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

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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.

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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.

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“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!

READ ALSO: Nursing Mother, Five Others Arrested Over Alleged Kidnapping In Ondo

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“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.

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“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.”

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Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

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The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

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READ ALSO:Naira Records Second Consecutive Depreciation Against US Dollar

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

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Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.

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Dangote Sugar Announces South New CEO

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Dangote Sugar Plc has announced Mr Thabo Mabe, a South African, as its new Group Managing Director and Chief Executive Officer.

This follows the sudden resignation of Mr Ravindra Singhvi, an Indian.

The company disclosed this in a shareholders’ notice on Tuesday, in compliance with Nigerian Exchange Limited regulations.

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READ ALSO:21 Secondary School Students Arrested Over Cultism In Edo

Mabe’s appointment takes effect from December 1, while Singhvi’s resignation is effective from November 3ⁿ2025. The firm did not state a reason for Singhvi’s resignation.

Mr Singhvi made significant contributions to the growth and transformation of the company and leaves behind a record of operational excellence,” the statement, signed by Mrs Temitope Hassan, Company Secretary and Legal Adviser, read.

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Naira Records Second Consecutive Depreciation Against US Dollar

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The Naira recorded its second consecutive depreciation against the United States dollar at the foreign exchange market on Tuesday to continue the bearish trend this week.

The Central Bank of Nigeria’s data showed that the Naira further weakened on Tuesday to N1,438.71 against the dollar, down from N1,437.2933 exchanged on Monday.

This means that the Naira again dropped by N1.42 against the dollar on Tuesday on a day-to-day basis.

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At the black market, the Naira remained flat at N1465 per dollar on Tuesday, the same rate traded on Monday.

READ ALSO:Naira Records First Appreciation Against US Dollar At Official Market

This is the second consecutive decline of Nigerian currency at the official market since the commencement of this week.

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Meanwhile, the country’s external reserves had continued to rise, standing at $43.37 billion as of Monday, 10th November 2025, up from $43.35 billion on November 7.

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