Hamzat, who took to his Twitter page to make this promise, shared a link to a form, and advised vandalised store owners to fill.

The form requirement includes the name of the business, location of the business, the estimated amount of loss, photos of damages, number of employees, amongst other information.

“if you are a Lagos based business and your store got looted or vandalized this week, please fill the form by @LSETFhttps://t.co/lwPiXvFzTp. Let’s do what we can to support you,” he wrote.

Prior to when the deputy governor made this disclosure, Sanwo Olu had expressed his commitment to rebuild the state, saying the state had activated the process of healing from the large scale destruction after moving around the state to inspect assets destroyed by the hoodlums taking stock of losses to the government and private business.

His words: “My heart bled after I went out today for a first hand assessment of the destruction of assets of government and private properties. The level of destruction observed indicated that the violence was more than just a peaceful protest and agitations for police reforms. The proportion of devastation is a lot. This is not the Lagos that was handed over to me in May 29, 2019;

“Moving forward from destruction, we have to continue the process of healing ourselves. We need to stop some of our citizens still using social media to instigate or incite the people. It will not be under my watch that we will lose the city that has the largest economy in the entire black nation. Enough is enough. I have moved around and I saw that our people want peace. On this we are committed to bringing lasting peace back to the state.”

It came as a shock to many Nigerians as suspected hoodlums hijacked the peaceful protest of concerned Nigerians who took to the street to make a case against police brutality, and vandalised properties, and looting shops and stores across the state.

Many private and public businesses like –Filmhouse Cinemas, GTBank, amongst others, have suffered losses, running to millions of naira.

As expected, when things return back to their normal state, businesses will start to take stock of their losses and someone will have to bear the loss.

However, this assistance coming from Lagos state is a good development in recovering and rebuilding the state, knowing fully well that quite a number of people do not insure their businesses.

The post Lagos Govt Pledges To Support Owners Of Vandalised, Looted Properties appeared first on Business News in Nigeria.

With the unforeseen situation, financial market analysts have expressed their concerns over the week as investors position ahead of Q3 earning releases.

For the analysts, the recorded losses didn’t come as a surprise, as investors are usually skeptical about insecurities in any economy and due to that, their investments are often influenced as it is in the case of the #EndSARS protest.

An analyst at Invest Data Limited, said: “We expect this volatility to continue even as high dividend yields attract inflow to equity assets, ahead of the peak of the Q3 reporting season and momentum associated with earnings season in the midst of crude oil price oscillation.”

A look into the losses

Market capitalisation on the Nigerian Stock Exchange (NSE), represents the total value of stock traded on the Exchange, and it fell to N14.9 trillion as a year to Date return, weakened to 6.0 percent.

The most traded stocks by volume were UBA (40.3million units) Zenith Bank (39.6million units) and Guaranty Trust Bank (38.3million) while GTB (N1.1biilion), Zenith bank (N800.9million) and Nestle (479.9million) led by value.

Activities across sectors was lacking as all indices were lost except insurance index (0.6%) which was buoyed by price appreciation in WAPIC (10.0%). THE BANKING index lost the most, down 1.7% following losses in GTB (-1.3%) and Zenith Bank (-1.2%).

Sell pressures dominated today’s trading session as  investors booked gains from MTN NG which dropped -1.4% followed by Guinness Nigeria -5.9% and ARDOVA -6.3 percent.

To this effect, the NSE All-Share Index, ASI declined 75 bases points, bps or 0.7% to 28,449.49 points. Activity level improved as volume and value traded rose by 9.8% and 44.3 percent to 326.6million units and N4.2 billion respectively.

What You Should Know

There are many factors that contribute to investors’ losses in the financial market. Amongst the factors, is event.

In stock exchange market, some investors pay little or no attention to economic and investment cycles. Realistically, business and economic cycles aren’t always stable; they expand and decline variably.

However, as witnessed since the start of the month,(October 2020), the Nigeria economy  has experienced some setback due to what looked like a just conclude nationwide protest against police brutality, dubbed #ENDSARS.

The #EndSARS agitators, during their demonstration, disrupted the country’s activities, by impeding people from travelling and restricting access to workplaces for individuals. Disappointedly, these restrictive activities have negatively impacted the economy, thereby leading to major losses for different sectors of the economy.

The post #EndSARS: Stock Investors Lose N113.1bn appeared first on Business News in Nigeria.

Unmask NG observed those who were driving to work were stuck in traffic, as others who commutes to their workplaces were stranded and made to return home.

According to an eye witness, the protesters parked their vehicles on the roads, restricting the movement of workers and commuters. “You need to see as people were made to walk long distances because vehicles were not allowed to move. We pleaded with them to allow us to pass, they refused us from that even despite telling them that we subscribe to their agitations. I like what the protesters are doing, and I think the energy should keep burning,” she said.

Similar, a commuter who identified himself as Kelvin Samson told Unmask NG that she was left with no choice than to call him employer for permission to work remotely. “I had to call my boss and inform him of the situation. Surprisingly, to me, he told me he couldn’t make it to the office as well due to similar experience,” Samson said.

Meanwhile, Governor Babajide Sanwo-Olu of Lagos had appealed to the #EndSARS protesters to vacate the roads, as his administration has shown commitment in addressing the issues raised so far.

He made the appeal while swearing-in members of the Judicial Panel of Inquiry and Restitution at the State House in Marina.

His words: “We have shown unprecedented commitment to the complete overhaul of the Nigeria Police. The inauguration of this Judicial Panel of Inquiry is only the first step in a long line of reformative actions that will lead to a thorough revamp and reorientation of the Nigeria Police. I believe that some of the actions we have taken should, to a large extent, show our sincerity and willingness to address all your concerns.

“Let me reiterate that I am on the side of the young people out there. I understand your pain and I know your concerns are genuine and legitimate. While we are able to immediately acquiesce to some of your demands, some others will require time. We ask you to bear with us as we dutifully work on your demands.

“I will, therefore, like to renew my appeal to you to suspend the protests and create an atmosphere for the resolution of all pending demands. I encourage everyone brutalised by the disbanded SARS, including the families of those who died, to present their case before this tribunal.”

The post Workers Return Home As #EndSARS Protesters Block Major Roads appeared first on Business News in Nigeria.