Published in Security

₦47.12 billion in damages, 2021 most uncertain

We noted how the stern and tone deaf presidential response was the match that lit the ongoing demonstrations, which are anything but peaceful. But with over 59 incidents in 26 states, what’s next for the self-acclaimed giant of Africa? To say nothing of the economic implications of losses incurred by protests running up to billions in damages.

Story

Ode Uduu ,

October 31st, 2020

We noted how the stern and tone deaf presidential response was the match that lit the ongoing demonstrations, which are anything but peaceful. But with over 59 incidents in 26 states, what’s next for the self-acclaimed giant of Africa? To say nothing of the economic implications of losses incurred by protests running up to billions in damages.  

Serious security breaches across police stations featuring alleged prison breaks, foiled attempts, and burnt patrol cars; 

Government and private properties razed, destroying revenue generation channels;

Reports estimate over ₦47.12 billion in damages from raids;

With a 2021 budget riddled with uncertainty, current events aggravate unfavourable economic conditions for Nigerians in the near future. 

Prior to what we addressed as EndSARS loot, following the discovery of COVID-19 palliatives, demonstrations became a tad more intense. Particularly, correctional centres in Edo and Ondo State felt the bite of the mobs leading to the alleged escape of over 2000 inmates. And according to reports, timely intervention of security personnel foiled similar attempts at Ikoyi, Lagos. 

In the same vein, felons destroyed many police stations, razing vehicles. The magnitude of effect of this destruction on the economy is unfathomable. Likewise, a recent Dataphyte report which noted over 27 razed police stations, with 10 missing AK-rifles, questioned the compounded effect on an already sinking economy, serviced by debt. Not to mention the opportunity cost of repairs which the country would have channelled to other areas of the country. Worse, though, there was also no distinction between government and private property, as raiders plundered indiscriminately.

To this effect, Dataphyte compiled some of these damages outlining property, location and state. 

The Rundown

Police Stations

Station

Location

State

Pako Layeni Police Stations

Amukoko and Ajegunle

Lagos

Nworieubi Police Divisional HQ

Mbaitoli LGA

Imo

Ekeaba and Kpiri Kpiri police divisions

Abakaliki

Ebonui

Ugbekun Police Station

Benin

Edo

Dutse Makaranta police station

Kubwa

Abuja

Dragon Squad unit of the State police command

ABA

ABIA

Iseyin Police Station

Iseyin

Oyo

Central Police Station

Nnewi

Anambra

SARS Office and a Police Division

Akure

Ondo

Police Station

Ijebu-ode

Ogun

Division HQ Police Station and Vehicles

Ikere

Ekiti

Two Police Station

Benin

Edo

Police Station

OrukAnam

Akwa Ibom

Destroyed Properties

Government Property

Location

State

Nigerian Ports Authority

Marina

Lagos

Post office and local market

Osogbo

Osun

FRSC and VIO

Ojodu

Lagos

FRSC

Asaba

Delta

Local Government house

Enugu north

Enugu

Town hall

Aba

Abia

Operational van of the Nigerian Airforce

Benin-agbor road

Benin

Akwa Ibom state broadcasting corporation (AKBC)

 

Akwa ibom

BRT and police vehicles

 

Lagos

Vandalized warehouse of COVID-19 palliatives and looted food items

Bukuru

Plateau

Federal High Court

Igbosere

Lagos

Private Property

Locations

State

Cars and tents

Central

Abuja

Trucks

 

Ekiti

TVC and lekki toll gate

 

Lagos

Samsung showroom and 18 other personal shops, which includes MTN stores, boutiques down to ShopRite

Bode Thomas, Surulere

Lagos

Oluwarotimi Akeredolu campaign office

 

Ondo

Oba palace of Lagos

 

Lagos

Shoprite, banks and ATM

Lekki and Surulere

Lagos

First bank

Aba

Abia

Nations Newspaper

 

Lagos

Vehicles

 

Lagos

ATMs

Presidential road

Enugu

First bank, Access bank and 6 ATM machines

Abakpa

Enugu

Otigba Statue

Otigba roundabout

Enugu

Cars

Berger

Abuja

Nollywood actress Uche Elendu’s shop vandalized, looted

Lekki

Lagos

AIT Office

Edo

Benin

Palace of the Soun of Ogbomoso

Ogbomosho

Osun

Vehicles, galaxy shopping mall, the lodge summit and chicken republic

 

Kano

Fumi Morris

Sapele

Delta

De choice mall, Anchor Insurance, lG showroom, Zenith, FCMB and Access bank

Uyo

Akwa ibom

Shoprite mall, Femkem electronics and phone store, agro mall, Ilorin cargo terminal stores and customs house

Ilorin

Kwara

Senator’s farm, APC secretariat, office of the health insurance scheme campaign office and others

 

Osun

Senator loses property worth over N200m to vandals in Ibadan

Ibadan

Oyo

Actress Lilian Bach stored vandalized and looted

Surulere

Lagos

Protesters set Ondo APC secretariat ablaze, attack chairman’s house

Akure

Ondo

Lagos Oriental Hotel

Lekki

Lagos

Oil Tankers set ablaze

Warri

Delta

Estimated Losses

Property

Number

Unit Cost

Total Cost

BRT Buses

84

$100,000 & $200,000

N3.9 billion

ATM

15

$20,000 ( N7.6 million)

N114.2 million

Oil Tankers with products

3

 

N90 million

Police Stations, vans and barracks (Lagos)

25, 20 & 3

 

N10 billion

Lekki Toll Gate

$85 million ,

N32.5 billion

Senator’s property

N200 million

Vehicles

57

N1.5 million

N85.5 million

Lekki toll gate revenue

N234 million

Total

N47.12 billion

Implications on the Economy

Akin to COVID, this new normal shows no signs of dissipating soon.

So far, reports estimate a value of N47.12 billion in damages, excluding inestimable losses. While on a surface level, this creates an obvious economic dent, juxtaposing this reality with the existing pressures of revenue generation in Nigeria tells a sadder tale. 

Already, the 2021 budget was fraught with some discrepancies, adding these new challenges spell an uncertain economic future for Nigeria. Most certain, the huge deficit created in the budget will be widened with some revenue channels destroyed. 

Earlier this year, Nigeria experienced two consecutive negative GDP quarter reports, per the National Bureau of Statistics (NBS). And according to Public Finance Expert, Atiku Samuel, expecting a third was well within reality, given current conditions. 

Likewise, because of the ensuing raids, the flow of goods to markets was affected, halting production activities. Furthermore, given the damage to production activities, expect a slow return for domestic trade, Atiku notes. 

“People that have looted items will not go to the market to buy things; ergo, those in the market cannot sell their goods.”

Speaking of trade, the Economist further highlighted a seller-buyer conundrum created by the ongoing plundering. So what happens? This means that there will be no cash in circulation. But cash is key in such a contractionary economic period. As a result, the government has fewer economic transactions to tax. More so, little or no transactions will cripple small and medium scale businesses, further crippling the economy. 

By and large, 2021 seems uncertain for the Nigerian economy because of security and governance challenges. 

Support Journalism

Support good journalism - the cornerstone of a well-informed society. When you stand behind quality reporting, you empower truth, accountability, and transparency.

Latest

Related stories

Security

₦47.12 billion in damages, 2021 most uncertain

We noted how the stern and tone deaf presidential response was the match that lit the ongoing demonstrations, which are anything but peaceful. But with over 59 incidents in 26 states, what’s next for the self-acclaimed giant of Africa? To say nothing of the economic implications of losses incurred by protests running up to billions in damages.