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Ibadan Circular Road : Makinde rescinds stop-work order

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The Governor of Oyo State, Engineer Seyi Makinde, has rescinded a stop-work order he earlier issued on the Ibadan Circular Road project.

The Governor, in issuing the fresh order, said that the decision came after a review meeting held between officials of the state government and the ENL Consortium.

He has, therefore, given a May 2020 deadline to the company to deliver the project in line with the original three-year contract.

A statement by the Chief Press Secretary to Governor Makinde, Mr. Taiwo Adisa, quoted the Governor as saying that despite the fact that the first instinct would have been to revoke the contract based on the inexplicable slow pace of work and a number of identifiable irregularities, he would want the company to deliver the contract in line with the original contract they signed in 2017.

The statement cautioned political interests who are jumping into the fray of arguments on the 32-kilometre road contract to desist from playing to the gallery just in an attempt to get counted as ‘opposition voices.’

“Opposition in a democracy is meant to be constructive and reasonable and not a set of characters that defend underhand dealings and shady activities.

“A number of issues don’t look straight on the Ibadan Circular Road Project, ranging from the cost of the contract to the capacity of the consortium and eventual value for money realities.

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“It is preposterous for any political party or group to jump at such a critical issue without being abreast of the facts of the matter and by merely trying to play to the card of unbridled opposition.

“Governor Seyi Makinde has, therefore, given the ENL Consortium, the go-ahead to complete the project by May 2020 as specified in the contractual agreement it signed with Oyo State Government,” the statement reads.

The decision to rescind the stop work order came on the heels of a follow-up meeting at the State Secretariat, Agodi, Ibadan shortly after the Governor conducted an inspection tour of the project.

The statement added,  “The Ibadan Circular Road Project is a 32-kilometre road contract awarded by the immediate past administration under a Build Operate and Transfer concessionaire arrangement at the cost of N67 billion.

“However, discoveries by the incumbent administration in Oyo State have confirmed that besides the extremely slow pace of work on the contract which meant that only 5.5 percent of work had been done in two and a half years, sections of the cost quoted may be apparently unjustifiable.

“For instance, documents at the disposal of Oyo State Government indicate that the ENL Consortium originally quoted N14 billion as the contract sum, whereas the former government went ahead to sign the contract at N67 billion.

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“Again, the sum of 11 billion is being quoted for clearance of the bush on the 32-kilometre stretch of the road, while the same consortium is claiming to have spent the sum of N5 billion on some four or five culverts

“Governor Makinde considers the project to be very strategic to the economic expansion agenda of his Government, and therefore ordered that since the consortium now claims to now have the required funding, they could as well deliver the project by May 2020, in line with the contract they signed in 2017.

“The decision to allow the consortium run out its contract through was informed by the need not to plunge the State into needless legal battles and thereby cause encumbrances that can hinder the development of the State.

“The State government is ready to hold ENL Consortium to its words and the dictates of the contractual agreement on the road. It is expected that the Consortium would put in place all things necessary to ensure it delivers on the terms of the all-important contract”

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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