THE CABLE
Here are the seven top business stories you need to track this week — September 4 to September 8.
BLUE RAIL LINE TO COMMENCE OPERATIONS SEPT. 4
The blue line rail system is expected to commence operations on Monday, September 4, 2023, according to Lagos Metropolitan Area Transport Authority (LAMATA).
Abimbola Akinajo, managing director of LAMATA, said the authority decided that the passenger operations should start with 12 trips for two weeks, which will be increased to 76 trips per day.
According to Akinajo, Babajide Sanwo-Olu, governor of Lagos, will be on the train for the inaugural operation of the blue line rail system.
Providing a breakdown on X, Jubril Gawat, senior special assistant on new media to the governor, said: “A full journey from Marina to Mile 2 will cost N750. Zonal fares will be between N400 and N500 (for people not making the complete full trip)”.
“The transportation palliative announced by Governor Sanwo-Olu will also cover the train system, meaning that the highest fare for the full trip will be N375,” he said.
In June, LAMATA announced that the blue line would be open for passenger operations in August 2023.
NBS REPORT
The National Bureau of Statistics (NBS) is expected to publish a report on foreign trade in goods statistics for the second quarter Q2 of 2023. The report would look into Nigeria’s export and import activities in the quarter.
The NBS over the weekend released a report on the companies income tax and sectoral distribution of value-added tax (VAT) for the second quarter (Q2) of 2023.
‘OVER 41,000 EMPLOYEES UNCREDITED OVER INCOMPLETE DOCUMENTATION BY EMPLOYERS
The National Pension Commission (PenCom) says the retirement savings accounts (RSAs) of over 41,000 employees’ have not been credited due to the failure of employers to provide complete documentation for their pension contributions.
The commission disclosed this in a statement on Wednesday.
PenCom said it observed that some employers are remitting the pension contributions of their workers with incomplete documentation.
Consequently, the agency said, “PFAs have been unable to credit the RSAs of the affected employees”.
Available data on the commission’s website show that about 41,628 employees have not been credited.
XE JET’S OPERATIONS SUSPENDED OVER INSURANCE DOCUMENT AUTHENTICITY
The Nigeria Civil Aviation Authority (NCAA) has suspended the air operator certificate (AOC) and air transport licence (AOL) of XE JET over the “inability to authenticate” the airline’s insurance documents.
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