Tag: MARKET

  • Fire guts Igboro market

    Late night fire on Monday razed part of Igboro market at Ilaro in Yewa South Local Government Area of Ogun State.

    According to eyewitness report, the inferno began around 9.00pm when the shop owners had closed for the day and left for home. The whole edifice would have been consumed but for the prompt intervention of fire fighters from Ilaro.

    Hundreds of people affected by the inferno wore mournful look when the state Commissioner for Environment, Engineer Ayo Olubori visited the scene.

    Reacting to the incident, the commissioner, symphatised with the marketers and assured them of government intervention.

    He donated some relief materials on behalf of the governor, Senator Ibikunle Amosun. The items included: roofing sheets, roofing nails, bags of rice and bags of cement.

    Expressing the victims’ appreciation for government’s quick response, the Local Government Chairman, Alhaji Odebiyi Safiu Abiodun, admonished the victims to always turn-off all electrical appliances when going home after every market day so as to forestall future fire occurrence.

    The project coordinator of the National Emergency Management Agency (NEMA) in Ogun State, Engineer Sakiru Ogundare, who visited the scene, promised his agency’s assistance to the victims.

    The Iyaloja of Ilaro, Alhaja Bola Idowu, while commending the quick response of the government, appealed to all relevant agencies to accelerate efforts in re-constructing the market as it remains the mainstay of the economy of the ancient town.

     

  • Market leader urges support for APC

    Market leader urges support for APC

    The Babaloja of Aswani Market in Lagos, Alhaji Taoridi Faronbi-Alado, yesterday said the All Progressives Congress (APC) has all it takes to dislodge the   Peoples Democratic Party (PDP) at the centre in the general election this month.

    He urged Nigerians to support the candidate of the APC, General Muhammadu Buhari, saying he is the solution to challenges facing Nigeria at the moment.

    Alado, on Saturday, said president Jonathan is the worse president Nigeria has ever produced.

    According to him, the shortcomings of his administration include his inability to provide adequate security for citizens, dwindling economy threatening the future of the nation and the high level of corruption in the system.

    Alado, who doubles as the APC’s political godfather in Mushin constituency, added that the party made an apt choice by presenting Buhari as its presidential candidate.

  • Cocoa enters bear market

    •As chocolate addiction tempers

    The world’s chocolate addiction is finally showing signs of easing, sending cocoa futures tumbling into a bear market.

    Slowing global economies mean that consumers are looking for ways to trim disposable spending, and that could leave chocolate off the menu, according to Jack Scoville, a vice president of Price Futures Group. Cocoa-bean processing, a gauge of demand, fell in Asia, Europe and North America in the fourth quarter, industry reports showed this month.

    Cocoa futures are down about 21 percent since touching a three-year high in September after an outbreak of Ebola didn’t hamper shipments from West Africa, which produces 70 percent of global supply. Three straight years of price gains are also encouraging farmers to increase output.

    “Demand is actually slackening, and is not nearly as good as many people had expected,” Scoville said in a telephone interview from Chicago. “The high prices are doing their job and will probably bring better-than-expected production. Next year, we may even have a surplus, and Ebola has not been much of an issue. We have a changed situation.”

    Cocoa for March delivery dropped 1.1 percent to settle at $2,686 a metric ton on Jan. 29 on ICE Futures U.S. in New York. The price is down 20 percent from its $3,371 settlement on Sept. 24, meeting the common definition of a bear market.

    Futures surged 38 percent in the previous three years as Asian consumers led global demand growth, eroding inventories. The gains prompted chocolate makers including Hershey Co. to boost prices in 2014 to cover ingredient costs.

    The high prices are starting to take a toll. Processing of the beans in Asia fell 17 percent in the fourth quarter from a year earlier, the second straight drop, the Singapore-based Cocoa Association of Asia said Jan. 23. Grinding in Europe fell to the lowest for the period since 2005.

    “Macro-economic headwinds that have yet to subside” trimmed Hershey’s international sales last quarter, and will remain a challenge in 2015, Chief Executive Officer John Bilbrey said on an earnings conference call Thursday.

    In the year started Oct. 1, production may outstrip demand by 50,000 metric tons, according to Pully, Switzerland-based commodity trader Ecom Agroindustrial Ltd.

    “Chocolate demand has started to shrink and you have to blame that entirely on the higher prices,” Jonathan Parkman, co-head of agriculture at Marex Spectron Group in London, said by phone earlier this month. “We’re unlikely to see much of a recovery on demand unless prices come off significantly.”

  • Saudi to open stock market to foreigners

    Saudi Arabia said it’s on track to open the Arab world’s biggest stock market to foreigners in the first half of the year, confirming no change of policy since a new monarch ascended to the throne following King Abdullah’s death.

    The Capital Markets Authority has issued draft laws and is assessing investor feedback before it approves the regulations and sets an official date for the lessening of restrictions on the $484 trillion exchange, governor Mohammed Al-Sheikh said at a conference in Riyadh today. King Salman pledged on Friday to maintain the oil-rich nation’s current policies and asserted all ministers will stay in their posts.

    Abdullah, who on January 23 passed away aged about 90, helped drive a 27 percent stock rally in the past four years with a $130 billion spending plan. The market regulator’s comments today underscore the kingdom’s commitment to its economic plans as it seeks to boost non-oil industries amid plunging crude prices. The Tadawul All Share Index rose 0.7 percent in its first day of trading following the late king’s death, the largest increase among Persian Gulf stock markets.

    Bloomberg reported that the feedback process “indicates that there is genuine and significant demand and interest in the Saudi market,” Al-Sheikh said at the Riyadh conference.

    Investors from outside the six-nation Gulf Cooperation Council (BGCC200) aren’t allowed to invest directly in stocks and have to get access to the market through equity swaps and exchange-traded funds. Saudis accounted for 95.05 percent of the value of Saudi shares traded in December, with other GCC nations at 2.08 percent and others 2.87 percent, according to bourse data.

    “Markets can hence expect continuity from Saudi Arabia in the near term,” VTB Capital said in an e-mailed note on Jan. 23. “King Salman is thought to be more conservative than his predecessor, but also has a reputation of being a consensus builder in the royal family.”

  • ‘Traders show apathy for insurance’

    THERE is apathy towards insurance by some traders, The Nation’s investigation has gathered.

    Of the 10 traders interviewed at the Ojuwoye, Mushin, and Ketu markets in Lagos, six said they did not believe in insurance, four said they did not know how to go about it while only one of them had an insurance policy.

    A trader, who simply gave her name as Blessing, said insurance is not valued in Nigeria unlike countries abroad where it is effectively run. Blessing, who sells cosmetic and beauty products, said most market men and women do not have enough capital to run their business successfully, needless say having an insurance cover.

    Michael Ojo runs a boutique store on Agonron route in Mushin market. For him, insuring businesses is a very good strategy because it ensures peace of mind such that if any loss occurs to the business, insurance companies will pay claims that will bring the insured back to business.

    He however said the problem he has is that he does not know how to go about it. ‘’I don’t have detailed and adequate information on how the insurance policies operate and the benefits I stand to gain,” he said.

    Adebayo Shobowale, trader at Ketu market, said he does not know how to get his business insured. Godwin, the only trader who said he had an insurance cover for his business, owns a phone store at Ojuwoye market.

    According to him, insurance help straders to trade safe but a majority of the traders believe they do not need insurance because their business is not really big, especially traders that sell pepper, vegetables among others.

  • Sorrow as fire razes market in Bayelsa

    Sorrow as fire razes market in Bayelsa

    Traders at a makeshift market in Bayelsa State are yet to come to terms with the damages done to their lives by a fire, which razed the market and their goods, reports SHOLA O’NEIL 

    There was weeping and wailing as a midday fire wreak havoc in Kaiama community in Bayelsa State on Monday. Properties, goods and wares worth several millions of naira were destroyed by the fire, which broke out at a make shift market located along the Kaiama-Patana stretch of the East-West Highway.

    Rows of shops where petroleum products, mostly diesel and engine oil, motorcycle parts and other items are sold were razed by the inferno, which destroyed over 10 makeshift stalls and caravans.

    Eyewitnesses’ account of the fire indicated that it was sparked off by a petty trader, who lit fire at the back of the shop close to the River Niger Bridge in the town.

    “The woman, who owns a restaurant made the fire behind the shop and after cooking her food, she noticed that the fire was spread into the nearby bush. She and her daughter then tried to put out the fire.”

    It was further learnt that when the woman and her daughter thought they had put out the fire, they returned back to the shop and continued their normal services, not knowing that one of the cinders was still smoldering.

    “Some minutes later, we just noticed that the fire had started again and this time the way it spread was completely unbelievable. Within the twinkle of an eye, it had gone through over 20meters of the dried bushes at the back of the shop. From there it spread into the shops, starting from the places were drums of diesel are kept.

    “What we saw and heard was a very big ball of fire that engulfed everywhere, giving nobody time to move against the fire. The dry bush and condition of the harmattan did not help matters as the fire quickly went through dozens of shops in the makeshift market,” one of the sympathisers at the scene when our reporter visited said.

    The incident led to heavy traffic build up around the area forcing travelers going and coming from Port Harcourt to other south-south, west and other parts of the country to spend several hours at the scene because victims and supporters had taken over the road in their desperate bid to stop the fire.

    However independent check by Niger Delta Report around the scene revealed that apart of the dryness caused by the harmattan, the fire was aided by petroleum products waste that had gathered around the area over time.

    Our findings revealed that several of the shops that were gutted by fire were used to store drums and large quantities of petroleum products, including diesel and engine oil. The waste from the products, it was gathered, had drenched the area over time.

    “You know that unlike petrol, diesel does not evaporate or dry off when it pours into the ground; it can stay at the spot for several weeks, months and even years, if it is not properly disposed off. So, it was the collection of these wastes over time that became fuel for the fire that ravaged the shops and stalls,” a security office who visited the scene to assess the extent of the damage, told our reporter on condition of anonymity.

    Attempt by our reporter to get the comment of a police officer from the police post in the area was rebuffed. The law enforcement agent, whose name tag read ‘Binileke’, said he was sent to the scene for an on-the-spot valuation and not to make comment.

    Our reporter however noted that he concentrated on the owners of the shops where petroleum products were kept and overheard him asking for the details of their owners, who he directed to “report at the police station.”

    Meanwhile, as the traders counted their loss they appealed for relief from government. Some of the victims begged Governor Seriake Dickson to come to their aid by giving them financial assistance in order to help them pick up the pieces of their lives that were shattered by the disastrous fire.

    “We cannot hold the woman who started this fire to pay for everything; even if we do there is no way she can do anything because she has nothing to offer. It is only the government can do something to wipe away our tears and that is why we are appealing to the governor to come to our aid,” one of the victims said.

  • Balogun Market fire:Traders seek compensation from Lagos

    Marketers and traders in Lagos State have appealed to the state government to compensate victims of Balogun Market fire, which happened on Monday.

    The traders, acting under the aegis of Coalition of Markets and Traders Association in Lagos, made  the appeal yesterday when they held an ‘extraordinary general meeting’.

    Speaking at the event, Sir Nnamdi Nwigwe of the Association of Igbos in Commerce (AIC), one of the associations in the Coalition, noted that traders who lost one item or the other in the fire that razed the market needed to be compensated to serve as consolation for  their loses.

    Sir Nwigwe lamented that some traders displayed their wares along the road that should have been used by men of the Lagos State Fire  and Safety Services to  doused the inferno and reduce losses.

    He therefore urged Governor Babatunde Fashola to urgently take steps to stop  people who illegally and indiscriminately display their wares.

    The group also urged the government to back an insurance policy for marketers to cover situations such as fire outbreaks and other losses.

    The Coalition is the umbrella body of four associations, namely: AIC, Traders Rights Protecion Initiative (TRPI), Amalgamated Traders, Lagos and Market Leaders Association.

    The gathering also had in attendance, the Imo State Liaison Officer for Lagos, Alfred Ononugbo.

    The association enjoined traders not to make themselves instruments in the hands of desperate politicians. They threatened to severely sanction any trader caught in the act.

  • Council chief praised for building market

    Residents of Dutse Alhaji in Bwari Area Council have hailed the council administration led by Hon. Peter Yohanna for what they described as the bold steps taken to build a modern market after demolishing the old one.

    Mrs Agnes Ukachukwu, a resident of Dutse Alhaji said that the move by the chairman of the council to upgrade the market is really commendable, because the previous market was an eye-saw, that the ongoing ultramodern construction has given market trading a new meaning in the area.

    According to Ukachukwu, the construction of the ultralmodern market, which is still in progress, is an evidence that the council chairman feels the plight of the people and is doing everything possible to ensure that he fulfills the promise made to the people when he was campaigning for the office of the chairman.

    “I must say that we are proud of what is going on here in this market, we never thought that we will ever have such a modern market in Dutse Alhaji, because have heard so many promises without the government fulfilling them. So, this one is really a surprise, that means there is hope for us in this country,” she said.

    Ms. Glory Gimba, another resident explained that the ongoing upgrade of the market has given the entrance of Dutse Alhaji a new look, saying that the usual rowdy entrance to Dutse Alhaji has suddenly become well organised due to the standard of the market at the junction.

    “The present of the market has really shapen things here, mostly the entrance of the Dutse Alhaji which used to rowdy. The okada riders and street traders are no been put on check by the Police. I pray it continues this way for a long time. This is really a very good development and we appreciate the leadership of the council for it.

    “Initially, when they demolished the old market, we thought they just wanted to punish. But, we are surprise to see this standard market under construction right under our noses. We are really happy and we appeal to the council chairman to use his good heart to make the fees for the shops affordable to the common residents like us,” Gimba said.

     

  • Two female suicide bombers hit GSM market in Potiskum

    Two female suicide bombers hit GSM market in Potiskum

    Five people including two female suicide bombers were killed after a noon attack yesterday on a GSM market in Potiskum, Yobe State.

    According to eyewitness, the bombers were dropped off by an unsuspecting tricycle rider near the market.

    They later detonated the Improvised Explosive Devices (IEDs) they hid under their clothes in the midst of unsuspecting crowd, killing themselves in the process.

    A nurse at the Potiskum General Hospital said: “We have three dead bodies at the moment. The two suicide bombers also died. There are so many people wounded. There are 46 people that are wounded. With the number of these people wounded, there is a possibility that the death toll will rise because some of the injuries are critical.” the source informed.

    “Five persons were brought to the morgue of the Potiskum General Hospital from the scene of the bomb blast, including two females who were said to have detonated the explosives.

    “The 46 persons brought injured with varied injuries are currently receiving treatment at the hospital (Potiskum General Hospital).”

    ”With the severity of injuries, the death toll may rise as some are “holding on to a tiny thread of life.”

    Describing the scene of horror, Adamu Saidu, a trader in the market who escaped the attack said the sound of the blast set the whole market in confusion.

    “I was attending to a customer in my shop when I heard a loud sound. I fell down but woke up to see many people running in all direction. Everybody was confused. I saw some people on the ground in pains. I saw the bodies of the two female suicide bombers cut into two,” Saidu explained.

  • Fire razes Uromi main market

    A section of the main market at Uromi in Esan North East Local Government Area of Edo State has been razed.

    The fire was said to have started at 10:30pm on Saturday.

    Many traders rushed to the market but could not salvage anything from their stores.

    The cause of the fire could not be ascertained at the time of filing this report.

    A trader, who gave his name simply as Samuel, said: “I was called at 11pm that the market was on fire. I came here and saw that the fire had consumed everything.”

    The local government chairman, Sam Oboh, promised that the matter would be investigated to uncover the cause of the fire.