Month: October 2023

Reps Invite CBN Gov Over FX Ban Lifted On 43 Items.

The House of Representatives is to invite the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, over the new policy lifting forex restriction on 43 items.

The House wants a clarification on the policy and its implications on the economy.

Two weeks ago, the apex bank lifted forex ban on 43 items and also promised to intervene in the FX market from “time to time”.

The apex bank had in 2015 restricted the items from accessing FX from the I&E window, saying they were not valid for foreign exchange and could be produced in the country. Items affected include rice, cement, palm kernel, meat and processed meat products, poultry, soap, and cosmetics among others.

But weeks ago, the apex bank in a statement said, “As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.

“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEMFPC/GEN/O1/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market

The lawmakers passed the resolution to summon the CBN governor, following the adoption of a motion of urgent public importance by a member, Sada Soli, calling for clarification on the policy and its implications on the economy.

The lawmaker drew the attention of the House to the fact that some of the initially prohibited items have tariffs to protect local industries.

Further worried that Nigeria will not be competitive in the African Continental Free Trade Area if its markets are flooded with imported finished goods, the House resolved that its relevant committees should invite the central bank governor for further explanation

The Minister of Marine and Blue Economy, Gboyega Oyetola, on Monday evening said his core agenda remain the opening of nation’s blue economy virile private investments and Public Private Partnership (PPP).

He made the disclosure at the dinner session of the ongoing 29th Nigerian Economic Summit, holding in Abuja. The event was put together by the Nigerian Economic Summit Group.

At the session themed: ‘Sailing to Success: Harnessing Nigeria’s Maritime Potential,’ Oyetola who is the immediate past governor of Osun State, reiterated his ministry’s commitment to fixing some of the challenges confronting the nation’s marine and blue economy and opening up the sector to private investments and public-private partnerships.

He noted that just as the country has witnessed the transformation in the telecoms and power sectors through private sector participation, he believes that enabling private sector investments is key to unlocking Nigeria’s economic potential in the Marine and Blue Economy sector.

Oyetola also spoke of government’s readiness to enhance efficiency at the ports and facilitate the establishment of private sector-led Maritime Development Zones for the co-location of ancillary services such as “wreck removal, wreck recycling, ship building, ship repairs, etc.

“We are also working to streamline the number of government agencies operating at the ports through the full implementation of the National Single Window initiative. We are also automating port operations through the deployment of a Port Community System and phasing out manual cargo inspections,” the minister was partly quoted.”

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Oyetola further noted the importance of expanding the domestic shipping fleet by encouraging new shipping lines and enforcing the Cabotage Act more rigorously, adding that “it is imperative that we move quickly towards improving the navigability of our waters, increase the draughts of our ports, achieve 24-48 hours cargo clearance, and ensure adequate connectivity of our ports to the hinterland, with efficient road and rail networks.”

The minister added that “our goal is to build a thriving maritime and blue economy sector that makes a substantial contribution to Nigeria’s GDP. I commend the Nigerian Economic Summit Group, NESG, for being a leading private sector-led think-tank and for advocating economic policies and initiatives that will reform and transform our country’s economy.”

The Lagos State Sexual Offences and Domestic Violence sitting in Ikeja on Tuesday sentenced the Medical Director of Optimal Cancer Care Foundation, Doctor Olufemi Olaleye, to life imprisonment for the defilement of his wife’s niece.

Justice Rahman Oshodi sentenced him after he found him guilty of the offence of defilement and sexual penetration of a 15-year-old girl.

The judge held that the prosecution was able to prove its case beyond reasonable doubt and that all the evidence before the court corroborated that of the victim.

Olaleye was arraigned on two counts which bordered on defilement and sexual assault by penetration of his wife’s niece, preferred against him by the Lagos State Government.

The convict was arraigned on November 30, 2022, and he pleaded not guilty to the offences.

The Director of Public Prosecutions Dr Babajide Martins had told the court that Olaleye had committed the offences sometime between February 2020 and November 2021.

He said the offence took place at No 17, Layi Ogunbambi close, Maryland, Lagos state.

Wage Award: Oyo Labour Union threatens to Down Tools

By Adewale Owoade

The Oyo State Council of the Nigeria Labour Congress has urged the state government to abide by the Federal Government’s wage award proposal to pay Workers N35,000 and pensioners N25,000 or risk total mass industrial action at the end of October.

The NLC and its affiliate unions resolved to embark on a sit-at-home protest if the state government failed to comply with its demands on wage award at the end of the month.

The leadership of the unions had earlier briefed the workers on activities of the committee set up by the state government to fashion a suitable arrangement for the wage award, before reaching resolutions based on recommendations from workers.

Briefing newsmen shortly after the congress, the NLC Chairman, Oyo State Council, Comrade Kayode Martins recalled that the union leaders had informed the government of their displeasure with workers welfare at the inauguration of ad hoc committee set up by the gov. Makinde, to look into the wage award.

“Since May 29, this year, couple of months now, nothing has been done, is been meetings upon meetings, and people decided today that we are standing on the agreement made between the Federal Government, governors’ forum and the labour leaders at the national level.

“That by the end of this month if the wage award of N35,000 for workers and N25,000 for Pensioners is not implemented, people should stay at home.

“People have spoken by the end of this month, workers should stay at home,” Martins said.

Also, the Vice Chairman, Trade Union Congress (TUC) Comrade Ranti Gbenle – Oluwemimo was optimistic that the governor will act fast, to avert the strike.

“All the things we’ve been placing before him, he has been doing it, that is what gave me the utmost believe that this wage award will be done without much problem, he will effect it, I’m trusting God.” Gbenle – Oluwemimo said.

The Executive Secretary, Nigerian Union of Pensioners, (NUP), Comrade Olusegun Abatan, said that the decision of the NLC, was bidding on NUP.
He said although Gov Makinde had proven to show empathy to workers welfare, he should be wary of wrong advices which might pitch him against the workforce.

“The Nigerian Union of Pensioners is fully in support of the decision taken today at this congress.
“Gov Makinde has done well in his first term in office, we want to advice him to do better in this second term in office.

“He should shun negative advice that would bring his administration to disrepute, and do the needful for workers and for pensioners,” Abatan said.

The News Agency of Nigeria reports that Gov Makinde set up a committee, which had the labour leaders as members, to reach a common ground on a mutually beneficial wage award following the removal of subsidy on petroleum products.
This was after labour leaders said the subsidy removal made the lives of its members more miserable.(NAN)

By Salisu Sani-Idris

The National Hajj Commission of Nigeria (NAHCON), on Tuesday directed the 36 states and the FCT pilgrims boards to remit a reasonable percentage of funds to secure the Hajj slots allocated to them.

The directive is contained in a letter addressed to Chief Executives of State Pilgrims Welfare Boards, Agencies and Commission by the NAHCON’s Director, Finance and Accounts, Dr Salihu Usman.

Usman stated that the call became necessary in view of the timeline issued by the Saudi Ministry of Hajj and Umrah.

He explained that the timeline makes it mandatory for every Hajj Mission who intends to participate in the 2024 Hajj to remit their money before a certain period.

According to him, failure to comply with the directive will be interpreted as being unprepared or not interested in participating in the 2024 hajj.

He further stated that non-compliance with the directive would leave the commission with no alternative or option but to reduce the allocation of such State.

This, according to him, will enable the commission to allot more slots to states that have completed their remittances and are in need of more slots.

He pointed out that it was important that the commission’s IBAN Account needs to be adequately funded by December.

“This will ensure that the commission makes payment to undertake or process some activities in the Kingdom.”

Usman, therefore, called for the continued cooperation and understanding by the states in order to collectively work towards meeting the deadline to ensure a hitch-free 2024 hajj.”

NAN

By Moses Omorogieva

A retired staff of the News Agency of Nigeria (NAN) Mr Ayankola Ayanlakin has petitioned the Police over alleged N30.2 million fraud against Mr Teniola Adesanya, Chairman, Oxford International Group (funds managers).

A copy of the petition signed by E.A. Medupin a solicitor, was made available to NAN in Lagos.

The petition, which mentioned six members of the family and friends as victims of the fraud, noted that the organisation had gone underground but now being acted for by Gavel Mavericks (Solicitors).

According to the petition, the clients mentioned, through fraudulent advertisement approached the company, Oxford International Group, to invest in their proposal as funds managers.

“Unfortunately, no sooner than they had put their funds into the company, they realised that they had played into the hands of fraudsters.

“As evidence of the said investment, the petitioned issued post dated cheques in various sums to our clients as their return on investment to be paid on the due dates but unfortunately, they were all returned unpaid as their cheques were dishonoured by the paying banks.

“It will interest you to note that since the post dated cheques were returned unpaid, Mr Teniola Adesanya and his cohorts had gone underground, folded up the Oxford International Group, but operates under the hidden face of Gravel Mavericks Solicitors,” it noted.

The petition also called on the Commissioner of Police, Lagos State Command, Mr Idowu Owohunwa, to arrest, investigate and prosecute the petitioned for allegedly obtaining their money under misrepresentation.

Efforts to reach the petitioned, Adesanya, through his two numbers: 09038129393, 2347049000015 for reaction to the petition were unsuccessful.

NAN