Business
Lagos Govt demolishes 19 Buildings at Trade Fair Complex
It was gathered from distraught traders that no fewer than 19 buildings valued at over N150 each were affected by the exercise.
The Lagos State Government on Thursday pulled down more than nineteen buildings at the New Mandela Plaza, within the popular Trade Fair Complex in Lagos.
The demolition exercise was carried out with a heavy security presence from the Lagos State Task Force, Rapid Response Squad, and tactical teams stationed around the plaza.
The stern-looking officers restricted access to the premises and sent away traders who attempted to record the exercise.
At the time of filing this report, selective buildings inside the plaza were already reduced to rubble, sparking outrage from shop owners who claimed they were not served prior notice.
One trader, who spoke out of frustration said: “We don’t even know the reason for the demolition. That’s why you see people moving up and down, asking questions.”
Another speculated that the affected structures might have been marked for being too close to a canal.
A visibly agitated plaza owner, who arrived while his shop was being pulled down, screamed from his car that no notice was served before the bulldozers moved in.
Some sales representatives lamented that their bosses’ goods, still locked up inside the shops, were destroyed alongside the buildings.
It was gathered from distraught traders that no fewer than 19 buildings valued at over N150 each were affected by the exercise.
“If government doesn’t want companies or development here, they should just come out and say it. People have invested their life savings here. Over 19 buildings are in that plaza”, one trader said angrily.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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