PRESIDENT of the Nigerian Employers’ Consultative Association, (NECA), Taiwo Adeniyi, has said that the widespread looting and arson caused by hoodlums who hijacked the peaceful #EndSARS protests cost the private sector N5 trillion in loss of investments and assets.

Adeniyi, who described the hoodlums’ attack as “colossal and barbaric”, disclosed this at a press briefing in Lagos on Tuesday.

He said that the figure was got from estimation based on findings from affected privately-owned businesses.

Adeniyi lamented that the affected businesses were already reeling from the negative impact of the COVID-19 pandemic.

The NECA President noted that the businesses have been finding it difficult to fulfil financial obligations to creditors, employees and regulators.

“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,” Adeniyi lamented.

The NECA boss called for further initiatives to be urgently put in place to ensure a quick return to economic normalcy across the country.

Adeniyi said that the Federal Government should urgently make public details of its planned support for businesses affected during the October #EndSARS protest hijacked by hoodlums.

“We recommend that deliberate bail-out funds should be given to verified businesses affected by the crisis.

”Other programmes and interventions aimed at supporting these businesses to get back to production and remain sustainable and competitive should also be urgently initiated.

“While the additional window of penalty and interest waiver for businesses by the Federal Inland Revenue Services is commendable, what businesses really need at this critical period is substantial tax relief.

“This will enable businesses stay afloat and also keep productive activities going. It is in our national interest to enable businesses surmount the challenges of rising unemployment,” he said.

The NECA president also called on the government to set aside an intervention fund for the purpose of easing the burden of losses incurred by businesses as a result of the vandalism.

According to him, such funds will make a huge difference in the economy by stabilising the system.

“Approval of funds from the Nigerian Sovereign Investment Authority (NSIA) among other possible measures will help stabilise the system and stop further increase in unemployment rate.

“It is expected that there will be a likely threshold of higher premium attached to the insurance cover of the property destroyed during the unfortunate incident.

“We, therefore, call for intervention to reduce the risk for businesses as cash flow will be tremendously affected in this regard,” the NECA president said.

He urged the government to fast-track the investigation and prosecution of those found culpable in the killing and harassment of innocent citizens which necessitated the call for #EndSARS.

He called for the arrest and prosecution of the hoodlums that perpetrated the wanton looting and destruction.

“While the wanton destruction of property and loss of lives were regrettable, the factors that led to the protest and eventual hijack by hooligans should not be lost on us as a people,” he said.

Adeniyi said that greater efforts should be made to promote creativity, innovation, technical and vocational skills development, enterprise and competitiveness as a way out of unemployment, poverty and social dysfunction bedevilling the nation.

The Federal Government was able to freeze the accounts of 20 #EndSARS campaigners after telling a Federal High Court in Abuja that the funds in their accounts might have been linked to terrorist activities.

This is according to a written address in support of a motion ex parte filed by the Central Bank of Nigeria.

The CBN had in the second week of October frozen 20 accounts and thereafter approached the court to seek an ex parte order to freeze the accounts.

In the case with suit number FHC/ABJ/CS/1384/2020, filed before Justice A. R. Mohammed, the CBN, however, made no mention of the fact that the 20 accounts were owned by persons involved in the #EndSARS protests, but told the court that the funds might have emanated from terrorist activities.

The written address read in part, “My lord, the nature of the transactions undertaken through the defendants’ accounts are of suspected terrorism financing in contravention of Section 13(1)(a)and(b) of the Terrorism (Prevention)(Amendment) Act, 2013 and Regulation 31(2)(a)and (3)(b) of the Central Bank of Nigeria Anti-Money Laundering/Combating the Financing of Terrorism Regulations, 2013.”

In a supporting affidavit deposed to by one Aondowase Jacob on behalf of the CBN, it was stated that the Head of the Economic Intelligence Unit of the Governor’s Department, CBN, Joseph Omayuku, had conducted an investigation on the accounts of the defendants and other individuals and entities held with certain banks in Nigeria.

According to the affidavit, the investigation showed that the owners of the accounts may have been involved in terrorist activities.

It added, “There is a grave allegation that the defendants are involved in suspected terrorism financing via their bank accounts in contravention of the provisions of extant laws and regulations. The aforesaid transactions undertaken by the defendants, using their bank accounts, can cause significant economic and security harm to the public and the Federal Republic of Nigeria if left unchecked.

“The applicant (CBN governor) is thus desirous to have the court empower him to direct the freezing of the 20 accounts listed on the annexure to this application and all other bank accounts held by the defendants.

“A freezing order of this honourable court in respect of the defendants’ accounts would also enable the investigation of the activities of the defendants to a logical conclusion with a view to reporting same to the Nigerian Financial Intelligence Unit.”

The apex bank said unless the order was granted, it would not be able to ensure that the money remained intact, while investigations were ongoing.

The 20 accounts frozen by the CBN are domiciled in Access Bank, Guaranty Trust Bank, Fidelity Bank, United Bank for Africa and Zenith Bank.

The accounts were said to have been flagged after they received money with the narration #EndSARS.

One of the frozen accounts, marked 0056412470 and domiciled in Access Bank, belongs to Bolatito Olorunrinu Oduala, an #EndSARS campaigner, who was appointed into the Lagos State judicial panel set up by Governor Babajide Sanwo-Olu.

Another frozen account marked 0033974485 and domiciled in Access Bank belongs to Bassey Israel, the medical team coordinator for the #EndSARS protests in Port Harcourt.

Similarly, an account marked 0054676984 domiciled in Access Bank belongs to Gatefield Nigeria Limited, which paid freelance journalists to cover the protests.

Justice Mohammed froze the accounts for 180 days subject to renewal, but said anyone who was not satisfied with the ruling was free to challenge it.

A leading member of the #EndSARS protesters, Aisha Yesufu, described the freezing of the #EndSARS protesters’ accounts as illegal, noting that the government “is behaving like a terrorist.”

She questioned the freezing of the accounts ahead of the court injunction ordering the banks to block the accounts.

Yesufu stated, “The question is, why did they freeze the accounts before obtaining a court injunction? Why the illegality? Our judiciary should know that it is an independent arm of government and there is separation of power.

“The government should be ashamed of itself. The United Arab Emirates just convicted some Nigerians, who were accused of terrorism, and we are hearing that the government would appeal on their behalf. That is where the problem is.”

The activist accused the Federal Government of pampering insurgents, while bearing down on peaceful and harmless protesters.

She added, “#EndSARS campaigners are protesters and they protested the way the Constitution allows, so all these are shenanigans. They had better focus on the terrorists.

“Bandits are laying down their arms and they are taking them to Government Houses, while Boko Haram members are being given preferential treatment, but Nigerians, who were protesting, were being killed by the government. The government is the one behaving like a terrorist right now.”

-PUNCH