Economy
Lagos Gives 14-Day Ultimatum To Street Hawkers
By Dipo Olowookere
Street hawkers in Ikoyi, Victoria Island and the Lagoon Front of Lekki in Lagos State have been given two weeks to leave or risk being arrested and prosecuted by the state government.
Secretary to the State Government (SSG), Mr Tunji Bello, in a statement on Sunday, read a riot act to all the owners of illegal structures, shanties, street hawkers and those who have converted walkways into trading points and food courts in the mentioned areas to remove such illegal structures.
Mr Bello warned that if such illegal structures are not removed after the 14 days grace, the State Special Task Force on the Clean Up of the areas would move in to enforce the laws.
“The owners of all illegal structures, shanties, abandoned buildings and all those who have converted road median to commercial uses in Ikoyi, Victoria Island and Lekki have between today (Monday) and two weeks’ time to comply or have the State Special Task Force on the Clean Up of the areas to contend with,” he warned.
The statement added that owners of all abandoned buildings in different areas of Ikoyi, Lekki and Victoria Island which are now harbouring pr0stitutes, illegal miscreants and unwanted elements, must clear the structures of such undesirable elements immediately.
He specifically warned owners of properties on the Lagoon fronts of Lekki Phase 1 who have littered the whole areas with compactors and several other deadweight equipment to remove them out immediately.
Mr Bello said the State Government was concerned about the conversion of the frontages of properties and abandoned houses to kiosks and trading points by maids and guards as well as the unregulated activities of horticulturists who have turned setbacks to hide outs and selling points.
He reiterated the determination of the Ambode-led administration to restore the original master plan of Ikoyi, Victoria Island and Lekki by checking the activities of roadside automobile repairers who have converted many dual carriage lanes to single lanes with indiscriminate parkings.
He said the State Government would no longer tolerate unauthorized parking of vehicles, trucks, among others on drainage infrastructure, adding that owners of such vehicles and properties with unkempt drainages will be prosecuted.
Bello said it was totally unacceptable for people to stockpile and display wares such as bags of charcoal on major Roads like Ahmadu Bello Way and Federal Secretariat Road, Ikoyi, stating that henceforth such goods would be confiscated and the owners prosecuted.
“We are using this medium to sensitize members of the public and residents of the affected areas who are involved in these illegalities to immediately take right action and do the needful as the State Government will take the necessary steps to enforce its environmental and sanitation laws forthwith.
“All those engaging in roadside display of wares, illegal street trading and all illegal squatters on undeveloped land and all those who have converted road median to commercial uses in Ikoyi, Victoria Island and Lekki are being advised in their own interest to put a stop to the illegalities,” he said.
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.”
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