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Traders, Landlords Lose Millions As Fire Razes Another Market, Houses

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There was uncontrollable wailing, yesterday, as traders and some residents woke up to the sad news that fire had destroyed the Timber Market at Marine Base in Port Harcourt City Local Government Area of Rivers State.
It was gathered that the fire gutted the popular market in the state around 11:30pm, last Wednesday and continued burning until the early hours of yesterday.
It was gathered that the mysterious fire razed the entire market and some residential buildings within the area.
A source in the area, who gave her name simply as Gift, narrated that activities had closed for the day before the fire engulfed the makeshift market.
Gift noted that they had called the state fire service when the incident started, but quickly added that the service’s response could not turn up because of lack of personnel.
She said, “There was heavy fire last night at Marine Base market. The fire burnt down the market. Traders in the market lost every of their goods.
“The fire started around 11:30pm, when the market had already closed. Nobody died in the incident but traders lost everything they had to the fire.
“When the fire started, we called fire service. They said they would come. After about 30 minutes, we called the line again; a lady picked the call but said they can’t come because their men were not on the ground. They have gone for another duty.
“People have lost goods worth millions of Naira. Some of the shop owners came in around 12:30am, and met their shops razed, while some came and saved few of their goods.”
Another victim, who was seen wailing over the loss of his merchandise, said, “Last night around 11:35pm, the fire started, and the fire is still raging this morning as you can see. There were series of calls put across to fire fighters, but none responded up to this moment (morning).
“The fire actually affected areas where we are selling planks for buildings. Even shops where they sell caskets were also affected by the fire.”
One of the victims, who simply gave his name as Onyema, said that he became hypertensive patient as a result of incessant fire outbreaks at the Timber Market.
Onyema noted that when he got calls from some of his colleagues about the fire, he refused to rush down due to his health condition.
Another victim, Chidi Ogbomma, who sells building materials said, “I was at home around 11:30pm to 12midnight when I was called that there was fire at the market.
“I don’t know where to start from,” Ogbomma lamented as his machines, industrial woods and finished products were completely consumed in the fire.
The Chairman, Marine Base Timber Market, Isaac Amaewhule, said he was called at about midnight that the market was on fire, but could not race down because he stays far away.
“When I came, the security told me that the fire started from the coffin (casket) side. They said they were very surprised to see such huge fire. They said they didn’t know what caused it.
“I am using this opportunity to call on the state government to help us because we are all Nigerians. Even people selling pure water, food, and so on, come here to sell and sustain themselves and their families,” Amaewhule pleaded.
Some of the traders lamented that they had suffered several fire disasters in the past, estimating the latest loss to over N300million.
They regretted that anytime fire outbreaks occur, they lose virtually all their property as rescue operations have always been difficult.
They appealed to the Rivers State Government to come to their aid in terms of financial assistance and construction of a befitting market for them to forestall future recurrence.
The cause of the fire outbreak could not be ascertained by the time of this report.
However, it was learnt that the fire started from the casket section of the market, even as those affected said no fire-fighters came to put out the inferno.
When The Tide visited the scene of the inferno about 7:30am, yesterday, it was observed that the fire was still raging in some parts of the wood section.
The incident occurred barely five days after a similar fire outbreak on February 20, razed property worth over N10million at the popular Mile 3 Market in the state capital.
The cause of the section of the Mile 3 Market fire incident, which mostly destroyed several shops, including cold rooms on the Bishop Okoye Line, is yet to be determined.
The second fire incident also occurred along Chief Odum Street in the Ogbumnabali area of Port Harcourt; where over 20 shanties were destroyed rendering hundreds of residents homeless.

 

Susan Serekara-Nwikhana

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INEC To Unveil New Party Registration Portal As Applications Hit 129

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The Independent National Electoral Commission (INEC) has announced that it has now received a total of 129 applications from associations seeking registration as political parties.

The update was provided during the commission’s regular weekly meeting held in Abuja, yesterday.

According to a statement signed by the National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, seven new applications were submitted within the past week, adding to the previous number.

“At its regular weekly meeting held today, Thursday 10th July 2025, the commission received a further update on additional requests from associations seeking registration as political parties.

“Since last week, seven more applications have been received, bringing the total number so far to 129. All the requests are being processed,” the commission stated.

The commission revealed the introduction of a new digital platform for political party registration. The platform is part of the Party Financial Reporting and Auditing System and aims to streamline the registration process.

Olumekun disclosed that final testing of the portal would be completed within the next week.

“INEC also plans to release comprehensive guidelines to help associations file their applications using the new system.

“Unlike the manual method used in previous registration, the Commission is introducing a political party registration portal, which is a module in our Party Financial Reporting and Auditing System.

“This will make the process faster and seamless. In the next week, the commission will conclude the final testing of the portal before deployment.

“Thereafter, the next step for associations that meet the requirements to proceed to the application stage will be announced. The commission will also issue guidelines to facilitate the filing of applications using the PFRAS,” the statement added.

In the meantime, the list of new associations that have submitted applications has been made available to the public on INEC’s website and other official platforms.

 

 

 

 

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Tinubu Signs Four Tax Reform Bills Into Law …Says Nigeria Open For Business 

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President Bola Tinubu yesterday signed into law four tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

The four bills include: the Nigeria Tax Bill, the Nigeria Tax Administration Bill, the Nigeria Revenue Service (Establishment) Bill, and the Joint Revenue Board (Establishment) Bill.

They were passed by the National Assembly after months of consultations with various interest groups and stakeholders.

The ceremony took place at the Presidential Villa, yesterday.

The ceremony was witnessed by the leadership of the National Assembly and some legislators, governors, ministers, and aides of the President.

The presidency had earlier stated that the laws would transform tax administration in the country, increase revenue generation, improve the business environment, and give a boost to domestic and foreign investments.

“When the new tax laws become operational, they are expected to significantly transform tax administration in the country, leading to increased revenue generation, improved business environment, and a boost in domestic and foreign investments,” Special Adviser to the President on Media, Bayo Onanuga said on Wednesday.

Before the signing of the four bills, President Tinubu had earlier yesterday, said the tax reform bills will reset Nigeria’s economic trajectory and simplify its complex fiscal landscape.

Announcing the development via his official X handle, yesterday, the President declared, “In a few hours, I will sign four landmark tax reform bills into law, ushering in a bold new era of economic governance in our country.”

Tinubu made a call to investors and citizens alike, saying, “Let the world know that Nigeria is open for business, and this time, everyone has a fair shot.”

He described the bills as not just technical adjustments but a direct intervention to ease burdens on struggling Nigerians.

“These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet,” Tinubu wrote.

According to the President, “They will unify our fragmented tax system, eliminate wasteful duplications, cut red tape, restore investor confidence, and entrench transparency and coordination at every level.”

He added that the long-standing burden of Nigeria’s tax structure had unfairly weighed down the vulnerable while enabling inefficiency.

The tax reforms, first introduced in October 2024, were part of Tinubu’s post-subsidy-removal recovery plan, aimed at expanding revenue without stifling productivity.

However, the bills faced turbulence at the National Assembly and amongst some state governors who rejected its passing in 2024.

At the NASS, the bills sparked heated debate, particularly around the revenue-sharing structure, which governors from the North opposed.

They warned that a shift toward derivation-based allocations, especially with VAT, could tilt fiscal balance in favour of southern states with stronger consumption bases.

After prolonged dialogue, the VAT rate remained at 7.5 per cent, and a new exemption was introduced to shield minimum wage earners from personal income tax.

By May 2025, the National Assembly passed the harmonised versions with broad support, driven in part by pressure from economic stakeholders and international observers who welcomed the clarity and efficiency the reforms promised.

In his tweet, Tinubu stressed that this is just the beginning of Nigeria’s tax evolution.

“We are laying the foundation for a tax regime that is fair, transparent, and fit for a modern, ambitious Nigeria.

“A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity,” he stated.

He further acknowledged the contributions of the Presidential Fiscal Policy and Tax Reform Committee, the National Assembly, and Nigeria’s subnational governments.

The President added, “We are not just signing tax bills but rewriting the social contract.

“We are not there yet, but we are firmly on the road.”

 

 

 

 

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Senate Issues 10-Day Ultimatum As NNPCL Dodges ?210trn Audit Hearing 

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The Senate has issued a 10-day ultimatum to the Nigerian National Petroleum Company Limited (NNPCL) over its failure to appear before the Senate Committee on Public Accounts probing alleged financial discrepancies amounting to over ?210 trillion in its audited reports from 2017 to 2023.

Despite being summoned, no officials or external auditors from NNPCL showed up yesterday.

However, representatives from the representatives of the Economic and Financial Crimes Commission, Independent Corrupt Practices and Other Related Offences Commission and Department of State Services were present.

Angered by the NNPCL’s absence, the committee, yesterday, issued a 10-day ultimatum, demanding the company’s top executives to appear before the panel by July 10 or face constitutional sanctions.

A letter from NNPCL’s Chief Financial Officer, Dapo Segun, dated June 25, was read at the session.

It cited an ongoing management retreat and requested a two-month extension to prepare necessary documents and responses.

The letter partly read, “Having carefully reviewed your request, we hereby request your kind consideration to reschedule the engagement for a period of two months from now to enable us to collate the requested information and documentation.

“Furthermore, members of the Board and the senior management team of NNPC Limited are currently out of the office for a retreat, which makes it difficult to attend the rescheduled session on Thursday, 26th June, 2025.

“While appreciating the opportunity provided and the importance of this engagement, we reassure you of our commitment to the success of this exercise. Please accept the assurances of our highest regards.”

But lawmakers rejected the request.

The Committee Chairman, Senator Aliyu Wadada, said NNPCL was not expected to submit documents, but rather provide verbal responses to 11 key questions previously sent.

“For an institution like NNPCL to ask for two months to respond to questions from its own audited records is unacceptable,” Wadada stated.

“If they fail to show up by July 10, we will invoke our constitutional powers. The Nigerian people deserve answers,” he warned.

Other lawmakers echoed similar frustrations.

Senator Abdul Ningi (Bauchi Central) insisted that NNPCL’s Group CEO, Bayo Ojulari, must personally lead the delegation at the next hearing.

The Tide reports that Ojulari took over from Mele Kyari on April 2, 2025.

Senator Onyekachi Nwebonyi (Ebonyi North) said the two-month request suggested the company had no answers, but the committee would still grant a fair hearing by reconvening on July 10.

Senator Victor Umeh (Anambra Central) warned the NNPCL against undermining the Senate, saying, “If they fail to appear again, Nigerians will know the Senate is not a toothless bulldog.”

Last week, the Senate panel grilled Segun and other top executives over what they described as “mind-boggling” irregularities in NNPCL’s financial statements.

The Senate flagged ?103 trillion in accrued expenses, including ?600 billion in retention fees, legal, and auditing costs—without supporting documentation.

Also questioned was another ?103 trillion listed under receivables. Just before the hearing, NNPCL submitted a revised report contradicting the previously published figures, raising more concerns.

The committee has demanded detailed answers to 11 specific queries and warned that failure to comply could trigger legislative consequences.

 

 

 

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