Mr Sunny Obinze, President General, Bridge Head Market, Onitsha has advised traders to abide by the directives of Anambra Government on the conduct of election in the market.
Obinze gave the advice on Wednesday while fielding questions to newsmen in Awka.
He said that the leadership received information that some people were planning to cause commotion capable of disrupting human and vehicular activities around popular River Niger Bridge Head, Onitsha.
Obinze said the aim of the media parley was to clear the notion that traders at Bridge Head Market, Onitsha were planning to stage a protest.
He said though the tenure of his executive expired Tuesday May 14, the State Government had extended their tenure by two weeks.
“Given the extension, the election will now hold on May 28 since the Commissioner for Commerce, Trade and Wealth Creation has directed that we function as caretaker for two weeks,” he said.
Obinze said the clarification was to expedite action due to court injunction obtained by a group led by one Emeka Ilonze to the effect that they did not want election conducted.
He said, while issues on the order of interlocutory injunction issued by the High Court of Anambra sitting in Onitsha were being looked at legally, government resolved to allow his executive to function as caretaker for two weeks.
Obinze warned that anybody who allowed himself or herself to be used to cause trouble such persons would be made to face full weight of the law.
Okala said the tenure of Obinze-led executive members expired on May 14.
He said with effect from May 15, the Board of Trustee members would take over the leadership of the market pending the conduct of election.
Okala said marketers in their group would not see illegal executive take charge of affairs in the market.
NEMA distributes relief material to victims of Mgbuka Market fire disaster, Obosi
The National Emergency Management Agency (NEMA) has distributed relief material worth million of Naira to traders that were victims of Mgbuka Market fire disaster, which occurred in January.
The News Agency of Nigeria reports that the items distributed, which are building materials, included; 930 bags of cement; 930 bundles of roofing sheets; 930 sheets of ceiling board; 103 bags of 3-inch nails and 310 packs of zinc nails.
The Director-General of NEMA, AVM Muhammadu Mohammed (rtd), who spoke on Wednesday in Enugu through NEMA South-East Coordinator, Mr Fred Anusim, said that the distribution was done on June 9 in the presence of Anambra government officials and the market leadership.
Mohammed urged the government and the market leaders to ensure the materials get to victims of the fire disaster in the market.
The NEMA director-general said:“NEMA wants to ensure that the materials are actually distributed and utilised.
“It is Federal Government’s response to the cry of the affected traders, who are victims of the fire incident.
“The Agency wants the appea to traders to use the materials to build better shops that will stand the test of time and against natural disasters such as fire’’.
Receiving the items on behalf of the government and traders at the market, the Deputy Governor of Anambra, Dr Nkem Okeke, thanked the Federal Government for the relief materials.
Also speaking, Chairman of the Market, Chief Samuel Ezeobodo, thanked the Federal Government and NEMA for the building materials.
Ezeobodo assured that the market leadership would work with the committee set-up by the state government on the market fire incident to ensure that no affected trader was left out in the distribution.
“We are indeed very grateful to the Federal Government and NEMA as this will bring succour to the affected traders and ensure that they reconstruct their shops to resist fire,’’ he said.
NAN recalls that the fire incident in Mgbuka Market, Obosi in Anambra took place on Jan. 10; while NEMA did a joint assessment of damages of the incident with Anambra State Emergency Management Agency on Jan. 14.
Edited By: Ifeyinwa Okonkwo/Felix Ajide (NAN)
Lockdown: Market leaders urge LASG to allow daily operations
Some foodstuff traders at Agboju Market, Festac Town in Lagos on Thursday called on the state government to further ease the lockdown to allow daily markets in the state.
They told the News Agency of Nigeria, in separate interviews in Lagos that they were incurring losses opening markets on alternate days.
The Market Leader, Mrs Osinatu Adebayo, said government’s directive to alternate market days in the state to curtail the spread of Coronavirus pandemic came with some challenges, particularly for the foodstuff traders.
“We know the government bears us in mind when taking decisions and because of that, we have been obeying the directives.
“We wash our hands, we use face masks and we only operate the market as directed.
“The people, who sell foods like fish, meat, tomatoes, pepper and vegetables are really suffering; when they have leftovers, it goes bad before the next market day,” she said.
Adebayo urged the LASG to consider allowing the market operate daily from 8 a.m. to 6 p.m.
Also, Mrs Rebecca Udeh, a trader, said it has been quite challenging for those of them who sell perishable foods, particularly on wet days, when sales are low.
Udeh, who is also a member of the market task force said: “These three days don’t work for us; if we don’t finish selling today, by next tomorrow, they’ve spoilt.
“We’ve been observing the state’s directives of wearing face masks, washing hands and trying to maintain social distancing; we even have a drum outside for water and soap.
“The LASG can give more restrictions, we’ll obey them, but they should please allow us sell daily.”
She commended the Nigeria Police and members of the Man-O-War, who collaborate with the market task force to enforce the directives.
Udeh further commended the residents of Festac Town for complying with the use of face masks when shopping at the market.
Another trader, Mrs Sikiratu Ajao, urged the LASG to further ease the directives on markets.
According to her, some of the traders are the breadwinners of the families and depend on daily sales to meet their responsibilities.
“Anything they want us to do, we will do but let them adjust it a little more by allowing us to sell daily,” she said.
Lockdown: Abubakar Rimi Market loses over N15m revenue
The management of the Abubakar Rimi Market, Kano, says it has lost over N15 million in revenue since the lockdown of the state aimed at curbing COVID-19 spread.
Mr Muhammad Bashir, the market’s Director of Administration and General Services, gave the figure while addressing newsmen on Wednesday in Kano.
“As a result of this loss, we cannot even pay our staff salaries; we pay our staff from revenue we generate.
Bashir said that huge business activities in the market were making social distancing difficult.
Bashir appealed to the state government to assist the management with funds to enable it to pay workers’ salaries.
The director said that payment of workers’ salaries would reduce hardship induced by the 45-day-old lockdown.
ADB opens Mongolian togrog-linked Bond Market
The Asian Development Bank (ADB) on Wednesday said it has raised 21 billion Mongolian togrog (MNT), about 7.5 million U.S. dollars, in a groundbreaking issue of the first offshore MNT-linked nomad bonds.
The Manila-based multilateral lender said the issue sets a new benchmark in the international bond market for frontier currencies.
The ADB said the bond carries a 10.1 percent semi-annual coupon with an amortizing 5-year maturity. Denominated in MNT but settled in U.S. dollars, the bond issue was underwritten by ING Bank and sold to a European asset manager, it added.
The ADB said the proceeds are deployed to fund ADB’s Gender Inclusive Dairy Value Chain Project for Milko LLC in Mongolia.
“The emerging and frontier markets have come under pressure during the pandemic, therefore the ability to raise competitively priced term funding in Mongolian togrog at this time is a major achievement with tangible benefits in terms of currency risk mitigation for ADB‘s borrower,” he added.
According to the ADB, currency-linked bonds are important in development terms because they help plot a yield curve where government issuance is often sparse.
It said the Mongolian domestic government bonds have maturities of up to three years only, and the government has not completed any new issue of MNT debt securities since September 2017, therefore ADB‘s nomad bond serves as a relevant benchmark.
ADB is a regular borrower in the mainstream international bond markets but has also led issuances in developing Asian countries as part of its efforts to promote local currency bond markets as an alternative to bank lending.
ADB has previously issued currency-linked bonds in Armenian dram, Georgian lari, Indian rupee, Indonesian rupiah, and Philippine peso.
Established in 1966, ADB is owned by 68 members, 49 from the region.