TheNewsGuru

Tag: Goods

  • Fire reportedly engulfs Ajah market in Lagos, goods worth millions destroyed

    Fire reportedly engulfs Ajah market in Lagos, goods worth millions destroyed

    A fire incident occurred on Sunday evening at Ajah Market, near Alesh Bus Stop in the Lekki area of Lagos State, destroying goods and items worth millions of naira.

    The fire started around 9 pm and ravaged several shops and stores containing combustible materials.

    According to Dr. Femi Oke-Osanyintolu, the Permanent Secretary of the Lagos State Emergency Management Agency (LASEMA), the agency, in collaboration with the Lagos State Fire and Rescue Services, acted swiftly to contain the fire. However, the cause of the blaze remains unknown at this time.

    Fortunately, there were no casualties or injuries, as traders were not present due to the market being closed for Sunday.

    “The LASEMA Response Team, along with the Lagos State Fire and Rescue Service, managed to prevent the fire from spreading to neighboring buildings,” Oke-Osanyintolu reported. “Efforts are ongoing to completely extinguish the fire and salvage remaining valuables.”

  • Customs CG speaks on reopening of borders, gives details

    Customs CG speaks on reopening of borders, gives details

    The Comptroller-General of Customs, Mr Adewale Adeniyi, has said that only President Bola Tinubu has the prerogative to reopen borders in the country.

    He stated this at an interaction session with members of the Kongolam border community in Mai’adua Local Government Area of Katsina State.

    Adeniyi, who was reacting to agitation for the reopening of the borders, assured that engagements and consultations were being made regarding the issue.

    “Once consultations are concluded, a decision will be taken on the matter,” he said.

     

    According to Adeniyi, the Service will focus on removing obstacles militating against free trade in line with the present administration’s agenda of fostering economic prosperity.

    He said that proactive measures had been employed to reduce the number of checkpoints along the border posts, and promote synergy between the Service personnel and traders.

    “We are conscious of the concerns of the border communities, particularly with regards to the number of checkpoints and the closure of land borders

    “I assure you that our operations are always guided by law and we only operate on delegated powers.

    “We have communicated the concerns and complaints by residents of the border communities to the President.

    “Because he has listening ears, and directed that we should release confiscated food items, on the condition that it only be sold in Nigerian markets,” he said.

    Adeniyi said the Service was collaborating with the Police and other sister agencies to address obstacles militating against free trade in the border areas.

    “We know that there are markets around our borders, and we know that not all of them are targeted at taking goods across the borders.

    “We will continue to monitor and ensure that food that is produced in Nigeria remains and is consumed in Nigeria. This is because we are in a period of national emergency that has to do with food insufficiency.

    “And that is why we must collectively work together to assist the government to enforce the various laws prohibiting exportation of food items at this time,” he said.

    He said the Export Prohibition Act banned exportation of maize, rice, beans, yam, millet and sorghum.

    While commending the synergy between the Service and other security agencies, Adeniyi thanked other stakeholders for their supports.

    Adeniyi also visited former President Muhammad Buhari and the Emir of Daura, Alhaji Umar Faruq-Umar.

  • Court grants application seeking price control of goods in Nigeria

    Court grants application seeking price control of goods in Nigeria

    The Federal High Court in Lagos, on Wednesday, granted an application, seeking price control of goods in Nigeria within seven days.

    Justice Lewis-Allagoa granted the order following an originating motion by human rights activist, Chief Femi Falana (SAN).

    At the last adjourned date on Jan. 24, the court had adjourned the case until Feb. 7, (today), following the absence of the counsel for the respondents.

    Falana filed the suit against the Attorney-General of the Federation, and the Price Control Board, seeking a declaration that by virtue of the Price Control Act, the respondent was under a duty to fix the prices of goods.

    The applicant had also urged the court to decide whether by virtue of Section 4 of the Price Control Act, the first defendant is carrying out its duty to impose a price on any goods of the kind specified in the First Schedule to the Price Control Act.

    On Wednesday, the court held that having heard the applicant’s suit FHC/L/CS/869/2023, and since there was no counter-affidavit from the respondents, the prayers of the applicant were granted.

    The court, consequently, ordered the respondent to fix the prices of milk, flour, salt, sugar, bicycles and their spare parts, matches, motorcycles and their spare parts, motor vehicles and their spare parts.

    The court also ordered the respondent to fix the price of petroleum products, which include: diesel, Premium Motor Spirit (PMS) and kerosene.

    “I have heard the applicant Femi Falana in the suit no SAN, FHC/L/CS/869/2023, and I have also discovered that despite the service of the originating motion on the respondents, namely Attorney-General of the Federation and the Price Control Board, there was no opposition to it by way of counter-affidavit,” he said.

    According to the judge, all the facts deposed in the affidavit attached to the originating motion were therefore deemed admitted.

    “All prayers sought for in the motion papers are hereby granted as prayed,” he held.

    Falana had sought a declaration that the failure or refusal of the respondents to fix the prices of the goods listed was illegal and offends the provisions of Section 4 of the Price Control Act Law of the Federation 2004.

  • Wild fire destroys good, properties worth millions in Rivers

    Wild fire destroys good, properties worth millions in Rivers

    Goods and properties worth millions of naira have been lost to a devastating fire incident in Port Harcourt, Rivers State.

    The fire, which lasted for over 10 hours since Saturday, began in an old premises of a moribund private company on Isiokpo Street in the D-Line Area of the city.

    While the cause is yet to be known, residents and the Rivers State Government suspect that the abandoned tankers in the premises may have been used by people who trade in illegally refined petroleum products which ignited the fire.

    Although the fire has been put out, men of the Federal Fire Service and the Government have urged residents to be observant and careful to avoid a fresh spark.

  • Tragic! Fire destroys shops, goods worth millions in Lagos

    Tragic! Fire destroys shops, goods worth millions in Lagos

    Residents of Peace Estate, off Lekki-Epe Expressway were distraught when nine shops were razed by fire on Tuesday.

    TheNewsGuru gathered that the fire which started from one of the 19 shops in a row, spread to eight other shops and destroyed goods worth millions of naira.

    The timely arrival of firefighters from the Lagos State Fire Service helped to prevent the fire from spreading to the remaining shops.

    The affected shops sold electronics and electrical cables.

    The deadly fire, which started around 4.32am, was extinguished by the personnel of the Lagos State Fire Service and the Federal Fire Service.

    The Head, Public Affairs Unit, Lagos State Fire Service, Jamiu Dosunmu, said in a statement that the cause of the fire could not be yet be ascertained.

    “Nine out of the 19 shops were severely burnt, while the firemen were able to save 10 with property worth millions of naira amidst the challenges posed by COVID-19 pandemic,” he stated.

    The acting Head of the state fire service, Margaret Adeseye, said the agency had attended to 84 fire incidents since March 23, 2020, adding that the agency would ensure that the state was safe.

    Adeseye also urged residents of the state to follow the instructions of health experts to contain the spread of COVID-19.

     

  • Goods destroyed as fire guts shops in Lagos market

    Goods destroyed as fire guts shops in Lagos market

    Two shops with household utensils were destroyed in a fire that gutted Maola Shopping Mall at Ebute Ero Market in the Idumota area of Lagos on Friday.

    Dr. Olufemi Oke-Osanyintolu, Director-General, Lagos State Emergency Management Agency (LASEMA), who confirmed the incident noted that the fire had been put off by emergency responders.

    According to him the combined efforts of emergency agencies put off the fire within 30 minutes.

    “Upon arrival of the Emergency Responders at the scene it was revealed that a building (Maola Shopping Mall) was affected by a fire of unknown origin.

    “A combined team of LASEMA responders from Lagos Central Zone, Lagos State Fire (Sari Iganmu), Federal Fire service and Nigeria Police Force were able to curtail the flames within the shortest period of time.

    “Only shops 35 and 36 on the last floor of the building stocked with different goods such as cartoons of detergents, kitchen utensils, were affected with the fire and no casualties,” Oke-Osanyintolu said.

    He said that the responders had returned to their bases and also urged members of the public to comply with the COVID-19 social distancing guidelines laid down by the Gov. Babajide Sanwo-Olu, to avoid endangering themselves.

  • Alleged fraud: Access Bank explains officials’ role in sale of customer’s goods

    Access Bank Plc has officially reacted to reports making the rounds in the media that its Managing Director/Chief Executive Officer, Herbert Wigwe and other top officials of the bank were slammed with a N2.5 billion suit bordering on stealing and others.

    The 21-count charges were filed by the Lagos section of the Special Fraud Unit (SFU) of the Nigeria Police Force Justice N.I. Agbelu of the Ogun State High Court in Sagamu.

    Mr Wigwe, Alawode Oluseye, Bayo Adesina, and Access Bank Plc were all accused of conspiring and stealing 23,754.413 metric tonnes of steel billets valued at N2.5 billion belonging to BMCE Bank International Plc.

    The police claimed the defendants falsely presented themselves as the owners and sold the steel billets to Metal Africa Steel Products Limited without the authorisation of the actual owner.

    The alleged crime was said to have taken place in June 2017 at the premises of Metal Africa Steel Products Limited along Sagamu/Ikorodu road, Ewe Jagun, in Ogun State.

    In the suit, the police alleged that the defendants forged the Bill of Ladings number: MJINLOS150007’1A’; MJINLOS150007 ‘1B’; MJINLOS150007 ‘1C’; MJINLOS150007 ‘2A’; MJINLOS150007’2B’; MJINLOS150007 ‘2C’; MJINLOS150007 ‘2C’; MJINLOS150007 ‘2D’; MJINLOS150007 ‘2E’; MJINLOS150007 ‘2F’; MJINLOS150007 ‘2G’; MJINLOS150007 ‘2H’; MJINLOS150007 ‘2I’; MJINLOS150007 ‘2J’; MJINLOS150007 ‘2k’; MJINLOS150007’2L’ and MJINLOS150007’2M’, which they claimed were issued on January 9, 2016.

    The offences according to the police are contrary to and punishable under Sections 518(6), 434, 383(1)(f) and 390(9), 516 and 464 and 467 of the criminal Code of Ogun State of Nigeria, 2006.

    The offences also contravened Section 1(1)(a) and 1(3) of the Advance Fee Fraud and other related offences Act No. 14 of 2006.

    “That you Herbert Wigwe ‘M’, Alawode Oluseye ‘M’, Bayo Adesina ‘M’ and Access Bank Plc, on 22 day of June, 2017, at the premises at Met Africa Steel Products Limited, Km 16, Ikorodu-Sagamu Road, Ewe Jagun, Ogun State within the jurisdiction of this honourable court, conspired among yourselves to effect unlawful purpose to wit: the unlawful and unauthorised sale of 754.413 metric tonnes of steel billets, property of BMCE Bank International Plc without its permission or consent,” one of the charges read.

    However, in a swift response to the allegations, Access Bank, in a notice to the Nigerian Stock Exchange (NSE) on Monday, explained that in 2015, it provided credit facilities to Metal Africa Steel Products Limited, which it referred to as its customer, to finance the importation of billets and machinery for the expansion of its (customer) factory.

    According to the statement, “Consequent upon the grant of the facilities, the bank opened Form M and Letters of Credit (LC) to facilitate the importation of the billets for which the shipping documents were consigned to the bank. The facilities were secured by a Debenture Trust Deed over the customer’s assets shared with other lenders.

    “Upon arrival of the billets, the bank released the shipping documents to the customer to enable it clear the goods. The bank subsequently discovered that the customer had cleared the goods from the port without payment of appropriate customs duty.

    “The bank, in line with its duty to protect its depositors’ funds, reported the alleged crime to SFU which obtained a court order to take over the customer’s business operations. Furthermore, the bank petitioned Interpol, which is presently taking steps to repatriate the suspects involved in the alleged fraud from India. Subsequently, the beneficiary banks (including the bank) under the Debenture Trust Deed, appointed a Receiver/Manager who took over the operations of the customer’s business and paid the appropriate customs duty on the billets.

    “The Receiver/Manager subsequently obtained court order from the Federal High Court and sold the billets and distributed the proceeds amongst the beneficiary banks (including the bank).”

    Access Bank further said in the statement that it was “aware that the petitioner also laid claims to the same billets following which there were attempts at settlement between the petitioner and the Receiver/Manager. The petitioner subsequently filed a complaint at SFU following the failure of settlement.

    “Based on the foregoing, we were surprised to be served with the charges by the SFU alleging, amongst others, that the bank stole the billets and forged the shipping documents covering the billets.

    “We hereby state that at no time did the bank or any of its executives or officers commit any of the alleged offences. The bank has continued to maintain the position that it financed the importation of the billets and that the Receiver/Manager appointed by the bank and a syndicate of other lenders had the right to sell the goods. We are aware that there are civil matters in court on the same subject.

    “We are also aware that there are on-going settlement negotiations between the Receiver/Manager and the petitioner. Without prejudice to the settlement discussions and the civil matter, we reiterate that the Receiver/Manager appointed by the bank and a syndicate of other lenders acted within its powers to sell the billets.

    “We wish to assure our stakeholders that the bank will continue to take all necessary steps to protect its depositor’s funds in line with its fiduciary duties as well as extant rules and regulations.”

  • Cars top world’s most traded goods with N486 trillion of trade [LIST]

    Cars are the top goods traded worldwide with $1.35 trillion (roughly N486 trillion) being traded each year between countries.

    A World Economic Forum (WEF) report revealed this, with auto parts not far behind at number four spot with $685 billion (N246 trillion) of trade.

    Here are the good categories, along with the total dollar value and percentage of total exports that each category represents on the global market.

    Most traded goods
    Image: WEF

    According to the WEF report, the United States is the biggest importer for 12 of the 18 trade categories, including the largest ones: automobiles and refined petroleum.

    “Interestingly, the U.S. is also the largest exporter of two of the goods that it is a top importer of: refined petroleum and medical equipment.

    “This is because both are highly specialized categories – the U.S. may import one grade of refined oil at a low cost, while simultaneously exporting a higher or more specialized grade of oil at a premium,” the report stated.

     

  • Nigerians imported goods worth N9.56bn in 2017 – NBS

    Nigerians imported goods worth N9.56bn in 2017 – NBS

    The National Bureau of Statistics (NBS) says the country’s total imports for 2017 stood at N9.56 billion.

    The NBS stated this in a report posted on its website entitled: ‘‘Foreign Trade in Goods Statistics for Fourth Quarter and Full Year 2017.’’

    The Bureau stated that the value for 2017 was 8.5 per cent lower than the 2016 trade import which valued at N8. 81 billion.

    According to the report, imported agricultural goods (N227.4 billion) decreased by 1.7 per cent in the fourth quarter of 2017.

    It stated that the valued decreased in the quarter compared to third quarter (N231.4 billion) but increased by 15.9 per cent when compared to fourth quarter of 2016 (N196.2 billion).

    “For 2017, imported agricultural goods increased by 35.09 per cent to N886.7 billion from N656.4 billion in 2016.

    “The raw materials imports in fourth quarter 2017 (N279.4 billion) were 2.1 per cent lower than third quarter, 2017 value (N285.3 billion), and 2.7 per cent lower than fourth quarter of 2016 (N287.2 billion).”

    Meanwhile, it stated that for 2017, the imported raw materials increased by 19.3 per cent to N1,128.3 billion from 945.7 billion in 2016.

    The report noted that solid minerals imports grew by 5.19 per cent in fourth quarter, 2017 (N15.2 billion) over the third quarter, 2017 valued at N14.5 billion.

    It stated that the value recorded in the third quarter, 2017 was 9.2 per cent over the value recorded in the fourth quarter of 2016 which was N13.9 billion.

    For 2017, it stated that imported solid minerals increased by 372.2 per cent to N235.1 billion from N49.7 billion in 2016.

    According to the report, energy goods imports grew significantly by 950 per cent in fourth quarter, 2017 valued at N138 million.

    For 2017, it stated that imported energy goods increased to N187.17 million from N8.07 million in 2016.

    It, however, noted that manufactured goods imports declined in the fourth quarter by 0.28 per cent (N1,209.9 billion) in comparison to the third quarter, 2017 (N1,213.3 billion).

    It stated that figures in the third quarter grew by 10 per cent in comparison to fourth quarter, 2016 (N1,099.5 billion).

    For 2017, it stated that imported manufactured products decreased by 0.06 per cent to N4,642.4 billion from N4,645.1 billion in 2016.

    In addition, the report stated that other oil products imports were 48.86 per cent lower in value in fourth quarter than third quarter, 2017, and 46.5 per cent lower than the value recorded in fourth quarter of 2016.

    For full year 2017, according to the report, other oil product imports increased by 5.93 per cent over 2016.