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Edinburgh Live
6 days ago
- Business
- Edinburgh Live
Edinburgh park and ride to lose all Lothian bus services amid changes
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info All Lothian Bus services at a park and ride to the south of Edinburgh will be withdrawn from next month, it has been announced. The X37, 47, and 47B will stop serving the Straiton park and ride from that date, with services bypassing it and running directly down Straiton Road. Edinburgh's NightBus network will also see service reductions from September 7, as well as some routes in the city network – though some service frequencies will be increased. Located just over the Midlothian border, the 600-space park and ride opened in October 2008, hosting a high-frequency bus service into Edinburgh city centre. During the pandemic, the station building there was shuttered alongside others at park and ride sites around the city, and has not reopened since. In a statement on their website, the firm said that the decision was made in consultation with Edinburgh and Midlothian councils due to a 'low volume of customers' using the facility. Lothian added that it would reduce journey times for most passengers in Midlothian, and that bus stops located near to the park and ride on the A701 would remain open. NightBus services across the city will be reduced, with the N22 service from Princes Street to South Gyle being axed and the N26 losing all service between Haymarket and Clerwood. A new N1 service, running once on weekdays and three times on weekends, will partially replace the N22 and part of the N26 – though the N22 ran three times a night all week long. And the N25, N30 and N31 will either see frequencies drop or lose some services during some days of the week, while half of the N3's weekend trips will end early at Mayfield. However, the N35 service, from Ocean Terminal to Heriot-Watt, will gain a new journey in one direction every night. In the city network, the 1 will see weekday services go from one every 12 minutes to one every 15, and the 35 will run less frequently on Sundays. But the 5 will go from every 20 minutes to every 15, and the 45 will get buses on Sundays, while the 9 will get extra trips in the morning during term time. At West Maitland Street, the 3, 4, 25, 26, 31, 33 and 44 will no longer stop, with service available nearby near Haymarket Station or Shandwick Place. However, East Coast, NightBus and express services will still stop there. At the eastbound side of the Abbeyhill stops, the 15, 26, X26 and 45 will be moved to the rear of the two stops. The X18 Lothian Country service will get an extra journey in each direction on weekdays, while the X27 and X28 will make less stops in the west of Edinburgh. Additionally, the X27 will gain extra services towards Edinburgh in the morning. The 72 will run more frequently seven days a week, going from hourly to once every 40 minutes, but will stop serving Kirkliston. And the 73 and 74 are set for significant changes, with the 73 partially taking on a new routing that links Armadale and Livingston. The 74 will pick up some of the areas no longer served by the 73, but will stop serving parts of Ladywell and St John's Hospital. On the East Coast network, the X4 will lose afternoon peak hours services to Tranent Castle, as well as the midnight service from Tranent to Musselburgh. But it will gain extra early morning services, which Lothian says will improve coordination with the 106 and 113. And the 106 will run through Edinburgh city centre Monday through Saturday, with services terminating at Western General Hospital. Sunday services will still terminate at Fort Kinnaird, as at present. Lothian Buses has been contacted for comment.
Business Insider
28-05-2025
- Business
- Business Insider
From celebration to concern, Nigeria's debt may rise despite repaying the IMF
The tone of Nigeria's debt conversation in less than a month has pivoted from jubilant to concerned, owing to the intent of President Bola Tinubu to borrow more money, despite recently clearing its IMF debts. President Bola Tinubu proposes additional borrowing to finance key sectors including infrastructure, agriculture, and healthcare. The new loan could potentially increase Nigeria's total public debt from N144.67 trillion to over N182.91 trillion by 2026. Nigeria recently repaid a $3.4 billion obligation to the IMF and cleared a N30 trillion Ways and Means debt. The president of Nigeria, Bola Tinubu, recently reached out to the country's National Assembly to approve a new round of borrowing composed of $21.54 billion, €2.19 billion, and ¥15 billion which he noted is aimed at supporting key sectors, including infrastructure, agriculture, healthcare, education, water resources, security, and public finance reforms. This comes a few weeks after the country settled its financial obligations of $3.4 billion to the International Monetary Fund. Additionally, the administration had announced the clearance of the country's Ways and Means debt, totalling over N30 trillion, back in October 2024. However, during the recent plenary, on Tuesday, Senate President Godswill Akpabio read a letter that contained the president's request. A description of the financial breakdown was also provided in the letter, but its contents were kept confidential. According to a report by The Punch, the newly proposed loan would increase Nigeria's current debt stock by approximately N38.24 trillion at the current official exchange rate of N1,583.74/$1, potentially causing Nigeria's total public debt to rise from N144.67 trillion at the end of 2024 to over N182.91 trillion by 2026. For more context, Nigeria's external debt would rise from $45.78 billion to approximately $69.92 billion, an extra $24.14 billion, or a 52.7% increase, if the National Assembly approves the president's plan. This will raise the external debt component of Nigeria's overall national debt to more than N108 trillion in the country's local currency. The scheme, which is part of the 2023 Presidential Executive Order on Foreign Currency-Denominated Financial Instruments, aims to improve foreign currency reserves, grow the domestic financial sector, draw in local dollar investments, and aid in exchange rate stabilization. Nigeria's World Bank loan under President Bola Tinubu Since President Bola Tinubu's administration took over, the World Bank has authorized approximately 11 loan projects for Nigeria worth $7.45 billion in less than two years. According to data from the Debt Management Office, the World Bank held $17.32 billion of Nigeria's external debt as of the third quarter of 2024. Nigeria's debt to the World Bank's International Development Association (IDA) is $16.5 billion as of FY2024, making it Africa's largest debtor and the world's third-highest, according to the Bank's financial statements.
Business Insider
30-04-2025
- Business
- Business Insider
FCMB Group Plc's 12th AGM affirms dividend, closes FY 2024 with ₦7.1 trillion in total assets
FCMB Group Plc's 12th AGM affirms dividend, closes FY 2024 with ₦7.1 trillion in total assets FCMB Group Plc convened its 12th Annual General Meeting (AGM) in Lagos on April 29, 2025, where shareholders endorsed the Group's 2024 financial results and approved key resolutions to drive future growth and strengthen governance. FCMB Group closed 2024 with total assets of ₦7.1 trillion and deposits of ₦4.3 trillion. The Group's digital transformation gathered pace as digital revenues reached ₦101.9 billion, accounting for 13% of gross earnings, while loans grew 28% to ₦2.4 trillion. The company's non-banking divisions also achieved impressive growth, accounting for over 30% of the Group's total profits. Investment Management's Assets Under Management grew by 35% YoY to N1.4 trillion. The Capital Markets business sustained its performance, with gross earnings and PBT growing YoY by 57% and 62%, respectively. Lending to SMEs, agriculture, and women-owned businesses exceeded N425 billion, N271 billion and N30 billion, growing year on year by 31%, 33% and 68% respectively, demonstrating FCMB's commitment to its purpose of fostering inclusive growth. Speaking at the AGM, Mr. Oladipupo Jadesimi, Chairman of FCMB Group, commended the Group's diversified business model and the resilience of its workforce. " As we navigate an evolving economic landscape, we remain resolute in our mission, leveraging our Group structure and collective strengths to build a future where excellence is not only measured by our achievements but by the positive and sustainable impact we create. This commitment is grounded on the deliberate consideration of facilitating sustainable business growth and capital requirements, with the overarching goal of optimising long-term value for our shareholders." Ladi Balogun, the Group Chief Executive, stated: " Despite the challenging business landscape, our performance in 2024 was sustained by the commitment and professionalism of our talented staff, as well as the resilience demonstrated by each of our operating companies." He emphasised that: " Going into 2025 and beyond, we expect more significant and diversified contributions from digitisation with a focus on digital onboarding, payments, and artificial intelligence. We will also reinforce our culture of excellence and extend the power of the Group in building a supportive ecosystem in fulfilment of our purpose. With the collective support of our ecosystem, including our people, investors, regulators, customers and partners, we will remain committed to carrying forward the vision of our Founder, building an institution, nation and continent in which future generations can take pride." Resolutions passed at the AGM included the election of Ms. Muibat Ijaiya by rotation, ensuring Board continuity and expertise and authorisation for the Directors to determine Deloitte & Touche's remuneration as external auditors. Other matters that were approved pertained to the disclosure of senior management remuneration within the Annual Report; the election of the Audit Committee members to oversee financial reporting and risk management; and the approval of a final dividend of ₦0.55 kobo per share, payable to shareholders on the register as at April 8, 2025. Analysts are of the opinion that FCMB's recapitalisation plan, along with the Group's pivotal role in driving growth and stability, gives cause for optimism. FCMB Group expects to conclude the second part of the Public Offer in H1 2025 via a convertible note of ₦22.5 billion, which is currently undergoing the CBN's capital verification. Subsequent phases, which include the sale of a minority stake in two of its subsidiaries as well as an additional Equity Offer, are currently ongoing in line with the Group's objective to ensure that the banking arm, First City Monument Bank Limited, meets the regulatory capital threshold required for maintaining its International Banking License before March 2026.
