News
India’s Company, Bajaj Launches First CNG-powered Motorcycle
Bajaj, one of the biggest players in India’s motorcycle market, perhaps the largest motorcycle market in the world has launched a CNG-powered motorcycle considered to be the first in the world.
Bajaj new invention is a new compressed natural gas (CNG) model, the Freedom. This bike looks set to ease one of the biggest pain points for most motorcyclists in India.
Around 100,000 motorcycles are sold in India each month, and of these, around 70% are commuters, meaning the fuel price is extremely important to most riders in India. So much so that a spike in fuel prices in 1997 is attributed to the rise in popularity of 4-stroke motorcycles versus the more popular 2-strokes of the time.
The new bike is coming at a time when fuel prices are volatile. Bajaj has made the bold move to design the world’s first production motorcycle that runs on CNG.
With Freedom, Bajaj claims that riders can reduce their operation costs by 50%. The bike has a starting price of just $1,317, and when running on CNG, the 9.3 horsepower 125cc engine will propel the Freedom to a top speed of 56 mph. It’ll also have a 124-mile range thanks to the 2-kg/12.5-litre CNG tank that sits under the seat.
Some people will have problems with CNG’s availability and the wait times to fill the tank. To combat this, Bajaj has fitted the Freedom with a 2-liter auxiliary gasoline tank so riders can switch on the go. When running on gasoline, the engine has a slightly higher top speed of 58 mph, but its range drops to around 80 miles.
The rest of the bike is relatively basic but comes with a fully digital speedometer with Bluetooth connectivity. Customers can’t really ask for much more from a bike that costs less than $1,350.
CNG-powered motorcycles may find their way to the US and other parts of the world as fuel prices rise along with inflation. A cheap, super-economic commuter is just what people need. However, it is not certain if Freedom has started selling in other parts of the world.
News
Just in: Plateau Govt Approves N70k Minimum Wage for Civil Servants
By Kayode Sanni-Arewa
In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.
The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.
Full text of the statement reads in part:
Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.
The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.
As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.
News
Before final liquidation, NDIC set to auction Heritage bank properties
In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.
According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.
This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.
Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.
The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.
“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.
Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”
Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.
“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”
Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.
News
Naira slumps in parallel market
The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.
According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.
The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.
As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.
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