The Independent Petroleum Marketers Association, South-West Zone, has vowed that it will shut down operations across the region if the 30 tankers arrested by the Lagos State government are not released.

The Chairman, IPMAN Western Zone, Joseph Akanni, made this known on Monday, during an interview with newsmen in Ibadan, the Oyo State capital.

Akanni declared the association’s support for the Petroleum Tanker Drivers, as well as other stakeholders in the industry over the issue, saying “Injury to one is an injury to all.”

He disclosed that the 30 tankers bearing 45,000 litres of Premium Motor Spirit were towed out of Dangote Refinery at about 3:00am on Saturday, February 22, 2025.

“The vehicles and the drivers were arrested by the Lagos State Traffic Management Authority (LASMA) under the Ministry of Transportation in Lagos and were put at the LASMA yard in Oshodi.

“So, IPMAN is in solidarity with the PTD, National Association of Road Transport Owners (NARTO), and NUPENG is showing solidarity with the other stakeholders to take action against Lagos State governments, especially the Ministry of Transport.

“What the Ministry of Transport has done is against the law. It is dangerous. It is dangerous to keep tankers with petrol in a place because petrol is flammable.

And the information reaching us is that they have started siphoning petrol from the tankers, which implies that we won’t have the same quantity as when it was towed.

“And that we are ready if nothing is done, we are ready to shut down our stations; our petrol stations across Southwest, in solidarity with the tanker drivers,” Akanni said.

The South-West IPMAN chairman revealed that the product in the impounded tankers belongs to members of IPMAN, saying the association is in support of the actions of NUPENG over the incident.

Akanni added that under fire safety regulations, “even if a truck with petrol is arrested, the tanker is supposed to go and offload the petrol first, before anything.”

“So, now they took the tankers with about 45,000 litres of petrol, numbering about 30, which is very dangerous.

“We are giving stern warning that if there is any fire incident, Lagos State government is going to be responsible for the loss of products and the deaths,” Akanni said.

▪︎ Mr Taiwo Oyedele

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) is urging the National Assembly to reassess the implications of stripping investors in the country’s Free Trade Zones of tax exemptions, as proposed in the Nigeria Tax Bill 2024 on the Free Trade Zone Scheme.

There are 50 FTZs in Nigeria and 48 were developed through private-sector investments.

The National President of NACCIMA, Dele Oye, expressed grave concern over the proposed amendments, particularly Sections 57, 60, 198(2), and 198(3), which threaten to dismantle key incentives that have sustained FTZ investments since the scheme was introduced through the Nigeria Export Processing Zones Act in 1992.

In the  provisions outlined for the FTZs, the government seeks to introduce minimum tax rates and remove long-standing tax exemptions for businesses operating within FTZs.

Dele Oye, highlighted that stripping away established tax exemptions is a drastic measure that will diminish investor confidence and jeopardize Nigeria’s standing in the global investment community.

Dele Oye, who is also the Chairman of Nigeria’s Organised Private Sector, OPS, noted that since the inception of the FTZ scheme in 1992, through the Nigeria Export Processing Zones Act, businesses operating in these zones have significantly contributed to Nigeria’s economic landscape.

With special tax incentives, these zones were designed to attract investment, promote job creation, and foster industrialization.

However, the proposed amendments in the Tax Bill, particularly Sections 57, 60, 198(2), and 198(3), directly contradict this framework by introducing minimum tax rates and eliminating existing exemptions that have been instrumental in attracting investments.

He noted that the tax exemptions within the zones had been crucial in attracting investors, creating jobs, and generating over N650 billion in government revenue through Customs duties and related economic activities.

He noted that stakeholders were also not consulted before the tax reforms were announced.

“FTZs association and companies were not formally consulted before February 20, 2024, when the chairman of the fiscal policies and tax committee, Mr. Taiwo Oyedele, who as a panelist at the 3rd Nigerian Economic Zones Association conference informed the FTZ community of the intended substantial amendment of the rules and laws regulating investment in the FTZs.

If you’re thinking of making serious money in Lagos real estate, you must understand one of the most reliable strategies: buy-and-hold.

This is when you buy a property, hold it for years, and allow its value to appreciate while earning rental income.

Lagos is a dynamic and ever-growing city.

Population is increasing, businesses are expanding, and land is becoming more valuable. If done right, a buy-and-hold strategy can secure long-term wealth for any investor.

Why Buy-and-Hold Works in Lagos Land and Property Appreciate Fast Lagos is a land of gold—figuratively.

With high demand and limited land space, properties in strategic locations appreciate fast.

If you bought land in Lekki Phase 1 twenty years ago, you could sell it today for more than 20 times the original price.

The earlier you buy, the better. Steady Rental Income Lagos is home to millions of people, and many prefer renting rather than buying.

A well-located property can generate steady rental income that grows over time.

The more people move into Lagos, the higher the rental demand.

Beating Inflation Nigeria’s economy has its ups and downs, but real estate always finds a way to stay ahead of inflation.

While the value of the naira fluctuates, properties continue to appreciate. This makes real estate a safe hedge against inflation.

Steps to Succeed in the Buy-and-Hold Strategy

1. Pick the Right Location Lagos has different property markets. Some areas grow faster than others.

Choose a location based on your investment goal.●      For rapid appreciation: Look at developing areas like Ibeju-Lekki, Epe, or parts of Ikorodu.●      For steady rental income: Invest in places with high demand for rentals, like Yaba, Surulere, Lekki, or Ikeja.●      For luxury and long-term gains: Consider high-end areas like Ikoyi, Banana Island, or Victoria Island.

Do your research, visit the location, and study the growth trends before investing.

2. Buy from a Trusted Source Lagos real estate is lucrative, but it’s also filled with scams.

Many investors have fallen victim to land disputes or properties with unclear titles.

Ensure that the property has proper documentation—like the Certificate of Occupancy (C of O) or a Governor’s Consent.

Work with a reliable real estate professional who understands the Lagos market.

Don’t fall for “cheap deals” without verifying ownership.3. Decide Between Land or Built Property ●      Buying land is great for long-term appreciation. You can hold it for years and sell later at a higher price.●      Buying a house or apartment gives you immediate rental income while still appreciating in value.

If you have the patience to wait, land investment is powerful. If you want regular cash flow, go for rental properties.

4. Maximize Rental Income If your goal is passive income, make your property attractive to tenants. Consider:●      Security: Lagos tenants prioritize safety.●      Amenities: Good roads, water supply, and electricity boost rental value.●      Short-let options: Platforms like Airbnb can give you higher returns, especially in areas like Lekki and Victoria Island.

If your property is well-maintained, you’ll attract quality tenants and increase your rental value over time.

5. Be Patient and Think Long-Term Real estate is not a quick-money scheme. The buy-and-hold strategy requires patience. Lagos properties appreciate, but it takes time.

Many investors regret selling too early when they see the prices skyrocketing years later.

Think of real estate like fine wine—it gets better with time. Potential Risks and How to Overcome Them Government Policies Policies like land use charges or demolitions can affect investments.

Stay updated with real estate laws in Lagos. Work with professionals to ensure your property is compliant.

Maintenance Costs

 If you own rental property, you’ll need to maintain it. Set aside funds for repairs and upgrades to keep it attractive to tenants.

Bad Tenants

 Some tenants may refuse to pay or damage your property.

Screen tenants properly before renting out your property, and have a solid lease agreement.

The buy-and-hold strategy is a proven way to build wealth in Lagos real estate. It allows you to generate rental income while your property appreciates in value.

With proper planning, the right location, and patience, your investment will reward you in the long run.

So, are you ready to secure your future with Lagos real estate? Start now—because five years from today, you’ll wish you had.

Dennis Isong and team.

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