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Apapa Rail Project Gulps N1.6Bn

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Engineer Adeseyi Sijuade, managing director of Nigeria Railway Corporation (NRC),
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The Federal Government said a sum of N1.6 billion has been invested on the rehabilitation of the rail lines linking the ports and some tank farms in Apapa.

Meanwhile, the project is expected to be completed within the next three months.

Engineer Adeseyi Sijuade, managing director of Nigeria Railway Corporation (NRC), disclosed this while inspecting the Apapa loop lines rehabilitation projects in Lagos last week.

Represented by Engr. Fidet Okhira, the Corporation’s Director, Mechanical/Electrical Signal and Telecommunications, Sijuade said within the next three months, the contractor, CCECC has assured that the laying of the tracks into the farm yards would have been completed, so that petroleum products can be hauled directly into the rail tank wagons.

He noted that the tracks are being upgraded from 60 to 85 pounds in order for the tracks to be able to withstand the expected increase in weight that will result from direct haulage of petroleum products by rail.

According to him, “The tracks are worn out already because they have been there since the colonial days. We are now changing them to new rails. Apart from that we are changing them from lower to higher poundage, so that they will be able to withstand more stress and carry more loads.

So we are upgrading from 60 to 85 pounds rail which means heavier load. So instead of the rails braking under heavy weight, it would be able to carry more loads coming from the ports.”

He also disclosed that the companies captured in the link project include; A-Z Petroleum, Oando Petroleum, Total Petroleum, Mobil, Eurafric Energy Ltd, and Forte Oil.

he added that, “All the lines going into the wharf are currently under rehabilitation. We are upgrading the narrow gauge as a maintenance measure and we expect to upgrade to the standard gauge as we go on, especially when the Lagos to Ibadan standard gauge contract kicks off. But in the meantime we do not want to fold our heads and halt rail services and that is the essence of the rehabilitation. Because that is what we have for now until we get the new standard gauge rails.”

Sijuade however noted that the upgrade of the rail links will boost customer confidence as the move will enhance the reliability of the tracks.

“After upgrading the Apapa rail links, we believe that our customers will have more confidence because the rail tracks will be more reliable. Already we have new locomotives that can take products from Lagos to Kano within 72 hours. By doing this, we are ensuring the reliability of the tracks and that will engender more confidence on our customers.

“We are also extending the tracks to the tank farms. This is because they are on railway lands and the agreement is that they will carry their products using the rail. The problem we had was that the tracks were not extended into the tank farms,” he said.

He noted that at the moment the corporation still hauls petroleum products but that comes with additional cost which makes it unattractive to the petroleum marketers, saying that creating a direct access to the tank farms will scuttle the double hauling and attendant costs.

 


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FG Deploy New Printers for Passports following Outcries from Nigerians in Diaspora

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Nigerians in the diaspora have petitioned Dr. Olubunmi Tunji-Ojo, minster of Interior, over passport printing in Atlanta and New York Consulates in the United States of America.

FG Deploy New Printers for Passports following Outcries from Nigerians in Diaspora

To this effect, the minister has approved and directed the Nigeria Immigration Service (NIS) to immediately deploy new printers to the passport offices in both cities.

These printers, according to him, are ready for installation. This short-term solution, he said, aims to resolve the current challenge promptly.

In a statement, the minister said that there is a new solution being implemented as a long-term plan that will usher in a streamlined passport regime, enabling Nigerians to apply for their passports with more ease.

Part of this plan includes the activation of a Passport Personalisation Centre in Abuja, which is scheduled to start in the next few weeks while also opening up more countries for the already-deployed contactless solution.

According to Tunji-Ojo, they are working round the clock, and none of the agencies is left behind.

“At the Nigeria Immigration Service, there has been an end-to-end automation of the passport application process and the introduction of the contactless application process, which has since been launched in Canada,” he said.

 


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CBN’s FX Code to Boost Transparency for Launch on January 28

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The Central Bank of Nigeria (CBN) said it has approved the release of the Nigerian Foreign Exchange (FX) Code and will officially launch the same on January 28, 2025.

The FX code serves as a guideline to the banking industry to promote ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market (NFEM).

“The Bank will formally launch the Code at the CBN Head Office Auditorium, Abuja, on Tuesday, January 28, 2025,” the CBN said in a notice published on its website.

In a bid to strengthen the governance and transparency of Nigeria’s FX market, the CBN in November 2024 introduced revised guidelines for the Nigeria Foreign Exchange Market (NFEM).

A key feature of these guidelines requires the boards of banks, alongside their Chief Executive Officers (CEOs) and Chief Compliance Officers, to annually attest to the Nigeria FX Code of Ethics and Conduct. This attestation underscores their commitment to uphold market integrity and comply with all CBN-issued circulars and guidelines.

The revised guidelines aim to deepen the foreign exchange market following the consolidation of all official FX market windows. The circular, issued by Omolara Omotunde Duke, director of the CBN’s financial markets department, supersedes prior directives, including the operational changes announced on June 14, 2023, and earlier circulars dating back to 2017.

Under the new framework, authorised dealers must facilitate FX transactions for firms and individuals while ensuring compliance with regulations. These dealers are tasked with conducting due diligence, providing transparent pricing, and offering market access through digital solutions.

Furthermore, all legitimate FX transactions must occur exclusively through authorised dealers, while dealings with unlicensed intermediaries are strictly prohibited.

Bureaux de Change (BDC) operators are also included in the revised guidelines. Licensed BDCs are allowed to purchase FX from authorised dealers to meet customer needs, within the limits set by the CBN. Similarly, all FX transactions conducted by BDCs, International Money Transfer Operators (IMTOs), and authorised dealers must adhere to the terms of their licenses and the Nigeria FX Code.


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Visa, Moniepoint Join Forces to Accelerate Financial Inclusion in Africa

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Moniepoint Inc, one of Nigeria’s leading business payments and banking services platforms, has secured an investment from Visa, a global leader in digital payments.

The investment marks an important milestone in Visa’s commitment to advancing financial inclusion and shaping the future of digital payments while fostering SME growth across Africa.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt) has established itself as a leading financial platform for Nigeria’s vast network of small and medium-sized businesses (SMEs), offering an integrated suite of services, including digital payments, bank accounts, credit, foreign exchange (FX), and management tools.

The platform processes over 1 billion transactions monthly, with total payments volume exceeding $22 billion, enabling businesses to digitize their operations and thrive in Africa’s rapidly evolving economy.

With this investment, Visa supports Moniepoint’s mission to empower African businesses, further accelerating its growth and expansion across the continent. Moniepoint’s profitable and scalable business model, alongside its strong operational and financial track record, has positioned it as a transformative force in the African fintech ecosystem.

As Africa’s Fintech landscape continues to evolve rapidly, driven by a dynamic ecosystem and a focus on bridging the financial inclusion gap, Visa has been at the forefront of this transformation, putting its expertise and resources to work in support of the growth of African Fintech startups.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., said: “We are thrilled to announce Visa’s investment in Moniepoint. Visa’s backing is a strong endorsement of our vision to digitize and support African businesses at scale.

“Together, we aim to deepen financial inclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy. Given that about 83% of employment across Africa is in the informal economy, we are very keen to widen access and participation in the formal financial system and drive economic growth across Africa.”

He continued, “Visa’s expertise in global payments and Moniepoint’s proven ability to serve African businesses make this partnership an exciting opportunity in shaping the continent’s economic future even as we pave the way for a more inclusive and dynamic financial ecosystem.

“We are delighted in joining forces with Visa to enhance the digital payment infrastructure, expanding financial services, and fostering innovation in Africa.”

Andrew Torre, Regional President, Central and Eastern Europe, Middle East and Africa at Visa, added: “Moniepoint has built an impressive platform that directly addresses the needs of Africa’s SMEs, a critical segment in enabling economic development.

“By making financial services and digital payments more accessible and efficient, Moniepoint is helping transform how businesses operate in Nigeria and beyond. We are excited to support their next phase of growth and innovation.”

“Visa’s investment in Moniepoint is the latest example of our long-standing commitment to advancing digital economies in Africa. We will enable even the smallest businesses to thrive through innovative payment and software solutions that allow SMEs to scale and open new revenue opportunities, while streamlining their operations.”

Moniepoint has experienced exponential growth since its founding in 2015, with revenues increasing by over 150% CAGR in recent years. The company’s efforts to expand access to financial services align closely with Visa’s mission of enabling individuals and businesses to thrive in the global economy.

Congratulating both parties, the Nigerian Investment Promotion Commission (NIPC) celebrates this strategic investment in Moniepoint, highlighting it as proof of Nigeria’s attractiveness for investors due to its favorable business climate.

Furthermore, the NIPC praised Moniepoint as an exemplar of Nigerian excellence contributing significant value to the global financial ecosystem. The Commission emphasized its commitment to supporting investors and fostering economic cooperation in finance and technology to help Nigeria reach its full economic potential.

This partnership combines Moniepoint’s local expertise and innovative business model with Visa’s global resources and capabilities. Together, Moniepoint and Visa aim to accelerate the digital transformation of African SMEs, driving financial inclusion and long-term economic prosperity.

Visa joins other notable investors including Development Partners International, Google’s Africa Investment Fund, Verod Capital, Lightrock, QED Investors, Novastar Ventures, British International Investment (BII), FMO (the Dutch entrepreneurial development bank), Global Ventures and Endeavor Catalyst in advancing Moniepoint’s mission to create a society where everyone experiences financial happiness.


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