Three persons were feared dead while several others were injured as police and tricycle operators clashed in Ijora, Lagos, yesterday.

Tricycle operators and commercial motorcycle riders (Okada), had taken to the streets of Lagos protesting the ban handed by the state government on some routes and local government areas.

Police were alleged to have accosted the protesters, who made bonfires on the streets, and engaged them in a fight that left three persons dead and many others injured.

The victims included a student, a woman in an Ilorin-bound vehicle, and a tricycle operator.

However, police public relations officer, Mr Bala Elkana, denied the alleged killing, saying no casualty was recorded.

This is in spite of witness accounts claiming that police bullets hit the victims, as officers attached to the Badia division shot randomly to scare off the protesters.

Some tricycle operators and Okada riders had reportedly gathered at the Ijora causeway axis of Apapa road, lighting bonfires, to protest the restriction order by the state government.

The protesters were alleged to have vandalised some vehicles, including that of a policeman. Having been dispersed from their earlier spot, it was learnt that the protesters regrouped in front of the secretariat of Apapa Iganmu LCDA, along Gaskiya Road, but they were again chased away by cops.

However, the protest escalated and spread to Ajegunle, as Keke and Okada riders prevented commercial vehicles from carrying out their duties.

Meanwhile, it was a harrowing experience for workers, traders, students, artisans and other commuters across several councils and LCDAs who had to trek kilometres to get to their various destinations as the ban on Okada and Keke took its toll.

On February 1, the state government began enforcement of the extant Transport Sector Reform Law 2018, which banned commercial motorcycles and tricycles in some local governments and local council development areas.

While announcing the restriction of Okada and Keke to certain areas of the state, government lamented that the operations of unregulated transporters had claimed 600 lives in three years in the state.

Governor Babajide Sanwo-Olu, who described Okada and Keke as a menace, also disclosed that available data for three years (2016 to 2019) on accidents and deaths arising from the system of transportation was scarce.

The restriction was fully implemented in the 15 local council areas of the state, with some residents lamenting the order.

Following their sad experiences, tricycle and motorcycle operators and commuters have appealed to government to reconsider the ban on Keke and Okada on major highways and bridges.

“As much as I appreciate the good intention of the state government, the hardship on resident, particularly commuters, is unbearable,” said Sola Omitogun, a Lagos resident, as he trekked from Ikeja-Along to Haco Bus Stop, Ikeja.

Another commuter, Ebenezer Aramide, along with his children, who admitted that Okada and Keke have been a way of life for them in the recent past, wondered why government would make such an order without providing alternatives.

“It is only in Nigeria that a government would place a ban on such a critical sector without making alternative arrangements for the teeming masses. The pain is too much for us to bear, since it became effective last Saturday,” he said.

Mrs Ijiola Akande and Benedict Ariwoola, who said they trekked from their respective residences to their workplaces in Ikeja, appealed to government to rescind the order.

“This order must not be allowed to stay too long in the state because it will affect productivity in the state. Imagine the negative effects that trekking a distance of about two kilometres before getting to work would have on my employers,” she said.

While tricycle owners and riders’ associations held peaceful marches in Surulere and Ikeja over the ban, there were also sporadic protests and bonfires in several areas, including Ijora and Ikeja.

Meanwhile, the state government has rolled out 65 high-capacity buses, in addition to the number of buses already in service, as part of palliative measures to the restriction of commercial motorcycles and tricycles in parts of the state.

Managing director of Lagos Bus Services Limited, Mr Idowu Oguntona, announced this deployment at a press conference on Monday.

Oguntona disclosed that the buses, which started work yesterday, have recorded about 10,000 customers in the early hours of Monday alone, adding that the 65 buses would convey a total of 35,000 people daily.

He also disclosed that the buses would ply seven routes across the affected areas. According to the police spokesman, 24 suspects were arrested for blocking major roads in Ijora, following the recent ban of Okada and Keke.

Elkana said in a statement that suspected hoodlums caused major obstructions on the roads, burnt tyres, looted and snatched valuables from road users. He said that hoodlums, suspected to be Okada riders, came out in large numbers armed with cutlasses around Ijora Oloye, Amusu, Ijora 7-Up, Ijora under bridge, Sifa Junction and Gaskiya Gangare area, all within Ijora Badia Division.

“Police officers from Ijora Badia, Area B Command and Special Strike Force on Social Miscreants were promptly deployed to the scenes.

“The situation was brought under control. The obstructions were cleared for free flow of traffic.

“No life was lost; 24 suspects were arrested. Investigation is ongoing and the suspects will be charged to court,” Elkana said.

Tricycle operators in Lagos Mainland, Yaba and Oyingbo also staged a peaceful protest in Maryland against the ban.

The operators urged the government to rescind its order restricting commercial motorcycle and tricycle operators in 15 LGAs. Mr Tayo Oshidele, vice chairman of the association, claimed over 2,000 members of the association would be affected as a result of the development.

Oshidele said that the majority of the operators acquired the tricycles on hire-purchase where the money was being remitted on a weekly basis. In a related development, commercial tricycle and motorcycle operators in areas not listed on the ban on Monday alleged that policemen were extorting money from them under the guise that they were plying restricted routes.

Theo Uchechukwu, an operator, claimed policemen were harassing operators in some parts of Igando, Ikotun and Alimosho, not listed as restricted areas. “I didn’t see Alimosho on that list, but you know with this new law the policemen just have another opportunity to feed on.

“If we are caught we don’t have any choice than to pay, we like to benefit from other peoples pain in this country,” he said.

Meanwhile, Lagos State Commissioner of Police, Mr Hakeem Odumosu, has warned police officers not to arrest motorcycles used for courier services, as they were not part of the restrictions. In a statement by Elkana, he stated that:

“Lagos State Police Command wishes to reiterate that motorcycles used for courier services are not included in the restrictions placed on motorcycles in Lagos State. Operators of courier services must strictly obey traffic laws and ensure that they do not drive against traffic (one way).

"Dispatch riders must put on their crash helmets and should have the dispatch box fixed at the back of the motorcycle. The bike must strictly be used for courier purposes, no carrying of passengers. Power bikes are also not affected by the restrictions.”

Sun

Three persons were feared dead while several others were injured as police and tricycle operators clashed in Ijora, Lagos, yesterday.

Tricycle operators and commercial motorcycle riders (Okada), had taken to the streets of Lagos protesting the ban handed by the state government on some routes and local government areas.

Police were alleged to have accosted the protesters, who made bonfires on the streets, and engaged them in a fight that left three persons dead and many others injured.

The victims included a student, a woman in an Ilorin-bound vehicle, and a tricycle operator.

However, police public relations officer, Mr Bala Elkana, denied the alleged killing, saying no casualty was recorded.

This is in spite of witness accounts claiming that police bullets hit the victims, as officers attached to the Badia division shot randomly to scare off the protesters.

Some tricycle operators and Okada riders had reportedly gathered at the Ijora causeway axis of Apapa road, lighting bonfires, to protest the restriction order by the state government.

The protesters were alleged to have vandalised some vehicles, including that of a policeman. Having been dispersed from their earlier spot, it was learnt that the protesters regrouped in front of the secretariat of Apapa Iganmu LCDA, along Gaskiya Road, but they were again chased away by cops.

However, the protest escalated and spread to Ajegunle, as Keke and Okada riders prevented commercial vehicles from carrying out their duties.

Meanwhile, it was a harrowing experience for workers, traders, students, artisans and other commuters across several councils and LCDAs who had to trek kilometres to get to their various destinations as the ban on Okada and Keke took its toll.

On February 1, the state government began enforcement of the extant Transport Sector Reform Law 2018, which banned commercial motorcycles and tricycles in some local governments and local council development areas.

While announcing the restriction of Okada and Keke to certain areas of the state, government lamented that the operations of unregulated transporters had claimed 600 lives in three years in the state.

Governor Babajide Sanwo-Olu, who described Okada and Keke as a menace, also disclosed that available data for three years (2016 to 2019) on accidents and deaths arising from the system of transportation was scarce.

The restriction was fully implemented in the 15 local council areas of the state, with some residents lamenting the order.

Following their sad experiences, tricycle and motorcycle operators and commuters have appealed to government to reconsider the ban on Keke and Okada on major highways and bridges.

“As much as I appreciate the good intention of the state government, the hardship on resident, particularly commuters, is unbearable,” said Sola Omitogun, a Lagos resident, as he trekked from Ikeja-Along to Haco Bus Stop, Ikeja.

Another commuter, Ebenezer Aramide, along with his children, who admitted that Okada and Keke have been a way of life for them in the recent past, wondered why government would make such an order without providing alternatives.

“It is only in Nigeria that a government would place a ban on such a critical sector without making alternative arrangements for the teeming masses. The pain is too much for us to bear, since it became effective last Saturday,” he said.

Mrs Ijiola Akande and Benedict Ariwoola, who said they trekked from their respective residences to their workplaces in Ikeja, appealed to government to rescind the order.

“This order must not be allowed to stay too long in the state because it will affect productivity in the state. Imagine the negative effects that trekking a distance of about two kilometres before getting to work would have on my employers,” she said.

While tricycle owners and riders’ associations held peaceful marches in Surulere and Ikeja over the ban, there were also sporadic protests and bonfires in several areas, including Ijora and Ikeja.

Meanwhile, the state government has rolled out 65 high-capacity buses, in addition to the number of buses already in service, as part of palliative measures to the restriction of commercial motorcycles and tricycles in parts of the state.

Managing director of Lagos Bus Services Limited, Mr Idowu Oguntona, announced this deployment at a press conference on Monday.

Oguntona disclosed that the buses, which started work yesterday, have recorded about 10,000 customers in the early hours of Monday alone, adding that the 65 buses would convey a total of 35,000 people daily.

He also disclosed that the buses would ply seven routes across the affected areas. According to the police spokesman, 24 suspects were arrested for blocking major roads in Ijora, following the recent ban of Okada and Keke.

Elkana said in a statement that suspected hoodlums caused major obstructions on the roads, burnt tyres, looted and snatched valuables from road users. He said that hoodlums, suspected to be Okada riders, came out in large numbers armed with cutlasses around Ijora Oloye, Amusu, Ijora 7-Up, Ijora under bridge, Sifa Junction and Gaskiya Gangare area, all within Ijora Badia Division.

“Police officers from Ijora Badia, Area B Command and Special Strike Force on Social Miscreants were promptly deployed to the scenes.

“The situation was brought under control. The obstructions were cleared for free flow of traffic.

“No life was lost; 24 suspects were arrested. Investigation is ongoing and the suspects will be charged to court,” Elkana said.

Tricycle operators in Lagos Mainland, Yaba and Oyingbo also staged a peaceful protest in Maryland against the ban.

The operators urged the government to rescind its order restricting commercial motorcycle and tricycle operators in 15 LGAs. Mr Tayo Oshidele, vice chairman of the association, claimed over 2,000 members of the association would be affected as a result of the development.

Oshidele said that the majority of the operators acquired the tricycles on hire-purchase where the money was being remitted on a weekly basis. In a related development, commercial tricycle and motorcycle operators in areas not listed on the ban on Monday alleged that policemen were extorting money from them under the guise that they were plying restricted routes.

Theo Uchechukwu, an operator, claimed policemen were harassing operators in some parts of Igando, Ikotun and Alimosho, not listed as restricted areas. “I didn’t see Alimosho on that list, but you know with this new law the policemen just have another opportunity to feed on.

“If we are caught we don’t have any choice than to pay, we like to benefit from other peoples pain in this country,” he said.

Meanwhile, Lagos State Commissioner of Police, Mr Hakeem Odumosu, has warned police officers not to arrest motorcycles used for courier services, as they were not part of the restrictions. In a statement by Elkana, he stated that:

“Lagos State Police Command wishes to reiterate that motorcycles used for courier services are not included in the restrictions placed on motorcycles in Lagos State. Operators of courier services must strictly obey traffic laws and ensure that they do not drive against traffic (one way).

"Dispatch riders must put on their crash helmets and should have the dispatch box fixed at the back of the motorcycle. The bike must strictly be used for courier purposes, no carrying of passengers. Power bikes are also not affected by the restrictions.”

Sun

Barely one week after farmers from villages in Oja Odan, Yewa North Local Government area of Ogun State protested the killing of one of them by suspected killer herdsmen, another farmer has allegedly been hacked to death at nearby Fagboun village, Yewa South Local Government Area of the State.

The deceased, who is simply identified as Araba, was allegedly killed on his farm at about 4 p.m. on Friday.

The Ogun State Police Command has since confirmed the incident according to media report.

It was learnt that some herdsmen, who recently invaded the community, took their cattle to Araba’s farm for grazing.

He was said to have resisted them and they reportedly hacked him to death.

Yewa North and Yewa South are two local governments in Ogun West area of the state, sharing boundaries with each.

Because of their proximity to Benin Republic, residents of the two local governments have been lamenting the influx of Fulani herdsmen into their areas.

The village head, Simeon Fagboun told newsmen that, “We didn’t see the herdsmen who perpetrated that evil act. We have informed the police, in fact, the Area Commander was also aware.

“The police took the corpse to Ilaro. But we have taken the corpse from the police because if they are allowed to take the corpse to the mortuary, it will cost the family another expenses before they can take it back. And we have buried the corpse same day.”

The Ogun State Police Spokesman, Abimbola Oyeyemi, said the police were yet to identify the killers.

He said, “The police have begun an investigation to know the killers; the Commissioner of Police has directed the homicide section to commence a full scale investigation into the matter and bring the perpetrators to book.”

Daily Post

Interest rates are falling to all-time low, investigation has shown.

This has widened the gap between lending rates and interests.

At some banks visited by our correspondent, interest on savings and fixed deposits was as low as 1.25 per cent while lending rates were as high as 25 per cent.

Similarly, yields on treasury bills in the secondary market have fallen to between 2.5 per cent and 4.9 per cent.

About a year ago, the yield on these securities could be as high as 12 per cent. Central Bank of Nigeria, in a recent circular to lending institutions, slashed most of the charges the banks had been slamming on depositors.

Income from these charges has always formed part of the huge profits declared by the banks in their annual reports. 

A bank official, who spoke on condition of anonymity, said banks had been grappling with huge overhead costs and making provisions for bad loans. With the slash in CBN charges, he said the only way they could continue to make income was from interests because e-based income had dwindled and could not support their operations.

Another banker acknowledged that the institutions were paying very low interest on savings accounts and charging more on loans but added that there were no general rates for every bank customer.

He added, “It is not true that there is one lending rate for everybody. And there is no one deposit rate for everybody.

“People negotiate deposit rate and lending rates with banks, depending on their particular financial situation.”

Rector, Institute of Credit Administration, Mr Chris Onalo, expressed worry that lending rates and deposit rates in Nigerian banks were far apart, and banks were overly commercial-minded, which he noted is detrimental to the economy.

He said, “Why will you be trading with people’s savings and the yield is so low? “If they want to lend money to those who are in need of it, they do at a very high rate. This cripples the economy.”

Before, he added, savings accounts used to be juicy because of attractive interests on them. According to him, banks have conspired to cripple economic growth and make use of people’s funds almost free.

“I think it is a selective thing because I don’t think they can do it to the giants in the economy,” he said.

While urging banks to be ethical, Onalo said they needed to support businesses to grow because bigger growth would bring bigger revenue to the government.

He said, “This kind of sharp practice because of very high appetite for crazy profits should stop because it is not helping anyone.”

A past president, Association of National Accountants of Nigeria, Mr Sam Nzekwe, said depositors used to be attracted to savings and fixed deposits when the interests paid on them were high, but were shunning them now that the banks hardly paid anything on them.

Nzekwe said, “If you compare the interests on savings and fixed deposits with what the banks charge on loans, the gap is too wide. The disparity is too high. So CBN has to see how to narrow the gap.”

He also observed that most of the loans given to customers became toxic, so the banks were being careful to give out loans.

“For banks to recover, they resort to giving high-interest rates for lending,” he said.

He observed that the banks used to deduct many illegal charges which depleted customers’ accounts. But with the recent removal of charges by CBN, he said, “It will affect profitability of the banks. So, what they are doing is to make sure any loan they give now, they collect as many charges as possible to make up for the charges removed by CBN.

“CBN should look into all these charges; reduce the benchmark interest rate because if they reduce it, more people may go to bank to look for loans.

“When people go to bank to look for loans, it is like a deathtrap because by the time they calculate all the things they are calculating, if you borrow one million naira, in one year, before you know it, you will owe the bank more than that.

“I don’t see how people will go to bank to borrow at the rate of 24 per cent or 25 per cent. What kind of business will the person do in Nigeria to be able to have such profit that will clear the interest rate? It is not possible.”

Development economist, Odilim Enwegbara, said the contradictions in lending and deposit rates had left many wondering what could have been responsible for this anomaly.

He said, “From the available figures, interest rates have ‘crashed’ to an all-time low. Surprisingly, the lending rates are still unbelievably dangerously high.

“What this anomaly is showing is that CBN can’t continue to artificially peg its monetary policy rates.

“It cannot also continue to artificially determine the value of the naira simply because of its so-called monetary policy tightening that is blind inflation fighting-driven.”

He added, “Is it not time we told our commercial banks the hard truth, which is, that their long-term survival does not lie in lending to importers of finished products who only share their huge profits with them?

"It is by supporting local producers of these goods and in doing so, help grow the real sector of the economy with jobs created that they will eventually and sustainably grow their profits.”

According to CBN’s monthly economic report in November, short-term money market rates traded below the Monetary Policy Rate of 13.50 per cent in the major parts of the review period.

Provisional data indicated that movements in banks’ deposit rates were mixed, while lending rates trended upwards in November 2019.

The weighted average prime lending and maximum lending rates rose by 0.04 percentage point and 0.44 percentage point to 15.11 per cent and 31 per cent respectively, in November 2019.

Consequently, the spread between the average-term deposit and the maximum lending rates widened by 0.4 percentage point to 22.72 percentage points at end- November 2019.

Similarly, the spread between the average savings deposit and maximum lending rates widened by 0.8 percentage point to 27.43 percentage points at end-November 2019.

Punch