The Nigerian Employers’ Consultative Association has said about N5tn was lost as a result of arson and looting that followed the recent #EndSARS protests across the country.
President of NECA, Taiwo Adeniyi, said this at a press conference in Lagos on Tuesday.
Adeniyi said the estimation was based on findings from privately-owned businesses that had been affected by the massive destruction across the country.
According to him, businesses affected by the development are finding it difficult to meet financial obligations to creditors, employees and regulators.
Adeniyi said, “Organised businesses became some of the victims of the colossal and barbaric destruction and vandalism of critical investment and assets by hoodlums.
“While the Lagos State Government estimated a loss of about N5tn and Plateau State Government estimated over N700bn, the total value of the economic loss to organised businesses nationwide could be in the region of over N5tn.
“From looted machineries, consumables, livestock, raw-materials, pharmaceutical products, luxury goods and cash to actual and wicked vandalism and destruction of walls, smashed and mutilated doors, glasses, damaged critical electricity infrastructures, burnt buildings and properties and looted stocks. The list is endless.
“The actual value in terms of financial, emotional and psychological loss suffered as a result of the arson and looting experienced by these businesses can only be imagined and the impact will linger for a long time.”
This Post: #EndSARS: About N5tn worth of assets lost to arson, looting by hoodlums was approved and published by Ancity Media Editor and may not be republished elsewhere without prior written permission from the Editor.
