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SPECIAL REPORT: Day Akwa Ibom market burned because a fire truck had no fuel

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Blackened palm oil flowed across the wet market walkway. Burnt roofing sheets hung loosely over collapsed wooden stalls. Damaged freezers, melted buckets of rice, scorched cartons of tomatoes, and warped metal doors lay in heaps. Traders wandered through the debris in stunned silence, some clutching keys to shops that no longer existed.

Around 1 a.m. on 19 May, a fire broke out near the market fence at one of the container shops used as a cold room, according to witnesses. Within minutes, the flames spread through makeshift structures crowded against the perimeter of one of Akwa Ibom’s busiest daily markets – the Akpan Andem Market in Uyo, the state capital.

But while the fire advanced, residents and traders said the closest emergency response unit, a fire station inside the market, could not respond.

The reason, according to multiple witnesses and fire service officials interviewed by PREMIUM TIMES, is that there was no diesel to power the firefighting truck.

By the time federal firefighters eventually arrived hours later, traders, desperately fighting to put out the raging inferno, had formed human chains with buckets and basins. Residents fetched water from nearby homes. A hotel in the area supplied additional water. By then, millions of naira in goods had already been reduced to ashes.

“If not for the people in this street, this fire would have consumed far more shops in the market than this,” said Godwin Emmanuel, a phone and laptop repair technician, whose shop, luckily, was not destroyed by the fire.

Mr Emmanuel said he received a distress call shortly after 1 a.m. and raced about four kilometres from his house to the market, as public transportation was unavailable at night.

“When we called the fire service station inside the market, they told us the truck was working, but there was no diesel,” he said. “We called other places too, and heard the same thing. Help finally came after the chairman of Uyo Local Government contacted the federal fire service.”

PREMIUM TIMES visited the market around 11 a.m. on the day of the fire and observed smoke still emitting from several shops hours after the blaze was extinguished.

Smoke still rising from the shops when PREMIUM TIMES visited
Smoke still rising from the shops when visited

This newspaper counted at least eight container shops built along the market fence, which were completely razed. Another eight lock-up stores inside the market were severely damaged.

“Everything I had is gone”

Inside one of the burnt stores, palm oil still coated the floor in thick layers.

Utibe Udeme, who stored drums of palm oil in the shop, stood motionless beside the wreckage.

“I have lost over N12 million,” he said quietly. “I invested everything I had and even collected loans because of the expected returns later in the year. Now I am back to square one.”

Witnesses said the stored palm oil intensified the fire.

Nearby, Irene Edet sifted through charred bags of rice, burnt beans and blackened cartons of tomatoes.

Remains of Irene Edet's shop
Remains of Irene Edet’s shop

“I recently got over N6 million to equip this shop,” she said. “There is nothing left to recover.”

She said she was informed about the fire during the night, but by the time she reached the market in the morning, her shop had already been destroyed.

“I asked how this could happen when there is no electricity in the market. They told me it was an electrical fault from another shop,” she said. “I am begging the government and the market leadership to help us.”

Irene Edet
Irene Edet

For Emah James, a food vendor, the losses went beyond merchandise.

“I lost the N50,000 I collected from my thrift contribution,” she said. “I buy rice and garri in bags for my business. Everything is gone.”

Emah James standing by the remains of her shop
Emah James standing by the remains of her shop

But beyond grief, many traders expressed anger.

Umoh Jeremiah, another victim, said no senior government official had visited them as of Tuesday afternoon, on the day of the fire incident.

“They are busy with elections, while people are suffering here,” he said. “We pay taxes every day in this market. Yet when an emergency happened, there was no emergency response.”

N40,000 shortage, millions in losses

When PREMIUM TIMES visited the fire station inside the market, officials confirmed they had received distress calls but could not deploy immediately due to fuel shortages.

Fire service truck stationed at Akpan Andem Market
Fire service truck stationed at Akpan Andem Market

“For over two months now, this station has not received even a drop of diesel,” an official said on condition of anonymity because he was not authorised to speak publicly on the incident.

The official, however, said the firefighting truck was functional.

“If we had diesel, not up to two shops would have been affected,” he said. “The incident happened within reach. We would have responded almost immediately.”

Using Google Earth, an open-source tool that allows distance measurement,  measured the distance between the fire station and the fire outbreak site. It was 105.98 metres, about the distance of 10 buses parked end to end.

Measurement of the distance between the fire service station at Akpan Andem Market and the location of the fire outbreak

Measurement of the distance between the fire service station at Akpan Andem Market and the location of the fire outbreak

According to the official, less than 20 litres of diesel would have been sufficient for the emergency response because of the short distance between the station and the fire scene.

A  survey of filling stations in Uyo found that diesel sold between N1,950 and N2,000 per litre. Twenty litres would, therefore, not be more than N40,000.

That amount, traders noted bitterly, might have prevented losses running into tens of millions of naira.

The incident has raised fresh concerns about emergency preparedness in Akwa Ibom State despite the state’s strong revenue profile and previous calls for improved emergency response.

In April last year, Akwa Ibom youths asked Governor Umo Eno’s administration to develop and implement a comprehensive state emergency response strategy after noting that the state lacked one.

Data obtained by PREMIUM TIMES from the spokesperson of the Akwa Ibom State Fire Service, Emmanuel Michael, indicates these concerns are becoming more urgent.

According to Mr Michael, the state has had 30 documented fire incidents between January and 20 May 2026.

The figure translates to an average of at least six documented fire outbreaks per month, highlighting mounting pressure on the state’s emergency response system and the need for sustained investment in fire prevention and rapid-response infrastructure.

Akwa Ibom is not a state gasping for resources that can deter its emergency response.

PREMIUM TIMES previously reported that Akwa Ibom received N397.51 billion into its coffers between January and March 2026. Within the same period, the state said it spent N201.73 billion.

A budget performance document reviewed by PREMIUM TIMES showed that N29.78 billion was spent on “other recurrent costs” during the quarter, a category that includes operational expenses such as fuel for government agencies.

However, Mr Eno’s administration has, for five consecutive quarters, failed to publish detailed expenditure breakdowns required under the state’s fiscal responsibility law, making it difficult to determine how much was allocated specifically to fire service operations.

“Only three functional trucks in the entire state”

At the headquarters of the Akwa Ibom State Fire Service in Uyo, a senior official painted an even grimmer picture.

The official, who requested anonymity for fear of government sanctions, told PREMIUM TIMES that only three firefighting trucks were functional across the entire state, all stationed within Uyo. Two were located at the headquarters, while one was at Akpan Andem market. He added that diesel shortages had become routine.

The two functional trucks at the Fire Service headquarters in Uyo
The two functional trucks at the Fire Service headquarters in Uyo

“Our diesel finished on Sunday after another firefighting operation,” the official said. “Most times, we rely on Hensek Group to assist us with diesel during emergencies.”

Hensek Group, a Uyo-based construction company, handles the majority of the Akwa Ibom State Government’s road contracts. Its owner, Uwem Okoko, is a close political ally of Mr Eno and heads the Umo Eno Campaign Organisation for the 2027 elections.

The fire service official said poor logistics have severely weakened emergency response capacity across the state.

When contacted, the spokesperson for the Akwa Ibom State Fire Service, Mr Michael, confirmed that the service experienced a diesel shortage during the incident.

He said officials attempted unsuccessfully to source fuel during the night.

“Our people were looking for where to buy diesel but could not find enough because it was late,” he said. “I contacted the federal fire service. Even they initially said they did not have diesel until they later managed to get less than half of a 25-litre container.”

Mr Michael said additional diesel was later sourced through Hensek.

Asked whether the dependence on emergency fuel sourcing affected operational efficiency, he responded: “Such things happen.”

When PREMIUM TIMES insisted that it was aware of the agency’s underfunding and asked what his prayers to the government were, Mr Emmanuel acknowledged the concern.

“Since you have already made your findings and discovered that the agency has not been funded so well, the call is that we pray the government will be proactive to know that fire service is meant to save lives and property, and that emergency can occur at any time to anyone thus we should not run short of any amenities that can help us do our job,” he said.

Budget priorities and missing details

An examination of Akwa Ibom’s 2026 approved budget showed that the Ministry of Works and Fire Service received the state’s largest capital allocation — N416.2 billion.

Yet only three line items in the ministry’s capital projects directly relate to firefighting infrastructure: the procurement of two firefighting trucks for Uyo, the purchase of laboratory and safety equipment, and the installation of a fume cupboard expeller.

Together, the projects amount to N302.7 million.

However, a review of last year’s budget performance gives reason for cautious optimism. In 2025, the state budgeted N210 million for the same items. Senior officials at the fire service headquarters said such equipment had not been provided.

When our reporter contacted him, the Akwa Ibom State Commissioner for Works and Fire Service, Eno Ibanga, denied responsibility for current fire service operations, despite state law, specifically Volume III, Cap 55 of the Laws of Akwa Ibom State 2022, placing that duty on his office.

While the law mandates the commissioner to ensure efficient fire service response, Mr Ibanga claimed the agency is now overseen by the Office of the Head of the Civil Service.

PREMIUM TIMES found that the Commissioner for Works and Fire Service retains legal responsibility for these operations, and efforts to reach the Head of the Civil Service, Elsie Peters, for comment were unsuccessful, as she did not respond to calls, SMS, or WhatsApp messages from our reporter.

The newspaper, in its enquiry to the Head of Akwa Ibom Civil Service, asked about measures the state government has put in place to ensure emergency response readiness at major public facilities and markets, and if the government is considering an investigation into the circumstances surrounding the fire incident and the response delay.

Interestingly, an existing policy framework already contains proposals that address many of the gaps exposed by the Akpan Andem Market fire.

PREMIUM TIMES reviewed the proposed Akwa Ibom Disaster Risk Management and Emergency Response Policy Framework, a document designed to establish legislative and institutional structures for disaster preparedness and emergency response across the state.

The framework provides recommendations on fire prevention, emergency preparedness and response systems, public awareness campaigns, training, inspection and enforcement.

It also proposes regular inspections of public and private buildings to ensure compliance with fire codes and safety standards, while outlining coordination procedures among agencies such as the State Emergency Management Agency, the National Emergency Management Agency (NEMA), the Nigeria Police Force, and the Nigerian Red Cross during emergencies and multi-hazard disasters.

Government agencies and institutions that contributed recommendations to the framework include NEMA, the Nigeria Security and Civil Defence Corps, the Ministry of Environment, the Fire Service Commission, the University of Uyo, the Ministry of Women Affairs, and the Ministry of Humanitarian Affairs.

Despite extensive consultations, the framework has yet to translate into visible institutional reforms.

‘No strong will to take action’

Elkanah Oluyori, executive director of the Clement Isong Foundation, said the organisation, with support from ActionAid Nigeria, consulted, drafted and submitted the draft framework to the Akwa Ibom State deputy governor, followed by sustained engagement with the government, but little progress has followed.

“The idea was to establish different response units with clearly defined responsibilities during emergencies,” Mr Oluyori said. “This is something that could have addressed the recent fire outbreaks we have had in different parts of the state.”

He said implementation efforts had remained slow.

“So far, the actions have been slow, and the commitment to change has not been strong enough,” he said. “Government needs to embrace the ideas shared because disasters happen suddenly. There should be a response structure and units that can immediately take the right decisions to avert loss of lives and property.”

Mr Oluyori identified weak political will as a major obstacle.

“I believe the will to take action is not very strong,” he added. “But with the increasing emergency situations, maybe the government will begin to look into it.”

PREMIUM TIMES contacted the office of the Deputy Governor of Akwa Ibom State, Akon Eyakenyi, for clarification on the status of the framework and measures being taken to strengthen disaster preparedness and emergency response systems in the state.

Omen Bassey, the press secretary to Mrs Eyakenyi, said the proposal from the Clement Isong Foundation was being reviewed against existing legislation at both the state and federal levels to avoid conflicts.

“I think the deputy governor is enthusiastic about it,” he said.

“Since it’s a legal framework, the advice of the Attorney General has to be sought and obtained.

“I know the state government is working towards further strengthening disaster preparedness and emergency response in the state. I don’t have the details, and I am not competent to speak on it.”

Illegal structures, shared blame

The Chairman of Uyo Local Government Council, Uwemedimo Udo, said preliminary findings suggested the fire started from makeshift structures erected near the market fence.

The cold room witnesses said the fire outbreak started from
The cold room witnesses said the fire outbreak started from

He said he contacted the federal fire service and police authorities during the incident and confirmed that Hensek Group also supported with some diesel.

The council chairman said the local council would work with the Uyo Capital City Development Authority to assess and, if necessary, demolish illegal structures around the market.

But when asked why the council had not supported the fire station with diesel despite generating daily revenue from traders through market tickets and rents, he said the fire station belonged to the state government.

“If you want their attention, call the people in charge, and they will respond,” he said.

Meanwhile, at Akpan Andem Market, traders who lost millions watched firefighters frantically search for diesel in the middle of the night in one of Nigeria’s highest-earning oil-producing states, a state that generated nearly N400 billion in three months, yet could not guarantee enough fuel for a truck stationed inside its busiest market.

And by Tuesday afternoon on the day of the fire, traders were still standing inside the ruins of their businesses, asking the same question: How many livelihoods could have been saved if the truck had moved when the first call came?

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Business

NGX Trading Volume Surges 127% as Investors Exchange ₦176.06bn in One Week

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Trading activity on the nations bourse recorded a sharp increase in the week ended August 14, 2026, as investors exchanged 12.153 billion shares valued at ₦176.058 billion across 224,146 deals.

The performance represents a 126.8 percent increase in traded volume compared with the 5.359 billion shares worth ₦139.053 billion exchanged in 261,869 deals in the previous week. Turnover value also increased by 26.6 percent, while the number of deals declined by about 14.4 percent.

The increase in activity was also reflected in other trading indicators. Market depth improved to 27.76 percent from 21.67 percent in the previous week, while average daily value traded rose to ₦35.21 billion from ₦27.81 billion.

The Financial Services Industry dominated market activity, accounting for 11.212 billion shares valued at ₦88.991 billion across 102,246 deals. The sector contributed 92.25 percent of total equity turnover by volume and 50.55 percent by value.

The Information and Communication Technology (ICT) Industry followed with 246.127 million shares worth ₦51.605 billion traded in 27,169 deals, while the Services Industry ranked third with 198.195 million shares valued at ₦1.995 billion across 13,747 deals.

Activity was particularly concentrated in three equities; Fortis Global Insurance Plc, Cornerstone Insurance Plc and Consolidated Hallmark Holdings Plc. The trio accounted for 9.488 billion shares worth ₦36.219 billion in 1,781 deals, representing 78.07 percent of total equity turnover volume and 20.57 percent of turnover value for the week.

The fixed-income segment also recorded increased activity, with investors trading 232,979 units valued at ₦226.258 million in 35 deals, compared with 117,372 units worth ₦121.249 million in the previous week.

In the Exchange Traded Products segment, 2.346 million units valued at ₦501.051 million were traded across 5,291 deals.

Despite the surge in trading activity, the broader equities market closed lower as investors took profits following recent gains. The NGX All-Share Index declined by 1.20 percent to 242,619.20 points, while market capitalisation fell by 1.19 percent to ₦156.624 trillion.

Market breadth, however, showed some improvement. 26 equities appreciated during the week, unchanged from the previous week, while the number of declining equities eased to 59 from 63. 62 equities closed unchanged, compared with 58 in the preceding week.

The market breadth ratio consequently improved to 0.69x from 0.62x in the previous week, indicating a narrower gap between gainers and decliners despite the decline in the benchmark index.

Trans-Nationwide Express Plc led the gainers’ chart with a 32.09 percent increase, followed by International Energy Insurance Plc, which advanced 31.68 percent, and Sovereign Trust Insurance Plc, which gained 13.77 percent. On the other side, AVA Capital Plc topped the losers’ chart with a 34.55 percent decline, followed by Unilever Nigeria Plc, down 18.94 percent, and Zichis Agro Allied Industries Plc, which shed 15.08 percent.

Meanwhile, Lasaco Assurance Plc expanded its share capital following the listing of 9.236 billion additional ordinary shares on the NGX Daily Official List on Wednesday, August 12, 2026.

The additional shares arose from the company’s rights issue of five new ordinary shares for every six existing shares held as of February 20, 2026. Following the listing, Lasaco Assurance’s issued and fully paid-up share capital increased from 11.084 billion shares to 20.320 billion ordinary shares of 50 kobo each.

Despite the week’s moderation, the broader market remains firmly positive for the year, with the NGX All-Share Index recording a year-to-date return of 55.91 percent as of August 14.

Sectoral performance has been even stronger in parts of the market, with the NGX Oil and Gas Index up 94.81 percent year-to-date, followed by the NGX Premium Index at 85.14 percent and the NGX Industrial Goods Index at 82.84 percent, underscoring the strength of the market’s gains despite the week’s profit-taking.

The post NGX Trading Volume Surges 127% as Investors Exchange ₦176.06bn in One Week appeared first on Business Today NG.

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EFCC recovers $60 million for Nestoil lenders in ongoing debt investigation

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Nigeria’s top anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has recovered $60 million from indigenous oil and gas firm Nestoil Limited.

This breakthrough could advance efforts to resolve the protracted debt crisis between the energy company and a consortium of lenders.

Those familiar with the matter told PREMIUM TIMES that at a meeting facilitated by Olanipekun Olukoyode, the agency’s chief, Nestoil and a group of banks agreed to a structured repayment plan as part of an effort to recover the debt owed by the company to the lenders.

Our findings show that the engagement between the two parties has begun to bear fruit, with $60 million recovered so far from Nestoil and paid to the lenders in the course of the EFCC investigation and follow-up meetings with parties to the matter.

Oguzi Moses, head of investigation at EFCC’S Lagos Zonal Directorate 2, facilitated the payment made so far.

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The consortium of lenders, PREMIUM TIMES found, welcomed the payment as a positive step and noted that it marks only the first stage in the repayment process, given that a substantial portion of Nestoil’s debt remains outstanding.

EFCC spokesperson, Dele Oyewale, did not answer or return calls seeking his comment on this development. But a top official of the agency, who asked not to be named because he did not have permission to discuss the case, confirmed the development, saying the anti-graft agency had to wade into the matter because of its economic implications for Nigeria.

Nnenna Azudialu-Obiejesi, executive director at Nestoil, also did not answer or return our reporter’s calls.

Background: Nestoil vs Lenders

The partial debt recovery is a major step forward in resolving a knotty legal battle between Nestoil and the banks over an alleged debt default.

The disagreement has strained relations between the parties and has far-reaching implications for the non-performing loan portfolios of some of Nigeria’s big banks.

The rift between the two parties is the subject of a complicated legal dispute that came to a head at the Supreme Court of Nigeria in June, leading the court to annul an order by the Court of Appeal freezing the assets of Nestoil and its affiliate, Neconde Energy.

The lawsuit is an attempt by FBN Quest Merchant Bank and First Trustees Limited to recover debts totalling more than $1 billion and N430 billion allegedly owed by Neconde and Nestoil, as well as Azudialu Obiejesi and Nnenna Azudialu-Obiejesi, their top promoters.

Last October, police officers acting on an order issued by Dehinde Dipeolu, a judge of the Federal High Court, Lagos Division, sealed Nestoil’s headquarters in Lagos. The order gave FBN Quest Merchant Bank and First Trustees leave to take over Nestoil’s assets.

Justice Dipeolu granted multiple orders freezing the defendants’ bank accounts and shares held with more than 20 financial and other institutions in Nigeria.

The court also authorised Abubakar Sulu-Gambari (SAN), the receiver/manager appointed by the plaintiffs, to take over Nestoil’s headquarters and other identified assets.

Justice Dipeolu also directed multiple security agencies to help enforce the receivership.

Following Nestoil’s complaints about the proceedings, John Tsoho, the chief judge of the Federal High Court, reassigned the case to another judge.

On 20 November 2025, J. Osiagor, the new Judge, revoked the earlier receivership-enforcement order.

FBN Quest Merchant Bank and First Trustees appealed against the decision on 22 November 2025.

In November 2025, the Court of Appeal issued a restorative injunction in an ex parte application filed by the financial institutions.

The order reversed Justice Osiagor’s decision, and also prohibited Nestoil, Neconde and their agents from obstructing the receiver/manager pending the hearing of the appeal.

In January, the Supreme Court directed all the parties in the suit to return to the Court of Appeal to resolve a major procedural issue.

It held that the appeal court had to resolve the issue around legal representation in the case.

On that score, the Court of Appeal, in January, disqualified Wole Olanipekun, Muiz Banire, and other lawyers appearing with them from representing Neconde and Nestoil.

It ruled that the receivership of Mr Sulu-Gambari had suspended Mr Azudialu-Obiejesi’s powers.

But the Supreme Court ruled in June that the appellate court exceeded its authority by issuing an ex parte application against the oil firms.

It ruled that the Court of Appeal assumed jurisdiction and granted an injunction against Neconde and Nestoil when the dispute was not properly before the court.

It also rebuked the lower court for misusing the judicial process in granting a stay of proceedings at the Federal High Court, Lagos.

The court consequently annulled the freezing order on Nestoil’s and Neconde’s assets.

Effect of Nestoil debt on banks

“Prior to the Court Action, Nestoil obtained several bilateral loan facilities from eight (8) lenders dating back to 2010 and serially defaulted on all the various repayment obligations,” the consortium of lenders said in a statement following the Supreme Court’s ruling.

READ ALSO: EFCC arraigns man for N56.5 million Hajj fraud

“Nestoil subsequently proposed restructuring the bilateral loan facilities to bring the Lenders into a Global Club to ease the administration of the indebtedness. Lenders, in good faith, agreed to this restructuring, but Nestoil has again serially defaulted on its repayment obligations since the restructuring became effective in 2023,” the lenders added.

According to a May press release by the lenders, Nestoil’s alleged $2 billion distressed loan has triggered “a historic balance sheet reset” and “a lack of dividend payments” at some major Nigerian banks.

The statement listed First Bank, United Bank for Africa and Access Bank among financial institutions severely impacted by Nestoil’s bad loans.


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