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Enugu Modern Transport Interchange: Payment of compensation to Holy Ghost property owners begins .

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Ahead of the commencement of construction of a new and modern transport Interchange (bus terminal) at Market Road, Enugu (Enugu Central Station), popularly known as Holy Ghost, the leaser of properties at the site will, from Tuesday, start receiving their compensations as agreed with the Nigerian Railway Corporation, the lessor.
The commencement of payment was made known to the Enugu State Commissioner for Transportation, Dr. Obi Ozor, on Monday.
Recall that the Enugu State governor, Dr. Peter Mbah, had, on 19th October, 2023, met with critical property owners and stakeholders on the proposed Enugu Central Station. At the meeting, Mbah had explained that the proposed Enugu Central Station was part of the larger infrastructure plan, which also includes other major modern transport interchanges at Garki, Abakpa Nike, and Nsukka. The aim, he said, was to alleviate the perennial traffic congestion, enhance safety, preserve road assets, optimise transport efficiency, and address various needs of transport sector operators in the state. He, therefore, sought their cooperation towards the realisation of the project.
Citing similar world-class developments in other parts of the world like Dubai, and Singapore, among others, Governor Mbah said there was no reason Holy Ghost bus terminal could be allowed to continue in its present state of decay, perennial traffic congestion, and high-level crimes when such overseas feats could be replicated through conscious efforts and planning.
Sequel to the meeting, the Commissioner for Transportation had on 20th October, 2023 letter formerly notified each individual occupant over a six-month notice of the government’s intention to use the location, while the lessors, the Railway Property Management Company Ltd. equally served the leasers notices of recovery of property to the on 22nd April, 2024 in line with their term of the lease.
In a copy of one of the letters by Railway Property Management Company Ltd. entitled “Notice of Recovery of Railway Land Along Market Road, Enugu”, referenced as T/P. 1794/VOL.1, signed by the Director of Land and Estate Services, A.O Abdulsalam, for the company’s Managing Director, it said the Federal Ministry of Transportation had agreed to release the said portion of Railway land to the Enugu State Government for a modern bus terminal.
The letter reads in part: “We refer to your lease of Railway land along Market Road, Enugu with Ref. No. T/P. 1794/VOL. 1 dated 02/08/2017.
“Please, be informed that the Federal Ministry of Transportation, on behalf of the Federal Government has agreed to release the portion of the NRC land, which was earlier allocated to you as referenced above, to the Enugu State Government to construct a modern transportation hub under the Transport Infrastructure Project.
“In line with our contractual agreement, the Enugu State Government has agreed to compensate you for the structures (s) constructed on the land based on an independent valuation of your structure on the land.
“Therefore, you are kindly requested to provide us with your account details through our Enugu Zonal Manager on or before 26th April 2024 to enable the Enugu State Government to credit your account with the necessary payment.
“Furthermore, as a kind gesture, the Enugu State Government has agreed to do the following: To provide you with an alternative temporary location to ease your business pending when the project is completed; to also give you the right of first refusal to return to the newly completed structure.”
Throwing more light on the development, Enugu State Commissioner for Transportation, said the temporary places had since been allocated to the affected businesses, with some already developing the new place.
“But importantly, I can say with certainty that they will start receiving alerts latest from Tuesday based on the compensation advisory sent to the state government by the Nigerian Railway Property Management Company Ltd. These are huge sums of money, but we have to do it to ameliorate the temporary inconveniences,” Ozor stated.
Meanwhile, at the meeting with Governor Mbah last year, the property and business owners, in addition to legitimate tenants numbering over 29, commended the project.
The event was attended by the owners and representatives of Anaocha South Mass Transit, Chisco Transport Company, Onitsha South Mass Transit, Farm Associates Limited, Dozie Oil Limited, A.C. Decanal Limited, Harco Oil, Pilgrimage Sisters (Osisatech), Okeyson Transport Limited, MDS Logistics Limited, Beach Crushers Association, FCMB, and Ecobank, among others.
Also, during a visit to Mbah in November to better know the project, the Chairman/CEO of Chisco Transport, Chief Chidi Anyaegbu, lauded Governor Mbah for taking responsibility to build such an important transport…

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Dangote Sugar, Oando, other stocks push NGX to N1.185tn gains

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Oando, Dangote Sugar and other stocks have propelled Nigerian Exchange Limited, known as the Nigerian Stock Market, to a significant N1.185 trillion single-day gain.

Accordingly, NGX market capitalisation increased by 1.57 percent to reach N76.761 trillion, up from N75.576 trillion recorded on Tuesday.

Similarly, the All-Share Index (ASI) rose by 1,466.87 points, or 1.22 percent, settling at 121,257.69 from its previous close of 119,790.82.

Other stocks that fueled the bullish run on Wednesday are Cileasing, Champion Breweries, and 59 other stocks.

Consequently, Ekwutosblog reports that market breadth closed positive, with 63 gainers and 17 losers.

On the gainers’ table, Dangote Sugar rose by 10 percent, closing at N48.40, while Oando Plc also increased by 10 percent, settling at N68.75 per share. Then, Cileasing grew by 9.98 percent, finishing at N5.18, and Champion Breweries soared by 9.98 percent, ending the session at N10.91 per share.

 

Also, Computer Warehouse Group gained by 9.95 percent, closing at N11.60 per share.

Meanwhile, conversely, University Press dropped by 6.25 percent, finishing at N6.00, while RT Briscoe fell by 6.12 percent, closing at N2.30 per share.

Multiverse Mining declined by 4.89 percent, settling at N8.75, and Meyer shed 4.69 percent, ending the session at N9.15 per share.

In another level of analysis, a total of 861.67 million shares worth N26.18 billion were exchanged across 22,896 transactions.

This is compared to 868.68 million shares worth N23.71 billion that were traded across 22,207 transactions earlier.

Market data showed that transactions in the shares of Fidelity Bank topped the activity chart with 82.98 million shares worth N1.66 billion. Accordingly, Caverton Offshore Support Group followed with 64.18 million shares valued at N319.69 million, while Zenith Bank transacted 60.62 million shares worth N3.45 billion.

Also, Ja Paul Gold traded 56.26 million shares valued at N115.35 million, and Access Corporation sold 48.59 million shares worth N1.12 billion.

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Naira continues depreciation against dollar at official forex market

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The naira continued depreciation against the dollar at the official foreign exchange market on Wednesday.

The Central Bank of Nigeria exchange rate data on Wednesday showed that the Naira weakened slightly to N1,549.26 on Wednesday from N1,549.04.

This means that the Naira marginally dropped by N0.22 against the dollar on Wednesday.

Ekwutosblog reports that this is the third time Naira has recorded depreciation against the dollar this week.

Meanwhile, at the Naira black market, the Naira gained N5 on Wednesday to close at N1,590 per dollar, up from N1,595 the previous day.

This showed that the naira ended Wednesday with sentiments at both foreign exchange markets.

 

Recall that on Monday and Tuesday this week, the Naira depreciated at the official market but has remained relatively stable at the black market.

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Tinubu, Cardoso rally stakeholders as Afreximbank meeting begins in Abuja

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President Bola Tinubu and the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, have rallied stakeholders as the African Export-Import Bank Annual Meeting takes off in Abuja, Nigeria.

The meeting will hold from Wednesday, 25th, to Friday, 28th June, 2025.

Tinubu, represented by his special economic adviser, Tope Fasua, highlighted the significance of Afreximbank to the economic prosperity of the African continent.

On his part, the apex bank governor, Cardoso, lauded the strides of Afreximbank.

“From an initial capital base of $750 million—a relatively small amount by international standards—the bank has expanded its capital assets to over $40 billion as of the end of last year,” he stated.

The AAM 2025 has in attendance an avalanche of chief executives of banks in Africa, senior officials of government, captains of industry and participants across the continent.

The event with the theme “Building the Future on Decades of Resilience” reflects Afreximbank’s objective to unlock economic prosperity for Africa.

The spokesperson of the bank, Vincent Musumba, on Tuesday announced that the bank’s assets rose to $40 billion from $4 billion under the leadership of outgoing President, Prof. Benedict Oramah.

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