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Tag: Market

  • Fire guts section of Onitsha market

    Fire guts section of Onitsha market

    Fire on Thursday midnight gutted a section of the Ọgbọ Osisi Market (plank market) at the Onitsha Head Bridge in Anambra State.

    The cause of the fire had yet to be ascertained at the time of filing the report.

    Confirming the incident, Anambra State Police Public Relations Officer, SP Tochukwu Ikenga, told NAN that police operatives led by a divisional police officer were doing their best to tackle the situation.

    He added that some good-spirited individuals were helping  to put out the fire.

    “Our operatives led by the DPO, and some good-spirited individuals are trying their best to put out the fire.

    “Meanwhile, the Fire Service has been contacted, and the situation is being monitored.

    “For now, there is no record of loss of life, and the worth of property destroyed has not yet been determined.

    “Further details shall be communicated as the operation is still ongoing,” he said.

     

  • Equity market sustains selloffs in Tier-1 banks, down by N720bn

    Equity market sustains selloffs in Tier-1 banks, down by N720bn

    The value of transactions on the Nigerian Exchange Ltd. (NGX) on Wednesday further declined by 4.80 per cent due to sustained selloffs in the shares of Tier- one banks.

    Specifically, investors traded a total of 396.23 million shares valued at N5.83 billion in 10,549 deals, compared to 280.46 million shares valued at N6.12 billion exchanged in 9,141 deals posted on Tuesday.

    Selloffs in the equities of FBN Holdings(FBNH), Guaranty Trust Holding Company (GTCO), and Zenith Bank dragged the market down.

    Consequently, investors lost N720 billion or 1.31 per cent, as the market capitalisation, which opened at N55.037 trillion, closed at N54.317 trillion.

    The All-Share Index also shed 1.31 per cent or 1,317 points to close at 99,266.02, as against 100,582.89 recorded in the previous session.

    As a result, the Year-To-Date return on the index fell to 32.76 per cent.

    Meanwhile, market breadth closed negative with 50 losers and four gainers on the trading floor.

    Transcorp led the activity chart in volume with 52.57 million shares traded at the value of N675.58 million, United Bank of Africa(UBA) sold 39.47 million shares worth N823.93 million.

    Access Corporation traded 35.29 million shares worth N621 million, while Zenith Bank led in value with sales 30.93 million shares worth N1 billion and Universal Insurance traded 23.22 million shares worth N8.11 million.

    On the losers table, Wema Bank, Oando Plc, Nigerian Breweries, The Initiative Plc and Red Star Express Plc led in percentage terms of 10 each to close at N7.02, N9.90, N30.60,N1.80 and N3.42 per share, respectively.

    Conversely, PZ Cusson led the gainers table in percentage terms of 10 to close at N29.15, Juli Plc rose by 9.93 per cent to close at N3.10, while AXA Mansard gained 1.53 per cent to close at N5.30 per share.

    Nigerian Aviation Handling Company Plc also garnered 0.69 per cent to close at N29, and Nigerian Police Force Microfinance Bank gained 0.55 per cent to close at N1.84 per share.

     

  • Sad! Anambra market on fire as trader shot dead

    Sad! Anambra market on fire as trader shot dead

    There was confusion late Friday at the Science Equipment Market, Onitsha Bridgehead in Anambra as operatives of the Anambra State Anti-Touting Squad allegedly shot one person dead and injured several others.

    It was gathered that trouble started at the market when the operatives invaded the area in search of someone who was said to have urinated in a restricted area and ran into the market for cover.

    Eyewitnesses said the operatives shot indiscriminately for over two hours while in the market resulting in the traders scampering to safety, leading to destruction and looting of people’s goods.

    On Saturday, one of the traders who simply identified himself as Okonkwo said, “Yesterday, was a black Friday in this market, the operatives killed a man simply because he urinated along the Onitsha-Asaba Expressway.

    “After urinating, the boy ran into the market as the operatives chased him. When they entered the market, they started shooting. This caused pandemonium in the market as many sellers and buyers in the market sustained severe injuries while scampering to safety.

    “Stray bullets hit two people who were rushed to the hospital after they had left. The victims sell drugs at Ogboogwu market. People’s goods were also destroyed and looted. They sealed our toilets and started collecting money from anyone they saw who urinated outside. This is the cause of the problem.”

    When contacted, the Anambra State Police Command’s spokesman, DSP Tochukwu Ikenga, confirmed the incident, adding that the state Commissioner of Police, Aderemi Adeoye, has ordered a probe into the development.

    “The Commissioner of Police, CP Adeoye has ordered the immediate transfer of a reported murder incident that happened at the head bridge market by 4:30 pm, on Friday.

    “Our officers led by the DPO head bridge, on receipt of the information, moved to the scene and saw a young man in a pool of blood while another was injured.

    “The victims were rushed to the hospital where the doctor confirmed one dead. The police also recovered six expended cartridges from the scene. Further details shall be communicated, please,” Ikenga added.

    In a related event in December 2023, there was pandemonium along the Onitsha-Owerri Road by Obodoukwu Junction, Onitsha, Anambra State, when a stray bullet from some gun-wielding men wearing black jackets suspected to be operatives of the Anambra State Anti-touts Agency killed a young man.

    It was gathered that the victim identified as Chimezie from Achina, Aguata Local Government Area of the state, was standing at the balcony of his residence by the Shoe Site, near Okpoko Police Station, in Ogbaru Local Government Area, when the stray bullet hit him.

    He was said to have just completed his mandatory one-year national service.

  • Vehicle hits wheelbarrow pusher to death at Mile 12 market

    Vehicle hits wheelbarrow pusher to death at Mile 12 market

    The Lagos State Traffic Management Authority (LASTMA) has confirmed the killing of a man by an articulated vehicle on Ikorodu road, Mile 12 Market, Lagos.

    The spokesperson for the agency, Mr Adebayo Taofiq, said that the accident occurred on Saturday.

    In a statement on Saturday, he noted that the accident involved a truck marked LSR 901 XV.

    Taofiq said that the victim was pushing a wheelbarrow on the main carriage way in Mile 12 Market.

    He said that preliminary investigation revealed that the driver of the truck allegedly lost control due to a brake failure and rammed into the victim.

    “After the accident, the victim was rescued by LASTMA officers on duty.

    “He later died while rushing him to a nearby hospital for medical treatment.

    “Some miscreants and hoodlums then attempted attacking the truck driver.

    “He was rescued and taken to Ketu Police Divisional by LASTMA officials with the support of security personnel at the market,” he said.

    He appealed to market leaders to regularly carry out safety enlightenment campaign on the danger of using wheelbarrow to convey goods on highways across the state.

    He also warned truck drivers to always avoid speed and ensure the effectiveness of the brake system of their trucks.

    Police Public Relations Officer in Lagos Benjamin Hundeyin told NAN that the driver had been arrested for investigation.

  • JUST IN: LASG seals Mile 12 International Market, Owode Onirin Market

    JUST IN: LASG seals Mile 12 International Market, Owode Onirin Market

    Lagos State government sealed the Mile 12 International Market and the Owode Onirin Market on Friday for creating environmental malfeasance.

    The Ministry of Environment and Water Resources stated in Ikeja that the markets were sealed because of indiscriminate dumping and burning of refuse, the filthy environment, and blocked drains.

    It stated that the Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, directed the Lagos Waste Management Agency and “KAI’’ to seal the markets.

    “The reasons for sealing the markets are not unconnected with the indiscriminate dumping and burning of refuse, filthy environment, blocked and littered drains.

    “The action also followed illegal and indiscriminate parking and abandonment of trucks on the highway leading to the two markets, impeding free flow of traffic,’’ the ministry stated.

  • LAWMA clears roadside traders at Lagos market

    LAWMA clears roadside traders at Lagos market

    The Lagos Waste Management Authority (LAWMA) has dislodged traders engaged in roadside trading around Oyingbo Market in Lagos  for constituting environmental nuisance.

    The market is currently sealed for  various environmental infractions.

    The Managing Director/CEO of LAWMA, Dr. Muyiwa Gbadegesin, said the agency observed that, in spite of the closure of the market, some traders still engaged in roadside trading activities, in breach of environmental regulations.

    “We cannot compromise the environmental well-being of our city. It is imperative that all markets in the state strictly adhere to environmental laws.

    ” Non-compliance will result in the sealing of the markets, and such markets will not be reopened until appropriate conditions are met.

    “We will also not condone any form of roadside trading around sealed business premises, Gbadegesin said.

    He said  that the enforcement action underscored LAWMA’s commitment to foster a sustainable and hygienic urban landscape for all residents, urging market operators to proactively engage in practices that aligned with established environmental standards.

    The LAWMA boss said that Alamutu Market, Mushin, one of the recently shut markets, had been reopened after meeting stipulated conditions.

    He urged market operators, residents, and stakeholders to work in tandem with the authority, to ensure the collective achievement of a cleaner and healthier environment.

  • Why should every business have a customer retention strategy?

    Why should every business have a customer retention strategy?

    Nowadays, the online market has grown to be quite competitive and overcrowded with all sorts of businesses both large and small. The fact of the matter is that to succeed in such environment, businesses fight hard for every customer they can get.

    That old saying “every customer counts” has never been more true than it is today. Speaking of which, this is exactly why businesses should focus their attention on retaining existing customers. And that requires a solid strategy, to begin with. That being said, let’s have a look at why should every business have a customer retention strategy.

    Customer retention boosts sales

    One of the primary reasons why businesses should focus on customer retention is because it directly impacts sales. The point in fact is that existing customers tend to spend up to 67% more than new ones. The numbers speak for themselves as consumers who have already purchased your products or services in the past already know what they want and where to look for it.

    Fostering retention is best achieved by incentivizing customers to come back for more. This could be anything from a coupon, discount or a promotional offer that will provide existing customers with something of value. Even sportsbooks send out promotions through trustworthy sources, such as promotion-code.com.ng, for example, and on a regular basis to ensure that both new and existing customers have something to look forward to.

    It’s cheaper to retain than acquire customers

    It goes without saying that acquiring new customers can be an expensive and time-consuming process. Aside from crafting marketing strategies that will grab the attention of potential customers, it costs approximately 6 to 7 times more to acquire a new customer than it costs to retain one. That doesn’t mean businesses should drop trying to acquire new customers, it just means that their resources are better spent on retaining customers they already have first.

    Customer retention fosters loyalty

    By focusing on customer retention, businesses can foster customer loyalty. People often confuse repeat business with loyalty when in reality, they are not the same. Repeat customer will come back because your prices suit them or it’s convenient for them, whereas loyal customers will stick with your company through good and bad.

    Therefore, a loyal customer is much more valuable to a company than those who repeat their purchases ever so often. Further nurturing both retention and loyalty can be accomplished by implementing loyalty programs that will reward customers for sticking with you for so long.

    Having a customer retention strategy is essential for every business these days. Considering just how competitive the online market actually is, having customers who will make frequent purchases and ensure you have a steady flow of income are of the utmost importance for business success

  • [VIDEO] Singer Portable’s damaged Brabus sighted at Ladipo Market

    [VIDEO] Singer Portable’s damaged Brabus sighted at Ladipo Market

    Popular singer Portable’s damage vehicle has been sighted at the Ladipo Market, Lagos.

    Recall that few days back, the singer was reportedly involve in an accident damaging his vehicle (Mercedes Brabus).

    The vehicle was damaged badly and has been advised by his mechanic, to abandon the vehicle as it is likely beyond repair.

    It is reported that this will be the second time in two months that Portable has been involved in a car accident. In May 2023, he was involved in a minor accident while driving his Lexus car.

    Portable is a rising star in the Nigerian music industry. He is known for his hit song “Zazuu Zeh,” which has over 12 million views on YouTube.

    See video below:

     

    View this post on Instagram

     

    A post shared by Media/News Company (@thenewsgurung)

  • Olowu spare parts market gutted by fire in Lagos

    Olowu spare parts market gutted by fire in Lagos

    Another market in the Lagos metropolis, Olowu spare parts market was Thursday morning gutted by fire.

    Many of the shops razed had air-conditioners, parts of vehicles, and motorcycles, among others for sale.

    The traders count their losses as the goods lost to the fire are worth millions of naira.

    The men of the Lagos State Fire Service and security operatives are at the scene. The situation is under control.

    A similar incident occurred three weeks after Akere Spare Parts Market on Kirikiri Road, Olodi-Apapa in Ajegunle, went up in flames.

    Recall that Balogun market in Ikeja also went up in flames few days ago.

  • Akere market incident: Police starts probe over alleged arson

    Akere market incident: Police starts probe over alleged arson

    The Lagos State Police Command has started an investigation into the suspected arson attack at the Akere Motor Spare Parts Market, Tolu, Olodi Apapa in Lagos on Wednesday morning.

    In a statement signed by the Police Public Relations Officer, SP Benjamin Hundeyin, it stated that the ‘fire which started at about 0300hrs was put out by a combined team of officers from Tolu Police Division and the Lagos State Fire Service.

    Sadly, a 65-year-old security guard lost his life in the incident.’

    The statement reads: “The Commissioner of Police, Lagos State Command, CP Idowu Owohunwa, has urged Lagosians to remain calm as the State Criminal Investigation Department has been directed to take over investigation towards unraveling the true circumstances surrounding the attack.

    He equally calls for restraints in giving any form of extraneous coloration to the incident, while assuring that the outcome of the investigation will be made public.’

    Meanwhile the Labour Party candidate in the Lagos State Governorship election, Gbadebo Rhodes-Vivour has visited the market to assess the level of damage done.

    While reminding residents that the State was built on harmony and cooperation, he called on them not to be intimidated but promised that the State will rebuild.

    He wrote: “I am on the ground in Akere Market, Ifelodun to assess the damage done by a fire allegedly set by an arsonist & political thugs.

    “This is most unfortunate. Our politics should be about ideas, not violence.

    “Ajegunle people, do not be intimidated. We will rebuild together.

    “Lagos is built on harmony and cooperation, it is the center of excellence, despicable violence & fanning the flames of ethnic tension has no place in this beautiful state.

    “We all have to live together in Lagos after the elections. No political ambition is worth the lives or livelihood of our people.

    “No place should be threatened or destroyed for having differing political choices. It breaks my heart to see this happen in Lagos, it must end.”