lin’s company, UMRE; Grand West Condominiums; Grand West Residential Condominium Association, Inc.; United Property Management; and RE/MAX and EXP Reality, two real estate brokerages.”

The three investors purported that Lin “refused them the option to purchase three condominiums in a newly constructed community. They say that they were denied the units because of their race.”

The Ra-Amaris and Afful sought “compensatory, special, and punitive damages, economic damages for alleged violation of the Fair Housing Act, and infliction of emotional distress.”

According to the civil lawsuit, the condos’ marketing materials were “advertised as ‘…a new option for a safe and simple Asian life’ and [said], ‘Katy Asian town is within walking distance.’”

In addition, there was allegedly an “information packet [that] marketed the complex as a ‘new option for Chinese and Asian communities.’”

The suit also claimed that Lin told the three real estate investors that “all the current owners were personal friends and knew each other.”

The Black family’s argument: Lin’s comments in concert with the promotional materials explicitly targeting “‘Asian communities’ established discrimination.”

But the judge dismissed many of the defendants from the suit, citing that the Ra-Amaris and Afful failed to establish a business relationship between themselves and Lin or that Lin was an agent “acting on their behalf.”

The defendants filed a motion to dismiss the case in its entirety, arguing semantics, pointing out that “a condo is only a ‘dwelling’ if the buyer planned to occupy it, and the family had identified themselves instead as investors in court documents. Additionally, they argued that the family had never indicated in court documents that they had actually made an offer.”

United States District Judge David Hittner largely sided with the defendant’s assertions that the Black family had failed to demonstrate they even “had a case.”

In a written statement, the plaintiffs’ attorney Justin Moore said “This case highlights the ongoing challenges and importance of the Fair Housing Act.”

“Our stance is that real estate investment has historically been a pathway for many Americans to build wealth, and our clients’ endeavors align with this tradition,” Moore continued. “Property at its essence is an investment…Your home is an investment whether you live in it or not.”

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Empowerment Conference ULTRA 2024 Returns to Houston February 3rd

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HOUSTON, Texas (January 22nd, 2024) – This coming February, Houstonians are invited to ring in the second month of the year with an empowerment conference that aims to keep attendees on track, accountable, and fully engaged to exceed their personal goals in 2024. The ULTRA Conference 2024 (presented by Ultrashift, Inc., a Houston-area based non-profit organization, and hosted by leadership practitioner and author Dr. Harry Akintola) will take place on Saturday, February 3rd at ACF Center (2204 Sharpview Drive) in west Houston.

As citizens worldwide continue to merge into the new year and prepare for February, their hopes of maintaining new resolutions and goals for career, financial, spiritual, and physical advancement often begin to see signs of inconsistency and shakiness. For Dr. Akinola, that is often the sweet spot and perfect timing to teach individuals and organizations how to master their minds and consciousness to yield prosperity. Since its inception in 2009, ULTRA Conference has impacted the lives of thousands and has hosted this event in many cities around the world, including South Africa (Johannesburg and Cape Town), the United Kingdom (London), Nigeria (Lagos), and Tanzania (Dar es Salaam).

According to event organizers, “Ultra 2024 promises to be an immersive ‘inspiritainment’ experience, driving home the point that the future is not something to be passively anticipated but actively shaped.” All of this year’s conference speakers and panelists are award-winning presenters and specialists from across various industries. Presenters and panelists for this year’s conference include keynote speaker and host Dr. Harry Akinola, JP Morgan Chase Head of CCB Talent Roti Balogun, Zeitios AI/ML Consulting CEO Iyanuoluwa Odebode, Ph.D, Wazobia Market Founder & CEO Tunde Fasina, Hampton HGDS Real Estate Investment Trust CEO Candra Brown, Fairdale Realty & Gazette Mortgage President & CEO Victor Lofinmakin, and Transformational Coach Jimi Tewe.

The conference will be sanctioned into a five-part session each dedicated to a range of topics and interactive activities, including Future-Ready Skills (exploring the critical skills necessary for thriving in tomorrow’s job market and how to acquire them), Embracing AI (a deep dive into practical strategies for integrating artificial intelligence into your business model and career, ensuring you stay ahead of the technological curve), Local & Global Business Strategies (gaining  invaluable insights into Houston’s dynamic business environment as a model for development and learning how to leverage  these strategies on a global scale), Citizenry in Action (learning how civic engagement and personal discipline can become powerful tools for societal change and individual success), Diverse Intelligence (discover how balancing the four intelligences can lead to a more satisfying and successful life), with strategic interactive breakout and networking sessions integrated into all  phases of the conference experience.

As an accomplished corporate executive who has headed up several learning and leadership development organizations in many multinational firms (including Standard Bank, Puma Energy and Chase Bank where he currently serves as Executive Director – Head of Talent, Business Banking), Dr. Akinola hopes that individuals will gain momentum and discipline to follow through on every endeavor set for their lives. “Like a butterfly’s journey from larva to flight, you cannot attain or achieve without first transforming. Ultra 2024 – Re-Imagine Your Future is more than an inspirational and educational conference,” said Dr. Akinola. “It’s an experience, a catalyst for introspection, a reawakening of thought, and a reset of aspirations, guiding you to become, empowering you to do, to have, and to soar towards your envisioned future.” Registration for this year’s conference is now open to the general public. To learn more about the ULTRA Conference 2024 and to register, please visit the official website online at www.theultrashift.org, or follow Dr. Harry Akinola on Instagram at Harry Akinola (@HarryAkinola)

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Oil prices edge higher amid mixed US cues, Red Sea strikes continue

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Investing.com– Oil prices rose slightly in Asian trade on Thursday as severe cold weather appeared to have spurred some disruptions in U.S. production, while military action in the Middle East raged on.

But gains in crude were limited by industry data showing an unexpected build in U.S. inventories. While the cold weather caused some production stoppages, it also appeared to have dissuaded travel, which is a key driver of U.S. fuel demand.

Strength in the dollar weighed on oil prices, as traders priced in a smaller chance of early interest rate cuts by the Federal Reserve, following stronger-than-expected retail sales data.

Oil prices were also reeling from steep intraday losses on Wednesday, after gross domestic product data from top importer China missed expectations for the fourth quarter. Overall growth in 2023 also barely edged past a government target, indicating sustained economic weakness in the world’s largest oil importer.

Brent oil futures expiring in March rose 0.5% to $78.23 a barrel, while West Texas Intermediate crude futures rose 0.6% to $72.90 a barrel by 20:25 ET (01:25 GMT).

Both contracts were trading largely flat so far in 2024, as markets weighed expectations of worsening demand against fears of tighter Middle Eastern supplies. U.S. and UK forces carried out a fresh wave of strikes against the Iran-aligned, Yemen-based Houthi group this week, as the group continued with its attacks on vessels in the Red Sea.

Oil prices had sharply pared intraday losses on Wednesday after top U.S. oil producing state North Dakota said severely cold weather would see output fall by over 50%- a trend that is likely to dent overall U.S. production, which hit record highs over the past two months.

US oil inventories unexpectedly rise, product stockpiles see sustained builds- API

But severe cold weather in the U.S. appeared to also be eating into demand. Data from the American Petroleum Institute (API) showed an unexpected build in U.S. inventories over the week to January 12.

A particular point of contention was gasoline and distillate inventories logging a third consecutive week of strong gains, highlighting weaker demand in the world’s largest fuel consumer. Cold weather shut down travel across vast swathes of the U.S. over the past two weeks.

The API data usually heralds a similar reading from official inventory data, which is due later on Thursday.

Elsewhere, the Organization of Petroleum Exporting Countries released its first monthly report for 2024, slightly earlier than usual amid increased market uncertainty.

The cartel maintained its global oil demand forecast for 2024, and said demand will grow by 1.85 million barrels per day in 2025.

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