Business

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

Published

4 years ago

April 6, 2022

Editor

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

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

1 day ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

1 day ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

1 day ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.