Economy
Lagos Threatens to Shut Down Oke-Odo Market
By Modupe Gbadeyanka
Traders at the popular Oko-Odo market, also known as Ile-Epo market, have been given one week to put an end to illegal activities perpetrated at the market or risk being shut down indefinitely by the Lagos State government.
This warning came yesterday when leaders of Agbado Oke-Odo Market held meeting at the Lagos House in Ikeja with the state government.
Secretary to the State Government (SSG), Mr Tunji Bello, who represented Governor Akinwunmi Ambode at the meeting, lamented that traders at the market were in the habit of displaying their wares on the road for sale beyond the confines of the market, thereby causing traffic gridlock and other environmental nuisance.
He said their activities had reached a level which the state government could no longer condone, hence the need for a final warning.
He said aside causing avoidable and needless traffic, the traders were also in the habit of dumping their refuse on the road, thereby causing environmental and health hazards.
“This is just to come and deliberate on the Agbado Oke-Odo Market because of the situation there. The market has become a stumbling block particularly to those using the road.
“The traders have blocked the Lagos-Abeokuta Expressway to the extent that even the contractors working there don’t have place to work because they have taken over the area.
“They cause a lot of traffic gridlock and people coming from Ota or from Abule Egba don’t have the road to connect other areas of the State.
“We have warned them consistently but we are yet to get any result. That is why we have summoned today’s meeting,” Mr Bello said.
“The meeting is basically to call them to order and give them the last warning. The idea initially was to shut down the market today but the Governor decided that we should give them just one week to put things in order,” he added.
He said in as much as government was not interested in shutting down markets, but it would have no choice than to wield the big stick if traders continue constituting themselves as menace to other road users.
“What we are saying is that the government is not interested in shutting down any market because of the economic implication on the people who have to survive and live.
“As a government, we are not interested in shutting down business enterprises and all that, but if it is constituting menace and inconveniencing other people, we will have no choice than to wield the big stick, and that is why we are giving the market leaders the last warning to go and re-order their market.
“The leaders of the market must sit up and look at how to help government because we cannot say because we are trading, we should inconvenience people who go to work from Abule Egba to Lagos Island for instance and to other places and they have to spend hours on that road just because of the activities of the traders.
“Apart from that, we have a lot of filth on the road because the market people just dump their refuse on the road. We don’t want that anymore and that is why we are giving this last warning.
“We don’t want anybody on the road again and whatever we have to do internally as a government, we will not hesitate to do. We will send Task Force and the men of the Kick Against Indiscipline (KAI) to the place to ensure sanity.
“This warning to Agbado Oke-Odo traders also applies to other markets in the State. Any market where their traders are blocking the road and constituting menace to others will be shut down till further notice,” Mr Bello threatened.
Responding on behalf of others, the Babaloja Araromi Agbado Oke-Odo, Mr Mukaila Oyinlola, said as market leaders, they had warned the traders who were in the habit of selling on the road to desist, but their warnings had fallen on deaf ears, adding that the resolve of government was a welcome development.
Also, Iyaloja Araromi Oke-Odo Market, Mrs Dupe Shonola and Babaloja General of Agbado Oke-Odo Market, Mr Abiodun Kosoko, urged government to make examples of the perpetrators of the illegal act, but called for expansion and modernization of the market.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
By Adedapo Adesanya
Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.
President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.
However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.
Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.
Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.
Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.
Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.
The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.
US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn