Again, fire guts popular Balogun market, goods worth millions of Naira destroyed

 Building being gutted by fire at popolar Balogun market today, March 3, 2015: Pix by Mega StarNews

Barely two months after an early morning fire gutted about 50 lockup shops and five buildings, destroying property and goods worth millions of naira at the extension of the popular Balogun Market in Lagos Island, this afternoon, Monday 2 March, again, fire disaster has visited the same Balogun Market this afternoon as another building is being razed down by fire.

The cause of the fire which started around 12 noon still remains unknown but men of the fire service are currently there working to put off the fire.

The inferno is about spreading to the other buildings besides the 3-storey building.

Luckily, no life has been reported lost.

See more pix:

Traders lose N30bn worth of goods to Balogun fire

Traders at the Balogun market in Lagos Island have been counting their losses following the early morning fire outbreak on Monday, claiming they lost goods worth N30 billion.

In separate interviews, the traders revealed that about 11 containers containing bags, shoes and clothing materials had just been off loaded into some of the shops that were razed.

Mrs Kadiri Kareem, an attendant in one of the shops, said that her employer had goods worth N27 billion in his containers.

2015 budget: FG maintains 65 dollars oil price, introduces charges on luxury goods

Okonjo Iweala presenting the budget

Minister of Finance, Dr Ngozi Okonjo Iweala, said Federal Government would continue with the proposed 65 dollars oil benchmark for the 2015 budget in spite of volatility in the global oil price.

Okonjo-Iweala disclosed this at the public presentation of the 2015 budget on Wednesday in Abuja.

``We have put the following benchmarks, which are operated in the 2015 budget; oil production remains at 2.27 million barrel per day, as I said, benchmark oil price at 65 dollars per barrel.

``We are using an exchange rate of N165 to the dollar and we are projecting a fiscal deficit N755 billion or 0.79 per cent of Gross Domestic product (GDP).

``And we are keeping domestic borrowing at a downward trend, the same as last year at about N570 billion which is comparable to the N572 billion for 2014,’’ she said.

According to her, GDP growth is projected at 5.5 per cent as also projected by the National Bureau of Statistics.

SON destroyed sub-standard goods worth N5 billion in 11 months

Sub-standard goods seized by SON

The Standards Organization of Nigeria (SON) said on Tuesday that it destroyed substandard goods worth N5 billion in the first 11 months of 2014.

The Head, Inspectorate and Compliance of SON, Mr Bede Obayi told journalist during the destruction of some of the goods at the agency's dumpsite in Shagamu, Ogun that they were impounded from several locations in the country.

He said that most of the goods found their way into the country through unapproved routes along the borders in different parts of the country.