Ibadan explosion: About N50b properties lost as govt ends rescue operation – Newstrends
Connect with us

News

Ibadan explosion: About N50b properties lost as govt ends rescue operation

Published

on

Ibadan explosion: About N50b properties lost as govt ends rescue operation

About N50 billion worth of properties may have been lost and reduced to rubble after last Tuesday’s explosion in Ibadan, Oyo State, which killed five persons, injured 77 and rendered thousands homeless, some estate valuers have estimated.
Conservative estimates from estate valuers and cost consultants show that residents may have lost properties so much to the explosion. With about 230 houses claimed to have been affected by the explosion, valuers note that at N150 million per building, a conservative estimate of N34.5 billion would have been arrived at, while other critical infrastructure and vehicles would account for the balance.

This is coming after the Oyo State governor, Seyi Makinde, disclosed at the weekend that a structural integrity test has been conducted on no fewer than 230 houses affected by the explosion.

While speaking at the Nigerian Society of Engineers investiture in Abuja, Makinde noted that the test included plans to resettle affected residents and avert a possible collapse of buildings.

“These past few days have been tough for the indigenes of Oyo State. We had an explosion and lost five lives and a lot of properties were destroyed.

“Between Tuesday and today (Saturday), the Society of Engineers led an effort to look at the structural integrity of the houses around ground zero of the explosion site and as of today, they have carried out integrity tests on 13 houses within 50 metres radius of the blast site, another 40 houses at 100 meters radius.

“They also carried out an integrity test at 200 metres on 122 houses and 53 houses within a 250-metre radius. In total, about 230 houses have been checked and this effort was led by the society. I sincerely thank you for helping us during this difficult time.”

The experts opined that it is at best still a rough estimate as going by ethics of the profession, the actual cost cannot be arrived at until estate valuers see all documents of the properties affected.

READ ALSO:

The state government at the weekend disclosed that it has concluded rescue operations on the site of the explosion, while adding that the site is now being fumigated.

According to a source at the Governor’s Office, the state government has concluded operations at the scene of the incident, adding that what the various emergency responders are doing at the site now is fumigation exercise.

Barring last minute change, a Federal Government delegation will be visiting the Old Bodija scene of the explosion today. According to a source, the team will include the Minister of Solid Minerals, Dele Alake; the National Security Adviser (NSA), Nuhu Ribadu among other top government functionaries.

The visit will be for an on-the-spot assessment of the incident, its impact which will guide the Federal Government to making a decision on what form of support and palliative that would be made available for the victims and residents.

Preliminary investigations fingered dynamite stored up by illegal miners as the immediate cause of the explosion. As at press time, no arrest had been made as search and rescue efforts have been concluded.

A visit to the explosion site at Adeyi Avenue, Old Bodija, by The Guardian revealed that properties along Dejo Oyelese Street, Canon Odusanwo Street, Rev Aderinola Street and others were badly damaged while some were irreparably mangled. The explosion also affected some structures at the state government secretariat, University College Hospital (UCH), among many other adjoining areas.

Describing the loss as colossal while assessing the depth of the damage, the Oyo State chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Pastor Oluseyi Adebayo, said the loss would be difficult to quantify. The same sentiment was also shared by a lecturer at the Estate Management Department of Lead City University, Mr. Adewale Adedokun, adding that the properties destroyed were enormous and run into billions of Naira.

Adebayo said: “To do a comprehensive valuation of property, we need authorisation from the government and owners of such property. Some documents need to be made available to the valuers. However, we can do an on-the-spot assessment. We may not be able to do a comprehensive valuation but a rough estimate.  The properties lost to the incident in that community alone are in trillions of Naira. It is a highbrow area. The cost of property in the area is huge. Again, many cars, electronic appliances and other household goods were destroyed, besides other personal effects.”

For Adedokun: “To say the fact, assets worth more than a trillion naira have been destroyed, considering the high yielding neighbourhood, assets are not only limited to the land and buildings, but it also includes land, buildings, furniture, fittings, jewelry, automobiles, household appliances, and personal properties.

“These are categorised as economic value. What of social and cultural value, environmental value, emotional and psychological values that are intangible and cannot be quantified in monetary terms. In addition, how can we ascribe value to the lives that were lost in the explosion?  In summary, the value of assets lost in the explosion are enormous.”

Adebayo, Adedokun and other estate valuers and investment analysts have urged the government to conduct integrity tests for all buildings within the neighbourhood.

READ ALSO:

Others who spoke with The Guardian are the Managing Director, Southwest Housing Exhibition, Dr Olayemi Rotimi-Shodimu; a NIESV Fellow, Fisayo Alo; and the immediate past chairman of NIESV in Oyo State, Solomon Bamidele Faloye.

They also called on the government to engage all relevant professionals to critically analyse the environmental impacts of the blast on humanity and the ecosystem, adding that a review of mining laws concerning keeping of explosives is expedient.

Faloye said it is necessary to conduct an integrity test on all the properties as many foundations have been shaken and may now have cracks leading to collapse afterwards.

Adewale, a lecturer, said: “Government needs to formulate a policy that will mandate every property owner to take life and property insurance policies like that of vehicles. The state government had taken proactive steps in ensuring that lives of injured people were secured and homeless residents accommodated in hotels at the expense of the government.

“Furthermore, the government should engage the services of professionals to analyse the incident to come up with robust reports and recommendations on how to move forward post-explosion effect. The professionals should involve built environment experts to look into the causes, extent of damage to properties around the incident site, assess the worth of the lost assets, determine compensation payable in terms of finance or redevelopment, and fish out the culprit responsible for the explosion.

“Also, experts should carry out impact assessment and integrity tests on the properties within the 500 metres radius from the centre, the environmental pollution, that is air and water. This will ensure safety of lives and properties in the long run. Hence, there is a need for experts to let us know the type and nature of the explosive. We pray it doesn’t have killer components like uranium.”

As victims of last Tuesday’s explosion continue to count their losses, a former director of the National Emergency Management Agency (NEMA), Dr. Olusegun Edward Ojo, yesterday, tasked security agencies, Federal Government and Oyo State government not to limit investigations into the explosives and dynamites of a resident miner as the cause of the incident.

While commending Governor Makinde for his prompt response to the explosion, he emphasised the need to widen the scope of the investigation to discover the immediate and remote causes of the explosion.

Ojo, who is former director of NEMA in charge of relief and rehabilitation, in a statement hinted that “with the massive extent of the devastation; it is very critical that other much more intricate findings on the remote and immediate causes of this incident are embarked upon to prevent a repeat of this anywhere in Oyo State or Nigeria in general.

“I visited the explosion site on Friday for the second time to see what activities were going on and to possibly lend my experience to the process. My interest was fuelled by the fact that I had spent a very good part of my active service life until recently in local and international humanitarian interventions such as the Ikeja ammunition bomb blast of 2002; the Bellview and the Sosoliso plane crashes in 2005; and part of the 2010 Haiti earthquake humanitarian intervention. I was also the National Focal Person on UNDRR’s proactive paradigm in Disaster Risk Reduction.

“I reckon that epidemiological, sanitation and health management were also ongoing to prevent the spread of diseases. But we cannot and must not just simply conclude and go to sleep that the Dejo Oyelese explosion incident was caused by explosives in the premises of the Malian miners.

“This is because of the unimaginable magnitude of the material devastation and loss of lives. We should think out of the box and search widely for other possibilities and consequences given the perennial act of terrorism in the country; and even for remote terrestrial astronomical possibilities as being speculated in some quarters.

“This incident is indeed a good opportunity to learn new lessons, and to reexamine and rejig our community/state-wide security architecture; the not-too-salutary environmental and town planning practices/approvals of incompatible land uses in the city of Ibadan.

“For example, petrol and cooking gas filling stations are located close to business concerns and dense residential areas in some parts of the city without due consideration for possible explosions, fire incidents, and other hazard risk implications,” he noted.

Ibadan explosion: About N50b properties lost as govt ends rescue operation

News

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

Published

on

Adebayo Ogunlesi

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

Forbes has unveiled its 2024 ForbesBLK 50 list, celebrating the achievements of the wealthiest and most influential Black Americans.

Among the honorees are three Nigerians—Adebayo Ogunlesi, Tope Awotona, and Wemimo Abbey—whose groundbreaking contributions and entrepreneurial successes have earned them places on this prestigious list.

The ForbesBLK 50 is a reimagining of Forbes’ 2009 Wealthiest Black Americans list, which then featured figures like Oprah Winfrey, Michael Jordan, and Magic Johnson.

While net worth remains a core metric, the new list also highlights innovation, societal impact, and leadership across diverse industries.

Adebayo Ogunlesi, with a net worth of $1.7 billion, stands out as a pioneering force in global infrastructure investment. As chairman and cofounder of Global Infrastructure Partners (GIP), Ogunlesi led the private equity firm through a transformative acquisition by BlackRock in 2024 for $12.5 billion.

  • Ogunlesi, a Harvard-educated lawyer and banker, previously spent over two decades at Credit Suisse before launching GIP in 2006.
  • His influence extends beyond business, as he has become a key figure in reshaping infrastructure investment on a global scale.

Also, Nigerian entrepreneur,Tope Awotona, the founder and CEO of Calendly, has redefined efficiency in scheduling and holds a net worth of $1.4 billion.

READ ALSO:

 

  • Born in Lagos, Awotona moved to Atlanta as a teenager and pursued business and management information studies at the University of Georgia. After early entrepreneurial setbacks, he launched Calendly in 2013, driven by frustration with cumbersome meeting coordination. The platform, which raised $350 million in 2021, is now valued at $3 billion and serves millions of users worldwide.

Although not a ranking, Wemimo Abbey, at just 32, is the youngest Nigerian on the list and cofounder of Esusu, an African fintech company addressing financial inclusion. Esusu helps renters build credit by reporting rent payments to credit bureaus, a service utilized by more than 20,000 properties and benefiting 1.8 million Americans.

  • In 2022, Esusu achieved a $1 billion valuation following a $130 million funding round. Abbey, who grew up in Lagos, has a background in mergers and acquisitions consulting and a passion for leveraging technology to drive social impact.

These three Nigerians show innovation, resilience, and the drive to address pressing global challenges. Their inclusion on the ForbesBLK 50 list is a foretelling of their entrepreneurial vision and the increasing influence of Nigerians on the global stage.

The ForbesBLK 50 list, launched under ForbesBLK, aims to go beyond net worth to measure impact and influence within the Black community and beyond.

Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024

Continue Reading

News

Northern youths say new tax regime bill designed to ruin region

Published

on

President Bola Ahmed Tinubu

Northern youths say new tax regime bill designed to ruin region

Coalition of Northern Groups, Taraba State chapter, has expressed concerns that the proposed Tax Reform Bill by President Bola Ahmed Tinubu’s administration is cunningly designed with all premeditated intent and purposes to further develop the southern Nigeria at the expense of the north.

The northern youths, who lamented the economic hardship in the country, concluded that the effect bears more scars on the region than any other.

Aside from the new Tax Reform Bill, the group also condemned the federal government’s land-border closure, alleging that the ideas favour the South more than the North.

The group, in a statement signed by its coordinator, Comrade Idris Ayuba, made available to Vanguard Correspondent in Ilorin alleged that most difficulties the North faces are the repercussions of the decisions, citing the effect of Petroleum subsidy removal, land border closure and the new tax regime as few examples.

He noted in the statement that”reduction in the consumption of a capital commodity like petroleum occasioned by the subsidy removal is not a manifestation of a positive policy impact; it rather indicates reduced economic activities that force people out of energy consumption,”

On the land border closure, Idris said: “One of the primary concerns is the impact of this policy on the regional economy, which has been heavily reliant on cross-border trade with neighbouring countries. The closure has resulted in significant losses for traders and business owners in the region, exacerbating poverty and unemployment.

“The policy has given undue advantage to Southern Nigeria, for instance, the closure has led to an increase in demand for locally produced goods in Southern Nigeria, which has boosted the southern regional economy.

READ ALSO:

“Additionally, the Southern region has benefited from the increased revenue generated from customs duties and taxes on imported goods.

“The closure has also created an imbalance in the distribution of economic opportunities, with Southern Nigeria having greater access to ports and international trade routes.

” This has resulted in a concentration of economic activity in the Southern region, further marginalizing Northern Nigeria,” Idris explained in the statement.

Northern youths say new tax regime bill designed to ruin region

Continue Reading

News

BREAKING: National Assembly extends lifespan of 2024 budget

Published

on

Senate President, Godswill Akpabio

BREAKING: National Assembly extends lifespan of 2024 budget

President of the Senate, Godswill Akpabio, has explained that the impressive performance of the 2024 national budget encouraged members of the National Assembly to extend the lifespan of the 2024 budget beyond December 31 this year.

Akpabio gave the explanation Wednesday in his welcome address during the presentation of the 2025 national budget to the joint session of the federal parliament.

He said, “We have noted the 2024 budget performances of 50% for capital expenditure and 48% for recurrent expenditure respectively.

“Given these great achievements, we have deemed it necessary to extend the life of the 2024 budget to June 30, 2025.

“The enabling law for this extension has already been put in place by this patriotic Assembly, as a testament to our appreciation for the great performance of the budget, ensuring we build upon your momentum.

“We commend your steadfast commitment to collaborate, cooperate and work with the National Assembly to achieve your grand vision for Nigeria.”

As the red chamber planned to start deliberations on the budget proposals, Akpabio warned heads of the various ministries, departments and agencies of the Federal Government to make themselves available for the budget defence.

He said: “Let me take this opportunity to stress the importance of the honourable ministers and heads of extra-ministerial departments being prepared to respond promptly to requests for them to come and defend their sectoral allocation in the exercise of our legislative oversight.

“We have observed concerning the behaviour from some ministers and heads of extra-ministerial departments, who sometimes neglect their duty to promptly submit to legislative oversight, sometimes even disregarding invitations from relevant committees of the legislature.

“It is imperative they understand that we will not condone such breaches of the constitution going forward.”

Akpabio noted that under the President Bola Tinubu administration, Nigerians has “witnessed remarkable strides in economic reforms, aimed at enhancing our nation’s stability and growth”.

READ ALSO:

According to him, “The courageous decision to remove fuel subsidies, though challenging, showcases your (Tinubu’s) unwavering commitment to redirecting resources to critical sectors such as education and healthcare.

“Your collaboration with the Central Bank has cultivated an environment ripe for investment, and your focus on infrastructure development reflects a visionary commitment to improving the connectivity that fuels our economy.

“Furthermore, your initiatives to strengthen our security framework stand as a testament to your resolve in tackling the pressing challenges of our time.“

The chairman of the National Assembly commended Tinubu’s efforts in the era of security.

“We commend your tireless efforts, along with those of our brave men and women in uniform, for liberating our lands from the grip of terror.

“Today, no community is under the threat of terrorism, a monumental achievement we celebrate together.

“The reduction in kidnapping incidents and the neutralization of over 11,000 terrorists and insurgents is a testament to patriotism, strength and determination,” Akpabio said.

The Senate President said Tinubu’s dedication to fostering international relations paves the way for fruitful partnerships that will propel the nation forward.

He said: “We are witnessing a resurgence in foreign direct investment, made possible by your visionary directives that ease the visa processes for Nigerians travelling to other countries, and at the same time welcome investors and tourists alike to our country.

“Your innovative approaches in our embassies and the Ministry of Foreign Affairs have opened new doors for Nigeria and its people. For this we thank you.”

He said the introduction of social welfare programmes embodies the president’s unwavering belief in uplifting the living standards of our citizens.

“You remind us that our nation is not merely constructed of bricks and mortar, but of the resilience and determination of its people.

“Nigerians are taking notice of your remarkable achievements. You have doubled aggregate government revenues to over NGN 18.32 trillion, reduced debt servicing expenditures from 97% to 68%, fulfilled $7.5 billion in foreign exchange obligations, increased oil production to 1.8 million barrels per day, and launched the Compressed Natural Gas initiative.

READ ALSO:

“Your administration has processed over N45.6 billion for student payments, signed the National Minimum Wage Law, and raised the national minimum wage to N70,000 a month, all while providing over N570 billion in financial support to the 36 states,” Akpabio said.

He commended the groundbreaking tax reform initiative including the four tax reform bills, namely the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and the Nigeria Tax Bill, 2024.

He said the tax reform bills represented a monumental shift in the country’s fiscal landscape and that its critics haven’t read the proposed legislations.

The Senate President said: “It is disheartening that those who have not taken the time to understand these bills are the loudest critics.

“I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully.

“This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.

“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”

Akpabio said the infrastructure renaissance has paved the way for many roads, including the coastal road and crucial arteries in the Abuja capital city and other parts of the country.

“These developments are not merely about concrete and asphalt; they represent the lifeblood of our economy, connecting our people and fostering growth,” he added.

He urged Nigerians to bear with the president whose economic reforms had imposed hardship on Nigerians but noted that: “We are light-years away from where we began, though some rivers remain to be crossed.

“The pains we feel are not merely the pains of hardship; they are the pains of childbirth. When that season arrives in Nigeria, when this administration births that season, we will rejoice for the struggles endured.

“For now, I ask for your patience and urge all Nigerians to cooperate with the president and maintain faith in his vision.

“Mr. President, while you cannot be everywhere, you have eyes everywhere. We, the distinguished senators and honourable members of the House of Representatives, are your eyes in our constituencies and every corner of Nigeria.

“When our constituents struggle to afford rice, they come to us. When their shoes pinch, they seek our assistance. When the economic alarm sounds, they turn to us.

“Therefore, we are committed to ensuring that you touch the hearts and pulse of Nigerians through these appropriation bills resonating with the sounds of hope and signalling the dawn of Nigeria’s economic rebirth,” he added.

Akpabio ended his speech by leading the members of the National Assembly to sing for the president as they all chorused, “On your mandate we shall stand” to the admiration of the legislatures and the guests.

 

BREAKING: National Assembly extends lifespan of 2024 budget

THISDAY

Continue Reading

Trending