Famous Ladipo Market Is Burnt Down

These are photos from the fire which razed down the market on Wednesday. TVC E. About 100 traders were, yesterday, displaced after fire razed a section of the popular Ladipo market in Mushin Local Government Area, Lagos State, with goods worth several millions destroyed in the over 50 shops involved. Traders blamed the fire disaster, which started at about 3a.m., Wednesday, on power surge that emanated from Osoro Junction of the market. The traders explained that the fire started few minutes after the high-tension cable supplying electricity to the community malfunctioned, detached from the pole and fell on the shops. When reporters visited the scene at about 11a.m., smoke was still billowing from the shops. The traders were sighted still sourcing for water from the drainage to put out the smokes from the shops. Speaking to reporters, Best Daniel, one of the traders, lamented that the fire destroyed goods worth several millions. Daniel explained that...

Two- Storey Building collapse at Mile 12, Lagos

TVC E. A two-storey building has collapsed in the Mile 12 area of Lagos. The building located at 9, Ali Close, behind Mile 12 Garage, collapsed early Saturday morning March 19, 2016. Eyewitness say one person is critically injured while many other are still trapped ...

Hurray, Naira drops against dollar on parallel market

TVC E.  The naira on Wednesday, March 16, dropped against the dollar on the parallel market as the dwindling fortunes of the Nigerian currency failed to improve.   At 11am on Wednesday, the Nigerian currency stood at about N325 against the American dollar on the parallel market. The bureau de change (BDC) operators told our correspondent that the exchange rate has dropped in the past 48 hours and, as they suggested a few days ago, is not likely to improve in the coming days or weeks.   One of the sources said: “My friend, this is the situation right now. The prices keep fluctuating in the last few weeks, but recently, it has refused to improve against the dollar. “Although many think the BDC operators are the ones benefiting more from the development, I can assure you that on the long run, everybody in the country bears the brunt of the failing economic situation...

Reps delegation meets victims of Kano market inferno

TVC E, POLITICS - A delegation of the House of Representatives have converged on Kano State to discuss issues affecting traders grounded by the recent market inferno in the state Head of the delegation, Alhassan Doguwa says the visit was aimed at supporting victims of the fire outbreaks that hit Kano's International Food Items market. On his part, Kano State Governor, Abdullahi Ganduje says his administration had since taken precautionary measures against future occurrence.  ...

Stockbrokers seek N200bn fund

TVC E, BUSINESS - The operators under the shield of Chartered Institute of Stockbrokers, Association of Stockbroking Houses of Nigeria and Association of Issuing Houses of Nigeria are seeking N200 billion intervention fund from the Federal Government to boost the market’s liquidity. This move would be a short-term measure to cushion the effects of plummeting stock prices on the Nigerian Stock Exchange. The three bodies made their common stance known during a meeting on the state of the market. The operators also called on the Securities and Exchange Commission(SEC) to restructure the N90 billion dividend to form another intervention fund for the market. Mr. Emeka Madubuike, the ASHON President said each market maker should be availed of between N1bn and N10bn to stimulate the market. He said the Securities and Exchange Commission should also consider structuring accrued dividends to shore up the market, adding that in recognition of the importance of the capital market, the government should make a...

Fire razes 20 shops in Nasarawa timber market

TVCE [LAFIA] - No fewer than 20 shops were On Saturday razed in a major timber market in Lafia, the Nasarawa state capital, north-central Nigeria. Some eyewitnesses, who preferred names not mentioned disclosed that the fire outbreak began around 1am, razing about 20 shops and destroying properties worth millions of Naira. “The effort by the residents of the area to put off the fire was not successful and the State Fire Service men arrived the scene with empty tanks. “The level of destruction is so devastating,” the eyewitness said. Co0nfirming the incident in Lafia, the State Chief Fire Officer, Dogara Dalhatu, said the cause of the fire is yet to be established, adding that it was not true that the fire fighters came with empty tanks.” ...

Oyo central market shut down over alleged violence by rival gangs

The central market in Oyo town, popularly known as Akesan was on Monday morning shut down as rival gangs unleashed violence on the market and adjoining areas. Guns, bottles, machetes and other dangerous weapons were freely used in the ‘pay back’ attack which according to residents, is the latest so far recorded as violence has become a regular occurrence between dreaded rival gangs known as Agunpopo and Ilaka. The attack by the Agunpopo group on the Ilaka gang on Monday morning has now effectively shut down Akesan market, the usual battlefield of the two camps, traders and security officials told Premium Times. It was said that those familiar with the immediate cause of the clash alleged that the group from Ilaka had gone to Agunpopo’s carnival on Saturday night to “cause trouble”. Subsequently, residents have reportedly asked road users to divert from all roads leading to the market, including Apinni, Kanga, Garage and Palace...