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Overnight demolition: Lagos residents recount ordeal

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Residents of Oworonshoki, under the Kosofe Local Government Area, have accused the Lagos State Government of betrayal after their houses were demolished despite submitting documents and beginning restructuring processes demanded by authorities.

Appearing on Channels TV’s Morning Brief programme on Wednesday , the Chairman of a Community Development Association, Balogun Jamiu, said residents were left in shock when bulldozers moved in at night.

“The demolition came to us as a surprise. Because although we are notified that we should restructure our houses, and which we have proof, as in we start doing that, repairing our houses,” Jamiu said.

He narrated how many residents invested heavily in their homes to meet government requirements.

“There’s a woman in our area that sold her house at Ikorodu to repair the one at Oworonshoki here.

“Unfortunately, as I speak to you, the house has been demolished. The woman she’s in the hospital like this, receiving treatment, which is very painful,” he added.

Jamiu insisted that most affected property owners already had valid documents.

“Like mine, particularly, I have C of O. Many of us have C of O. They will now start demolishing our houses, which is uncalled for,” he said.

Another resident, Femi Badewa, said the demolition began in the middle of the night without notice.

“I was shocked when someone called me and told me that the task force are coming that very Friday to come and demolish our house. I said it’s not possible.

“But at exactly 1am, the demolition started. We were like, Wow, is this real? Can this be true?” Badewa said.

He alleged that the demolition was suspiciously carried out,”That very day, they came with, for a policeman, their vehicle had no plate numbers.

“No address from any division,” he said.

Badewa accused land grabbers of being behind the demolition. When asked who ordered the demolition,”Land robbers. Land grabbers, I mean. They are the ones,” he said.

Another resident told Channels TV in a separate interview that she was asked to meet with a traditional ruler after government officials denied knowledge of the notices pasted on their houses.

“He said all he needs from us is to go and make our house standard.

“That he needs standard houses in this area because the Third Mainland Bridge is very close to this place.

“He wants beautiful houses, he doesn’t want Face me I Face you,” the resident said.

She added that she sold her only property in Ikorodu for N10m to rebuild her Oworonshoki home.

“I was just shouting my son’s name. Before I came out, they have already at the fourth house there. We couldn’t pack anything.

“They didn’t allow us. It was only the box of my documents that I was able to take out,” she said.

She accused the government of failing to follow due process,” as a civil servant, even in LAWMA, if you want to seal a company, you will still give them seven days, from seven days, three days, 24 hours.

“They did not give us an abatement notice.”

The Lagos State Government, however, maintained that the structures were illegal.

Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a press briefing on Tuesday, ruled out compensation for the displaced residents.

“There is no plan by the state government to compensate Oworonshoki residents who were displaced in the demolition of illegal structures.

“However, the governor has the prerogative power to approve compensation,” Olumide said.

He explained that the demolitions were part of broader reforms to reclaim informal spaces and curb environmental threats from illegal dredging and construction along the waterfront.

Last Saturday, officials of the Lagos State Building Control Agency demolished houses along the Iyana Oworosonki coastline.

The action triggered protests on Monday, with aggrieved residents blocking a section of the Third Mainland Bridge.

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It took the intervention of the Lagos Police Command to restore normalcy at the scene.

Some protesters lamented that they were teargassed as the police made efforts to quell the protest, a claim corroborated by the police authorities, who admitted using “minimal force.”

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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