BY FRANCIS KADIRI
Host communities along the Sokoto-Tambuwal-Jega-Kontagora-Makera Road corridor have commended the Federal Government for completing the road for use, calling on commuters to always comply with the nation’s Highway Code in order for the road and others being built across the country to attain their design life.
Minister of Works and Housing, while corroborating the President’s call, the 304 kilometre road represented the first of many more project Completion and Handovers Nigerians would experience in the next few weeks and months as the nation enters what he described as “a season of completion and impact”.
The President, who was represented by the Attorney- General and Minister of Justice of the Federation, Mr. Abubakar Malami, SAN, said as the Federal Government commit to delivering on its promise to give Nigerians good and quality road network, it was incumbent on the people not to abuse the roads in order to enable them service the nation through their design life.
The President, who listed such abuses to include overloading of vehicles and trucks, spilling of petroleum products and converting the road shoulders to permanent parking places, explained that while overloading accelerates pavement damage, spilling of petroleum products dissolves the road components and allows water to penetrate. Converting the road shoulders to permanent parking places, he said, brings the onset of road failure from the shoulder.
“We must all do our best to avoid these practices, report them when they occur and act in a lawful manner to stop them”, the President said adding that the commissioned road, which links Sokoto and Kebbi State, “has been built to the highest quality of design and workmanship and if well used and not abused, should last for the designed service life”.
Saluting all Nigerians who contributed in the construction of the road, President Buhari declared, “This road is a story of the capacity of our people, the patriotic Nigerians who were employed directly to build this road, the scores of suppliers employed indirectly who are responsible for providing the machines utilized in the construction” describing them as “not only nation builders to whom we offer our salutations, they are the heart of the Nigerian economy, the micro, small and medium enterprises that drive our economic growth”.
“This road is also a statement of economic efficiency and ease of doing business. This is because the travel time of averagely four hours before construction has now reduced to two hours since the completion of the road”, he said noting that the road also forms part of the many roads to prosperity being constructed across the country “because reduced journey times means reduced expense on travel, because time is money”.
According to the President, the road also symbolizes change as it includes such road furniture as the lane markings and Route Assurance signs which, he observed, “had all but disappeared on our highways”, adding his administration’s commitment to change has restored them, “with the markings helping drivers to achieve better lane management and control of their vehicles; while the Route Assurance signs provide information about how much further or longer, the drivers and commuters have to travel and the distance to the next village, town or state”.
Fitch upgrades Seplat Energy to ‘B’ class
Francis Kadiri
Seplat Energy Plc has been upgraded to ‘B’ from ‘B-‘ by Fitch Ratings on its Long-Term Issuer Default Rating (IDR). Fitch also confirms Seplat Energy’s Outlook to be ‘Stable’ and upgraded the Company’s senior unsecured rating for USD650 million senior notes due 2026 to ‘B’ from ‘B-‘, with a Recovery Rating of ‘RR4’.
Dr. Chioma Nwachuku – Director, External Affairs and Sustainability, Seplat, quoted the rating agency as sayimng that ‘the upgrade reflects improved financial flexibility and a strong liquidity profile following debt refinancing in 2021, which will help Seplat Energy survive for more than two years of force majeure without access to the Trans Forcados Pipeline (TFP).
She said an alternative oil export route, has been completed and is undergoing commissioning, adding that there is no certainty around when it will ship its first oil.
The rating incorporates the small scale of Seplat Energy’s cash flows, concentration of the company’s asset base in Nigeria and a historically unstable operating environment in the troubled Niger Delta, including recurring issues with the oil transportation system.
The rating also reflects moderate leverage, conservative financial policies, competitive unit profitability, end-2020 2P reserve life of 27 years, and a growing domestic gas business.
Specifically, Fitch upgraded Seplat Energy’s $650m bonds to B from B-. The upgrade reflects improved financial flexibility and a strong liquidity profile following debt refinancing in 2021.
