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
About 0.04 per cent was recovered on Friday from the loss recorded by the Nigerian Exchange (NGX) the previous due to profit-taking.
Yesterday, investors were in the market with renewed vigour, mopping up stocks trading at relatively cheaper prices.
According to data, the insurance counter gained 0.41 per cent, the banking sector appreciated by 0.38 per cent, and the consumer goods index grew by 0.14 per cent.
The gains achieved by these three sectors were enough to lift Customs Street at the close of business despite the 0.26 per cent decline printed by the industrial goods segment and the 0.14 per cent loss suffered by the energy industry. The commodity counter was flat during the session.
A total of 43 equities gained weight on the last trading day of this week, while 26 equities shed weight, indicating a positive market breadth index and strong investor sentiment.
Red Star Express increased its share price by 10.00 per cent to N13.20, NCR Nigeria grew by 9.97 per cent to N128.55, SCOA Nigeria inflated by 9.96 per cent to N14.90, Omatek appreciated by 9.94 per cent to N1.77, and Deap Capital expanded by 9.85 per cent to N4.46.
On the flip side, McNichols decreased by 8.81 per cent to N6.00, Legend Internet crumbled by 7.56 per cent to N5.50, Cornerstone Insurance crashed by 6.48 per cent to N6.35, C&I Leasing contracted by 6.29 per cent to N8.20, and Austin Laz slipped by 5.78 per cent to N3.75.
Yesterday, 539.9 million shares valued at N16.7 billion were transacted in 48,023 deals versus the 1.0 billion shares worth N31.6 billion executed in 51,227 deals in the preceding day, implying a shrink in the trading volume, value, and number of deals by 46.01 per cent, 47.15 per cent, and 6.26 per cent apiece.
Zenith Bank was the most active for the day with 54.6 million stocks sold for N3.8 billion, Jaiz Bank traded 41.5 million units worth N359.4 million, Secure Electronic Technology transacted 37.7 million units valued at N39.2 million, Access Holdings exchanged 30.5 million units for N699.2 million, and Lasaco Assurance transacted 27.2 million units worth N68.3 million.
When the market closed for the day, the All-Share Index (ASI) went up by 72.21 points to 166,129.50 points from 166,057.29 points and the market capitalisation gained N31 billion to N106.354 trillion from N106.323 trillion.
By Adedapo Adesanya
It was a positive ending for the Naira this week after it further appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, January 16 by N1.33 or 0.09 per cent to sell for N1,417.95/$1 compared with the previous day’s N1,419.28/$1.
The domestic currency also gained N2.41 against the Euro in the official market to close at N1,647.51/€1 versus the preceding session’s closing price of N1,649.92/€1, however, it suffered a N7.97 loss against the Pound Sterling in the same market window to trade at N1,901.32/£1, in contrast to Thursday’s closing price of N1,893.35/£1.
In the same vein, the Nigerian Naira depleted against the Dollar at the GTBank FX counter by N2 to quote at N1,427/$1 compared with the previous day’s N1,425/$1, but strengthened against the greenback at the black market yesterday by N5 to settle at N1,485/$1 versus the N1,490/$1 it was exchanged a day earlier.
Improved supply conditions helped keep the market within range as exporters’ and importers’ inflows in addition to non-bank corporate supply enhanced liquidity as the Central Bank of Nigeria (CBN) made no visible intervention.
Stronger external inflows from foreign portfolio investors (FPIs) and improving current account dynamics, continue to align with structural support in the wider economy.
Nigeria has seen projections of a stronger economic or gross domestic product (GDP) growth and lower inflation in 2026, with these forecasts citing improved macroeconomic fundamentals and reform impacts.
As for the cryptocurrency market, it was mixed following selloff in precious metals and lower US stocks appeared to be denting crypto sentiment.
Gold and silver, both of which also enjoyed big rallies earlier this week, tumbled 1.2 per cent and 5 per cent, respectively while key US stock indexes — the Nasdaq, S&P 500 and Dow Jones Industrial Average — all reversed from early gains to modest losses in Friday trade.
Dogecoin (DOGE) shrank by 2.2 per cent to $0.1370, Ripple (XRP) slipped by 0.8 per cent to $2.05, Ethereum (ETH) went down by 0.7 per cent to $3,228.56, and Bitcoin (BTC) slumped by 0.6 per cent to $95,086.80.
Conversely, Litecoin (LTC) appreciated by 3.2 per cent to $74.48, Solana (SOL) rose by 0.4 per cent to $143.70, Cardano (ADA) jumped by 0.2 per cent to $0.3942, and Binance Coin (BNB) increased by 0.1 per cent to $935.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
Oil prices settled higher amid lingering worries about a possible US military strike against Iran, a decision that may still occur over the weekend.
Brent crude settled at $64.13 a barrel after going up by 37 cents or 0.58 per cent and the US West Texas Intermediate (WTI) crude finished at $59.44 a barrel after it gained 25 cents or 0.42 per cent.
The US Navy’s aircraft carrier USS Abraham Lincoln was expected to arrive in the Persian Gulf next week after operating in the South China Sea.
Market analysts noted that it doesn’t seem likely anything will happen soon. However, the weekends have become the perfect time for actions so as not offset the markets.
The market had risen after protests flared up in Iran and US President Donald Trump signalled the potential for military strikes, but lost over 4 per cent on Thursday as the American president said Iran’s crackdown on the protesters was easing, allaying concerns of possible military action that could disrupt oil supplies.
Iran produces approximately 3.2 million barrels per day, accounting for roughly 4 per cent of global crude production, so it was not a coincidence that markets rallied sharply through Tuesday and Wednesday as President Trump canceled meetings with Iranian officials and posted that “help is on its way” to Iranian protesters, raising fears of potential US military strikes that sent prices surging toward multi-month highs.
Weighing against those fears are potential supply increases from Venezuela.
The Trump administration is exploring plans to swap heavy Venezuelan crude for US medium sour barrels that can actually go straight into Strategic Petroleum Reserve (SPR) caverns, since not all all oil belongs in the reserve.
According to Reuters, the Department of Energy is considering moving Venezuelan heavy crude into commercial storage at the Louisiana Offshore Oil Port, while US producers deliver medium sour crude into the SPR in exchange.
Analysts expect higher supply this year, potentially creating a ceiling for the geopolitical risk premium on prices.
Some investors covered short positions ahead of the three-day Martin Luther King holiday weekend in the US.
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