Sanwo-Olu Unveils Taxi Scheme As Lagos Set To Produce Vehicles
Lagos State Governor, Mr. Babajide Sanwo-Olu, has unveiled a new e-hailing taxi scheme to redefine road transportation in the State. The governor, on Thursday, signed partnership agreement with CIG Motors Company Limited for the take-off of “Lagos Ride” scheme with pilot fleet of 1,000 units of brand new Sport Utility Vehicles (SUVs).
Also at the ceremony held at the State House in Marina, Sanwo-Olu formally sealed a Joint Venture Agreement with the automobile company for the establishment of Vehicle Assembly Plant in the state. In the next 24 months, Lagos will have a jointly-run factory for the production of different classes of brand new cars.
The establishment of the Vehicle Assembly Plant in Lagos was part of the bilateral agreements reached by the state government and the Chinese investors’ community when the governor visited the Asian country in November, 2019.
IBILE Holdings Limited, a state-owned corporation, will be driving the two investment agreements on behalf of the Lagos State government.
Sanwo-Olu said the new ride-hailing taxi was a social intervention programme initiated with an objective to create jobs and economic opportunities for residents of the state. He said the “Lagos Ride” scheme was in fulfilment of his administration’s desire to give residents a better choice in road transportation by offering a safe, efficient and modern cab model in line with the policy thrust of his government’s T.H.E.M.E.S agenda.
The governor said the taxi scheme, which is expected to fully take off in the next six months, had been structured along a profitability model and designed to be self-sustaining for expansion and growth.
He said: “I am elated to unveil the Lagos State Taxi Scheme, which is another innovative policy of this administration targeted at making life easier for Lagosians, improving mobility and creating a seamless multi-modal transportation system. The scheme, which is to be known as ‘Lagos Ride’, is in fulfilment of our desire to give Lagos residents better transportation choices. The modern ride-hailing service is one of the state government’s socio-economic intervention programmes, which will be professionally managed in line with global best practices
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“Our social intervention programmes are tailored towards the eradication of poverty, provision of jobs and other employment opportunities as well as the provision of basic necessities, that make good governance our people’s reality. A major attribute of a modern megacity is a world-class transportation system with inter-connected services and mobility choices for the citizens. The task of bequeathing a safe, efficient, quick, and modern public transportation system is a key thrust of our administration’s development agenda. We are guided by the need for an equitable transportation system with mobility choices for our people.”
Under the taxi scheme, Sanwo-Olu said the Cooperative Society in the Ministry of Wealth Creation and Employment would give operators brand new SUVs for a period of four years, during which they would pay a monthly installment. At the end of the credit tenure, the operators will have the opportunity to fully own the cars.
The governor said the scheme would offer operators flexible repayment plan and affordable savings for vehicles’ maintenance.
Sanwo-Olu said the establishment of the Vehicle Assembly Plant was in furtherance of his administration’s economic growth blueprint, stressing that the Joint Venture Agreement would revive industrialisation, drive up skilled youth employment and create wealth, boost tourism, and encourage technology sharing, adaptation, and advancement.
He said: “As we formally sign the Joint Venture Agreement for the establishment of Motor Assembly Plant, Lagosians should expect a roll-out of vehicles from this plant within the next 18 months. I urge other stakeholders and private investors to collaborate with us to sustain the scheme. We have the political and administrative will to ensure business survives in Lagos.”
The Commissioner for Transportation, Dr. Frederic Oladehinde, said the e-hailing taxi scheme was initiated, following the approval of IBILE Holding Limited’s proposal in the August 31, 2020 State’s Executive Council meeting.
He said the Assembly Plant and the taxi scheme would boost socio-economic activities and support the development of ancillary enterprises in transportation sector.
The Chairman of CIG Motors Company Limited, Diana Chen, pledged the full commitment of the automobile firm to the agreement.
Ms Chen, who is also the Vice Chairman of China-Africa Business Council (CABC), disclosed that the automobile firm would sponsor 50 students for a two-year engineering training in a vocational school in China to strengthen its partnership with the Lagos government.
She said: “My teams are ready to work with 100 percent effort to build GAC MOTORS in Nigeria in the highest level of a brand. This international Joint Venture Project will soon bloom up in the Chinese business communities both in Nigeria and China. I assure you that, we will use this partnership as a best example to introduce and promote a Greater Lagos where greater opportunities abound.”
The highpoint of the event was the signing of the partnership agreements by the Managing Director of IBILE Holding Limited, Mr. Abiodun Amokomowo, and the Vice Chairman of CIG Motors Company Limited, Mr. Linus Idahosa in the presence of the Governor, Deputy Governor, Dr. Obafemi Hamzat, and Lagos Attorney General, Mr. Moyosore Onigbanjo, SAN.
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BREAKING: Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN
In compliance with a ruling of the Supreme Court, the Central Bank of Nigeria (CBN) has declared that old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin spoke in a statement on Monday. This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.
“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly,” the statement read.
The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.
This was after 16 states of the federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.
After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.
However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.
“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.
According to the Presidency, the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust.”
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.
However, the President, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).
Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has no grounds because the case is before the apex court.
Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.
CBN Asked Banks To Receive Old Naira Notes – Soludo
The Central Bank of Nigeria (CBN) has asked commercial banks to dispense and accept old naira notes as deposits, according to Anambra State Governor Charles Soludo.
Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.
He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.
He added that Emefiele personally confirmed the directive to him.
According to him, residents should report banks refusing to accept the old notes.
“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.”
“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement added.
Elon Musk Reclaims Title As World’s Richest Man
Months after losing the title of the world’s richest man, Elon Musk has regained it.
A rally in Tesla’s stock price on Monday boosted the Twitter owner’s net worth by nearly $7bn to $187bn, according to the Bloomberg Billionaires Index.
Musk’s recovery of the top spot from the French luxury goods magnate Bernard Arnault follows a precipitous drop in his wealth in late 2022, when he became the first person ever to amass and then lose $200bn. His wealth peaked at about $340bn in November 2021 and fell to about $128bn at the start of 2023.
Musk’s personal wealth primarily derives from stock in Tesla. The electric carmaker lost nearly two-thirds of its value in 2022, amid investor concerns over weakening demand, Musk’s distracting purchase of Twitter and the tumultuous start to his tenure atop the social media platform.
While Musk’s troubles at Twitter continue, having reportedly fired an additional 200 employees over the weekend after already slashing the workforce from 7,500 to about 2,000 since October, the share price of Tesla has risen nearly 90% since the start of 2023.
On Wednesday, the company will hold its annual Investor Day at its factory in Austin, Texas, and Musk is expected to discuss future products, including the long-promised Cybertruck and Semi Truck, along with plans to expand its production infrastructure around the world.
One such plan was previewed on Tuesday, when the Mexican president, Andrés Manuel López Obrador, said Musk had promised him by phone that Tesla will build a new factory in the city of Monterrey.
“This is going to mean a considerable investment and many, many jobs,” López Obrador said.
Tesla already has plants in China and Germany, and analysts suggest it may expand to Canada as well as Indonesia.
The carmaker continues facing challenges, however, including increased scrutiny of its driver assistance technology. It announced a recall of 362,000 vehicles on 16 February after regulators said its Full Self-Driving Beta software did not follow traffic laws.
Shareholders filed another lawsuit on Monday against Musk alleging that Tesla’s repeated exaggeration of its self-driving capabilities amounted to fraud.
Musk also keeps courting controversy through his erratic and provocative behavior online. After lifting bans on white supremacists, neo-Nazis and QAnon conspiracy theorists on Twitter, the billionaire has curried favor with rightwing trolls and activists.
On Monday, he threw his support behind Scott Adams, the Dilbert cartoonist whose racist rant in a recent YouTube appearance has led to the cancellation of his comic strip in US newspapers.
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