Huge losses as fire razes Lagos auto parts market

A section of popular Idumota Market in the Lagos Island has been razed by fire.

Many auto part shops and goods worth billions of naira were destroyed in the inferno that started on Friday night.

A statement issued on Saturday by the Permanent Secretary of the Lagos State Emergency Management Agency, Olufemi Oke-Osanyintolu, confirmed the incident and the collosal losses.

Oke-Osanyintolu said a preliminary investigation showed that multiple buildings used as shops for sale of car spare parts were razed.

The statement read, “Following distress calls via the 767/112 Toll-Free Emergency Lines at 2220hrs, the Lagos State Emergency Management Agency activated its Emergency Response Teams from Lekki, Cappa and the Command and Control Centre, Alausa, Ikeja.

“On arrival of the LASEMA Response Teams at the incident scene by 2255hrs, it was discovered that multiple buildings used as shops for sales of car spare parts were found engulfed by fire at the aforementioned location.

“The immediate or remote causes of the fire incident were yet to be ascertained as of the time of writing this report. However, properties and goods worth hundreds of millions of naira were destroyed by the inferno.

“The LASEMA Shark Response Team, LASEMA Fire Unit, LASEMA Tiger Response Team, alongside Lagos State Fire and Rescue Service, and the Federal Fire Service worked together to curtail the fire, preventing it from escalating to adjoining buildings.

“The law enforcement agencies present at the incident scene activated crowd measures to ensure all-round safety at the incident scene.”

Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN

The Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso on Friday advised bank customers to report any difficulties withdrawing cash from bank branches or ATMs to the apex bank from December 1.

Cardoso, who spoke during the 2024 annual bankers dinner in Lagos organised by the Chartered Institute of Bankers of Nigeria (CIBN) urged customers to make reports through designated phone numbers and email addresses for their respective states.

Cardoso, who was conferred with the fellowship of the CIBN, said the reporting guidelines would be distributed widely to raise public awareness.

He called for full regulatory compliance by all stakeholders, including Mobile Money Operators and PoS Agents, to promote digital transaction channels and improve service delivery.

“We also recognize the ongoing challenges with cash availability at ATMs, which disproportionately affect ordinary Nigerians.

“To address this, we are conducting spot checks across Deposit Money Banks (DMBs) and will impose penalties on underperforming institutions.

“Effective December 1, 2024, customers are encouraged to report any difficulties withdrawing cash from bank branches or ATMs directly to the CBN through designated phone numbers and email addresses for their respective states.

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“I repeat, financial institutions found engaging in malpractices or deliberate sabotage will face stringent penalties,” he said.

According to him, the CBN will continue to maintain a robust cash buffer to meet the country’s needs, particularly during high-demand periods such as the festive season and year-end.

The CBN governor said the focus was to ensure seamless cash flow for Nigerians while fostering trust and stability in the financial system.

He explained the Payment System Vision initiative for 2025 to further enhance confidence in the nation’s payment system.

He assured that payment gateways in settling financial transactions will become better in 2025 as delays will be addressed.

Cardoso said that trust was fundamental to fostering digital transactions, and CBN must take every necessary step to preserve that trust in payment systems.

Cardoso: Report difficulties in withdrawing cash from ATMs, banks to CBN

IGP opposes bill seeking police exit from contributory pension scheme

Inspector General of Police, Kayode Egbetokun has kicked against the bill seeking to exempt the police from the Contributory Pension Scheme (CPS).

Egbetokun who spoke while addressing police officers in Abuja said exiting the scheme will not favour the police force.

He stated that if the police exit the CPS, they will go back to square one.

He said: “Yes it is true that a bill has been passed by the National Assembly for the police to exit the CPS and that bill is awaiting presidential assent, but has anyone of you seen the details of the content of that bill? You need to go and look at the bill and see where you are exiting to?

“Everybody is shouting ‘let us go, let us go’. You must know where you are going before you start shouting, ‘I want to go”. When I became IG, I set up a committee to look into the pension issue and we discovered that the bill awaiting the assent of the President does not favour us. If we exit the present Contributory Pension Scheme, we are going back to square one, where we were before the introduction of the scheme. Our pension will be in the hands of politicians and they will be the one to address our pension. Our pension will be subject to budgetary allocation every year and when the government does not have money, you will not be paid.

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