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The MOFI Real Estate Investment Fund has raised N100bn from private investors in its fully subscribed Series 2 issuance, marking a milestone in mobilising private sector capital for Nigeria’s housing sector. The issuance is part of MREIF’s NGN250bn pilot fundraising, aimed at bridging the country’s housing finance gap. The announcement was contained in a statement
Hot SourceTinubu Orders Probe into Abuja Tanker Explosion as Death Toll Hits 10
•Presidential CNG office visits scene of crash, commiserates with victims’ families
•PDP blames APC for poor infrastructure
Deji Elumoye, Chuks Okocha, Emmanuel Addeh, Onyebuchi Ezigbo and Wale Ajimotokan in Abuja
President Bola Tinubu yesterday ordered a thorough investigation into the tanker explosion that resulted in multiple accidents and loss of lives in Karu, along the Abuja-Keffi highway on Wednesday night.
The President, in a release by his Adviser on Information and Strategy, BayoOnanuga, condoled with family members who lost loved ones in the inferno, which happened at the peak hour.
The president also ordered priority treatment of the injured in various medical facilities in the capital city and directed security agencies, particularly those concerned with road safety, to pay closer attention to traffic around the capital city’s entry and exit points.
Also, the office of the Presidential Compressed Natural Gas Initiative (PCNGI) yesterday visited the scene of the accident.
However, THISDAY learnt that contrary to earlier reports that the truck was laden with CNG tubes, the vehicle, which was indeed fuelled by compressed gas, was actually carrying a load of cement.
Also, it was gathered that the accident was not caused by the newly introduced fuel, but was as a result of failed brakes, causing the truck to ram into several other vehicles along the road at the time.
A statement in Abuja by the office, signed by the Technical Assistant, Stakeholder Management and Public Engagement, PCNGI, Kenechukwu Chukwu, quoted the Chief Executive & Programme Director of the PCNGI, Michael Oluwagbemi, as calling for more safety measures by truck drivers and other road users.
During the fact-finding mission, Oluwagbemi stated that while the investigation of the incident is still ongoing, a proper licensing regime for commercial drivers that require both safety and evacuation training, should be carried out.
“This morning (Thursday) at 10:49 hours, the Chief Executive & Programme Director of the Presidential CNG Initiative (PCNGI) , Mr Michael Oluwagbemi, inspected the scene of the unfortunate accident at Karu bridge in Abuja, FCT alongside officials of the Nigeria Midstream Downstream Regulatory Authority (NMDPRA) and Standards Organisation of Nigeria (SON) who are conducting their own investigations.
“Oluwagbemi commiserated with the victims of the accident and their relatives, and called for more safety awareness and adherence to safety protocols at accident scenes. He also called for better monitoring of articulated trucks for brake safety and compliance with maintenance requirements, while ensuring a proper licensing regime for commercial drivers that require both safety and evacuation training.
“Further to its preliminary findings yesterday, and its call for patience for authorities to get to the root cause of the accident, the PCNGI reiterates the intrinsic safety of compressed natural gas vehicles and enjoins all stakeholders to work towards a better monitored gas vehicle ecosystem with the proposed launch of the Nigerian Gas Vehicle Monitoring System (NGVMS),” the statement added.
To this end, Oluwagbemi, an engineer, noted that the PCNGI was committed to continued safety of Nigeria road users as it promotes alternative sources of energy that is cheaper, safer and more reliable for the economic development of the nation.
Yesterday, the Peoples Democratic Party (PDP) lamented the tragic tanker explosion that resulted in the death of several Nigerians, with many more injured and property destroyed at the Karu Bridge.
In a statement by the National Publicity Secretary, Debo Ologunagba, the PDP said the Abuja explosion added to the scary upsurge of disastrous incidents that had persistently befallen the country due the worsened state of infrastructure under the current All Progressives Congress (APC) administration.
Ologunagba said: ”This avoidable heart-rending incident in Abuja, Nigeria’s Federal Capital sadly points to the general poor management of urban infrastructure and heightened insecurity in the FCT under the current APC government.
”Our party is saddened that due to the misgovernance of the APC administration, innocent Nigerians continue to perish with families in peril, anguish and devastation over the death of their breadwinners and loved ones”.
The PDP called on the federal government to institute a system-wide investigation into the Abuja explosion and similar incidents in other parts of the country and take urgent steps to ensure safer roads in Nigeria.
The PDP saluted the efforts of rescue teams, including the Police, Federal Road Safety Corps, Nigeria Security and Civil Defense Corps, the Federal Fire Service, other agencies and patriotic Nigerians.
Meanwhile, the death from the truck explosion has risen to 10, according to the Forecasting, Response and Mitigation of the FCT Emergency Management Department (FEMD).
A statement by Head of Public Relations, FEMD, Nkechi Isa, said eight bodies were deposited at Karu Hospital Morgue, one body at Asokoro District Hospital Morgue while another body was deposited at the National Hospital.
She added that over 30 persons suffered various degrees of burns in the multiple accidents.
Some of the victims were also referred to Gwagwalada Teaching Hospital, Federal Medical Centre, Keffi and Cedarcrest Hospital Abuja for proper evaluation. No fewer than 10 vehicles were burnt during the incident.
In the meantime, the FCT Minister, Nyesom Wike, has offered to foot the medical bills of the victims of the accident.
Speaking through his Senior Special Assistant on Public Communications and Social Media, Lere Olayinka, Wike described the accident as avoidable and condoled with the families of those who lost their lives and directed continuation of treatments of those who sustained injuries.
“On my directive, the Mandate Secretary on Health and Environment, Dr AdedolapoFasawe was in Asokoro District Hospital, till today’s morning (Thursday) and she was among the medical personnel who attended to the 17 casualties brought to the hospital.
“She briefed me that after initial stabilisation, seven of the 17 casualties received were referred to National Hospital, six with minor injuries were treated successfully, three with severe burns and inhalation and crush injuries are currently receiving treatment. However, one of the casualties with third degree burns passed away while being resuscitated,” he said.
Wike urged road users, especially heavy duty vehicle drivers to always be cautious and adhere strictly to speed limits while driving. Wike said it was painful that precious lives were lost and vehicles were destroyed in an accident that could have been avoided.
He called on the Federal Road Safety Corps (FRSC) and other agencies saddled with the responsibility of ensuring safe usage of the roads to intensify efforts aimed at maintaining strict compliance with traffic rules.
•Presidential CNG office visits scene of crash, commiserates with victims’ families •PDP blames APC for poor infrastructure Deji Elumoye, Chuks Okocha, Emmanuel Addeh, Onyebuchi Ezigbo and Wale Ajimotokan in Abuja President Bola Tinubu yesterday ordered a thorough investigation into the tanker
Hot SourceSteel Development, Cornerstone of Nigeria’s Economic Growth, Says Audu
John Shiklam in Kaduna
Minister of Steel Development, Prince Shuaibu Abubakar Audu, said National Steel Raw Materials Exploration Agency (NSRMEA) was a cornerstones of the federal government’s plan to grow the economy to $1 trillion by 2030.
Speaking during a visit to the agency on Thursday in Kaduna, Audu said President Bola Tinubu was determined to rehabilitate the Ajaokuta Steel Company.
According to the minister, Nigeria imports about $4 billion worth of steel annually.
He stressed the need for import substitution to reduce pressure on foreign exchange.
Audu said, “For Nigeria to produce steel in the desired quantity we desire, it is very important that the exploration arm of the industry is operating at full capacity.”
He commended NSRMEA for its performance, stating that previous assessments ranked the agency as one of the best-performing agencies under his ministry.
The minister disclosed plans to partner with the Ministry of Defence and the DefenceIndustries Corporation of Nigeria (DICON) to produce military hardware.
He said, “One of President Bola Tinubu’s key objectives is the rehabilitation of Ajaokuta Steel Company.
“We are working towards integrating military hardware production into the complex as part of a broader plan to establish a military-industrial complex in Nigeria.”
Audu added that a Memorandum of Understanding (MoU) had been drafted and shared with DICON, and it was awaiting presidential approval.
He said as part of efforts to reposition the steel sector, plans were underway for a summit to bring together stakeholders in the steel sector to develop a comprehensive blueprint for the growth of the industry.
Audu also highlighted the progress of the Metallurgical Industry Bill, which according to him, had passed second reading in the House of Representatives.
“The bill, once passed and signed into law, will provide a regulatory framework for both private and corporate steel players, ensuring proper governance and development of the sector,” the minister said.
Audu added that the federal government was attracting foreign direct investments (FDIs) to the steel industry.
According to him, during Tinubu’s visit to New Delhi in September 2023, acommitment was made for the production of five million metric tonnes of steel in Nigeria.
He said in addition, a Chinese company was investing $300 million in a steel plant in Ogun State, which would go a long way in expanding Nigeria’s steel production capacity.
The minister expressed optimism that ongoing reforms would revive the industry.
“Our target is to produce 10 million metric tonnes of steel annually,” he stated.
“Once our plans are fully implemented in the next five years, we will achieve all our objectives and significantly reduce the country’s reliance on imported steel,” he added.
John Shiklam in Kaduna Minister of Steel Development, Prince Shuaibu Abubakar Audu, said National Steel Raw Materials Exploration Agency (NSRMEA) was a cornerstones of the federal government’s plan to grow the economy to $1 trillion by 2030.
