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

Published
11 months agoon
By
Ekwutos Blog
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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Business
Dangote refinery, NNPC: More fuel stations increase pump price in Nigeria

Published
2 days agoon
April 4, 2025By
Ekwutos Blog
The price of Premium Motor Spirit, popularly known as fuel, has recorded a significant increase in the past days, which may worsen the economic hardship Nigerians face.
MRS, a filling station partner of Dangote Refinery, kicked off the latest fuel price increase when it adjusted its petrol pump to between N925 and N950 per litre in Lagos and the Federal Capital Territory, Abuja.
Similarly, other fuel marketers such as Empire Energy, Recoil, Juda Oil, Total, Emedab, and others also increased their fuel pump to between N950 and N970 per litre.
On Wednesday, the Nigerian National Petroleum Company Limited retail outlets also jacked up their fuel price to N950 per litre from N880 in Abuja.
Summarily, Ekwutosblog observed motorists will have to pay N70 more to buy a litre of petrol in the coming days.
The development comes amid the suspension of petrol product sales in Naira by Dangote Refinery. This follows the initiation of the naira-for-crude sale deal between Dangote Refinery and the federal government through NNPCL.
On Wednesday, President Bola Ahmed Tinubu announced a reshuffling of NNPCL.
Meanwhile, local oil prices are increasing in Nigeria, despite the decline in global crude prices. As of the time of this report, United States West Texas Intermediate was at $62.15 per barrel, down from above $65, while Brent crude stood at $65.42 per barrel, down from $72 last week.
Business
Global Billionaires’ Net Worth Plummets by $65 Billion Amid Market Downturn

Published
3 days agoon
April 4, 2025By
Ekwutos Blog
In a significant setback, the world’s wealthiest individuals collectively lost over $65 billion in net worth today, as key market sectors experienced a sharp downturn.
This decline affected prominent figures in technology, finance, and other industries, sending shockwaves through financial markets.
Ekwutosblog reports that the downturn occurs amidst cautious optimism that new US policies may not be as severe as initially feared.
However, the immediate impact has already been felt, leading to a decline in the net worth of billionaires such as Elon Musk, Warren Buffett, and Jeff Bezos, amongst others who have significant stakes in tech, finance, and other industries.
The global billionaire population has been growing, with over 2,850 individuals representing almost $15 trillion in wealth.
Despite this growth, the market downturn serves as a reminder of the volatility and risks associated with wealth concentration.
Business
Sterling Bank Makes History: Scraps Transfer Fees for Local Online Transactions, Earns Praise from Lawmakers, Including Mohammed Bello El-Rufai, and the Public

Published
3 days agoon
April 3, 2025By
Ekwutos Blog
Sterling Bank has taken a groundbreaking step to ease the financial burden on Nigerians by eliminating transfer fees and other charges for local online transactions.
This move is a significant stride towards financial inclusion and customer-centric banking, particularly during a time when economic pressures are high.
Ekwutosblog gathered that this initiative has been commended by Mohammed Bello El-Rufai, Chairman of the House Committee on Banking Regulations, who praised Sterling Bank’s commitment to creating a more accessible and equitable banking system.
El-Rufai encouraged other financial institutions to follow Sterling Bank’s example, emphasizing that a competitive banking sector prioritizing Nigerians’ interests will strengthen the economy and rebuild public trust in financial services.
Sterling Bank’s decision to scrap transfer fees is expected to benefit individuals and small business owners who frequently make online transactions. The bank’s customers can now perform local transfers via the mobile app without incurring any charges. Obinna Ukachukwu, Growth Executive at Sterling Bank, stated that access to one’s own money shouldn’t come with a penalty, highlighting the bank’s values-driven approach to customer-centric banking.
This move has sparked widespread public approval, with many calling on other banks to adopt similar policies.
As policymakers, El-Rufai reiterated their commitment to fostering a regulatory environment that encourages pro-customer initiatives while ensuring sustainability within the banking sector.

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