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Tag: count losses

  • Nigerians count losses from polls shift

    • We’ll lose billions of naira, say NACCIMA, others • Lagos, Aba markets record low patronage

    How much could Nigeria have lost to the unexpected postponement of the Presidential and National Assembly elections?

    Although, we may never have an accurate figure, the millions of Nigerian traders, artisans, farmers and motorists who had to stay at home yesterday doing nothing are already counting their losses on account of the polls shift.

    The Vice President, National Association of Chamber of Commerce, Industry, Mines and Agriculture, (NACCIMA), Mr. Tony Ejinkeonye, says Nigeria will lose billions of naira.

    Ejinkeonye, who is also the Director, Business Development for Africa, Esilknet Africa Network Ltd., told News Agency of Nigeria (NAN) yesterday in Abuja that the postponement would affect the economy adversely.

    “It is quite unfortunate that the election was postponed. Economically, billions of naira have been lost and will be lost in the coming weeks. Industries, businesses, including airlines, were affected by the movement restriction.

    “We expect also the same thing happening in the coming weeks. Most important effect is the perception of the international financial community.

    “Situations like this will create panic with massive withdrawal and stoppage of funds inflow to Nigeria. I dread the effects in the stock market on Monday,” he said.

    Ejinkeonye, who said that it would be difficult to determine the actual figure of the loss but would be in billions of naira, said however that the real cost would be the loss of investor confidence.

    Also speaking, the President, National Association of Nigerian Traders (NANTs), Mr. Ken Ukaoha,  said the country would  lose more than N140 billion due to the postponement.

    Ukaoha noted that the postponement would affect the economy adversely in terms of money that the government, political parties and ordinary Nigerians had already expended on logistics and otherwise.

    He described the election postponement as appalling and unfortunate which could make the nation become a laughing stock among the comity of nations.

    “The loss is monumental; if you look at the economic consequences, essentially if you look at trading; Nigeria depends so much on daily turning of fund through distribution and redistribution of goods and commodity.

    “I am telling you that with this calculation I have just done here, we are losing nothing less than 140 billion naira, because we all got this information so late

    “If you go round now, you will see that the shops are closed, so we are losing a lot  of money just for this incident.

    “We are not talking about the manufacturers and the industrialists because they have all sent their workers away to go and perform their civic duty.

    “Farmers did not go to their farms because they want to exercise their franchise. If you do the computation, your guess is as good as mine in terms of what the nation is losing, we should learn.”

    An economist, Mr. Chijioke Ekechukwu, believes the  postponement of the elections will affect credit rating and already threatened portfolio investments in the country.

    Ekechukwu noted that the investments would likely flow out in large value.

    According to him, beginning from Feb. 16, the stock market will go bearish due to the postponement.

    “What will the international observers who already had their return tickets for Monday or Tuesday do after the failed election.

    “They will indeed fly back and not come back as they didn’t budget for any extra cost and extra stay.

    “What will happen to school children who are at home presently because of the election.’’

    Ekechukwu expressed worry that Nigerians would be made to bear the losses.

    A Lagos businessman, Damilare Akinseye, said INEC completely destabilised him by the postponement announcement.

    He said: “They have thwarted all my plans. Things I was supposed to have done on Friday, I had to shelve them so that I could be around for the elections. Now, they want me to incur losses again next week?

    “It continues to baffle me why a country that has spent so much preparing for this election will at the last minute cancel it. Considering all the monumental sums that have been given to INEC, what is the issue of logistics here?

    A tomato seller at Mile 12 market lamented low patronage, stating that most of their customers had either travelled for the polls or were scared to  come out.

    She said: “You can see how everywhere is still empty. A lot of people travelled to their villages to vote. They should have made this announcement some days back so that people would not travel. Now, they have made us to lose money and next Saturday we will not sell. They should be considering the sufferings of ordinary Nigerians before taking such decisions,” she said.

    Island Club Manager, Olubunmi Fasan, said: “ a lot of economic gains that would have accrued if today had not been chosen earlier could not be achieved.

    “A lot of people had their occasions cancelled, students came back from school, foreign delegates who travelled to Nigeria to monitor the conduct of the election are now forced to stay back or go back to their base to come back next week for the same exercise.”

    Edo food vendors lament

    Food vendors in Edo State were hard hit by the postponement.

    Some of them had already arrived polling centres as early as 6 a.m. with cooked food to sell only to be told that the elections had been shifted by a week.

    One Mrs. Theresa Igbinosa, a food vendor at Western Boys High School in Ikpoba-Okha ward 2, said she spent about N50,000 to prepare the food.

    “I am not only sad but very angry. I spent so much money and woke up as early as 2 a.m. to prepare this food. I have not even slept at all,” she said.

    “My problem now is what to do with the food because nobody is here to sell to and I am so confused right now. I even borrowed the money from my neighbour with a promise to pay back after sales.

    “INEC is not fair to us at all. Why did they have to wait till this morning to cancel the elections?”

    Osifo Lucky, another food vendor, said, “there is no hope for the poor in the country. Nobody puts you into consideration before taking any decision. They just wake up and do whatever that pleases them.

    “As you can see for yourself, I am looking at my food and the food is looking at me too. No buyer; the school is empty.”

    A Kano resident, Madam Martha Moses was full of pity for one of her friends, who according to her, had to reschedule the marriage of her son from yesterday to Saturday, February 23, the new date picked by INEC for the postponed elections.

    “You can see this kind of situation, where parents have committed a lot of money to prepare for the wedding.

    “Now, the wedding cannot even take place on February 23. This is a shame, as we have lost a lot of money to the inefficiency of INEC leadership to organise this election.”

    Commercial activities in most parts of Lagos were dull for much of yesterday.

    Most markets and petrol stations remained shut until late in the day while vehicular traffic was very low.

    The situation was the same in Aba North and South, Ugwunagbo, Ukwa West, Umuahia North and South as well as Isiala Ngwa North and South in Abia State.

    Patronage at some of the markets in Umuahia and Aba, including Ubani Market, Ariaria, Eziukwu and  Ahia Ohuru  was very low.

    Kano residents count losses

    Mixes feelings trailed the sudden postponement of yesterday’s Presidential and National Assembly Elections in Kano as residents lament the adverse effects of the Independent National Electrical Commission’s decision.

    Apart from engaging in panic purchase of food stuff and unsolicited withdrawal of money through ATM, a number of non-natives resident in the state had travelled to their various home states for fear of the unknown.

    Speaking to our reporter, cross-section of residents condemned the postponement, citing its economic implication on the part of the citizens and the federal government.

    According to Chief John Ikuku, “the postponement of this election is totally unnecessary. How can INEC suddenly wake up from slumber and said it was no longer ready enough to conduct the elections when sensitive materials have already been distributed across the nooks and crannies of the country?

    “Look, my brother, I have never witnessed this kind of scenario and I don’t think it has happened this way anywhere in the world. I have a feeling that this could be a ploy to rig the election.”

    Madam Martha Moses said, “I am disappointed with INEC. I think they are not serious, despite all encouragement and support given to them by the federal government to conduct the election. More so, despite assurances from INEC leadership, they came at this 11th hour with this laughable postponement without recourse to the negative effects and consequences upon the average Nigerian.

    “INEC leadership has totally lost credibility and the chairman should resign in shame because he has failed Nigerians, and I don’t think he can ever get it right.”

    Madam Martha added that, “the most painful aspect of it is that a friend of mine is to wed today, but the wedding was put off and slated for February 23. You can see this kind of situation, where the parents have committed a lot of money to prepare for the wedding.

    “Now, the wedding will not hold next week. As such, this is a shame on the part of INEC as we have lost a lot of money due to the inefficiency of INEC leadership to organise this election.”

    The Nation reports that INEC in Kano has started retrieving sensitive materials conveyed to various Local Government Areas for onward deposit to the Central Bank of Nigeria for safety.

    Kano remains calm and quiet as at the time of filling this report, as everyone is moving about their businesses unhindered.

    Security operatives were however sighted at strategic positions, performing their normal duties.

    Speaking to our reporter, the spokesman of Kano State Police Command, Haruna Abdullahi, said there was no cause for alarm as police is on top of the situation.

    He urged residents to remain law-abiding and go about their normal businesses without fear.

    Sani Bello calls for patience

    Niger State Governor, Alhaji Abubakar Sani Bello has described the postponement of the general elections by one week as unfortunate development but appealed to Nigerians to exercise understanding and patience

    He said INEC must have weigh the various options before arriving at the painful conclusion of postponing the election.

    In a statement signed by his Media and Publicity Coordinator, Mr. Jide Orintunsin, the Governor expressed hope that the decision of the electoral body is to ensure a credible election that would be satisfactory to the people.

    “The postponement of these elections are unfortunate but going by the INEC Chairman’s statement the decision to shift the election was necessary for the commission to successfully deliver its mandate of conducting a credible, free and election and for the consolidation of our democracy.

    Bride-to-be laments elections postponement

    The postponement of the Presidential and National Assembly elections has left a bride-to- be in a dilemma as the Independent National Electoral Commission’s  (INEC) timetable has disrupted her marriage plan for a second time.

    Miss Rita Osawende’s wedding was originally fixed for yesterday but was unexpectedly re-scheduled for Saturday, February 23, the same date she had picked because of the earlier clash of date.

    Osawende told the News Agency of Nigeria (NAN) in Benin that all arrangements for her big day had been concluded for February only for INEC to upset her plan again.

    “INEC please help me revisit this issue,” she said.

    “The original date was fixed for February 16, but as soon as I knew its elections day, it was postponed to February 23rd.

    “What do I do? All arrangements have been made.

    “I have printed and distributed my invitation cards for the wedding. I am so confused,” NAN quoted her as saying.

  • Traders count losses after Aba motor park fire

    Traders at the popular Aba motor park in Umuahia North Local Government of Abia State have lost goods, worth millions, after fire engulfed the park yesterday.

    The cause of the fire could not be ascertained last night. It was, however, gathered that the fire started from a shop used to store Petroleum Motor Spirit (PMS).

    Shop owners described their loss as huge.

    Read also: Anxiety as Labour gets set for minimum wage strike

    A sympathiser, Dan, said: “The cause of the fire is not known. This is the second time fire would be destroying this park, and it always happens at this time of year.”

    Findings showed that the dry weather aggravated the situation, and men of the fire service were not available to help as the people were shouting “call the fire service.”

    No death was recorded last night but the fire raged on and smoke turned the atmosphere black, especially from the Bende Road towards the railway tower.

     

  • School, residents count losses after downpour

    School, residents count losses after downpour

    FOUR days after Monday’s downpour in some parts of Lagos, a school in Surulere, is yet to recover from its impact.

    The roof of the Science Block of Ansar-Ud-Deen Grammar School was blown off.

    Lectures ended abruptly as pupils ran out of the block comprising the Library, Physics, Biology and Chemistry Laboratories.

    The Principal, Habeeb Badru told The Nation that the school would not forget the day.

    He said he was in his office around 11am when the rain started, adding: “The students were in the Dining Hall around 11:30am when the storm began with a lot of wind. We were scared because we thought the wind would remove the Layeni Hall roof but, unfortunately the Science Block was affected. The roof of the Science Block was removed, leaving the library and the Chemistry Laboratories majorly affected.”

    He said a newly constructed dining hall, the kitchen and the school fence were also affected.

    Pupils in the science laboratory, Badru said, could not continue with their lectures; those in the library could also no longer read because their books were soaked.

    He said the Board of Trustees (BoT) Chairman, Alhaji Femi Okunnu, has visited the school, to assess the damage.

    Badru said it would cost about N2.6million to roof the block. The school will require N1million to fix the new dining hall.

    “So we are talking about N5 million including the fence and some other things,” he said.

    Alhaji Okunnu said the rain destroryed some of the school’s properties, promising a speedy reconstruction of the laboratories’ roof and the wall.

    “This is a natural disaster. You cannot prevent this from happening because it is beyond human beings. But as management of the school, ours is to ensure the protection of the pupils by fixing the damaged structure as soon as possible. That we are poised to do without delay,” he said.

    Part of the roof of House 2 Alfa Nda Street, Ilasamaja, was blown off by the rainstorm.

    A tenant said he was sleeping when the rain started.

    “I was sleeping when I noticed water dropping into my room; I looked round and discovered that the roof of my room has been removed. Virtually everything in my room was soaked, including my mattress,” he said.

    He said the landlord had planned to renovate the house before the rainy season, describing the incident as unfortunate.

    An eyewitness said the collapsed roof fell into another compound.

  • Christmas day fire: Ibadan plank sellers count losses

    Christmas day fire: Ibadan plank sellers count losses

    Friday’s Christmas celebration ended up in tragedy for no fewer than 200 traders of Sango Plank Market, Ibadan, the Oyo State capital, when they received emergency calls in the middle of wining and dining that their shops were on fire. By the time they got to the plank market, all their shops had been razed down by the raging fire. According to eye witness reports, about half of the entire market was burnt down.

    It was learnt that the fire was caused by a cooking gas explosion in a house bordering the market on the east side. The General Secretary, Ibadan Timber Dealers Association, Mr Gbenga Fasoro, disclosed that a woman cooking in the mini flat in the house threw an exploded gas cylinder into one of the shops to save the house. He said stocks and machine valued at over N500 million were lost in the incident.

    When our correspondent visited the market yesterday, traders stood in groups lamenting their losses while sympathizes consoled them. One of the traders who lost about N1,000,000 in the fire, Pastor Joshua Amos, lost all his machines in the fire. The equipment include turning machines, circular machines, plaining machines and spindle machines.

    “I was at home enjoying Christmas when somebody called me that my shop was on fire. I immediately sent my children to go and confirm and they did. What can I do? I have left everything to God who is able to restore me. He owns all things, and He shall restore me. I hold onto Him in faith, he said.

    Another victim, Mr Sola Aborisade, lost goods worth N300,009 to the fire. He recalled that he was just relaxing at home on Christmas Day when he received a call about the fire. He ran to the shop immediately and was able to salvage some wares worth N200,000. “On getting here, I tried to salvage a few planks but most had been trapped by the fallen roof. We just watched helplessly as the planks burnt away,” he said. Asked what he planned to do next, he said: “I look forward to help from the government and charitable Nigerians.”

    Fasoro, who witnessed the incident, recalled that he visited the market at about 1:50 pm on the fateful day to monitor activities of security guards when he noticed that smoke was coming out from a shop. While he went to the spot to find out what was happening, the fire grew bigger in size.

    The labour leader explained that he called the Oyo State Fire Service on telephone, adding that men of the service responded with dispatch.

    His words: “I raced down to the spot of the fire immediately and saw that the fire emanated from the boys quarters of the building. I think there was a cooking gas explosion. Immediately, I ran to my car to bring fire extinguisher. But before I came back, the fire had gone out of hand. I called fire fighters and they responded.

    “I went to meet them with my car near the market. They tried because they came on time. But they did not have enough water. Again, there was confusion as to which entrance they should approach the work. The traders and residents were on them, causing the confusion. In the midst of the confusion, their hose got burnt. Then, we reached out to other stations in the city which later reinforced the first team.”

  • Lagos residents count losses after windstorm

    Lagos residents count losses after windstorm

    There was calm in Orile-Agege in Lagos yesterday after the windstorm which destroyed properties worth millions of naira.

    Residents went about the arduous task of recovering personal effects from the debris of their homes.

    Most of the affected buildings were being repaired; fallen, destroyed; some residents were cleaning their apartments.

    The Nation gathered that no fewer than 20 buildings across five streets were hit.

    The storm, residents said struck about 4pm, when it was raining. Many said it was the first time they are witnessing such a thing.

    A woman, Mrs Abimbola Mordi whose apartment at 27, Opeolu Street was affected said she was shocked when water started entering her flat.

    She explained that she was outside with her child when the strange breeze started blowing and she rushed back inside the house.

    “I did not even know what was happening.  I only heard a strange sound and the next thing, breeze started. It did not last up to 10 minutes. I rushed inside the house and it was then that I saw my ceiling coming down.

    “We started packing our things so that rain won’t spoil them. You can see that our ceilings have pulled out. If rain falls now, water will flood our house.

    “The zinc and roofs have all been removed. And I cannot afford the money to repair it.  This is beyond my power.”

    A civil servant, who runs a lesson in the neighbourhood, said the storm pulled down his building completely.

    He said he was grateful to God that none of the about 20 pupils who were in the premises were injured.

    “You can see that I have called a bricklayer to come and commence work to avoid a situation where people will encroach on my property.

    “The windstorm was severe. Even this building (pointing at a storey-building) was shaking. There was heavy thunderstorm too, but the rain was not much. It didn’t last for more than 15 minutes and affected about four streets”

    Also affected was the Assemblies of God Church, which was uprooted and planted in another compound destroying.

    At the Gee Dee Montessori, an electric pole was uprooted; it destroyed the roof and balcony railings of the school.

    Mary Okpara, a teacher, said the storm started few minutes after the pupils left.

    She said she was still on the street, walking to her house when zinc and roofs “started flying”.

    According to her, several naked wires fell on the streets but were later removed by PHCN officials who came as soon as they were called.

    She said classes had resumed, adding that the pupils were moved to unaffected classrooms.

    When contacted, the Southwest spokesman of National Emergency Management Agency (NEMA) Ibrahim Farinloye said the number of affected buildings have not been ascertained by the Lagos State Emergency Management Agency (LASEMA).

     

  • Kaduna residents count losses after floods

    Kaduna residents count losses after floods

    Residents of Kaduna yesterday began to count their losses after the floods which ravaged the city following the downpour between Tuesday and Wednesday.

    A combined team of the National Emergency Management Agency (NEMA), the State Emergency Management Agency (SEMA), the Red Cross, the Ministry of Health and other government agencies went round the metropolis to access some of the damages caused by the flood.

    When The Nation visited Ungwan Romi, one of the worst hit areas, the residents said a dam was opened somewhere which resulted in the flood.

    They also said the flood could not have been caused by a mere downpour.

    At the Day Star Christian Academy and Mercy Home Orphanage and Maternity Centre, run by the Restoration Bible Church and Ministry, our reporter learnt that the area became flooded at 5pm on Wednesday.

    It was also learnt that the dormitory housing the orphans and Day Star Christian Academy, located within the same premises, were submerged.

    The four laboratories for the Biology, Physics, Chemistry and Home Economic were destroyed.

    The Senior Pastor of the church and Vic President of Mercy Home Orphanage, Pastor Tina Bolanta, told The Nation that she could not immediately quantify the damage the flood had caused.

    She said: “I was here in the morning (on Wednesday) and held a meeting with the workers. There was no sign of any flood, even when the rains stopped.

    “I left this place at 1.30pm and went home. I was called at 3.30pm that the water level was rising. This is the result of it. We thank God that no life was lost. But we had to evacuate the children in the home to safety.”

    When our reporter called SEMA’s spokesman Abubakar Zakari Adamu, he said the team was at a meeting, previewing the information it gathered from the field.

    SEMA’s Executive Secretary Isiaku Dogo Makama told The Nation on phone that the team was working out the assistance to render the victims of the flood.

    Makama said: “We have visited a few areas with the local government chairman leading us. We sympathise with them for their losses. We are working with NEMA to put together some assistance to the victims before the final report is ready.”