Business
Agents Criticise New Lagos Tenancy Law
ome estate agents in Lagos State have reacted to the state’s new Tenancy Act, saying it might have a negative impact on estate business in the state.
They told newsmen that the non-payment of agency fees and commission under the new law would’ ‘kill their business”.
The bill was assented to by Gov. Babatunde Fashola on Aug. 8 and it imposes a fine of Nl00,000 on any tenant who pays fees to agents or landlords.
An estate agent in Akowonjo in Alimosho Council Area, Mr Adefemi Oluyole, expressed the fear that many agents might be forced to close shop when the law was fully operational.
“I do not know how we are going to survive because the commission we receive is what we use to-take care of our families.
“Sometimes, five of us share N30,000 collected from prospective tenants as agent fee or commission and that is how we have been surviving,” he said.
Another agent, Mrs Grace Yusufu, said the job had been her only source of livelihood, adding “I have been working as an agent since my husband died about four years ago.
“The job of an estate agent is an essential service because we help busy prospective tenants to get accommodation,” she said.
Mr Daniel Ugochi, who spoke to The Tide source at Baruwa, a Lagos suburb, appealed to the
government to give agents more time to attend to clients they had collected some money from before the advent of the law.
“Some agents have collected money from prospective tenants just before the law came into effect and are still looking for accommodation for them.
“There should be a time frame like six months for us to get houses for such persons. Otherwise, they may lose their money,” he said.
On his part, Alhaji Yekini Jimoh said agents should focus on other areas such as real estate and selling of landed property instead of complaining about the law.
Jimoh said: “What I intend to do now is to be involved in more buying and selling oflanded property because it is a more lucrative.
Business
CFAO Hits Nigerian Automobile Market With New Land Cruiser Prado
CFAO has added to its fleet of cars in the motoring industry with the recent launch of the 2024 Toyota Land Cruiser Prado, one of Toyota’s flagship models, alongside a range of others for the Nigeria market.
Unveiling the product in Port Harcourt on Tuesday, the General Manager, CFAO Mobility, Port Harcourt, Julius Fasetire, said the model is exceptional tailored for Nigeria’s market.
According to him, the unveiling was an exclusive opportunity for Nigerians to explore the latest in automotive excellence, discover new vehicle options , and benefit from Toyota by CFAO’s end of year bonus.
He further explained that CFAO is an authorised distributor of Toyota vehicles in Nigeria, committed to providing high quality vehicles and services to meet the needs of customers across the country.
“With an extensive network of service centres, Toyota by CFAO offers top-notch sales, service and support to ensure a seamless ownership experience”, he declared.
By: Nkpemenyie Mcdominic, Lagos
Business
Marketers Threaten Boycott Of PH Refinery
There are indications that oil marketers may boycot patronising the newly opened Port Harcourt Refinery Company (PHRC), which commmenced crude oil production last Tuesday.
This follows their request that PHRC, under the management of the Nigerian National Petroleum Company Limited (NNPCL), must dispense its refined petroleum products below the prices of the Dangote Petroleum Refinery.
Meanwhile, contrary to NNPCL’s claims, while reactiing to claims that its petrol price was about N1,045/litre, said the refinery had not released its prices, as products from the plant were currently dispensed to only NNPCL stations.
NNPCL’s spokesperson, Olufemi Soneye, revealed that the company was still reviewing its prices and had yet to commence bulk sales, saying that its purchasing portal is still closed.
In the midst of this, The Tide’s source also gathered that oil marketers imported 105.67 million litres of petrol into the country five days ago.
The marketers confirmed that NNPC was selling petrol at N1,045/litre, saying that they may be compelled to opt for petrol importation as a means of meeting local demands.
The source exclusively gathered that a total sum of 78,800 metric tonnes representing 105.67 million litres of petrol was imported into the country in the last five days, specifically identified November 23 and November 28.
The NNPC said the 60,000-capacity newly rehabilitated complex of the old Port Harcourt Refinery, which had been revamped and upgraded with modern equipment, is operating at a refining capacity of 70 per cent of its installed capacity.
The company added that NNPC added that diesel and Pour Fuel Oil would be the highest output from the refinery, with a daily capacity of 1.5 million litres and 2.1 million litres, respectively.
There’s also a daily output of Straight-Run Gasoline (Naphtha) blended into 1.4 million litres of Premium Motor Spirit (petrol), 900,000 litres of kerosene, and low-pour fuel oil of 2.1 million litres.
It was stated that about 200 trucks of petrol would be released into the Nigerian market daily.
However, claims that the national oil firm’s PMS price was higher than that of Dangote triggered diverse reactions from marketers.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated that though NNPC had yet to release any price for the products from the refurbished Port Harcourt refinery, a high price would discourage marketers, because Dangote currently sells his petrol at N970/litre, while imported petrol is around that price.
He, however, noted that there was the possibility that the NNPC would review its prices downward when the Port Harcourt refinery comes fully on stream.
Business
NCDMB, ICPC Set To Mark Anti-Corruption Day
Following its unequivocal and successive ranking as Nigeria’s top performing organisation in efficiency and transparency from 2022-date, the Nigerian Content Development and Monitoring Board (NCDMB) has unveiled plans to mark the 2024 World Anti-corruption Day on Thursday, 5th December at its headquarters, the Nigerian Content Tower, Yenagoa, Bayelsa State.
The theme of this year’s celebration, according to a statement from the Board’s Department of Corporate Communications is “Effective Whistleblowers Protection Mechanism: A Critical Tool in the Fight against Corruption”.
The statement added that the celebration at the NCDMB is organised by the agency’s Anti-Corruption Unit (ACTU) led by the Director of Monitoring and Evaluation, Mr. Abdulmalik Halilu.
The event, according to the Board, will be marked with a workshop that will feature paper presentations by representatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and key officials of the Board.
Another highlight of the day will include the grand finale of the debate competition among six federal government colleges from the six zones of the country, plus a representative from Bayelsa State, which is selected automatically as the host state of NCDMB.
The selected schools are Federal Government College, Odi, Bayelsa State; Federal Government College, Okigwe, Imo State; Federal Government College, Warri, Delta State; and Federal Government Girls College, Kazaure, Jigawa State.
Others are, Federal Government College, Ijanikin, Lagos State; Federal Government College, Maiduguri, Borno State; and Federal Government College, Rubochi, Abuja.
Two students, accompanied by an adult from each of the schools will be camped in Yenagoa, the Bayelsa State capital, by the NCDMB for four days during which preliminary debates will be held to determine the best two teams.
The debate, whose grand finale is to be held at the magnificent 17-storey Nigerian Content Tower (NCT), Yenagoa, is being organised to instill the ethics of transparency and public interest in Nigerian students to promote critical thinking, research, and public speaking skills among that segment of the population.
This segment, according to the Board, are generally viewed as potential future leaders of thought and industry in the country, and encourage students to engage with complex issues that underline good governance and democracy in Nigeria, just as prizes will also be awarded to winners.
By: Ariwera Ibibo-Howells, Yenagoa
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