Tag Archives: Market

Fire razes 9 shops at Warri roundabout market

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Early morning fire outbreak on Sunday razed about nine shops at a popular estate roundabout market in Warri, Delta State.

A witness account said that the inferno started at about 3:00 a.m. on Sunday leading to the destruction of property including electrical appliances worth millions of Naira.

The fire was said to have come from a refuse dump site close to a bush which was set on fire by the traders at the close of business on Saturday.

It was obvious that the trader did not anticipate the early morning harmattan that had resurfaced recently in Warri.

Livanus Okeke, a resident of the area, said; “we had all gone to sleep when we saw thick smoke.

“As we peep through the window, we saw that the fire had spread from the bush area to shops along the major road.”

Mr. Okeke said some residents shouted to attract the attention of other neighbours to salvage some of the items in the shops before fire fighters would arrive at the scene.

He, however, said that the situation had been curtailed before the arrival of the fire fighters at about 4:10 a.m.

“Nine shops were severely affected by the fire,” he said.

The News Agency of Nigeria correspondent who visited the scene, observed that some of the victims were still counting their loses as at 5:00 p.m. on Sunday.

One of the traders, Andrew Chukwuemeka, said that he lost property worth about N2 million to the fire incident.

“Where will I start from in this recession, I leave everything for God,” he said.

 

Source: NAN

SEC to intensify effort to curb market infractions

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Securities and Exchange Commission (SEC) is working on a Memorandun of Understanding, MoU, with the Economic and Financial Crimes Commission (EFCC) to curb market infractions by operators. File photo: The floor of Stock exchange The Commission also reaffirmed its commitment to provide an efficient and effective policing of the Nigerian capital market.
Director General of SEC, Mounir Gwarzo, stated this when the Management of the Commission paid a visit to the Acting Chairman of the EFCC, Ibrahim Magu, weekend in Abuja. Gwarzo disclosed that there has been a close relationship between SEC and EFCC adding that the Commission cannot discharge its responsibilities effectively without collaborating with the anti graft agency.
He said “We are by provision of our law mandated to protect investors on developing the market but the way our law is structured we have limitations over criminal cases and that is why in the last 10 years there has been a very great collaboration between both agencies.
“We hope that when his MoU becomes fully operational it will assist in reducing market infractions to the barest minimum” Gwarzo remarked that the collaboration with the EFCC has been of tremendous benefit to the SEC especially in areas of investigation and enforcement adding that effective policing of the market is one of the ways of retiring investor confidence.
“One of our agenda is to bring back the retail investors to the market and there is no way they will agree to return if they are not sure of the safety of their investments” the DG stated. Responding, Magu expressed delight that the collaboration between both agencies has yielded enormous benefit for the growth of the capital market adding that his agency will continue to provide assistance where required.
Magu said the EFCC has been instrumental in investigating several cases of fraud in the capital market and recovered funds which were returned to investors and assured the SEC of the agency’s continued support.

2 killed, 17 injured as stalls collapse in Akwa Ibom market.

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Two women were killed while 17 persons sustained various degrees of injuries following the collapse of market stalls at Urua Edet-Obo, a market at Ikot Akpatek in Onna local government area of Akwa Ibom state.

 

Murtala Mani, state police commissioner, confirmed the tragic incident in a telephone conversation with reporters.

 

“Two women died during the tragedy, caused by the collapse of an old wall,” he said. “Others who sustained injuries have been taken to the hospital for treatment.”

 

A witness said the remains of the deceased had been deposited at Immanuel Hospital in Eket, a neighbouring local government area.

 

The witness added that some of the injured victims, many of them women, were responding to treatment in the hospital.

 

The incident happened nine days after scores of worshippers were killed in a building collapse at Reigners Bible Church, Uyo.

Ekiti State Government orders indefinite closure of Fayose’s market over violence

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Ekiti State Government has ordered the indefinite closure of the popular Fayose market in Ado Ekiti.

 

The State Commissioner for Commerce, Industries and Cooperatives, Hon. Michael Ayodele who made this known, explained that the development followed an attempt by some unruly traders in the market to cause a breakdown of law and order.

 

Hon. Ayodele stressed that government can no longer tolerate any form of lawlessness, adding that all stakeholders must be ready to abide by the rules and regulations guiding the conduct of business in the market.

 

The Commissioner emphasized that the market would remain shut until the traders express readiness to stop obstructing access roads and work-ways with their goods.

 

He condemned the attack on officials and members of the task force responsible for maintaining law and order in the market.

CBN Re-instates Banks Banned From Foreign Exchange Market

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The Central Bank of Nigeria (CBN) has re-instated all the banks that were banned from the foreign exchange market, the Director, Banking Supervision, Mrs Tokunbo Martins, has said.

She said this on Wednesday in Abuja at a media briefing, stating that the decision was reached after a series of meetings with the body of bank Chief Executive Officers (CEOs) and the Chartered Institute of Bankers of Nigeria (CIBN).

“Well, we have had engagements with the body of CEOs and they have been interacting amongst themselves and I am happy to tell you today that the banks that were hitherto banned have been released from the ban.

“And the reason is because all of the banks after discussions and engagements under the auspices of the body of CEOs and the CIBN have all submitted credible repayment plans which we the CBN found acceptable.

“So as a result of that, all those banks have been re-instated in the foreign exchange market.’’

The CIBN President, Prof. Segun Ajibola, said that the institute was very much interested in what was happening among all the industry players.

He added that under the aegis of the institute, the body of bank CEOs was now a formidable platform to look at issues that were pertinent to the industry and the economy, to ensure that stakeholders’ interest was protected.

“We will protect the interests of all our stakeholders and especially the bigger picture, which is Nigeria and its economy as a whole.

“So it is a happy development and I believe this will further help to strengthen our system and our economy.’’

The Managing Director of Access Bank, Mr Herbert Wigwe, said that the body of bank CEOs under the under the auspices of the CIBN, aims to get banks to work together.

Read More:

http://guardian.ng/news/cbn-re-instates-banks-banned-from-foreign-exchange-market/

Cameroon Appeals To President Buhari For Products Waiver

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The Consul-General of Cameroon in Lagos, Nigeria, Dr Paul Ekorong a Dong, on Thursday appealed to President Muhammadu Buhari to give waivers for more Cameroonian products to be in Nigerian markets.

 

Ekorong a Dong told newsmen in Lagos that his government had over the years been approaching the Nigerian government to allow more Cameroonian products into the Nigerian markets.

 

According to him, Cameroon cannot currently export wood, soap, oil, chocolate and cocoa products to Nigeria.

 

“Once again, the Cameroonian government will like to appeal to President Buhari to consider giving waivers for more of our products that are presently not available in Nigerian markets.

“We have already submitted a list of products that Cameroon should have liked to be given waivers by the Nigerian government. We are still waiting for their response.

“We are very ready to bring these products to our Nigerian brothers and sisters,’’ he said.

 

Ekorong a Dong expressed optimism that the waivers would enhance win-win trade cooperation between both countries.

 

The Consul-General said that the current trade relation between both countries was more favourable to Nigeria, adding that there were currently more of Nigerian products in Cameroon.

 

The envoy said that within the last four years, Nigeria had become Cameroon’s world largest economic partner followed by France.

 

“Since our independence, France had always been our world largest economic partner, but today, Nigeria has taken over from France.

“This is an indication of the level of trade and vitality of relations going on between Nigeria and Cameroon,’’ he said.

 

(NAN)

Fire Razes Over 200 Shops In Kano Commodity Market

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A fire outbreak at the wee hours of Thursday gutted the popular singer market in Kano, destroying no fewer than 200 shops.

 

The State director of the fire service,Alhaji Balarabe Kabara confirmed that the fire outbreak was recorded around 6:00am and unspecified number of shops had been affected.

 

Kabara said “We are yet to ascertain the actual number of shops destroyed as we are still battling to put out the inferno.” The fire service chief added “We cannot give you the number of shops affected but the fire had destroyed many shops”.

 

However, an eyewitness who identified himself as Aminu Inuwa said the fire started around 4:15 am, and a particular structutre containing over 200 shops were completely affected. Aminu said that the fire had also razed a number of ware houses of food stuff and essential commodities located within the vicinity of market.

 

Credit : Vanguard

Prostitutes In Anambra Threaten To Go On Strike, Set Market Ablaze

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At least 2,000 prostitutes in southern Anambra state threatened to go on strike Wednesday after local government officials demolished their brothels where they lived next to a cattle market in the state capital Awka. The commercial sex workers accused the officials of destroying their business without notice.

The Anambra State Urban Development Board allegedly stormed the brothels Monday afternoon near the border community of Amansea with more than 50 armed police officers on the suspicion that the structures were being used as hideouts for kidnappers and other criminals. Shortly after authorities demolished their homes, the angry prostitutes set the cattle market ablaze.

“We are decent people. We do our business and go our way. We don’t harbor criminals. After all, most of the people that visit us are government officials. They want me to expose them?” the leader of the prostitutes, who gave her name as Rachel, said during an interview with Punch newspaper. “They destroyed our center and left behind other huts, kiosks and canteens that belong to the Hausa cattle traders. Is that justice? Don’t those one harbor kidnappers and criminals?”

Read More: sunnewsonline