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Home News Metro Circle mall looting: Sanwo-Olu promises business owners tax break, others

Circle mall looting: Sanwo-Olu promises business owners tax break, others

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Lagos State Governor, Mr Babajide Sanwo-Olu promised to assist tenants and shop owners bounce back to business following the recent looting and burning of several shops and stores at Circle Mall in Lekki by hoodlums.

News360 Info recalls that on Wednesday, October 21, some hoodlums hijacked the #EndSARS protests, and looted property worth billions of naira at Circle Mall. They also set some part of the building ablaze.

He said this during a condolence visit and meeting with tenants and shop owners at the Mall in Lekki.

Sanwo-Olu said Lagos State Government will give tax break and some financial assistance to all the business owners affected by the ugly incident.

The governor spoke of his administration’s readiness to assist those affected, noting that government will assist them to returm to their respective businesses.

He added that all business owners in the burnt Circle Mall will get a tax break of PAYE and also appealed to Federal Government to ensure that they get tax relief from the Federal Internal Revenue Services (FIRS).

Victims will also qualify for financial support, which will be in form of grant or loans to cushion the effect of the looting and destruction of their respective shops and stores.

According to Sanwo-Olu, the grant support is a non refundable financial support to the victims. He said the affected businesses are not expected to pay back while the lending support would be in form of a loan, adding that he is already discussing with some financial institutions to assist people with zero interest loans.

Shop owners are to reach out to the Lagos State Employment Trust Fund (LSETF) and urged them to make use of the opportunities being provided by the agency in assisting people who are in business, especially small scale businesses.

However, the governor said that Lagos State will no longer tolerate hoodlums looting and destroying government and private businesses and properties.

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