News

Abeokuta boils as angry youths protest naira, fuel scarcity

Published

1 year ago

February 8, 2023

…vandalise bank, political billboards, posters

Bankole Taiwo, Abeokuta

The peace enveloping Abeokuta, the Ogun State capital was on Tuesday shattered as angry youths took to the destroying public infrastructure in protest of the scarcity of the new redesigned Naira notes and fuel.

The youths went on rampage vandalising political posters and billboards and blocking roads with bonfires.

Our correspondent learnt that the crisis was started at a branch of GTbank in Asero area of Abeokuta, where customers had queued since 4am, but could not withdraw cash.

It was also gathered that the protesters had attempted to attack the GTbank, but they were stopped by the prompt intervention of the police.

The riot, however spread to other parts of the metropolis like: Sapon, Ibara, Panseke and Adatan.

Our correspondent observed that schools and other businesses hurriedly closed to avoid being caught up in the melee.

The protest took a worse turn in Sapon area of the city as the protesters attacked a branch of First bank in the area, while the bank’s Automated Teller Machine (ATM) was also vandalised.

A video trending also shows a young man who was reportedly hit by stray bullet during the ensued melee at Sapon. One of the shop owners around Sapon disclosed that everyone had to hurriedly close for the day so as not to be caught in the middle of the crisis.

And to avoid being attacked, taxi drivers and okada riders had to show solidarity by attaching leaves to their vehicles.

While parents rushed to schools to bring home their wards at noon, relatives also called their loved on phone, asking them to stay safe and avoid being victims of the ongoing violent protest.

“We can’t withdraw our money, we can’t buy fuel, see long queues everywhere. There is no water, there is no light, yet these people are out there campaigning. What type of a nation is this? We must stop this nonsense,” one of the protesters could be heard in a video.

Contacted, the Ogun State police spokesman, Abimbola Oyeyemi, confirmed the incident, saying policemen were monitoring the situation.

While saying calm had been restored in Asero, Oyeyemi warned the protesters against causing more hardship for Nigerians, especially by vandalising other people’s properties.

He expressed concerns that some of those leading the uprising do not have money to withdraw in their accounts.

We have talked to them so that they won’t turn the protest to destruction of properties. Anybody who tries to destroy any property will be decisively dealt with. We have warned them.

“They are protesting that they can’t withdraw money and there is fuel scarcity. The funny thing is that those who don’t have N5 in their accounts are demonstrating that they can’t withdraw. This is uncalled for. We all have to be calm,” he said.

The governor of the state, Prince Dapo Abiodun, had on Monday, stormed the Abeokuta branch of the Central Bank of Nigeria to seek revocation of limits to amounts that citizens can withdraw in exchange for deposits made in commercial banks.

The governor also offered to lend members of his cabinet to monitor distribution in order to ensure that no commercial bank and their agents hoard the new naira notes in the state.

The governor had expressed his disappointment over long queues of residents of the state at Automated Teller Machines (ATMs), waiting to cash money from the system.

He had said that it was humiliating that those who were attended to were paid not more than two thousand naira per transaction.

Abiodun, however, urged the CBN to ensure the availability of new notes at commercial banks for people to withdraw their money.

The governor explained that he was compelled to visit the state branch of the CBN as the “landlord to find out how we can collaborate to ensure that success of the CBN policy on the new notes and currency swap”.

“I’ve met with the President and CBN governor. It is within the right of the CBN by law and as enshrined in the Constitution.

“Our people went out in their numbers but our people who deposited money and felt they would have as much money as they had deposited or need for their daily needs and welfare and wellbeing.

“We’ve had to suspend our campaigns. I met with people over the weekend who said to me that they have not eaten for days, especially, those from the informal sector.

“As a governor, whose primary function is the welfare and security of our people, I need to find out how we can interact with you to see how we can improve on the current level of distribution of the currency in order to diffuse tension”, Abiodun submitted.

The governor appealed to youths in the state not to embark on any civil disobedience, saying that such actions would only shut down the economy of the state and make things much more difficult.

“I want to use this medium to talk to our youths that when there is a problem, the solution is not to hit the streets and to start protest marches; we can not solve a problem with another problem.

” I want to encourage them that rather than sending social media announcements of impending disobedience around town, we are a very peaceful state, we are very orderly and we have spent a lot of time and energy in investing in that peace and security.

“You cannot because of this problem now want to begin to hit the street to shut down the system and by so doing, shut down investors. We are here in CBN, give us time to expect an end to this crisis,” he demanded.

Earlier in his remarks, the state controller of the Central Bank of Nigeria, Wahab Oseni pleaded with the people to exercise patience.

He assured the people of the state that they will start having access to more cash as from Tuesday, February 6th, 2023.

Oseni while noting that the Ogun State branch of the bank has enough cash to distribute among commercial banks in the state, disclosed that the bank has come up with a plan that would see 40% cash disbursed to money agents, 30% paid across the counter and 30% paid through the Automatic Teller Machine.

He also added that Microfinance banks in the state have also been added to the plan of cash disbursement across the country.

At the meeting were representatives of the Central Bank of Nigeria from Lagos and Abuja, Mr Adefuye Adeyemi and Mr Kayode Makinde while assuring the good people of the state that the situation will improve on Tuesday noted that the bank would ensure full compliance by commercial banks on the disbursement of cash.

Both the controller and the State government team led by Gov. Abiodun later had a session with commercial bank executives in his office on the modalities agreed with the apex bank to ease the naira scarcity facing the people.

News

LASG cracks down on illegal structures along vital drainage channel

Published

1 week ago

April 30, 2024

NewsDirect

By Sodiq Adelakun

The Lagos State Ministry of Environment and Water Resources has launched an enforcement drive to reclaim the System 1 Drainage Channel, a critical waterway located in Ojota and Ogudu.

Commissioner Tokunbo Wahab announced the initiative on Monday via his official social media handle.

According to Wahab, an inspection conducted on Sunday revealed that property owners were building new structures within the designated areas, posing a threat to the channel’s functionality.

Established in 1974, System 1 is the largest primary channel responsible for mitigating flood-related challenges in major parts of the Lagos mainland, including Ogudu, Ojota, Ifako, Gbagada, and Maryland.

He added, “The state had been having discussions with property owners/residents since 2021, and the conversation ended in November 2023.

“Contravention notices have been served to owners of buildings lying within 140 metres of System 1 since 2021, but we found out that people have gone back to encroaching on the right of way and alignments.

“The property owners whose buildings fall within the approved 140 meters Right of Way of the channel had been given the option of voluntary compliance for almost three years.

“Some of the property owners continued with the construction of new buildings that surfaced in the areas now.”

Wahab also disclosed that the Ministry is set to commence major maintenance dredging at Okota, Faseun Bridge System 6E, located off Ago Palace Way.

It was gathered that in response to flooding threats, the Lagos State Government commenced a dredging operation in the Ikorodu area, targeting the primary channel in Awobo Estate.

The initiative was a significant step towards preventing potential disasters and ensuring the safety of residents in the region.

News

Lagos commuters beg for relief as petrol scarcity bites harder

Published

1 week ago

April 30, 2024

NewsDirect

..Marketers lament, urge Govt to act fast

By Sodiq Adelakun

Lagos commuters faced a difficult Monday as the lingering petrol scarcity continued to bite, leaving many stranded at bus stops across the city.

The crisis deepened as motorists scrambled to fill-up at dispensing stations, leading to a hike in fares.

With many filling stations shut and others selling the scarce commodity at exorbitant prices, tricycles and buses – the lifeline for daily commutes – were scarce, struggling to access fuel.

Some motorists revealed to NewsDirect that they purchased petrol at N900 and N1,000 per litre at filling stations, while roadside dealers sold the product for as high as N1,200 and N1,300 per litre.

The situation worsened as many filling stations stopped selling fuel altogether, exacerbating the woes of commuters who were forced to pay inflated fares or trek long distances to their destinations.

In most of the bus stops visited by NewsDirect on Monday, survival of the fittest was the prevailing philosophy as hordes of commuters were seen running after a few commercial buses.

However, chaos erupted at bus stops across Lagos on Monday as observed by our correspondent when desperate commuters scrambled to secure a spot on the few available commercial buses.

The transportation system has been thrown into disarray, leaving many wondering when the situation will improve.

Recall the crisis began after President Bola Tinubu announced the end of the petrol subsidy regime on May 29, 2023, aiming to allow market forces to determine pump prices, boost government revenue, and reduce disruptions in the value chain.

However, the move has triggered severe petrol scarcity, leading to a hike in fares across Lagos.

Commuters are feeling the pinch, with fares skyrocketing by as much as 50 percent.

For example, the journey from Kola roundabout to Agege, which previously cost N400 or N300, now costs N800. Similarly, the trip from Agege to Alausa in Ikeja has increased from N300 to N400.

According to one of the commuters, Temitope, he said, “Oh my goodness, I can totally relate to this! I was at the bus stop yesterday and it was like a war zone! People were pushing and shoving, trying to get on the few buses available.

“I was lucky to get on one, but I had to pay N800 for a journey that normally costs N400! It’s like they’re taking advantage of our desperation. And to think it’s all because of the petrol scarcity caused by the removal of the subsidy.

“I understand the government’s intention, but they should have had a better plan in place to mitigate the effects on commuters like us. This is really tough, and I hope they find a solution soon!”

Also, a female marketer, Promise, has lamented the devastating impact of the ongoing petrol scarcity on her business, echoing the plight of many others in the sector.

She said, “This petrol scarcity is affecting my business so much! I sell perishable goods at the market, and I need to transport them daily from one place to another.

“But with this scarcity, the few buses available are hiking their fares and it’s eating into my profit. I used to pay N400 or N300 from Kola roundabout to Agege, but now they’re asking for N800! And from Agege to Alausa, it’s now N400 instead of N300.

“How am I supposed to make a living like this? The government should do something to help us, we’re suffering! I’m a widow with three children to feed, and this is really affecting my family. Please, something needs to be done urgently!”

News

Q1 2024: BUA Cement’s post-tax profit declines by 34%

Published

1 week ago

April 29, 2024

NewsDirect

BUA Cement Plc, on Monday posted a Profit After Tax (PAT) of N17.97 billion for the period ended March 31, 2024.

This represented 33 per cent decline, as against N26.80 billion recorded in the corresponding period of 2023.

The company revealed this in its audited financial statement for the quarter ended March 31, 2024, which was sent to the Nigerian Exchange Ltd.(NGX) in Lagos.

The statement was signed by Mr Binji Yusuf, Managing Director, BUA Cement, Jacques Piekarsi, Chief Finance Officer, BUA Cement and Mr Chike Ajaro, Finance Director, BUA Cement.

Yusuf said that the firm’s Profit Before Tax (PBT) also dropped by 40 per cent to N21.29 billion in the quarter under review, compared to N35.46 billion recorded in the same quarter of 2023.

He stated that the company’s gross profit went down by 11 per cent to N44.94 billion for the period under review, as against N50.37 billion posted in the corresponding period of 2023.

According to him, the operating profit of BUA cement stood at N33.48 billion at the end of the first quarter of 2024, compared to N38.39 billion recorded in the same period of 2023, representing loss of 13 per cent.

The managing director noted that the cement company’s total asset for the period under review, however, rose by 2.46 per cent to N1.25 trillion, from N1.22 trillion posted in the same quarter of the previous year.

Yusuf said that the firm’s total liabilities advanced by 1.47 per cent as at the end of the first quarter 2024, to close at N842.70 billion, as against N830.46 billion recorded in the same period of year 2023.

The managing director further said that BUA cement’s free float value as at March 31, 2024, stood at N111.12 billion, compared to N69.08 billion recorded in the same period of the previous year.

This is compliant with the Exchange’s free float requirements for companies listed on the Main Board.