Property worth millions of naira were destroyed as fire outbreaks engulfed eleven shops at Alayabiagba Boundary market, Ajegunle area of Lagos State.

According to a report by the Lagos State Emergency Management Agency (LASEMA), the cause of the fire was due to an explosion which originated from a gas retailer’s shop.

It was gathered that at the shop, there were gas cylinders of various sizes stored, but explosion occured because of a leakage from one of the cylinders before spreading to other shops in the market.

This was contained in a statement by the Permanent Secretary of LASEMA, Dr. Olufemi Oke-Osanyintolu, noting that the fire was later curtailed by the agency and other emergency responders.

The statement read in part, “In response to distress calls via the 767/112 Toll Free Emergency numbers at 0920hrs, the Lagos State Emergency Management Agency, LASEMA, activated it’s Response Team from Onipanu Base.

“Upon arrival of the Eagle response team at the incident scene by 0937hrs, it was observed that some shops at the Alayabiagba market were engulfed by fire.

“Investigations conducted revealed that the explosion originated from a gas retailer’s shop where gas cylinders of various sizes were stored, as a result of gas leakage from one of the cylinders before spreading to other shops in the aforementioned location.

“Collaborative efforts of the cobra team with the fire men at the scene has contained the fire and prevented it from spreading to adjoining buildings.”

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CBN raises interest rate to 27.50%

The Central Bank of Nigeria, CBN, has raised the monetary policy rate to 27.50 per cent, from 27.25 per cent.

The Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, disclosed this at the end of the Monetary Policy Committee meeting in Abuja Tuesday afternoon.

Recall that on September 24, CBN raised the Monetary Policy Rate, MPR, by 50 basis points from 26. 75% to 27.25%, while retaining the asymmetric corridor of +500/-100 basis points.

Cardoso, who disclosed this at the end of the 154th Monetary Policy Committee, MPC, meeting in Abuja, said the decision to further hike the rate was that of 11 members of the 12-member MPC present at the meeting.

However, small business owners described it then as unfortunate, and capable of further contracting businesses.

They added that as businesses contract, firms will downsize, leading to loss of jobs.