The Nation Newspaper

Tag: MARKET

  • Liquidity squeeze threatens settlement at equities market

    Liquidity squeeze threatens settlement at equities market

    The inability of investment firms and stockbrokers to access amenable funds is threatening efficient settlement at the Nigerian equities market.

    Also threatening the market is the constriction of the income sources and portfolio of most operators

    Many stockbroking firms and stockbrokers have been found to be carrying out transactions at the market without adequate funding of their accounts, thus exacerbating settlement risks.

    Sources said at the weekend that stockbrokers were facing liquidity squeeze as many of the operators have been consigned to the low-end of trading income in the absence of large activities in the primary market and access to funding windows.

    Nigerian equities have made average gain of more than 30 per cent so far this year, but several portfolios and investment firms remain under the red.  The equities had lost N3.98 trillion in the past three years. The stock market had been on a losing streak since 2014. Investors lost N1.75 trillion in 2014 and followed this with another loss of N1.63 trillion in 2015. Against the general expectation that political transition and new government will quicken a rebound, equities closed 2016 with a net capital loss of N604 billion. Aggregate market value of all quoted equities on the Nigerian Stock Exchange (NSE) closed 2016 at N9.247 trillion as against N13.226 trillion recorded at the start of trading in 2014, representing a net capital loss of N3.98 trillion.

    A report by NSE obtained at the weekend indicated that non-funding of trading and personal dealing accounts by dealing firms and stockbrokers has been undermining the effectiveness of the settlement system at the stock market.

    The report noted that some operators have been carrying out “transactions without adequately funding their accounts thereby exposing the market to settlement risks”.

    Under the extant rules of the NSE, stockbrokers are expected to fund their accounts in time to ensure effective settlement, in line with the T+3 settlement system at the Exchange.

    Under the “Rulebook of The Exchange 2015”, in order to have a valid transaction, unless otherwise stipulated at the time of a transaction all shares dealt in by a dealing member shall be deemed to be fully paid while all transactions entered into by dealing members shall be for net prices as between the buyer and seller. Also, any offer to buy or sell at a price named, shall be funded.

    Besides, compliance manual and code of ethics require all operators to have adequate processes in place to prevent potential conflicts of interest and insider dealing.

    Authorities at the Exchange have already served a notice that it may henceforth take disciplinary actions against operators of unfunded accounts.

    The Council and management of the Exchange are empowered to exercise their disciplinary powers against a dealing member, where such dealing member “is or has been in breach of clearing and settlement rules”.

    “Consequently, all dealing members and concerned employees as appropriate are strongly cautioned to desist from carrying out trades without adequately funding their trading accounts. Please be advised that the Exchange will not hesitate to bring disciplinary action against erring firms and their authorised dealing clerks,” the notice stated.

    Liquidity enhancement and ways of improving access to funding for market operators were some of the highlights of the discussions at the recent capital market stakeholders’ meeting.

    President, Association of Issuing Houses of Nigeria (AIHN), Mr. Sonnie Ayere recently called for a review of the practice rules and scope of operations of stockbroking firms to make them more viable and profitable.

    According to him, the current operational scope of stockbroking firms limits their access to large pool of capital and restricts them from exploring viable business opportunities that can help them to build up substantial capital and profitability.

    He described stockbroking firms as “endangered species” as they face significant challenges in funding their businesses, since they cannot easily access the short-term money markets.

    “They cannot access formal repo markets for liquidity, and this adversely impacts their sales and trading operations. Liabilities are required to fund an institution’s creation of assets but, institutions under Securities and Exchange Commission (SEC) purview have been denied access to the domestic market’s deepest liquidity pool,” Ayere said.

    He pointed out that without a review and expansion of the current operational scope for stockbroking firms, the securities businesses will remain very small with very little if any, impact on the wider economy.

    According to him, while all financial markets have two types of intermediation-bank-based intermediation and market-based intermediation, only bank-based intermediation works efficiently in Nigeria. Market -based intermediation is much less efficient as operators face significant challenges accessing wide sources of funding and thus have very inefficient sales and trading operations or maturity transformation activities.

  • Blast: Four killed in midnight attack in Delta

    Four persons have been killed in Abraka market area in Asaba, the Delta State capital following an attack by yet unknown assailants.

    The assailants, who invaded the Hausa/Fulani settlement at about 12pm on Friday night at the market within the Asaba metropolis, killed three men, one woman and left several others with injuries.

     Armed with guns and other dangerous weapons, the suspected killers shot sporadically into where the people were sleeping.

    A source who spoke to The Nation said the assailants also threw  an explosive device into their Mosque at Cable point, adding that a man picked up the bomb and threw it into the river before it could explode.

    The source who pleaded anonymity at press time, said armed soldiers and policemen came to their rescue, chasing the suspected invaders away.

    He said the security agents took the injured persons to the hospital for treatment and deposited the corpses of the deceased at the mortuary.  He lamented that they did not sleep all through the night.

     Delta State Police Commissioner ,Ibrahim Zanna confirmed the incident, but said no arrest has been made yet.

  • Imo to immortalise 10-year-old victim of Owerri market protest

    •Douglass Road, new project to be renamed after victim

    Imo State Governor Rochas Okorocha yesterday said the famous Douglas Road, where the demolished Eke-Ukwu Owerri Market was located, as well as any other project that will be built on the plot of land, will be renamed after Somtochukwu Ibeanusi, the 10-year-old boy who was killed by a stray bullet during the demolition.

    He said the exact place the boy was killed did not matter because the government had decided to honour him, though the circumstances were confusing.

    Okorocha, who spoke at the Government House in Owerri, the state capital, when he hosted traditional rulers and leaders of Owerri, said he had been able to “liberate the people of Owerri from a wicked clique made up of one or two families that had held Owerri people in bondage”.

    He said: “Government has decided to honour Somtochukwu, although the boy’s death was confusing because an action can’t be taking place on Douglas Road and the person died on Mbaise Road.

    “No matter what happened, whatever be the case, since that boy died within that period of liberation, that boy must be honoured. This is besides the fact that Owerri leaders are mourning him, wore black, even to Catholic and Anglican churches. And if Owerri leaders can mourn a boy from Nnewi, Anambra State, that shows there is something great about that boy.

    “For every activity at Ekeukwu and on Douglas Road, the boy will be honoured. This is because he died on the day of the event. That boy is more important than any Eke or Afor, Ekeukwu or Ekenta.

    “So, Douglas Road and any project to be sited there will be named after Somtochukwu. The project will be named Somtochukwu and the road, Somtochukwu Road, in line with the way all of us are mourning that boy. I will not go back to a deity again by naming it Ekeukwu Road. Imo State has gone past that level.”

    He added: “They (political opponents) are fighting me because I have liberated our people. What do I benefit by building a township school, rebuilding Emmanuel College, Akwakuma Girls School, Government College, Government Technical College, Owerri Girls School, inland roads, ICC, trade and investment centre, two flyovers, two tunnels, heroes’ square, roads?

    “What do I benefit as Rochas Okorocha, if not for the development of Owerri? No governor has done, in the history of Owerri, what I have done for Owerri people? My crime is that I have liberated you people from bondage…”

     

  • Pepsi-Cola war disrupts market

    Pepsi-Cola war disrupts market

    The Sallah break was the period used by a lot of Nigerians to beat a fast retreat from the drudgery of their everyday jobs to various holiday spots preferably outside their towns and cities of residence.

    The Lagos-Abeokuta Expressway witnessed its own share of the commuters departing Lagos, with the hawkers capitalising on the dense flow of vehicular movement to sell off their wares. It was observed that majority of the drink-hawkers displayed PepsiCo’s products. The Cola war is real.

    The year started with all the cola brands increasing their prices in response to inflation and foreign exchange (forex) pressure. BIG Cola, a relatively new entrant manufactured by AJE Group, started selling 65cl PET at the rate of N100 per unit and later the price increased to N130. Coca-cola increased the volume of the PET from 50cl to 60cl and it sells for N150. Pepsi’s 50cl PET was selling for N120 until July 25, 2017 when the price crashed to N100. Coca-cola’s competitive response was the re-introduction of Solo Coke, a 35cl PET, which sells for N100.

     

    Market survey

    In Ikorodu, the fastest growing suburb of Lagos metropolis, Pepsi is selling more than the other brands. Mummy Basit Store at TOS Benson Road, sells soft drinks in both wholesale and retail options. The owner of the store said Pepsi has been selling more relative to other brands.  According to the workers at Alubarika Food Canteen, Ayanbure Road, customers  demanded for Pepsi only. However, at Shehuma Bar, Coke’s 60cl bottle was hotcake, as customers needed it to mix alcoholic drinks. Fatmot Restaurant at Ayangbure Road sells more of Pepsi; the owner said her customers rarely ask for Coke and Big Cola.

    The story is a little bit different in Ibadan, Oyo State capital. The popular Sky Amala Restaurant at Bodija sells only Coca-cola products and their customers have never complained about the price of Coke.

    This is the same with Ola Mummy Canteen at Bodija Ojurin; and Ultima Executive Restaurant at Bodija-Secretariat. Mummy Helen Canteen at J Allen, Dugbe, also sells only Coca-Cola products but recorded dip in sales on the 60cl PET. For this same reason, Iya Azi Canteen at Mokola Roundabout said she has stopped stocking the 60cl PET Coke.

     

    Price strategy

    In a country where most people live below a dollar per day, price crash would matter a lot. Most cola drink-lovers do not know the difference in cl; many do not even understand the meaning of cl. “Coke’s big bottle is N150, while same bottle for Pepsi is N100”, said Funke, one of the passengers in transit on Lagos-Abeokuta expressway last Friday. The 10cl difference is not obvious to consumers; rather the 15cl difference between Pepsi’s 50cl and Solo Coke is very visible to their eyes.

    A consumer asked: “Pepsi is big, while Coke Solo is small, so why should I buy the small one for N100?”

    However, Sanni, a student and customer of Libra Kitchen, University of Ibadan also said he took the 60cl Coke. Charles, a customer of Honey Food Canteen, Bodija Market in Ibadan, said he takes Big Cola irrespective of the price. He would prefer 60cl PET Coke over the Solo Coke. Some do not see value in a smaller pack which goes for a lower price. While Solo Coke is a good retaliatory strategy, many say the volume of 35cl does not satisfy them.

     

    Promotion, brand

    Pepsi Cola is using every medium available to push the #NoShakingCarryGo campaign to reinforce its low-price appeal. #NoSha-kingCarryGo Bus Rides have been going from one location to the other within Lagos, giving free BRT tickets and free Pepsi to commuters. This marketing rave has been taken to Lekki Toll Gate and BRT terminals at Berger, Obalende,  Mile 12, TBS and Ikorodu. A customer, commenting on the campaign, said consumers are now becoming aware of Pepsi’s great taste.

    Pepsi’s  #NoShaking-CarryGo’s advert says nothing about the uniqueness of Pepsi’s brand – all it says is “Pepsi is now N100”. This is the right time for a competitor to rather reinforce its’ own brand. Coke’s proposition is a bottled Happiness, and Coca-cola Nigeria is rather focused on promoting the global “Share a Coke” campaign. Cocacola has taken “Share a Coke” beyond replacing the brand icon with Nigerian names;  the company has produced over 1, 000 songs using common names of Nigerians. The brand seems not to lose focus of the global strategy of “One Brand” despite the Cola War in Nigeria.

     

    Conclusion

    The Chief Executive Officer, Contagious 128 Media, a digital marketing agency based in Lagos, Sola Adewumi, said:  “When you have the equity, then you can play with pricing.”

    Sola, who has worked on many multinational brands, said PepsiCo and Coca-cola  have the capacity to cut prices without having far-reaching effect on their brands in the long run because they are not at the brand-building stage. “Pepsi and Coke are both at the stage of taking their consumers from loyalty to addiction; only the new entrants would suffer in this price war,” he added.

    The founder of Disrupt Digital, David Idagu Goldfinger, agrees no less with Sola. He added that the consumers’ loyalty “will lie with any of the brands that offer them a good deal as their target audience (class C & D) is more sensitive to price than branding.”

    Goldfinger, a PR consultant, believes the consumers will be on the winning side eventually. Sola expects Pepsi’s contenders to also bring down their prices. “The consumers will be surprised to discover that the other brands also have the capacity to bring down their prices,” he said.

    “As we remember Glo Mobile for the per-second billing introduced in the telecom industry, we will remember Pepsi for disrupting this market to favour consumers,” an analyst said.

     

  • Death at Eke-ukwu Market

    •Crises of urbanisation as indigenes resist relocation of ancient market

    It turned out a gory tragedy. The picture of a 10-year-old boy with what looked like a bullet hole in the forehead is indeed gory. Juxtaposed against existential rubble and rampaging bulldozers was nothing but horrific. The bedlam was complete; mass of protesting traders watched in anguish as the Eke-ukwu, probably the largest open market in Imo State, ceased to be.

    Finally, modernity won the argument in a never-ending desire by man to continuously upgrade and renew his environment. Until last Friday night, Eke-ukwu, which may be described as an ancestral market sat right in the middle of the beautiful city of Owerri, the capital of Imo State in the southeast of Nigeria.

    It must be noted that it was the city that caught up with the market and circumscribed it, for it had existed long before Owerri was named capital. But today, the market has become an aberration if not an embarrassment to a fast-growing state capital. And it has been so for about two decades. The major city thoroughfare, Douglas Road, is nigh impassable, impeded as much by human traffic as the ever-present heaps of refuse.

    A stone’s throw from Douglas Road is Douglas House, the seat of the state government. Of course there is a noxious nexus. On a bad day, the din, stench and bric-a-brac of the Eke-ukwu would sail in the vicinity of Douglas House. This is not to mention the environmental hazards a shimmering, sprawling open market invokes on a burgeoning city. There are also issues of touting, criminality and cultism.

    According to reports, previous administrations had initiated moves to relocate Eke-ukwu. But each time, relocation had been resisted. First by indigenes who threatened they would die first.

    Traders on their part had become entrenched in their comfort zone. Many had found wealth, comfort and security in Eke-ukwu all their lives and could not contemplate any other location even if it were a better option. They would give anything and indeed do anything not to shift from a settled place.

    Though the state government said it had built another market to absorb Eke-ukwu, some say it is not completed while others complain about the cost and distance. Government claims it had given them notice for upward of two years as it built the new location but traders countered that notice was short and that they were not allowed enough time to retrieve their goods. The traders also claimed that they have an injunction from the court restraining government’s action, noting that this was yet another case of official lawlessness and disregard for court orders.

    While argument and counters in the Eke-ukwu saga may go back and forth till Christmas, urbanisation is the crux of the matter here. The upgrade, renewal and complete makeover of cities and metropolitan areas have become abiding phenomena of the modern man. Old things will continue to give way as new skylines emerge to dominate human imagination. It is a historical fact that most modern cities of the world once hosted sprawling open markets which gave way to modern shopping malls.

    While affected traders and some Owerri indigenes may rue the relocation, majority of Imo people may well hail the incumbent Governor Rochas Okorocha for mustering the courage to effect a salutary change in the landscape of the city. There is no doubt that a new lease of life would be brought on the city centre when modern complexes rise to replace the shambolic Eke-ukwu.

    But we hasten to admonish that no matter how good intentioned government’s policy may be, it must not supplant the need to apply a human face. The loss of life is unacceptable and could have been avoided. Government must do all in its powers to assuage the parents of the dead child. It is also unacceptable that no one, not in the least, government would flout court orders. The law must be obeyed even at the expense of development. Due process must never be jettisoned no matter how long it takes.

    While the indigenes deserve accommodation in the new development, government has a duty to make the relocating traders enjoy as much comfort as possible in their new abode. They deserve no less.

  • Naira maintains N367/$ at parallel market

    Naira maintains N367/$ at parallel market

    The Naira on Monday remained stable at the parallel market, exchanging at N367 to a dollar, the News Agency of Nigeria (NAN) reports.
    The Nigerian currency maintained its Friday rate, while the Pound Sterling and the Euro traded at N478 and N433 respectively.
    Trading at the Bureau De Change segment saw the Naira closing at N363 to the dollar, while the Pound Sterling and the Euro traded at N478 and N433, respectively.
    The Naira appreciated at the investors’ window closing at N359.58, stronger than N361.13, its opening rate.
    Traders at the market expressed the hope that the Naira would remain stable in the days ahead.
    NAN reports that the Naira made a comeback last week after demand forces caused it to depreciate for almost a week.
    Industry watchers believe that though a liquidity boost by the CBN was necessary to shore up the value of the Naira, efforts should be directed toward reviving the manufacturing sector. (NAN)

  • PLAN visits Lagos market, lectures on plastic crates

    PLAN visits Lagos market, lectures on plastic crates

    Vegetable and fruit dealers at Ola Market in Itire, Mushin Local Government Area of Lagos State, have expressed their enthusiasm and willingness to embrace the planned introduction of plastic crates in the movement of perishable goods in the state.

    The traders assembled in their numbers at the market on Thursday to listen to associates of Postharvest Loss Alliance for Nutrition (PLAN) under the Global Alliance for Improved Nutrition (GAIN) in collaboration with The Rockefeller Foundation Yieldwise Program and USAID, as well as officials of the Lagos State Government Ministry of Agriculture and the Union of Perishable Farm Produce Traders of Lagos, as they spoke on capacity building and public/market sensitisation on the merits of plastic crates over the commonly used raffia/palm frond baskets.

    TealeYalch, Senior Associate GAIN, said: “The crates are durable. They reduce loss of perishable goods and keep the produce from being contaminated. We want them to use the crates all the way from the farm to the market so that they can have clean fresh nutritious food for the consumer.”

    According to Yalch, Raffia baskets usually lead to a loss of about 40 per cent of the perishable produce it is used to convey as against the use of returnable plastic crates where loss of produce is reduced to about 5 per cent. She said plastic crates are cheaper to use in the long run because they can last between three to five years, depending on the way they are handled. She said that the raffia/palm frond baskets are however not reusable and can only be used once, hence expensive in the long run.

    She further stated that in America, the plastic crates are standardised and called for same in Nigeria. “Here in Nigeria, the government has to provide a standard on how to build crates that can be used throughout the country. There are different sizes of crates, and the traders can tell the government what they need. There is the need for regulation and standardization.”

    On the issue of throwing people out of market because many may not be able to afford the crates, she said: “Changing behaviour is pretty difficult. Remember, in Nigeria, when the cell phone was introduced, people said the price was too high. But does everybody not have a cell phone now? From the beginning, it is tough. They need training on why they should grow their profit and why they should reduce loss. Change does not happen overnight.”

    Senior Project Manager for PLAN, Dr. Augustine Okoruwa who was represented by AyodeleTella, an Associate of PLAN, said that Ola Market was the 15th market the group had visited in the ongoing sensitisation.

    She stated that “In January, a plastic crates report was done and we were able to identify six plastic crates manufacturers, and they are getting the amount, the capacity, prices and specifications they will use to supply to the market. So within our plan of work, we connect buyers to the plastic crate manufacturers.

    Whenever we make that connection, they give a discount but it is at their own discretion; we can’t force them. What we try to do is create an alliance between our members so that they can do business even when we are no longer there.” She agreed that government can come in and subsidise the plastic crates for the dealers.

    On what they are doing to also take the crates to other states, Tella said, PLAN for now is working with Lagos State Government Ministry of Agriculture. It is the only state in the whole of the country that has taken the bold initiative, but our project is not limited to Lagos State.”

    Speaking at the event, the Project Director, Agricultural Services, Lagos State, Mr. Adebisi Adegboye said the Commissioner of Agriculture sent his team to the market to educate the traders on the benefits of using plastic crates in the movement of perishable agricultural produce, adding that the visit to the market is to explain the benefits of the plastic crates and to also answer their questions if need be.

    He also spoke on the new vehicles to be introduced for the transportation of the produce, saying “The vehicles cannot be disturbed unnecessarily by over-zealous uniformed men on the road. The new and dedicated vehicles will deliver more perishable produce at record time, thereby increasing the profit/income of operators. The new purpose-built vehicles will drastically reduce spoilage of perishable produce being conveyed,” he said.

    Adeboye also stated that for intra-city distribution of perishable produce, “Light trucks in the range of 1 to 8 metric tonnes which will make for easy maneuvering within the city and its metropolis is preferable while for inter-city distribution, heavy duty trucks in the range of 10 to 40 metric tonnes is desirable.”

    He said very soon “Malam, Danfo, Keke and Okada will not be used to carry fruits and vegetables on the streets in order to maintain the highest level of hygiene in Lagos State.”

    The officials also pointed out that light or heavy trucks properly lined on all sides with fibre or wooden planks is the most appropriate for the conveyance of perishable items from farm to the markets and between markets within the state. They also decried the situation whereby people sit on produce meant for human consumption.

  • Hubmart redefines retail market with new outlet

    Hubmart redefines retail market with new outlet

    The space in the shopping mall sub-sector of the property industry has continued to experience a boom, notwithstanding the lull in the built environment. Last weekend, there was another addition to the sub-sector with the inauguration of a shopping mall, Hubmart Stores, Ikeja, Lagos. This brings to two the number of Hubmart stores in the state – one is on Victoria Island.

    The new outlet, located in the heart of the Ikeja G.R.A., has been described by shoppers and architects as a “masterpiece of retail-purposed civil engineering, exquisitely designed to give customers the ultimate shopping experience and set to take shopping to a whole new level.”

    The new outlet, built on 4,500 square metres of land, boasts of ultramodern facilities designed to create exquisite shopping experience for customers. Here, shoppers are able to choose from an exquisite range of products ranging from household items to dairy, confectionaries, toiletries, groceries and a host of others. For instance, on the first floor is the Hubmart food court which boast of a Deli and several other exciting offers. This is for those seeking for a quick bite and a relaxing atmosphere to enjoy their meals. There is also considerable parking space in the compound to ensure ease of entry and exit of vehicular movement.

    Hubmart Stores Managing Director, Mr. Murat Bektaslar, explained that the Ikeja Hubmart store, has been immaculately designed, with every detail carefully implemented with delightful and exciting customer shopping experiences in mind. For him, the store is a one-stop shop for all grocery, cleaning, fresh and household needs.

    Bektaslar explained that while the mall may not be bigger than those of its competitors, it is good enough to give customers a good shopping experience. According to him, in the modern world of shopping, it is no longer about size but giving service. This, he said, is why the store is would have an edge over competition as giving the quickest and best service remains its target.

    “We have created an environment where customers can find everything they want under one roof, get the best quality of ultra-fresh produce, and have a delightful, fulfilling and exciting shopping trip,” Bektaslar said.

    Although the promoters of the firm kept mom on the cost of the business, the Assistant Vice-President, Marketing, Hubmart Stores, Mr. Cheng Fuller, disclosed that the store is a fully-owned Nigerian retail chain.

    He explained that more additions to its services will come introduced based on feedback received from its customers. One of such feedbacks, Fuller revealed, led to the inclusion of the “Kiddies corner”.

    The store, Fuller said, would provide employment to over 150 Nigerians, 60 per cent of whom would be sourced from the local community. Besides, the firm plans to introduce a retail academy where trainings of skilled personnel in retail service will be carried out., as well as addressing local production capacity in the retail sector.

    “Manufacturing and local production are major challenges to the growth of the retail sector. We should encourage local manufacturers to produce more so that retailers can reduce importation,” Fuller said.

  • Euro Global expands market terrain

    •Boosts portfolio with new products

    Euro Global Distilleries, a subsidiary of Sona Group conglomerate, has expanded its market territories with a view to make its products available and affordable.

    The firm has also concluded plans to introduce more products into its stable to give consumers more choice opportunities in their quest for value and consumption.

    The Managing Director, Mr. Manish Uniyal, said it has become imperative to expand its trading frontiers as most of its consumer products are in hot demand pan-Nigeria.

    “We recently expanded our trading zones to make sure we cover the Nigerian markets effectively, because our products are in high demand and a delight to the consumers,” he said.

    He noted that the growing number of brands in its product portfolio makes it incumbent and exigent as the company embarks on satisfying all categories of consumers, irrespective of demographics and segmentation.

    The company recently launched two new products – Power Spirits Drink (Bottle and Can) and Golden Choco. It was gathered that the company has almost concluded plans to launch new sets of innovative products into the market.

    Uniyal hinted that his company’s winning way is not unconnected with exploring ways to improve the quality of the products.

    His words: “We always try to find ways to improve the quality of our products without affecting the consistency that consumers have become accustomed to over the years,” he added.

  • Ogun govt seeks support of market leaders on cleanliness

    Ogun State Governor Ibikunle Amosun has sought the support of residents, especially market men and women, in its drive to salvage the state from environmental degradation.

    Represented by the Commissioner for Local Government and Chieftaincy Affairs, Chief Jide Ojuko, at the foundation laying of Olofinmoyin Ultra-Modern Market in Sango Ota, a suburb of the state, the governor expressed disappointment with how traders were unmindful of keeping where they make their daily bread neat, adding that this could expose them to diseases.

    Amosun warned against the filling of the highway with refuses. He said the government would not condone such attitude, saying any market found unclean and with refuse would be closed. ‘’Cleanliness is holiness,’’ he said.

    Ojuko said the governor’s plan was to finish the projects he embarked on, including rehabilitation of roads, and construction of bridges before the end of his tenure. He urged the residents to key into the government’s development plan to make the state a better place to live in.  He noted that development comes with sacrifices, saying maximum sacrifice needed to be paid for the overall development.

    “An environment that is not clean will encourage all sorts of unscrupulous elements, to guide against this; leaders of each market should expedite actions and prevail on their members to imbibe the culture of cleanliness. We should not wait for an epidemic to happen before we start doing the right thing,” the Commissioner added.

    He appealed to the contractors handling the construction to use quality materials and to speed up the work to deliver on schedule.

    Ado/Odo Ota Local Government Chairman, Prince Oladele Adeniji,  appealed to the transport union leaders to warn their members against obstructing the highway by picking and dropping of passengers on the roads, this hinders the free-flow of traffic.

    He also warned street traders against blocking the highway with their goods; and that this made it difficult for vehicles to find its way in case of brake failure.

    Prince Adeniji sought collaboration between market and the union leaders on how the market and garages ‘environment clean and neat.

    The contractor, Alhaji Rufai Alao, an engineer, thanked the government for awarding the contract to him, pledging to use quality materials and deliver the job within the stipulated time.