Business
FG to Rehabilitate Roads in Festac, Gwarimpa, and Lugbe Estates
The Federal Emergency Roads Maintenance Agency (FERMA) has initiated plans to rehabilitate roads leading to key Federal Housing Authority (FHA) estates, including Festac Town in Lagos, and Gwarimpa and Lugbe estates in Abuja.
During a courtesy visit by the Managing Director/CEO of FHA, Honourable Oyetunde Oladimeji Ojo, in Abuja, FERMA’s Managing Director/CEO, Engineer Chukwuemeka Agbasi, assured that the agency will ensure these roads are made motorable. He announced that a team would be formed to assess the required work, and the rehabilitation will be incorporated into the 2025 budget while also exploring alternative funding sources.
Agbasi emphasized the potential for a long-term partnership between FERMA and FHA to enhance service delivery, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes both housing and road infrastructure. He highlighted the importance of public-private partnerships (PPPs) as a solution to the Federal Government’s limited capacity to fully fund infrastructure projects, suggesting that such collaborations could help bridge funding gaps and ensure efficient project delivery.
Honourable Ojo, in his remarks, stressed that the partnership is vital to fulfilling President Tinubu’s goal of providing affordable housing. He appealed to FERMA to prioritize the rehabilitation of roads leading to FHA estates, particularly in Gwarimpa, Lugbe, and Festac, as accessible roads are crucial for the success of housing projects.
Ojo also praised FERMA for the well-maintained roads in Ekiti State and estates in Gwarimpa FCT and Kano State.
In a related development, Agbasi inaugurated the FERMA Integrated Project Delivery Team (FIPDT), a strategic initiative aimed at addressing infrastructure funding challenges through PPPs. This initiative is expected to further enhance the efficiency and effectiveness of FERMA’s operations in delivering critical infrastructure across the country.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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