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NPA to address stakeholders’ concerns over electronic truck call-up system – MD

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Ports

The Nigerian Ports Authority (NPA) says it is ready to tackle all concerns raised by port users on the implementation of the electronic scheduling system for trucks doing business in the ports.

Its Managing Director, Mr Mohammed Bello-Koko, stated this on Tuesday in Lagos while reviewing the state of implementation of the policy, popularly known as “ETO system”, a year after it took off.

“We are ready to effectively tackle all concerns raised by port stakeholders; having operated the novel electronic call-up system for about a year, it should be expected that some of the teething issues should give way.

“All lingering issues will require a bit of time to resolve. The important thing is that we are committed to resolving them,” he said.

While commending the effort and investments made by Messrs Truck Transit Park (TTP) Ltd, operator of the call-up system, the NPA helmsman said he recognised that change could sometimes be a painful process.

“In particular, managing the transition from a manual to an electronic call-up system for cargo trucks can be tough, so we have implored the system operator to up its game, in view of the frustrations being expressed by users of the system.”

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According to him, the electronic call-up system, popularly called ‘ETO’, has revolutionised delivery and evacuation of shipments at the port, hence the need to put in everything required to sustain its positive on the country’s port industry.

“We are quite aware that about a year after it was introduced, some are yet to fully integrate their trucking business with the ‘ETO’ system, so we are in regular touch with the system operator and very soon necessary remedies to address these issues would be rolled out,” he said.

Bello-Koko further explained that the progress so far achieved had improved time per trip and increased return on logistics investments for haulage operators.

“You will recall that one of the very first places I visited personally, while as acting Managing Director, was the Ijora operational headquarters of the electronic call up system.

“After that visit, I also undertook a first hand assessment of the critical infrastructure in relation to the delivery of ‘ETO’ at the two Lagos ports.”

The managing director acknowledged that traffic had not been free-flowing from the Mile 2 to Tin-Can Island Port.

“This is the encumbrance that the electronic call-up is facing along that axis. What we presently have along the Tin-Can Island Port corridor would clear-out once the road reconstruction is completed.

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“We are in constant touch with the Controller of Works in Lagos and the contractors, all in our bid to ensure that the access road from Mile 2 becomes motorable as the one from Ijora into Apapa,” he said.

He said that the NPA had donated 24 new motor bikes to strengthen traffic monitoring and enforcement along the access roads to the Lagos Ports Complex and Tin-Can Island Port.

According to him, “the NPA management is not unimindful of the issues militating against seamless flow of traffic in and out of the port; we are proud of our partnership with the Lagos State Government in this regard.

“We will continue to deploy innovative measures towards eliminating all encumbrances impeding smooth movement of trade along the access roads to the port.

“Our resolve as management of the NPA is to ensure that the goals behind the introduction of the electronic call up system are achieved. We will continue to collaborate with Messrs TTP Ltd, the Lagos State Government and other stakeholders, including the trucking companies.

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“There is a remarkable improvement in the traffic situation along the port corridor, so we appeal to truckers to be patient with the electronic call-up system, even as we work towards the attainment of all deliverables.

“We know that an efficient call-up system requires a superb IT to manage truck movement right from the various parks into the seaports. We are working in concert with the operators to improve the situation.

“We look forward to when there will be total removal of personal contact in truck scheduling into the port.

“For this to happen, there must be an efficient IT infrastructure, hi-tech access control, a 24-hour power supply and electronic-controlled monitors at the various truck pre-gates and parks,” the NPA MD stated. (NAN)



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Business

Elon Musk Terminates $44bn Deal To Buy Twitter

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Elon Musk Naija News 247

The world the richest man and the Chief Executive Officer (CEO) of Tesla Inc, Elon Musk has terminated his $44 billion Twitter deal.

This was confirmed by Reuters on Friday, quoting the elite as saying that the social media company had failed to provide information about fake accounts on the platform.

In a filing, Musk’s lawyers said Twitter had refused to respond positively to a series of requests for information on fake or spam accounts on the microblogging platform, which is fundamental to the company’s business performance.

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Twitter in April 2022 confirmed it had accepted the $44 billion bid by the billionaire entrepreneur.

Shares of Twitter were down 7% in extended trading. Musk was said to have earlier offered $54.20 per share in April.

On the micro-blogging platform, Twitter’s chairman, Bret Taylor, said that the board planned to pursue legal action to enforce the merger agreement.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Taylor wrote.

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However, Musk’s lawyers mentioned in a filing that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement.”

Due to the emerging development on Friday, Musk would be required to pay a $1 billion breakup fee if he does not complete the transaction.

Naija News 247 understands that Musk’s latest decision will likely result in a long protracted legal tussle with the 16-year-old San Francisco-based company.

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Business

Forex trading sessions in Nigeria time explained

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Forex trading sessions in Nigeria time

Naija News

Forex trading sessions in Nigeria time

For five days a week, the currency market is open 24 hours a day. This indicates that every currency pair can be traded throughout the weekdays, except on weekends, unless otherwise specified.

However, certain hours of the day may be better for traders than others.

When forex trading, there is always a market, however, there are periods when the market is choppy and others when it’s calm.

In addition, different currency pairs show varied levels of activity at different times of the day because of the overall demography of the market players who are online at the time.

The forex market experiences varied levels of volatility at different times of the day for different currency pairs. This is also true for trading times in Nigeria, and in this article we consider the best Forex trading sessions in Nigeria time.

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Understanding Forex trading sessions

Many institutional and individual forex traders benefit from a 24-hour forex market since it provides liquidity and the ability to trade at any time. When it comes to currency trading, each individual trader has a limited amount of time to check their positions.

The Asian, European, and North American sessions, which are also known as the Tokyo, London, and New York sessions, are traditionally divided into three peak activity periods.

These three cities’ names are sometimes used interchangeably since they symbolize the most important financial hubs in each of their respective areas.

Most banks and corporations in the respective regions do their day-to-day transactions during this time, and there is also a higher concentration of online speculators.

The Asia session

The Asian markets are the first to react when liquidity returns to the forex (or FX) market at the beginning of the week. The Tokyo capital markets, which are unofficially representative of activity in this region, are open from midnight to 6 a.m. every day GMT.

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The European session

At this point, Asian trading hours come to an end and the European session takes over. This FX time zone has a lot of big financial markets in it, making it quite busy. The European session’s parameters have been set in London until now.

The North American session

By the time the North American session begins, the Asian markets will have been closed for several hours, but for European traders, the day is only halfway through. There is a lot of action in the United States, as well as Canada, Mexico, and South America, during this session. 

The best time to trade in Nigeria

For Nigerian traders, the best time to trade most currency pairs in summers is from 13:00 to 17:00 WAT, while in winters it is considered to be from 14:00 to 18:00 WAT. 

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During this time, most African countries, including Nigeria, are open for business. The London and New York trade sessions are both active at this moment. For all currency pairs including European, American, and African currencies, spreads are at their lowest at these times. 

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Business

Bread producers threaten strike over hike in production cost

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Bread price hike

Naija News

The producers of bread claimed that the rise in the cost of bakery supplies had made their operation unprofitable.

Bread producers and caterers have threatened to embark on a nationwide strike over the unprecedented increase in prices of bakery materials.

They also accused the Federal Government of turning a blind eye to the development.

This was contained in a communiqué issued by the Association of Master Bakers and Caterers of Nigeria on Friday, June 24, 2022.

The body noted that the high cost of flour, sugar and other materials used in the bakery business has pushed many bakers to the brink.

The communiqué, which was issued after the National Executive Council meeting of the association in Abuja, stated that the bakers would withdraw services from July 13, 2022.

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The bakers also revealed that attempts to get the government’s intervention in the matter had proven abortive, as there had been no favourable response from the concerned ministries, departments and agencies of government.

The communiqué, signed by the association’s executives, and led by its National President, Mansur Umar, stated that the council reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.

“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.

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“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, and NESREA have turned the bakers into money-making machines by charging our members’ outrageous levies even at this very challenging moment.

“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday, July 13, 2022, for an initial period of two weeks.”

They, however, informed their members to wait for further directives on the matter.

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The, however, noted that its “members should await further directives.”

The hike in bakery materials had led to the recent increase in the cost of bread and other items derived from flour.

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