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Cash Crunch Affects Production Cost- CEO Pelican Valley

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The Chief Executive Officer of Pelican Valley Nigeria, Dr Babatunde Adeyemo said that the Naira scarcity has continue to takes its toll
on every facet of the Nigeria economy including the Real Estate.

Dr Babatunde, a real estate guru explained that the challenges being faced by bank customers while trying to use the online banking platform was because most of the banks were not prepared for the pressure that emanated as a result of increasing number of enrollments into the online banking system due to the cash Crunch and therefore resulted into poor E-transaction.

He added that some developers have slowed down construction work pending the time the naira scarcity ease off.

According to him “When there is limited liquidity in circulation, it puts a lot of pressure on land banking. Most of these banks are not prepared to accommodate the pressure of sudden online banking and transactions. Sometimes you send money via transfer and it does not reflect for weeks. This has led to some investors suspending their investments pending the issue being resolved.

“Also, most developers are trying to use their discretion to slow down production or construction until circulation commences, because even payment to those working on site, one would need to spend an additional amount because of the charge. Most of these construction workers live from hand to mouth, and they would want to withdraw cash on a daily basis. Hence, getting the cash out for them to eat is a tug of war because they would not want to use N3,000 to withdraw N10,000.

He maintained that the naira scarcity has increased the cost of production and payment of workers appealing to the federal government to urgently address the situation in the interest of the business community and the masses.

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Ikangba Community Urges Ogun Governor to Intervene in Land Crisis, Cites Threat to Lives The people of Ikangba Community in Odogbolu Local Government Area of Ogun State have appealed to the state Governor, Prince Dapo Abiodun, to urgently intervene in an escalating land dispute which they alleged had resulted in harassment, sporadic shootings and threats to the lives of residents. The community made the appeal at a press conference, where its representatives expressed concern that continued activities by individuals they described as alleged land grabbers could further threaten the peace and security of the area. According to the Oluweri Osundekun, secretary of the Yeye-imule Family Descendants Of Ijebu-ode who addressed the press said that the crisis had also involved the alleged deployment of security personnel in attempts to take possession of its ancestral land, prompting the intervention of security agencies, including the Department of State Services (DSS) and the Nigeria Police Force. The community alleged that two of its indigenes were previously arrested and detained at the DSS office in Abeokuta in connection with the dispute, but were later released after documentary evidence supporting the community’s position was presented and reviewed. It further claimed that the DSS Director, after hearing from the parties and examining the circumstances surrounding the dispute, warned those involved against actions capable of disrupting peace in Ikangba. The community said a similar intervention was made by the Ogun State Commissioner of Police, who reportedly invited the parties, listened to their positions and warned the alleged land grabbers to stay away from the disputed property. Despite these interventions, the community alleged that harassment had continued, with reports of maiming and sporadic shooting on the disputed land. The people of Ikangba also alleged that the alleged land grabbers enjoyed the backing of the Idowa traditional institution, particularly the Dagburewe of Idowa, Oba Sikiru Kayode Adefuwape, whom they accused of contributing to the persistence of the crisis. However, the community stressed that it was not seeking to prejudge the matter or usurp the powers of the courts and security agencies, but wanted the dispute resolved through lawful and due process. It said it had already approached the Ogun State Anti-Land Grabbing Task Force and other relevant security agencies, while also appealing to the state government for intervention. The community therefore urged Governor Abiodun to direct a thorough and impartial investigation into the dispute, protect all parties involved and ensure that ownership of the land was determined through due process. It also called for an immediate halt to the alleged use of security personnel or private agents to intimidate residents, stressing that no individual should be allowed to use influence or connections to dispossess citizens of their ancestral property. The community appealed to the leadership of the DSS and the Nigeria Police Force to ensure that their personnel were not used, directly or indirectly, to enforce private claims in land disputes. While calling on all parties to sheathe their swords and embrace peaceful resolution, the people of Ikangba warned that nobody should be allowed to enter the disputed land with firearms, threaten residents, maim anyone or engage in sporadic shooting while the matter is being resolved. The community urged the Governor, Commissioner of Police, DSS leadership, Anti-Land Grabbing Task Force and other relevant authorities to act swiftly to prevent further escalation. It said its primary demands were justice, peace and protection, stressing that it did not want violence or confrontation with security agencies or traditional institutions. The community appealed to the media to amplify its concerns, saying urgent intervention was necessary to prevent the crisis from claiming an innocent life. The people of Ikangba maintained that they remained committed to peaceful resolution of the dispute and expressed confidence that the state government would ensure that the rule of law prevailed.

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