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 Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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