Business

Business Owners Cry Out Over Eviction, Planned Demolition Of Ondo Trade Fair Complex

Published

3 years ago

April 6, 2022

The Association of Business Owners at the Ondo State Trade Fair Complex has moved against the planned demolition of the complex by the state government.

According to the business owners within the complex, which is situated in Alagbaka, Akure, the state capital, the state government would be acting illegally on the planned action as their lease agreement has not expired.

Speaking through the Chairman of the Association, Prince Adelokiki Orimisan, and Secretary Mr Akinwande Segun, a notice to quit the complex was served on his members on March 24, 2022, which indicated that all legal occupants should vacate the premises.

The quit notice was said to have been served in order to pave the way for the demolition of the complex by April 7th which will be carried out by the state government.

“To start with, we are all legal occupants of the said property who entered into a proper and documented lease agreement with the Ondo State Government.

“And that we are still having our lease agreement running for years.

“While some of our members just renewed their tenancy agreement with the government, some still have like a year or two running before the expiration of their tenancy which is subject to renewal as the case may be.

“It’s pertinent to state without equivocation that the Ondo State Government as led by Governor Rotimi Akeredolu has not followed the due process of law in this case. To what intent, we don’t know!

“While we have briefed our lawyers to initiate legal proceedings against the government on the proposed illegal demolition, we are duty-bound as citizens of this state to let the people know what the potential evils the demolition of the Trade Fair Complex portends.

“The Trade Fair Complex was established by the government of the first civilian Governor of Ondo State, Chief Michael Adekunle Ajasin.

“Essentially, the complex was to allow business owners, innovators, inventors and budding entrepreneurs to have a common platform where they can showcase their business activities and ventures to attract buyers or even joint partners or venture capitalists who can invest in their businesses for expansion.

“Over the years, the place had been abandoned by successive administrations in the state due to their own acutely myopic economic management capacity.

“We ask that, in the alternative, the government should give us a one year notice to quit as required by one of the provisions of our tenancy agreement.

“We ask that if the government can no longer wait for the exhaustion of all the terms and agreements in our lease document, the government should relocate all legit business owners within the Complex to another place to be provided by the government with all expenses of the relocation borne by the government.”

Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.