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SANWO-OLU ORDERS CLEANUP ALONG LAGOS RED LINE CORRIDOR, AS RAIL PROJECT RACES TO COMPLETION

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OUTSTANDING’ LAGOS CIVIL SERVANTS GET SANWO-OLU’S N5 MILLION CASH REWARD, NEW VEHICLES

SANWO-OLU ORDERS CLEANUP ALONG LAGOS RED LINE CORRIDOR, AS RAIL PROJECT RACES TO COMPLETION

 

•Yaba Flyover opens to traffic October, says Governor during project inspection 

 

 

Lagosians may have to exercise more patience, as they anticipate the completion of the 37-kilometre-long Lagos Rail Mass Transit (LRMT) Red Line project.

 

 

 

The construction of the rail infrastructure is at the finishing stage, but Governor Babajide Sanwo-Olu said the project will not open to the public until all stations are completely furnished and safety features put in place.

 

 

 

 

The Governor, on Wednesday, undertook a comprehensive inspection of the Red Line infrastructure, traversing the major stations of the rail project. The Deputy Governor, Dr. Obafemi Hamzat, and members of the State cabinet joined the Governor on the tour.

 

 

 

 

 

Beside, Sanwo-Olu inspected retrofitting work on Talgo train coaches waiting to be deployed for the Red Line operation. The trains are being equipped in Nigeria Railway Corporation (NRC) compound, Mobolaji Johnson Station, in Ebute Metta.

 

 

 

 

 

Construction of the Red Line project, which was conceived and started by the Sanwo-Olu administration, is being undertaken by Lagos Metropolitan Area Transport Authority (LAMATA). The rail project starts from Agbado and terminates in Oyingbo.

 

 

SANWO-OLU ORDERS CLEANUP ALONG LAGOS RED LINE CORRIDOR, AS RAIL PROJECT RACES TO COMPLETION
 

 

 

Sanwo-Olu kicked off the tour with the visit to Agbado at a boundary with Ogun State, where the Governor and his team took stock of the development of the rail terminal being built hundreds of metres away from the Lateef Jakande Station owned by of the NRC.

The team stopped at the Iju and Agege terminals of the Red Line, where the stations had been completed with their platforms and furniture being fitted to prepare them for operation.

At the Ikeja mega station of the rail line, turnstiles, escalators, cooling system, lighting components and other ancillary features had been installed; only work left to do was in-building demarcations and cleaning.

At Yaba Station of the Red Line, the Governor was received by an excited crowd of residents who joined him inspecting the infrastructure.

Sanwo-Olu said he was impressed by the progress of the project and the quality of construction done, assuring Lagosians that the project would be completed by the end of the year.

The Governor ordered comprehensive cleanup of the Red Line corridor ahead of the completion, directing an immediate evacuation of illegal traders and intruders along the rail tracks.

He said: “We took the opportunity of holiday to inspect the construction of the Red Line infrastructure, which is at the finishing stage. In all the stops we have made, we could see the state of the stations and their platforms. We noticed there is still some work that still needs to be done, especially around cleaning up of all illegal activities that are being conducted on the rail corridor, which should not have happened. We are also taking final approach around all pedestrian bridges to be completed along the route.

“From my observation, I can say that I am very impressed with the level of work by all contractors working on the Red Line project. I believe we are on track to finish the project by the end of this year. We will push the contractors to work tirelessly to see how they can finish on time. We will be strict on enforcement in taking out intruders from the rail corridor. We have given evacuation notice to all traders found on the corridor; we will wall off the entire corridor to make it free for passengers movement when the operation starts.

“Construction of the Red Line is on track and a lot of people cannot wait for its completion and the day they will start using it. But we cannot take safety measures for granted. Everything must be put in place before we can launch it. That is why I have taken time to come out today and push the contractors for the cleaning up, testing and completion. We want to give the best for our citizens; this is the minimum they deserve to get from my Government.”

Sanwo-Olu said since the Red Line tracks are at grid level, it would be necessary to completely wall off the corridor to ensure non-interference with the tracks and prevent accidents that may claim lives.

From next month, the Governor said there would be relief in vehicular movement on flyovers being put in place to aid rail crossings.

Some of the completed flyovers include, Ikeja Along Flyover, Yaba and Ebute Metta flyovers.

Sanwo-Olu disclosed that Yaba Bridge would open to traffic in October, while other completed flyovers along the Red Line corridor would be opened in succession from next month before the commissioning of the rail project.

He said: “Before we finally launch the Red Line, we will give vehicular relief to our citizens around rail crossings. The first bridge we will possibly open for traffic is Yaba Bridge which will happen in October. Weeks after, we will open another bridge that has been completed and do same for others.

“The Government is on track with our promise to deliver two rail infrastructure. We have delivered the Blue Line and has started operations. The second phase of the Blue Line has been awarded and the contractor has since moved to site. Its completion may happen faster than we expected.”

Business

Adron Homes Celebrates Eid-al-Fitr, Wishes Nigerians Peace and Prosperity

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Adron Homes Celebrates Eid-al-Fitr, Wishes Nigerians Peace and Prosperity

 

Adron Homes and Properties extends warm greetings to the Muslim community across Nigeria and beyond as we celebrate the joyous occasion of Eid-al-Fitr.

As we mark the end of Ramadan, a season of faith, sacrifice, and devotion, we reflect on the values of unity, gratitude, and generosity that define this celebration. The blessings of fasting and prayers bring peace, progress, and abundance to our beloved nation, and we pray for continued harmony, stability, and prosperity for Nigeria and its people.

At Adron Homes, this season is also a time to express our heartfelt appreciation to our esteemed customers. Your trust, loyalty, and commitment to choosing Adron Homes as your partner in the journey to homeownership mean everything to us. Your belief in our vision inspires us to continue providing affordable, luxurious, and accessible housing solutions, making homeownership a reality for all.

As you celebrate Eid with your loved ones, may your homes be filled with peace, joy, and countless blessings. We remain dedicated to building vibrant communities where families can thrive and create lasting memories.

Eid Mubarak! Thank you for being part of the Adron Homes family.

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FRESH: GTCO Plc Releases 2024 Full Year Audited Results…..…Pays Shareholders Record Dividend of N8.03k for 2024 Financial Year

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FRESH: GTCO Plc Releases 2024 Full Year Audited Results…..…Pays Shareholders Record Dividend of N8.03k for 2024 Financial Year

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2024, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group reported profit before tax of ₦1.266trilion, representing an increase of 107.8% over ₦609.3billion recorded in the corresponding year ended December 2023. This performance reflects not just strong earnings but also the quality and sustainability of our earnings, underpinned by a well-diversified revenue base, robust risk management practice, and disciplined capital management.

The Group recorded growth across all financial and non-financial metrics, and continues to maintain a well-structured, healthy, and diversified balance sheet. The Group’s loan book (net) increased by 12.3% from ₦2.48trillion in December 2023 to ₦2.79trillion in December 2024, while deposit liabilities grew by 37.8% from ₦7.55trillion to ₦10.40trillion during the same period. Total assets and shareholders’ funds closed at ₦14.8trillion and ₦2.7trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 39.3%, likewise, asset quality was sustained as evidenced by IFRS 9 Stage 3 Loans which closed at 3.5% at Bank Level and 5.2% at Group in December 2024 (2023: Bank, 2.5%; Group, 4.2%) and cost of risk (COR) closed at 4.9% from 4.5% in December 2023.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), Mr. Segun Agbaje, said; “Our strong performance for 2024 underscores the resilience and depth of our business, driven by a well-diversified earnings base across our banking and non-banking subsidiaries, all of which are P&L positive. Our capacity to generate sustainable high-quality earnings, maintain strong asset quality, and drive cost efficiencies reflects the soundness of our long-term strategy and disciplined execution. We have also prudently provided for all our forbearance loans, well ahead of the June 2025 timeline, whilst fully accruing for the windfall tax, further strengthening our balance sheet and enhancing financial resilience.

He further added; “The total dividend of N8.03k for the 2024 FYE is underpinned by the quality of our earnings and is in line with our long tradition of increasing dividend pay-out year-on year. Looking ahead, we remain committed to building a Financial Services Group that thrives on innovation, operational efficiency, and sustainable profitability. We will continue to deepen our relationships with customers, leverage technology to deliver cutting-edge financial solutions, and accelerate the growth of all our business verticals—Banking, Funds Management, Pension, and Payments—to unlock new opportunities and create more value for our shareholders.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 60.5%, Pre-Tax Return on Assets (ROAA) of 10.3%, Capital Adequacy Ratio (CAR) of 39.3% and Cost to Income ratio of 24.1%.

Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services, including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets.

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Court Crushes Fraud Allegations Against Zinox Boss, Labels Case ‘Campaign of Persecution’

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Court Crushes Fraud Allegations Against Zinox Boss, Labels Case ‘Campaign of Persecution’

 

In a dramatic courtroom turn, Justice Akpan Okon Ebong of the FCT High Court has once again cleared billionaire tech magnate Leo Stan Ekeh, Chairman of Zinox Technologies, alongside his wife Chioma Ekeh and 11 others, dismissing the ₦162 million fraud allegations filed against them as a “gross abuse of court process.”

The high-profile suit was spearheaded by renowned human rights lawyer Femi Falana (SAN), who purportedly acted on the authority of a fiat granted by Nigeria’s Attorney General and Minister of Justice, Lateef Fagbemi. The case alleged fraudulent diversion of funds linked to a laptop supply contract with the Federal Inland Revenue Service (FIRS), on behalf of Benjamin Joseph, CEO of Citadel Oracle Concept Limited.

However, Justice Ebong delivered a scathing rebuke, highlighting that the case had already been exhaustively investigated by multiple courts and law enforcement agencies, all of which found the allegations unsubstantiated.

“One intriguing aspect of this matter is that none of the law enforcement agencies involved in the investigation of the nominal complainant’s (Mr. Joseph) numerous petitions has found merit in any of his allegations against the defendants,” Justice Ebong remarked, sharply critiquing the persistence of the plaintiff. The judge added, “When called upon before Senchi J. (Justice Danlami Z. Senchi) to prove his said allegations to the court, he failed to turn up in court. One then wonders on what premise he wants to maintain this campaign of persecution against the defendants.”

In his certified ruling dated March 20, 2025, Justice Ebong unequivocally stated:
“It is my conclusion based on the foregoing that this charge (No. FCT/HC/CR/985/2024, Federal Republic of Nigeria v Leo Stan Ekeh and 12 ORS) constitutes a gross abuse of court process and is liable to dismissal. I accordingly hereby dismiss it.”

Defense lawyer Chris Eze Ozims welcomed the ruling, noting, “This judgment aligns with previous court decisions, reaffirming that these allegations are baseless.”

Chief defense counsel Matthew Burkaa (SAN) went further, describing the verdict as a “victory for integrity and the rule of law.”

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