Fire destroys 70 shops in Lagos market – Newstrends
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Fire destroys 70 shops in Lagos market

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Fire destroyed at least 70 shops with goods worth several millions of naira at the Slade Market in the Shomolu area of Lagos State.

The fire, which started at 1.05am, was said to be due to a surge in voltage after power supply was restored to the area.

Director-General of the Lagos State Emergency Management Agency (LASEMA), Dr Olufemi Oke-Osanyintolu, said the agency responded to distress calls from the area at 1.05am.

“Upon arrival, we commenced fire suppression activities. The agency firefighters alongside the Lagos State and Federal Fire Services worked to complete thorough damping down exercise,” he added.

He said the initial post-disaster assessment indicated that 70 lock-up shops were affected while the extent of destroyed goods was still being assessed.

He implored residents to ensure their appliances are switched off once not in use to prevent voltage surge.

The Lagos State Fire and Rescue Service also confirmed that 70 shops were damaged in the fire outbreak.

The agency, however, said it prevented 101 shops from being razed.

Acting Head of the agency, Mrs. Margaret Adeseye, said the fire was put out by firefighters from the Ilupeju and Bolade Fire stations.

She said the average land area of 1,944 square metres, accommodating 171 shops of varying sizes, already had 70 of the shops engulfed by fire by the time the firefighters arrived.

“The affected shops, which had various items, including food, gas cylinders and other perishable goods, were severely damaged by the inferno,” she stated.

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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