[OPINION] #EndSARS unrest and its economic implications on businesses, an example of EFX

Nigeria  has about 200 million People, of which more than 40 percent are youth. Undoubtedly, Nigeria is just recovering from the economic break that has been foisted on it by the covid ’19 pandemic and economists has submitted that we might only escape from slipping into another recession only by a breath of air.

Notably, in the last couple of weeks, Nigeria has been  enveloped my the #END SARS turmoil— a crusade against police brutality and a call for its reform— which has, incontestably, been having a telling effect on its economic and even social growth, lately. Deaths have been recorded. Vandalism has taken place. And it has also  activated a stealing spree almost everywhere.

This event that started like a child’s play now leaves some deep effects on citizens. While some are affected directly, some are touched indirectly. For instance, the vandalisation of properties and looting of shops in Ilorin has indirectly affected my financial outfit, EFX.

How has this affected us at EFX? In what follows, as  the CEO of  Elegance Flagx Commodities Limited (EFX), who is a business expert and financial analyst, I shall briefly explain the effects on businesses in the country. Sadly, there has been a significant decline in investments from our partners at EFX in comparison  to our investment portfolio in the past months (precedence). We believe that Most businesses and business owners whose businesses and outlets were looted have been seriously affected; consequently, it has activated a form of decline in the numbers of investors that patronise us. Also, our office at EFX has been on temporary closure since the protest and hoodlum cases got intense and we have not been able to have in-office visits by walk-in customers/clients.

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In order to train young Nigerians in the act of business and baptised them into the entrepreneurial world, a training was about to be done by our academy— “EFX Academy”. However, the crisis has halted this, even when all facilities have been erected for launching. EFX is committed to having a better Nigeria, we demand better governance and we encourage the government to meet the demands of the people.

Like it has done a damage to business operation at EFX, Similarly, it has done to a lot of business all over the country. As a result of that, business owners are depressed and staffers are to suffer from unemployment when the dust is settle.

Importantly, there is no justification for thievery and vandalism. They are punishable crimes. And we are imploring the security agencies to help apprehend these criminals.

Our thoughts are with clients, business owners, entrepreneurs who have lost their businesses to the ugly events of the looting and vandalism. Therefore, we appeal to our government to lend their supporting hand to these innocent people. We pray for strength to continue and forge ahead in these difficult times.

EFX and I condemn the violence that has erupted as a result of the hijack of the peaceful protest of the youth expressing their rights to end police brutality in the country. We stand with the youth to End Police Brutality. But we condemn violence within states and around the country.

To all our existing clients, we promise to provide every form of support in our capacity to everyone affected directly or indirectly.

Notably, we hope to launch the EFX Academy officially when everything is much calmer and we have developed a document that explains the terms and conditions of our company last week.

We are also pleased to announce that our official website is under construction and would be ready soon as promised in the memo posted on our media forum last month.

EFX is committed to serving you better and like our motto says, EFX, Together we succeed.

Thank You and please continue to keep safe.

Adegoke Muideen Abayomi is the CEO, EFX limited and writes from Ilorin.

NIGERIAN TRIBUNE