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Sanwo-Olu reads riot act to hoodlums over ethnic clash, promises compensation

Sanwo-Olu has assured residents of Fagba who were affected by the ethnic clashes that the state government would assist to alleviate their pains.

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Lagos State Governor, Mr. Babajide Sanwo-Olu, has read the riot act to miscreants and hoodlums in Lagos, warning them to be law-abiding and peaceful or face the full wrath of the law.

The Governor issued this warning during a visit to Fagba in Ifako-Ijaiye Local Government Area of Lagos State, to assess the level of destruction of properties caused by last week’s ethnic clash between the Yoruba and Hausa communities in the area.

READ: #EndSARS: A day by day timeline of the protest that has brought Nigeria to its knees.

READ: Tribal clash: Sanwo-Olu visits Fagba, calls for peaceful co-existence

READ: What led to the Ogba tanker explosion- Lagos

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Sanwo-Olu was accompanied by his deputy, Dr. Obafemi Hamzat; Secretary to the State Government (SSG), Mrs. Folasade Jaji; Special Adviser to the Governor on Education, Mr. Tokunbo Wahab; and Head of Service, Mr. Hakeem Muri-Okunola.

He assured residents of Fagba who were affected by the ethnic clashes that the state government would assist to alleviate their pains.

READ: #EndSARS: Lagos State needs N1 trillion to rebuild losses – Gbajabiamila

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Sanwo-Olu said, “The level of destruction that I have seen here is colossal, it is unfortunate. Enumeration would start immediately by the two local governments. The Council Chairmen and all the community leaders will come together and come up with a list of those whose properties have been destroyed.

“The security operatives are here, they can hear everything. We are using this opportunity to give notices to all the miscreants in the neighborhood and that is why I am looking at you.

“If you know that you are not doing any work and that you are one of the people that have caused this trouble, we are giving you the final notice because we are coming to clear this whole place.”

READ: Buhari approves free business name registration for 250,000 SMEs

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READ: #EndSARS: Kwara State sets up N500 million recovery fund for businesses destroyed by hoodlums 

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Stressing the need for miscreants to vacate Fagba, Governor Sanwo-Olu said, “We are coming to clear this whole place and we will make sure that you do not disturb or harass the peace-loving people that we have in this neighborhood. We have the Hausa community, Igbo community, and Yoruba community, and they are living well.

“You need to look for what to do, we will not allow you to come and tarnish the image and the peace that we have in Fagba and in Lagos State as a whole.

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“We will make sure that we also come and see what we can do to help the youth. And once we do that, we are giving you an opportunity to remain law-abiding and be peaceful. If not, we will be hard and be very decisive on all of you.”

Sanwo-Olu said the state government would not leave the people to bear their pains alone, following the destruction of properties worth billions of naira in Ifako-Ijaiye Local Government Area and Ojokoro Local Council Development Area (LCDA).

He said, “We will do the compensation as soon as we get the breakdown of the enumeration. We might not be able to give you all the full benefits, but we will ensure that we do not leave you alone. 

READ: #EndSARS: LCCI asks FG to assist Lagos in rebuilding process

READ: #EndSARS: Fashola discovers strange camera at Lekki Tollgate, Nigerians react

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“Please let’s be sincere about it. If you don’t have more than two shops in this place, don’t say you have eight. If you don’t have more than two rooms, don’t say you have nine rooms. That is the only way the government can assist well and we can help.

“I have come here to see things myself and I can assure you that we will not leave you to bear the pains alone. The government will try and help out,” Sanwo-Olu concluded.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Nigeria’s inflation rate to moderate by first half of next year

The CBN has assured Nigerians that the country’s inflation rate will begin to moderate by the first half of 2021.

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The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that Nigeria’s inflation rate which stood as high as 14.2% in October is expected to begin to moderate by the first half of next year.

This is as the Federal Government had introduced a number of measures to help stabilize the economy, increase productivity and ensure recovery from the devastating impact of the coronavirus pandemic.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

This disclosure was made by Emefiele during his presentation at the 55th Annual Bankers Dinner organized by the Chartered Institute of Bankers in Lagos on Friday.

The CBN Governor pointed out that inflationary pressure persisted during the year due to several factors which include disruption to global and domestic supply chains due to Covid-19, increase in the VAT rate, increase in petroleum prices, electricity price adjustments and farmer-herder clashes.

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READ: Nigerians spend $14 billion on generators, fuel

It also includes exchange rate adjustment and flooding that occurred in many parts of our farm belt areas.

Emefiele in his statement said, ‘’Inflation in October 2020 stood at 14.2%. we, however, expect inflation to begin to moderate by the first half of 2021 as efforts are being made to enable significant cultivation and production of key staple items during the dry season.’

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READ: Nigeria generates N424.71 billion VAT in Q3 2020

It can be recalled that at the 26th Nigerian Economic Summit, the Minister for Finance, Budget and National Planning, Zainab Ahmed, also said that the country is expected to exit from recession by the first quarter of 2021 with the Federal Government working towards reversing the declining economic trend in the country.

READ: Nigerian pencil industry in dire need of investment, govt support – stakeholder

What you should know

The National Bureau of Statistics (NBS) had announced that the country had entered its second recession in 5 years in the third quarter of this year, as the Gross Domestic Product (GDP) fell for the second consecutive quarter.

READ: Why 2020 Q1 GDP is not a surprise

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According to figures released by the Nigeria Bureau of Statistics (NBS), cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48%, just as it recorded a -6.10% in the second quarter.

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ASUU says union has not yet agreed to call off strike

ASUU has denied media reports that the union agreed to call off its 8-month old strike action.

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ASUU gives conditions to call off its nationwide strike action

The Academic Staff Union of Universities (ASUU) has denied media reports that the union agreed to call off its 8-month old strike action.

There was a bit of relief when news emerged that the strike action has been called off, after the latest meeting between ASUU top echelons and the Federal Government negotiation team, led by the Minister of Labour and Employment, Senator Chris Ngige, on Friday.

READ: FG offers N65 billion to ASUU, N15 billion revitalization fund to end strike

According to a report from Vanguard, the ASUU President, Prof. Biodun Ogunyemi, said he is not aware of any agreement to call off the strike. However, he noted that it was agreed at the meeting that the union would convey government’s message to their various organs and then report back to the government.

Ogunyemi said, “I am not aware of that. All I know is that we had a meeting and we are going to report to our members. But, I don’t know about suspension of the strike.”

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READ: FG says it will look at other options if ASUU continues with strike

It was also reported that ASUU reached an agreement with the Federal Government after the latter increased its offer for Earned Allowances and funding for the revitalization of public universities from N65 billion to N70 billion.

However, ASUU in a tweet insisted that the funding should be implemented before the union suspends its strike action.

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READ: Federal Housing Authority gives debtors 21 days to pay up or have names published

READ: British Airways Pilots strike over pay disputes 

What you should know

Nairametrics earlier reported that ASUU had called off its 8-month-long strike. It said that the union took the decision after it agreed to accept government’s total payment of N70 billion and that the payment of their outstanding salaries must not be done through the Integrated Personnel Payroll and Information System (IPPIS).

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ASUU embarked on strike in March 2020, following its disagreement with the Federal Government over the funding of the universities and implementation of the IPPIS, which according to the union, negates the autonomy policy for the universities.

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ASUU, however, has its own developed and preferred payment platform, University Transparency and Accountability Solution (UTAS), which the government said it is looking into.

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Export of our products in West African sub-region now less competitive – MAN

President of the Manufacturers Association of Nigeria has lamented the less competitive nature of made-in-Nigeria products.

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Dangote group, CBN unification of exchange rate a welcome development-MAN

The export of made-in-Nigeria products in the West African sub-region has become less competitive according to the President, Manufacturers Association of Nigeria (MAN), Mansur Ahmed. He made this remark in a statement seen by Nairametrics.

According to Ahmed, MAN members are losing market share daily to other African countries due to the closure of the border, as the sub-region has now become less competitive.

READ: Finance Bill: No plans to increase tax — FG

READ: AfCFTA: Nigeria’s borders to remain closed till we can trust our neighbours- Trade Negotiator

He said,

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Major manufacturers of beverages, polypropylene bags, tobacco, cement, toiletries, and cosmetics industries were losing markets they had worked very hard to secure in the West and Central African region.

“These manufacturers were hoping to leverage their market share to secure a strong position in the African Continental Free Trade Area, which kicks off in January 2021.

READ: Nigerians pay heavy price as laptop scarcity bites harder

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“Since the closure, the association has conducted a research with its members, the outcome is that some sectors had considerable increase in their productivity, while some sectors recorded sharp decline.”

He emphasized that the export group of the association clearly suffered huge losses due to logistics issues occasioned by the closure, as it takes an average of 8 weeks for the carriers to ship and truck goods within countries in the same region vis-à-vis trucking through the land border, which takes an average of 7 to 10 days.

READ: Afreximbank’s African commodity index dips by 1% q-o-q in Q3 2020

The increased traffic through our seaport as a result of the closure has increased the perennial congestion at the Apapa and Tin Can Island Ports, leading to greater challenges for exporters and increased demurrage cost, as well as other port levies,” he added.

READ: Coalition of African lawmakers seeks debt relief for African states

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What it means

Nigeria’s President Buhari recently signed the Africa Continental Free Trade Agreement exposing local Nigerian manufacturers to the regional competition.

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  • Whilst border closures impact positively on local markets due to restrictions on imports, it is unhealthy for local businesses looking to export across borders to regional African countries.

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