The Nation Newspaper

Tag: Traders

  • Traders protest leadership harassment, arrests

    Traders protest leadership harassment, arrests

    • CP warns troublemakers to steer clear of market

    Traders at Eke Amawbia market in Awka South Local Government of Anambra State yesterday staged a peaceful protest against leadership crisis.

    The protesters, predominantly women, under the aegis of Amawbia Market Amalgamated Traders Association (AMATA), decried harassment, intimidation and arrest of their elected officers, calling for intervention by the Commissioner of Police, Aderemi Adeoye.

    The traders, who marched on the police headquarters, bore placards with inscriptions such as: “Our matter is in court, let court decide”, “Deputy Speaker is sponsoring crisis at Eke Amawbia market”, “Police please stop Deputy Speaker from interfering and causing crisis at our market.”

    Speaking on behalf of the traders, counsel for the association, Chibuzo Ezenwa, alleged that some influential individuals, with the backing of Deputy Commissioner of Police, disrupted their commercial activities, using instrumentality of force.

    He said: “Despite pending lawsuits they filled against the President, Daniel Nwokoye, they still went ahead to harass him and members of his executive, using the police to stop him from carrying out his duties.

    “The marketers are not happy with the DCP directives in charge of state CID, coupled with the fact that the people masterminding the crisis are using armed men to invade the market.

    Read Also: Ibadan explosion: Oyo monarchs meet Makinde, declare support for fight against illegal mining

    “They first filed a lawsuit at the Awka Magistrates’ Court, praying the court to stop the President from parading himself and carrying out his duties, including holding any form of meeting.

    “Again, they proceeded to the National Industrial Court filing the same suit, which is an abuse of court process.

    “The association filled its own suit against the purported suspension letter issued by the Transitional Committee Chairman of Awka South Local Government, alleging suspension of the president.

    “We’re saying the TC chairman has no power under any written law to suspend the President.”

    Acknowledging that no casualty had been recorded during the crisis, Ezenwa attributed this to his legal advice to the traders not to take the law into their hands.

    “Whenever the armed men attack, the traders usually alert me and I always advise them to avoid anything that can cause chaos and security threat, but to use legal means to solve the problems,”

    Addressing the protesters, CP Adeoye hailed them for their peaceful disposition.

    The CP, who spoke through one of his officers, Ibrahim Ezekiel, said the matter would soon be resolved.

  • Traders lose millions as fire guts Aba spare parts market

    Traders lose millions as fire guts Aba spare parts market

    Traders of B line at the popular Asa Nnentu Spare Parts Market, located in Ugwunagbo Local Government of Abia State are counting their losses, following a fire which gutted the market on Sunday afternoon.

    The market, located at Alaoji area of  Enugu-Aba-Port Harcourt Expressway, our correspondent reports, is one of the biggest spare parts markets in the Southeast.

    The cause of the fire could not be ascertained at press time.

    It was gathered that it affected about 30 shops.

    Fire servicemen from Umuahia reportedly put out the fire, preventing it from spreading to other buildings in the market.

    The Nation learnt that one of the affected traders offloaded a 40 feet container filled with goods 48 hours before the fire incident.

    Read Also: Tinubu to NPC board: start work now, I won’t tolerate non-performance

    Some of the traders lamented the huge losses they had incurred.

    Commissioner for Trade and Commerce, Dr. Chimezie Isaac Ukaegbu, visited the traders in company with the Director-General, Greater Aba Developmental Authority, Uche Ukeje. The Mayor of Ugwunagbo Council and his Aba North counterpart, Ide John Udeagbala, also paid a condolence visit to the market.

    The commissioner, sympathising with the traders, said he was at the market at the instance of Governor Alex Otti, to assess the level of damage caused by the inferno.

    He promised to convey his findings to the governor.

    He advised the traders to be careful, to prevent fire incidents, “especially during this harmattan.”

  • Traders laud Fed Govt’s VAT Direct

    Traders laud Fed Govt’s VAT Direct

    The Market Traders Association of Nigeria (MATAN) has lauded the Federal Government Value Added Tax Direct Initiative (VDI), saying it will not only facilitate the growth of Small and Medium Enterprises (SMEs), but also put an end to multiple taxation.

     The association indicated that the initiative will empower rural traders and artisans.

     Chairperson of the association in the Federal Capital Territory, Abuja, Hajiya Aisha Nakorji, disclosed this yesterday while educating young entrepreneurs about the project.

     She underlined that the Federal Inland Revenue Service implemented the VDI in order to deploy unified systems technology to collect and remit VAT from association members, particularly those in the informal sector.

     According to Nakorji, the association will take advantage of the FIRS extensive network throughout the country to work with them in ensuring the effective implementation of the initiative.

     “Under the collaboration, MATAN will promote awareness on VAT collection and remittance in the marketplace and informal sector.

     “The association will also simplify VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform.

     “The digital platform enumerates the association members and provides a digital identification that tracks their turnover so that VAT accrued is collected and remitted to the FIRS.

     “The initiative will remove all bottlenecks hampering businesses, particularly multiple taxation as one of our major challenges in the informal sector is not knowing who we are paying taxes to,” she said.

     She explained that for the association members and other informal sector companies that would support the project, FIRS has bundled material and monetary rewards.

    Read Also: Presidency tackles Atiku over claim on court verdicts

     In order to increase the rural population’s comprehension of the project, the MATAN head mentioned it has “raised awareness among traders to all the six Area Councils of the FCT.”

     “The benefits are enormous. Through the initiative, the government is not just working to eliminate multiple taxation, but also seeking to end poverty.

     “I believe that this is a noble policy from President Bola Tinubu’s administration, and all stakeholders need to accept and promote it,” she added.

     On Monday, July 3, the Federal Government of Nigeria via its agency, the Federal Inland Revenue Service (FIRS) in a statement, announced its plan to collect and remit Value Added Tax (VAT) from traders, especially those in the informal sector.

     This it noted would be achieved in partnership with the Market Traders Association of Nigeria (MATAN) using a unified systems technology.

     The agency’s chairman, Muhammad Nami revealed plans to immediately establish a joint monitoring and assessment team made up of FIRS officers and MATAN members, stating it would guarantee accountability and transparency while providing sufficient coverage of all crucial project operations areas.

     According to him, “This team will also be saddled with the responsibility of ensuring that VAT remittance is promptly done under the agreed platform.”

  • Forex traders, hoarders lose as Naira gains steady at parallel market

    Forex traders, hoarders lose as Naira gains steady at parallel market

    Foreign exchange speculators and hoarders are currently groaning as they suffer major loss over the steady and continue appreciation of the value of the naira against in the United States dollar in the last last five days.

    The naira appreciated both in parallel and official markets for the largest part of the week.

    For instance, in Aboki FX, as monitored by our Correspondent, the naira maintained its consistency even as it appreciated marginally against the United States dollar significantly.

    On Monday, US dollar sells for N1,132 at the parallel market, and appreciated on Tuesday and closed at N1,125. The parallel market, however, maintained consistency by closing at N1,125 on Wednesday, Thursday and Friday.

    The naira also appreciated against the US dollar at the the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the country’s official exchange rate window.

    It appreciated to N839.48/$ on Monday and did same on Wednesday, appreciating to N818.99/$ and closed the week on a strong footing, at N791.75.

    NAFEX is the reference rate for spot FX operations in the autonomous FX market, which comprises recognised FX trading segments, including but not limited to the inter-bank market, the I&E FX Window, and any such approved and recognised trading segment as may be defined.

    Read Also; Gunmen in military uniform abduct youth leader in Rivers

    With this result, hoarders and speculators are on the losing side as naira continue to gain strength in both markets.

    However, stakeholders commended the effort of President Bola Tinubu by sourcing for investors who will bring scarce foreign exchange into the country.

    Speaking on Channels television, on Thursday, and monitored by our Correspondent, the Chief Executive Officer, Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, also called for local refining of crude, saying imported refined fuel is putting pressure on the dollar.

    According to him, the federal government must ensure local refineries work to reduce the pressure and as well strengthen the naira.

    “To get foreign currency in can be through remittances and Foreign Direct Investment (FDI), which is what President Tinubu, has been doing by traveling to various countries, asking them to come and invest and when they come in, they come in with capital for long term investment.”

    Speaking on local refining of Premium Motor Spirit (PMS), the former director general of Lagos Chamber of Commerce and Industry (LCCI), said spending over $1.5bn on local refining of fuel is putting too much pressure on the FX.

    He said: “A lot need to be done quickly about local refining of petroleum products because that’s putting pressure on the FX. If we are spending between $1 to $1.5bn on monthly basis to import petroleum products then there will be lot of pressure on the forex.

    “So, the point is that, it will take some time, the president has spoken to quite a number of investors but they won’t just pick their brief case and start coming but they need their due deligence.

    “As soon as refineries come onboard, it will reduce pressure on the FX these are the things the president is pushing forward.”

  • Businesses boom for traders, transporters as Imo goes for election

    Businesses boom for traders, transporters as Imo goes for election

    By Damian Duruiheoma, Owerri

    Businesses on Friday, November 10, boomed for transporters as the Independent National Electoral Commission (INEC) and security agencies concluded plans for Saturday, November 11, governorship election in Imo state.

    It was an equally similar development as traders in various markets within the state capital made brisk business when residents engaged in last-minute buying.

    Our correspondent who monitored development, observed that thousands of bus drivers were engaged by INEC to convey electoral materials and personnel to various Registration Area Centres (RAC) and polling units.

    It was also observed that more of that number were hired to convey security operatives to various locations in the state.

    At the government house roundabout, thousands of buses were seen getting ready to convey police personnel to various locations.

    Read Also: I cried most in 2012 – Ebuka Obi-Uchendu

    However, the development affected the cost of transportation in the state on Friday as a few available buses on the road, hiked transport fares.

    Passengers were also seen stranded as they made efforts to travel to different communities where they would cast their vote during the election.

    For instance, a trip from Owerri to Orlu which hitherto was N1,500 was hiked to N2,000 and N2,500 depending on the type of vehicle.

    A commuter, Chidi Uzoho lamented that he had been at the bus stop for over two hours waiting for a vehicle to convey him to Amaku in Isiala Mbano, where he intends to cast his vote tomorrow.

    A bus driver, plying Owerri-Okigwe, Jamachi Onwuchekwa told our correspondent that he had to increase the transfer fare because of the pressure on him by passengers.

    “Most of our colleagues were hired to do election duty and that left us with very few vehicles, particularly Siena. With that, we are having plenty of passengers on the road with many of them agreeing to stay four per seat instead of the normal three per seat even when the price is doubled. So, it’s not our fault”, he said.

    Also, when our correspondent visited Ekeonunwa, Relief and World Bank, Nkwor Orji, and Amakohia markets in Owerri, the state capital, residents were seen making last-minute buying to beat the 12:00 midnight deadline for the restriction of movement ahead of the election tomorrow.

    At Ekeonunwa market, a resident who identified herself simply as Mrs. Ijeoma Chikere, said she was at the market to buy food items that would sustain her family on Election Day and the day after.

    “As you know, the movement will be restricted tomorrow, the day of the election. And the day after the election is Sunday, a day set aside to worship God. So, it is important that those of us with family should prepare for the long weekend.”

  • Fed Govt offers N50,000 interest-free loan to traders 

    Fed Govt offers N50,000 interest-free loan to traders 

    Federal Government’s interest-free loan for traders, known as TraderMoni, will be reintroduced next month.

    Also to return is the Conditional Cash Transfer (CCT) to persons living below $1.95 a day

    Prior to the suspension of the scheme in March 2020,  the beneficiaries, especially, petty traders, artisans and farmers,  were entitled to a maximum of N10,000 each.  But, every beneficiary would now receive as much as N50,000  to support their business.The interest-free loan, which started in 2018,  is one of the Federal Government programmes under the Government Enterprise Empowerment Programme (GEEP). 

    Humanitarian Affairs and Poverty Alleviation Minister  Betta Edu revealed the planned reintroduction of the scheme during a television interview yesterday.

    She explained that the first batch would be selected from a major market in each of the 109 senatorial districts in the country. 

    Her words: “Now, for the first set, which we are starting in November,  we are selecting one big market per senatorial district. That is 109 markets and we are going into the markets to capture traders in their shops. 

    “Unlike the N10,000 given to traders in the earlier phases, there is more money for the beneficiaries. It’s N50,000 to support their businesses,”

    Read Also: Solid minerals will promote climate change, says Alake

    “We are not interested in party lines, or any social or personal interest. We will capture them in the markets and then after doing so, we will create bank accounts for them where  the monies would be  sent directly from the CBN account.”

    The minister also said that those who repay as at when due stood the chance of getting another loan.

    On the CCT, Edu reiterated President Bola Tinubu’s October 1 promise to ensure that 15 million households enjoyed the largesse.

    She said:  “With the approval from the President which we hope to get this week, on the 17th of October, we will be officially launching the conditional cash transfer to 15 million households in Nigeria.

    “Currently, we are having a verification, every state can bear us witness that we have put boots on the ground, persons are working with the state cash transfer office as well as the governors who are the heads of the steering committees in their respective states.”

    least 70 million Nigerians.

    “GEEP programme, we are working on 1.5 million Nigerians and this will include the market women,  the traders for capital, and then the farmers.”

  • Traders to Wike: Make shop rent affordable in Abuja

    Traders to Wike: Make shop rent affordable in Abuja

    The Federal Capital Territory (FCT) chapter of National Association of Nigeria Traders (NANT), on Sunday urged Minister of FCT, Nyesom Wike to make renting of shops in Abuja affordable.

    The traders drew the attention of the minister to their plights while briefing reporters on their planned election, come November 14th, 2023.

    The chairman of NANT,  Edozie Ugwu said: “Among the problems we appealed to the minister to help us address the issue of making shop rents affordable; stopping public office holders, public and civil servants from ownership of shops and placing unaffordable rents on them and; reducing high interests rents and stiff conditions banks place on loans.

    “The rent issue and many other challenges has not only been putting our members out of business, but also contributing in no small measure to the rise in the prices of goods and services in the nation’s capital.”

    Ugwu, however, informed that the reason behind their ordeal was as a result of giving out markets to estate developers who usually fix their prices or rents, as the case may be at abnormal profits to the detriment of traders.

    Read Also: Bandits kill five, abduct housewives others in Zaria

    He also informed that other problems they have been passing through, apart from multiple taxation, was sharing of shops in any new market by the public office holder, public and civil servants, who in turn either sell or rent them to the real traders at unaffordable rate.

    Appealing to the minister to allocate vast area of land to the traders in each of the six area councils of the FCT, for the purpose of building markets or even build markets and give them to the traders at meagre rate, Ugwu charged the incoming executives to ensure that they outperform his outgoing ones, even as he enumerated the achievements of the executives under his watch.

    Among his achievements, according to him were; starting pension scheme for members; registering NANTs Cooperative Society for them; obtaining soft loans during and after COVID 19 pandemic from Central Bank of Nigeria, commercial and microfinance banks and making members landlords in the FCT, having been building shops and plazas in the nation’s capital for traders, among which was the Apo Shopping Mall, which he said has reached to 60% completion.

  • Traders urge National Assembly to ratify AfCFTA agreement

    The National Association of Nigerian Traders (NANTS) has advised the National Assembly to ratify the African Continental Free Trade Area (AfCFTA) agreement to ensure its speedy implementation.

    NANTS President Mr. Ken Ukaoha, who gave the advice in Abuja, said the ratification would enable Nigeria to join the comity of nations that would benefit from the AfCTA.

    President Muhammadu Buhari had on July 7, at the 12th African Union (AU) Extraordinary Summit in Niamey, Niger Republic, signed the agreement establishing the AfCFTA.

    Ukaoha, a lawyer, said the National Assembly had a major role to play in  ratifying the agreement, adding that after signing it, its endorsement should follow.

    “And of course we know that courtesy of Section 12 of the 1999 Constitution of Nigeria as amended, no international agreement or treaty can come into force except it is ratified by the National Assembly.

    “So, the National Assembly should also be seriously and urgently doing so in recourse to provisions of Section 19 of the Constitution, which is part of the fundamental objectives of the government.

    “One, is that our foreign policy objective is in tandem with the AfCFTA, therefore the National Assembly should look at AfCFTA from that angle and ratify it because the implementation is knocking at the door,’’ Ukaoha said.

    According to him, there is no need of wasting time. The private sector has decided to move along and so the National Assembly should rise up and do their bidding.

    Speaking about its implementation, he explained that the reports of the Presidential Committee on AfCFTA had already showed what Nigeria should do to effectively implement the agreement for the benefit of the people.

    “It is one thing to sign an agreement and another thing to implement such it. There are things we need to do as a country for us to be part of the benefits,’’ Ukaoha said, urging the Federal Government to look into funding of Micro, Small and Medium Enterprises (MSMEs) for the implementation of the AfCFTA.

    His words: “The MSMEs is the fulcrum of every economy; therefore, if we do not fund this, we will remain where we are. Secondly, the president should call the private sector to a meeting to strategise on the way forward to implement this agreement because there is no country among the 54 countries in Africa you will not find Nigerian traders.”

    He said if Nigerian traders were found in such countries, then for this particular instruments to benefit, it means that they should become trade ambassadors to the country.

    The NANTS boss also said Nigeria’s export orientation strategy must change. He added that the country should no longer be limited to trade missions and trade fares.

    According to him, Nigeria should rather be identifying required products in specific countries that can compete so that the organised private sector can strategically begin to invest in the development and progressive growth of such products.

    The AfCFTA aims to create a single continental market for goods and services, with free movement of people and investments.

    It covers Protocol on Trade in Goods and Services, Competition Policy, and Intellectual Property Rights.

    Buhari recently approved the establishment of National Action Committee (NAC) for implementation of the AfCFTA agreement.

  • Hoodlums didn’t intimidate voters, traders at Oshodi, says lawmaker

    A member of the Lagos State House of Assembly representing Oshodi/Isolo Constituency 1, Olusola Sokunle, has debunked an allegation that hoodlums, led by a chieftain of the All Progressives Congress (APC), who is also an official of the National Union of Road Transport Workers (NURTW), intimidated voters last Saturday.

    He said it was also untrue that hoodlums prevented Oshodi traders from opening shops on Monday.

    The lawmaker, in a statement yesterday, said the allegations were untrue, adding that such never happened in his constituency.

    The Peoples Democratic Party (PDP) member representing Oshodi/Isolo Federal Constituency, Mr. Mutiu Shadimu, made the allegations at a news briefing on Monday.

    He alleged that voters were intimated by hoodlums led by an APC chieftain in Oshodi and the treasurer of NURTW in Lagos, Alhaji Musiliu Akinsanya, aka MC Oluomo, who also allegedly led the hoodlums to prevent traders from opening their shops on Monday.

    Saying the incident did not happen in his constituency, Sokunle said he had a duty to inform the public that the allegations were untrue.

    He said: “It is on record that Shadimu is known for falsifying claims when it comes to politics, just to curry sympathy and divide constituents along ethnicity.

    “Oshodi was peaceful during and after last Saturday’s elections. There was no report of violence either by the security agencies or the media until Shadimu came up with the divisive narrative of intimidation of voters by MC Oluomo, which to us is unfounded and a figment of his imagination.

    “On Sunday, the supporters of our great party, APC, were only seen celebrating the victory of our candidate, Dr. Bashiru Dawodu, who defeated Shadimu and his PDP in a landslide victory.

    “Because Shadimu saw our supporters and well-wishers rejoicing over the loss of PDP in Oshodi, he resorted to making unguided utterances and inciting the Igbo against the Yoruba and some APC leaders in the constituency.”

    Sokunle urged security agencies, especially the Department of State Services (DSS), to investigate Shadimu for making allegations that could cause ethnic clash in the constituency and lead to a breakdown of law and order.

    “I advise Oshodi residents to live as one family and go about their activities without fear. There is nothing like ethnic rivalry in the constituency. Oshodi is a peaceful place for everyone to live and do business. We shouldn’t allow a loser to use us for his selfish and personal gain.”

     

  • Kashamu’s wife promises better deal for traders

    Mrs. Susan Kashamu, wife of the Ogun Statae Governorship Candidate of the Peoples Democratic Party (PDP), Senator Buruji Kashamu, at the weekend led a team of women and volunteers to campaign at Mowe/Ibafo communities on the Lagos/Ibadan Expressway.

    She led the team through the neighbourhoods and markets, interacting with the youths, men and women, and distributing souvenirs and campaign materials such as umbrella, clothing materials, plastics and exercise books, among others.

    She also took her door-to-door campaign to Olowu Quarters, Oke Sopen, in Ijebu North Local Government Area, where she enlightened the electorate, especially the women, on how to vote.

    Mrs. Kashamu spoke of her husband’s plans to provide basic infrastructure for the communities bordering Lagos such as Isheri-Olofin and Mowe-Ibafo to make it attractive to investors.

    She said her husband’s passion for meeting the needs of the people informed his decision to contest for the governorship, adding that her husband will build a befitting market for the residents of Mowe-Ibafo and fix the roads.

    Mrs. Kashamu noted that the lawmaker’s decision not to deduct council allocations would engender grassroots development, saying if elected, her husband will promote Micro, Medium, Small Scale Enterprises (MSME) by facilitating the setting up of Micro and Community Banks .