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Rail Transport Revenue Jumps 33% in Q2, 2023

By
Rhoda Onuzulike
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Nigeria earned N1.3 billion in the second quarter of 2023, representing a 33 per cent increase from N983,874,805 earned in the first quarter of the year and a 76.6 per cent increase compared to N740 million achieved in Q2, 2022.

Of the total revenue generated in the period, N1.10 billion was received from passengers. This an increase of 83.88 per cent from the N598.74 million recorded in the same quarter of 2022.

Similarly, N188 million was received from goods/cargos conveyed in the period under review, up by 105.04 per cent from N91.70 million received in Q2, 2022. Other receipts amounted to N18.7 million, indicating a 62.31 per cent decline from N49.73 million recorded in Q2, 2022.

6 Months Report: Rail Transport Revenue Rises 42% To N2.93trn

According to the ‘rail transport data Q2 2023’ report released by the National Bureau of Statistics, a total of 474,117 passengers travelled via rail system in the period, as compared to 441,725 and 422,393 in Q1 2023 and the corresponding quarter of 2022.

The volume of goods /cargos transported in the period stood at 56,029 tons compared to 31,197 tons recorded in Q2, 2022.

This is as the Minister of Transportation, Saidu Alkali during a visit to the Idu train station, pledged President Tinubu-led administration’s commitment to addressing the challenges bedevilling railway services in the country.

According to him, his team were ready to work with the Ministry of Defense to strengthen the security of facilities and passengers.

Nigeria Stocks Market Records N464bn Lose

By
Rhoda Onuzulike
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Investors in Nigeria’s equities market booked about N464billion loss on Monday as the market recorded its first decline this week.

Investors continued to take profit from stocks like NASCON and Dangote Sugar Refinery that had rallied due to their merger plans.

The stock market dropped by 1.24percent at the close of trading on Monday as investors on the Nigerian Bourse in 9,914 deals exchanged 520,133,186 shares valued at N8.334billion.

The stock market’s key performance indicators – Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding day’s 68,143.34 points and N37.295trillion respectively to 67,296.18 points and N36.831trillion.

NASCON dropped from N58 to N52.20, down by 10percent, while Dangote Sugar Refinery dipped from N64.15 to N57.75, losing 10percent. Etranzact was also down, from N10 to N9, losing 10percent, while Learn Africa lost 9.9percent of its day-open value after moving from N3.65 to N3.29.

The market’s return year-to-date (YtD) stood lower at +31.31percent.

“We foresee investors sentiment tilted more toward listed corporates with strong and pending corporate actions,” said Lagos-based analysts at United Capital.

According to them, “investors will look to take positions across listed Tier 1 banks that are yet to release their half year (H1) 2023 financials. Overall, we expect a group of investors to remain tilted toward the money market, in a bid to take advantage of the elevated interest rate.

Equities Market Moves Further South by 0.3%

“This will be translated into pockets of bearish sentiments. However, fund managers and risk inclined investors may continue cherry-picking stocks with strong fundamentals and improved dividend yield”.

According to Futureview research analysts in their September 11 note, “We anticipate bullish sentiment trading as banks announce high PAT in H1 results. We advise investors to invest in high-quality stocks with strong fundamentals supporting them”.

Also in their recent note, Meristem analysts said, “In our view, the positive momentum in the Nigerian equities market will be sustained this week as investors continue to seek bargain hunting opportunities in the market.

“In addition, we underpin that the recent developments by the current administration to build bilateral trade relationships with foreign bodies could prompt investors to take long position on tickers in the local bourse.

“Also, further earnings releases and dividend declarations from the tier-1 banks are poised to drive buying activities in the banking sector this week”.

The Meristem analysts further said, “the tepid system liquidity ahead of the Bonds and T-bills auction this week is likely to cause a flow of funds from the equities market and withhold inflow of new funds. Also, we note that prices are trading beyond fundamentally justifiable levels, which could spur occasional profit taking. Ultimately, we expect the Nigerian equities market to close up this week”.

Quake Survivors In Morocco Sleep On Streets Of Marrakech

By
Angel Gimalo
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People in Morocco slept in the streets of Marrakech for a third straight night as soldiers and international aid teams in trucks and helicopters began to fan into remote mountain towns hit hardest by a historic earthquake.

The disaster killed more than 2,100 people — a number that is expected to rise — and the United Nations estimated that 300,000 people were affected by Friday night’s magnitude 6.8 quake.

Amid offers from several countries, including the United States and France, Moroccan officials said Sunday that they are accepting international aid from just four countries: Spain, Qatar, Britain and the United Arab Emirates.

“The Moroccan authorities have carefully assessed the needs on the ground, bearing in mind that a lack of coordination in such cases would be counterproductive,” the Interior Ministry said in a statement.

While some foreign search-and-rescue teams arrived on Sunday as an aftershock rattled Moroccans already in mourning and shock, other aid teams poised to deploy grew frustrated waiting for the government to officially request assistance.

“We know there is a great urgency to save people and dig under the remains of buildings,” said Arnaud Fraisse, founder of Rescuers Without Borders, who had a team stuck in Paris waiting for the green light. “There are people dying under the rubble, and we cannot do anything to save them.”

Help was slow to arrive in Amizmiz, where a whole chunk of the town of orange and red sandstone brick homes carved into a mountainside appeared to be missing. A mosque’s minaret had collapsed.

“It’s a catastrophe,’’ said villager Salah Ancheu, 28. “We don’t know what the future is. The aid remains insufficient.”


Residents swept rubble off the main road into town and people cheered when trucks full of soldiers arrived. But they pleaded for more help.

“There aren’t ambulances, there aren’t police, at least for right now,” Ancheu said, speaking about many parts of the region on Sunday morning.

Those left homeless — or fearing more aftershocks — slept outside Saturday, in the streets of the ancient city of Marrakech or under makeshift canopies in hard-hit Atlas Mountain towns like Moulay Brahim. Both there and in Amizmiz, residents worried most about the damage in hard-to-reach communities. The worst destruction was in rural communities that rely on unpaved roads that snake up the mountainous terrain covered by fallen rocks.

Those areas were shaken anew Sunday by a magnitude 3.9 aftershock, according to the U.S. Geological Survey. It wasn’t immediately clear if it caused more damage or casualties, but it was likely strong enough to rattle nerves in areas where damage has left buildings unstable and residents feared aftershocks.

UN Rights Chief Criticizes Russia For Quitting Black Sea Grain Deal

By
Zoe Maven
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The United Nations Rights Chief Volker Turk has blamed Russia’s exit from the Black Sea grain deal as well as its attacks on agricultural facilities for higher food prices.

Turk who was speaking at the opening of the Human Rights Council session in Geneva was referring specifically to high malnutrition rates in Somalia amid drought.

Russia quit the U.N.-brokered grain deal, aimed at easing a global food crisis, in July.

In the same speech evoking human rights crises around the world, Turk referred to a series of incidents of Koran burning in Sweden and elsewhere repugnant.

He also called for strong remedial action from China in response to a report from his predecessor a year ago that highlighted possible crimes against humanity committed against Muslims in Xinjiang.

Ukraine has accused Russia of intentionally striking grain terminals and infrastructure in the Black Sea port of Odesa and elsewhere. In some cases, Russian state media have claimed the facilities were housing mercenaries and military hardware, without providing evidence.

Russia’s Putin, Malian Leader Advocate Political Solution In Niger

By
Zoe Maven
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FILE PHOTO: Malians hold a photograph with an image of Colonel Assimi Goita, leader of Mali's military junta, and Russia's flag during a pro-Malian Armed Forces (FAMA) demonstration in Bamako, Mali, May 28, 2021. REUTERS/ Amadou Keita/File Photo

Russian President Vladimir Putin and Mali’s military ruler, Assimi Goita, are advocating a political settlement in Niger, where the coup leaders have accused France of planning a military intervention.

Moscow said Putin and Goita had talked by telephone at Bamako’s request where they discussed the situation in Niger and said the political crisis sparked by a coup d’état on 26 July should be resolved through political and diplomatic means.

The Kremlin said Putin and Goita also discussed cooperation between Russia and Mail on economic and commercial issues, and on “anti-terror” operations.

Goita thanked Russia for vetoing an attempt by the United Nations Security Council to keep a team of UN experts in Mali.

The comment came a day after Niger’s military rulers accused former colonial power France of assembling troops, war materials and equipment in several neighbouring West African countries.

The West African regional bloc ECOWAS has threatened to intervene militarily in Niger over the coup, which ousted elected president Mohamed Bazoum.

ECOWAS leaders say they have to act after Niger became the fourth West African nation since 2020 to suffer a coup, following Mali, Burkina Faso and Guinea.

Mali has shifted sharply to Russia since back-to-back coups in 2020 and 2021, becoming one of the few nations to back Moscow at the United Nations over its invasion of Ukraine.

Neighbouring Mali voiced support for Niger’s new military rulers shortly after the July takeover and has on several occasions stated its opposition to a military intervention there.

Luis Rubiales Resigns As President Of Spanish FA

By
Zoe Maven
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Luis Rubiales has resigned as president of the Spanish Football Federation following criticism for kissing Spain forward Jenni Hermoso at the Women’s World Cup final presentation ceremony.

Rubiales said he had submitted his resignation to federation acting president Pedro Rocha as well as resigned from his position as vice-president of Uefa’s executive committee.

Rubiales’ statement read after the quick suspension carried out by Fifa, plus the rest of open proceedings against me, it is evident that I will not be able to return to my position

The fallout from the kiss has engulfed Spanish football in recent weeks and overshadowed Spain’s World Cup win, with Rubiales ignoring repeated calls to resign.

Hermoso, said the kiss after Spain beat England was not consensual and she filed a legal complaint last Tuesday and on Friday, a prosecutor filed a complaint with Spain’s high court – following Hermoso’s testimony against Rubiales for sexual assault and coercion.

Rubiales claimed the kiss was mutual and consensual but had been provisionally suspended by football’s world governing body Fifa. He said he hoped his departure would boost Spain’s joint bid with Morocco and Portugal to host the 2030 World Cup.

Some 81 Spain players, including all 23 World Cup winners, said they would not play for the national team again while Rubiales was in his position.

A high court judge will now assess the complaint and decide whether to accept or archive the request. If accepted, a magistrate will be assigned to lead an investigation, which will conclude either with a recommendation for the case to go to trial or be dismissed.

Two Years Reasonable For Gabon’s Return To Civilian Rule – PM

By
Zoe Maven
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The transitional Prime Minister in Gabon says a two-year deadline for the free elections promised by the military that overthrew President Ali Bongo was a reasonable objective.

Raymond Ndong Sima, a civilian appointed Prime Minister by the military last Thursday, elaborated by stating it was a good idea to start with a reasonable objective with hopes to see the process completed in 24 months, and return to elections.

Ndong Sima who was previously a leading opposition figure to ousted president Ali Bongo, was appointed head of the transitional government by General Oligui Nguema.

On August 30, the army overthrew Ali Bongo Ondimba, who had been in power for 14 years, moments after he was proclaimed re-elected in an election deemed fraudulent by the military and the opposition.

General Brice Oligui Nguema, proclaimed President of the transition, immediately promised to return power to civilians through elections at the end of a period which he did not announce.

On Saturday, Ndong Sima announced the composition of his government, appointed by General Oligui and comprising former ministers of the deposed president, members of the former opposition and civil society figures previously hostile to Mr. Bongo and his family, who had ruled the country for over 55 years.

The transitional charter put in place by the military prohibits members of the provisional government, including Ndong Sima, from standing in the forthcoming elections, but does not explicitly exclude General Oligui from running for the presidency.

General Oligui has also promised a new constitution, to be adopted by referendum, and a new electoral code, with the participation of all the living forces of the Nation.

ICRC Says Yemen’s Explosives Contamination Among World’s Worst

By
Zoe Maven
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1

International Committee of the Red Cross, ICRC has warned that Yemen has one of the world’s highest rates of contamination with landmines and other deadly explosives, nine years after the start of the brutal civil war.

The organization says the country is among the three countries worst affected by landmines and other deadly explosives.

The impoverished Arab nation, plunged into conflict when Iran-backed Huthi rebels seized the capital in September 2014, is among the three worst affected countries.

Experts estimate that at least one million mines have been planted during Yemen’s years of turmoil, causing a daily hazard along with unexploded shells and other military detritus.

A Saudi-led military coalition has been fighting the Huthis since March 2015 in a conflict that has left hundreds of thousands dead from direct and indirect causes such as famine.

According to the UN-linked Civilian Impact Monitoring Project, landmines, unexploded shells and other leftovers from fighting caused 1,469 civilian casualties over the past five years.

The ICRC also added that after conducting a series of interviews last year, it found that twenty percent of livestock owners living in two areas close to frontlines reported explosives contamination on their land.

Another ICRC survey of shepherds found that 70 percent had lost animals to landmines and other explosives.

Fighting in Yemen has calmed markedly after a UN-brokered ceasefire came into effect in April 2022 and has largely held even after the agreement lapsed in October 2022.

Egypt Angry As Ethiopia Fills Nile Dam Reservoir

By
Zoe Maven
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0

Egypt is expressing anger after Ethiopia announced it had filled the reservoir at a highly controversial hydroelectric dam on the Blue Nile river.

Egypt relies on the Nile for nearly all its water needs and the country’s foreign ministry said Ethiopia was disregarding the interests of the downstream countries.

Ethiopia has been in dispute with Egypt and Sudan over the megaproject since its launch in 2011 but says the $4.2bn dam will not cut their share of Nile water.

Ethiopia believes the Grand Ethiopian Renaissance Dam (Gerd) will double the country’s electricity output, providing a vital development boost, as currently half the 127-million population lacks electricity.

The plan is to generate more than 6,000 MW at the dam, which is about 30km from Ethiopia’s border with Sudan.

Egypt and Sudan argue that common rules for the operation of Gerd must be agreed, fearing that energy-hungry Ethiopia may exacerbate their existing water shortages.

Negotiations over the project resumed last month, having been suspended in 2021.

Sudan – currently mired in fighting between rival armies – did not immediately react to Prime Minister Abiy Ahmed’s announcement on Sunday.

In a statement on Facebook the Egyptian foreign ministry said Ethiopia’s “unilateral” filling of the reservoir violated a declaration of principles signed by the three countries in 2015, and branded Ethiopia’s action “illegal”.

Death Toll From Greece Floods Rises To 15

By
Zoe Maven
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0

Rescue workers in Greece say the death toll from flooding that has ravaged villages has risen to 15 people dead, with at least 11 fatalities from the devastating floods.

In a statement the Greek fire service said a total of 4,250 people were rescued and brought to safety on Saturday and into Sunday while Experts have described the event as “extreme in terms of the amount of water falling in a space of 24 hours.

Earlier in the day, three bodies, including a 65-year-old man and his 88-year-old mother, were found near the town of Karditsa, where rescue operations are continuing unabated.

The storm dubbed Daniel hit the coastal region of Magnesia on Monday and Tuesday, in particular its capital, the port city of Volos and the villages around Mount Pelion, before hitting localities around Karditsa and Trikala further inland on Wednesday.

According to local reports say the flooding has laid waste to thousands of hectares of rich agricultural land and farmers have also lost substantial livestock numbers.

In the port city of Volos, the water supply has become a problem, since pumping stations and a large part of the supply network were damaged. The health ministry has warned that the water is not suitable for drinking and there are reports of gastroenteritis emerging.

The entire Pelion peninsula region is still affected by power and water cuts, while main roads have been damaged by the torrential rain.

The situation also remains worrying near the city of Larissa, where the Pinios river has overflowed its banks and water is rising dangerously on the outskirts of the town.

Combined with other factors such as urbanisation and land-use planning, these more intense rainfall events contribute to flooding.

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