Itakpe-Ajaokuta-Warri rail line begins commercial activities August – FG

By Benjamin Umuteme

Abuja

The Minister of Transportation, Rotimi Amaechi, has assured that the Itakpe-Ajaokuta-Warri standard gauge rail lines would commence commercial activities in August.
Amaechi, who, told newsmen in Abuja on Wednesday, added that the ministry was putting in place all the necessary facilities to ensure that the rail lines start operation.
He said that seven coaches were expected to arrive the country on Jan. 11 for rail transportation.
According to him, the Federal Government hope to complete the Itakpe-Ajaokuta-Warri, Lagos-Ibadan, Lagos-Kano, as well as the Lagos-Port Harcourt standard gauge line before December.
Speaking on its present challenge, the Minister said that the Lagos-Ibadan rail line is being obstructed due to water pipes, sewer pipes and gas pipes across the rail corridor, which must be removed.
Amaechi said that he would meet with the Lagos State Government to deliberate on how these challenges can be resolved to increase the progress of work.
He further said that the government has approved that the rail line should get to Niger Republic, as it will resolve the transportation challenge of those importing goods.

7up acquisitions: Affelka proposes N125 per share
By Amaka Ifeakandu
Lagos

Seven Up Bottling Company Plc (SBC) has unveiled plan by Affelka SA, its majority shareholder to review upward the scheme consideration to N125 per share.
In a notification letter to Nigerian Stock Exchange, signed by the Company Secretary, 7UP Bottling Company, Mr Samuel O. Uboh, the company said the majority shareholder of the SBC, Affelka SA who is proposing to acquire all the outstanding and issued shares of the SBC that are not currently owned by Affelka has today advised the company the scheme consideration been revised upward to N125 per share.
The statement said that the proposed scheme consideration represents 22.6 per cent premium to the last traded share price of the company in January 9, 2018 and a 27.6 per cent premium to the price on August 10, 2017 which was the last business day prior to the date the initial proposal was received from Affelka.
The statement however said that the revised scheme consideration will be voted on at the court order meeting which schedule to hold on January 11, 2018.
The core investor in Seven-Up Bottling Company Plc Affelka SA, had last year declared it’s intention to buy all outstanding shares held by minority shareholders in the company, in a move reminiscent of a similar decision by its competitor, Nigerian Bottling Company (NBC).
Regulatory filing by Affelka SA showed that it has secured initial regulatory approval to acquire all the “outstanding and issued shares of seven-Up Bottling Company that are not currently owned by Affelka”.

Udoma lauds Japan’s devt progs in Nigeria
By Donald Iorchir
Abuja

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, has commended the Japanese government for aligning its development assistance programmes with the development needs of Nigeria.
Senator Udoma who made the commendation when members of Japanese Parliament led by Mr. Kiyoshi Ejima visited him in Abuja said Japan’s contributions to Nigeria in the areas of Health, Education, Power, Infrastructure and Agriculture through its Overseas Development Assistance (ODA) programme fits into the priority areas of government and very valuable to the overall development agenda of the current administration.
He said the assistance has been very helpful because it focuses on Nigeria’s priorities, particularly in agriculture, industrialization, transportation, power and oil and gas which are also the priority areas of focus in Nigeria’s Economic Recovery and Growth Plan (ERGP). “So, the assistance you are giving are in our priority areas”, he said.
He told the parliamentarians that Nigeria is a country in a hurry for rapid economic development and therefore cherishes its relationship with, and willing to learn from the experiences of a country like Japan which has done extremely well in its economic development strides.
The minister explained that there are a number of opportunities for foreign investment in Nigeria and government has introduced a number of policies and initiatives to make doing business in the country easy and convenient for investors.
Udoma, while acknowledging the contributions of the Japanese government to various aspects of Nigeria’s national life, assured the parliamentarians that Nigeria appreciates the benefits of such development assistance.
It was the minister’s belief that continued collaboration between the two countries can generate mutual benefits for national of both countries.
He recognized the importance of the views and inputs of parliamentarians in shaping government policies and was optimistic that their visit to Nigeria will strengthen economic ties existing between the two countries.
The minister of State in the Ministry, Mrs Zainab Ahmed, observed that it was the first time parliamentarians from any country would visit Nigeria to monitor the progress of development assistance programmes, a development she said was welcome because it also puts the receiving country on notice that utilization was being monitored.
The leader of the Japanese delegation, Mr. Kiyoshi Ejima, who is a member of the Japanese Upper House, the House of Councillors, said that Japan attaches great importance to its relations with Nigeria and expressed the support of his home government to assist Nigeria achieve her ambition of becoming one of the largest economies by the year 20: 2020.
Pointing to an earlier visit by a delegation of Japanese businessmen to Nigeria last year, Ejima said it was a further demonstration of the value Japan attaches to its relations.

Leave a Reply