Government Warns Commercial Bus Drivers Against Route Violations, Illegal Parking In Lagos

Government warns commercial bus drivers against route violations, illegal parking in Lagos. Mr Giwa emphasised that all commercial vehicle drivers must restrict their operations to designated bus stops and terminals.

The Lagos State government has warned commercial bus operators, particularly drivers of minibuses, colloquially known as “Korope”, against route violations and illegal parking.

The special adviser to the governor on transportation, Sola Giwa, gave the warning in a statement on Tuesday in Lagos.

The statement was signed by Taofiq Adebayo, the spokesperson for the Lagos State Traffic Management Authority (LASTMA).

“Illegal parking and flagrant route violations have metamorphosed into a grave menace in Lagos, particularly due to the arbitrary conduct of minibus operators.

“Such transgressions, which impede traffic fluidity and endanger public safety, will no longer be condoned,” he said.

Mr Giwa emphasised the importance of unwavering adherence to traffic regulations, particularly regarding unauthorised route deviations.

“This resolute directive is in alignment with the government’s overarching initiative to instil orderliness on Lagos roadways and ensure the uninterrupted flow of vehicular movement across the metropolis,” he said.

Mr Giwa directed all “Korope” operators to immediately desist from utilising unauthorised routes, underscoring that any act of defiance would attract the full weight of legal sanctions.

He further articulated that LASTMA operatives had been duly mandated to escalate enforcement strategies to curb reckless driving and unlawful practices that hinder urban mobility and disrupt the city’s traffic ecosystem.

Government Warns Commercial Bus Drivers

Additionally, Mr Giwa issued a directive against the indiscriminate occupation of public roadways for unauthorised parking and loading activities. He said these activities significantly aggravated traffic congestion and posed substantial risks to other road users.

Mr Giwa emphasised that all commercial vehicle drivers must restrict their operations to designated bus stops and terminals to avert unwarranted impediments to vehicular circulation.

“Furthermore, strict adherence to designated routes is imperative for security purposes, as it acts as a deterrent against unscrupulous elements who exploit commercial vehicles, particularly ‘Korope,’ for illicit activities,” he said.

CBN: Net FX Reserves Stood At $23.11bn In 2024, Highest In 3 Years

CBN: Net FX reserves stood at $23.11bn in 2024, highest in 3 years. The Central Bank of Nigeria (CBN) says Nigeria’s net foreign exchange (FX) reserves (NFER) stood at $23.11 billion in 2024, marking the highest level in three years.

Net international reserves are defined as the difference between reserve assets and reserve liabilities.

According to the CBN, NFER was $3.99 billion in 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

The NFER, which adjusts gross reserves for near-term liabilities such as foreign exchange (FX) swaps and forward contracts, is considered a more accurate indicator of the country’s ability to meet immediate external obligations.

Additionally, gross external reserves rose to $40.19 billion at the end of last year, up from $33.22 billion at the end of 2023.

The CBN attributed the increase in reserves to strategic policy measures, including a substantial reduction in short-term FX liabilities, particularly swaps and forward obligations.

“The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources,” the bank said.

“The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.

“The expansion occurred even as the CBN continues to reduce short-term liabilities, thereby improving the overall quality of the reserve position.”

Olayemi Cardoso, CBN’s governor, described the progress as the result of deliberate policy choices aimed at stabilising the economy.

“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Cardoso said.

“We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.” CBN noted that reserves have continued to strengthen in 2025.

The bank said while the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact.

CBN

The regulator added that the reserves are expected to continue improving over the second quarter of this year.

“Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows,” the bank said.

The CBN reaffirmed its commitment to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.

Tinubu Sacks NNPCL CEO Mele Kyari, Board, Appoints Bayo Ojulari

Tinubu sacks NNPCL CEO Mele Kyari, Board, appoints Bayo Ojulari. President Bola Ahmed Tinubu, on Wednesday, 2nd April 2025 announced the sack of Mele Kyari, Eunice Thomas and other members of the Nigerian National Petroleum Company (NNPC) Limited board.

The board which was constituted on November 27, 2023 and sworn-in on December 18, 2023 had Dr. Eunice Thomas, a former Commissioner during the Godswill Akpabio governorship era as non-executive director.

In the new board, Austin Avuru takes Eunice Thomas’ place as a non-executive director from the South-South.

Below Is the full press statement issued by the presidential spokesperson, Bayo Onanuga:

STATEHOUSE PRESS RELEASE

PRESIDENT TINUBU RECONSTITUTES NNPC LIMITED BOARD, APPOINTS NEW CHAIRMAN, GROUP CEO

President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari.

President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.

The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.

Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu.

Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.

President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East.

Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.

All the appointments are effective today, April 2.

President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.

President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.

Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030.

The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.

Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.

The new board chairman, Ahmadu Musa Kida, is from Borno State. He is an alumnus of Ahmadu Bello University, Zaria, where he received a degree in civil engineering in 1984. He also obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris

He started his career in the oil industry at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985.

Musa became Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.

Apart from his oil industry career, Ahmadu Musa Kida is a former basketballer and the president of the Nigerian Basketball Federation(NBBF) board.

Ojulari, the new NNPC Limited Group CEO, hails from Kwara State. Until his new appointment, He was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.

Tinubu Sacks NNPCL CEO

Like Kida, Ojulari is also an alumnus of Ahmadu Bello University, Zaria. He graduated with a degree in Mechanical Engineering. He worked for Elf Aquitaine as the first Nigerian process engineer to begin a stellar career in the oil sector. From Elf, he joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.

Apart from working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager. In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO).

During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.

President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)