Rescuers working to find survivors as high building collapsed in Nigerian city of Lagos
November 2, 2021, 7:11 am

Rescuers working to find survivors as high building collapsed in Nigerian city of Lagos

Construction site/Pixabay

The BBC reported, rescuers are working through the night in search of survivors in the Nigerian city of Lagos after a 22-storey high-rise block collapsed during construction.

It said that at least four people have died and dozens are missing.

According to the BBC, a digger is at the scene and rescue workers and some locals are searching through rubble and twisted metal. Four survivors have been found so far.

Earlier, pictures from the site showed crowds near a huge mound of debris.

What caused the collapse and exactly how many people are trapped under the rubble remains unclear.

In the meantime, local authorities have ordered an investigation into the collapse and pledged to make the final report public.

Femi Adesina, a special advisor to President Muhammadu Buhari, said the president "commiserates with families who have lost loved ones".

He added that the president had urged the authorities to step-up their rescue efforts.

The BBC mentioned that the building came down at around 14:45 local time (13:45 GMT) in the upmarket district of Ikoyi.

It was part of a complex named 360 Degrees Towers, which was intended to house luxury apartments, town houses and penthouses, according the development's website, which has since been taken offline.

The housing scheme is being developed by Fourscore Homes Limited, which has a portfolio of projects in the UK, US, South Africa, and other areas of Nigeria.

Construction worker Eric Tetteh, 41, told the Associated Press that his teams had been waiting for an excavator to arrive at the site when the building suddenly fell.

He said: "Me and my brother, we escaped, but more people are there - more than 100 people."

A witness who was working in an office building opposite the site told the BBC's Outside Source programme that he heard a sound, looked out of his window and "saw the building literally going down floor by floor."

Local authorities have put an emergency rescue plan into place, and local officials have visited the site.

But according to AP, Lagos' deputy governor Femi Hamzat was met by crowds of angry people who accused authorities of not starting rescue efforts soon enough.

There have been several building collapses in Lagos in recent years.

In 2019, 10 people died after a school collapsed in the commercial hub.

And in 2014, a six-storey building fell during a service by a celebrity televangelist, killing 116 people.

Building standards have often been criticised and Lagos state authorities recently launched a new scheme to improve certification.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.