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CBN: Forex Remittance Falls Despite ‘Naira 4 Dollar’ Scheme

By
James Orji
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The Central Bank of Nigeria, CBN has announced a shortfall in foreign exchange inflows into the country despite the ‘Naira 4 Dollar’ policy the apex bank introduced last year to boost forex remittance into the nation’s economy.

In its quest to boost foreign earnings following the coronavirus headwinds, CBN Governor Godwin Emefiele said in March 2021 that all recipients of diaspora remittances through CBN-licensed international money transfer operators, IMTOs shall be paid N5 for every $1 received as remittance inflow.

Emefiele said the ‘Naira 4 Dollar’ scheme will boost forex supply into the country from the non-oil sector by at least $200 billion within five years.

According to him, “the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by designated beneficiary.

“This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer same into their domiciliary account.”

But in a report seen by the magazine, the CBN said forex remittance fell to $6.5 billion in April, more than 17 percent short of the $8 billion received from Nigerians working abroad in March.

The report said, “The economy recorded a lower net foreign exchange inflow of $2.63bn, from $3.53bn in the preceding month. Aggregate foreign exchange inflow into the economy fell by 17.3 percent to $6.58bn in April 2022, compared with $7.95bn in March.

“Similarly, total foreign exchange outflow decreased by 11.3 percent to $3.95 billion, from $4.45 billion in the preceding month.”

The CBN also said in the report foreign exchange inflows through the bank declined by 25.6 percent to $2.47 billion, from $3.32 billion, attributed mainly to a 54.3 percent decrease in non-oil components as a result of inflows of $1.25 billion proceeds from government debts in the preceding month, as well as TSA, third-party receipts and other official income.

Autonomous inflows also decreased by 11.4 percent to $4.11 billion from $4.63 billion, due to a decline in invisible purchases, which included ordinary domiciliary accounts ($1.33 billion) and non-oil export receipts ($0.49 billion).

Foreign exchange outflows through the bank declined by 19.3 percent to $2.86 billion from $3.54billion in March, due, largely, to decreases in foreign exchange sales at the Investors and Exporters window, Small and Medium Enterprises intervention, and interbank/invisible foreign exchange windows. Autonomous outflows increased by 20 percent to $1.09 billion from $0.91 billion in March, on account of increased invisible imports.

Net outflows of $0.39 billion were recorded through the bank in April 2022, compared with net outflows of $0.23 billion in the previous month, the report said.

Meanwhile, analysts insist that the forex inflows into the country for the period may actually be more than the apex bank’s figure considering that most remittances are done through the unofficial window.

Dokubo Is Dead

By
Adesina Soyooye
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Professor Charles Quakers Dokubo

By Adesina Soyooye

The Niger Delta Region of Nigeria has lost a prominent son.

Professor Charles Quakers Dokubo is dead.

Professor Dokubo reportedly died on Wednesday night in a hospital in Abuja after a brief illness.

An academic, Dokubo was a Special Assistant to President Muhammadu Buhari on the Presidential Amnesty Programme.

He was appointed in 2018 by Buhari, but was unceremoniously suspended from office in February 2020. He never got back the position.

A Professor of Strategic Studies, he was a Director at the Nigerian Institute of International Affairs, NIIA, before his appointment by Buhari.

Dokubo was born on March 23, 1952. He hailed from Abonema in the Akuku Toru Local Government Area of Rivers State.

He died at the age of 70 years.

“You Are No More In Bondage”, Fans Tell Actor Kenneth Okonkwo, As He  Pledges Allegiance To LP,  Peter Obi

By
Akinwale Kasali
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By Akinwale Kasali

Veteran Nollywood Actor, Kenneth Okonkwo, who recently resigned his membership from the ruling All Progressives Congress, APC, has officially joined the Labour Party, LP.

The Actor, who is also a Lawyer, said it was necessary to leave the APC following the Party’s Muslim-Muslim Ticket which he says is against his ideology.

In a press statement released on his social media page, after he was officially accepted into the Labour Party fold, the Actor who became popularly for his role in a Movie titled, ‘Living In Bondage’, said he is honoured and privileged to have joined the trending party.

He added that It was an honour and a privilege to be welcomed into the Labour Party on the 23rd of August, 2022, at the Supreme God House, Apo, Abuja, by the entire executive of the FCT Labour Party, representing the National Executive of the Party.

“I feel loved and cherished by the visit of these distinguished officials of this peoplecentric Party to our Chambers which culminated in my officially joining the Labour Party as a member.

“This will enable me assist in my own humble way to the enthronement of His Excellency, Peter Obi, as the President of the Federal Republic of Nigeria come 2023 for the good governance of our dear country which is so blessed by God but has been so battered by bad leaders.

“I thank the Dynamics Ambassadors for Peter Obi (DAPO), which I am its National Spokesperson, for facilitating this my membership of Labour Party for the enthronement of good governance in Nigeria. I enjoin all citizens of Nigeria to join in this movement for the actualization of this divine mandate of Peter Obi come 2023. Thank you and God bless.”

He pledge his allegiance to the former Anambra State Governor, saying that he will work tirelessly for his enthronement as the President of the Country in 2023.

Following his declaration for the Party, Social Media users hailed the actor, saying that his defection from APC to the LP shows that “he is no longer living in bondage.”

Okonkwo is a famous Nollywood actor, director, producer, television personality, entrepreneur, investor, politician and philanthropist.

In 1991, he joined the Nigerian movie industry (Nollywood) and started attending movie auditions and appearing in television series and soap operas.

He rose to fame in 1992 after starring in the Nollywood blockbuster movie “Living in Bondage” a movie that brought Nollywood to the limelight.

Okonkwo is one of the pioneers of the Nigerian movie industry (Nollywood) and contributed immensely to the growth of Nollywood in Nigeria and abroad.

Ondo: Government Goes After Fake Traditional Rulers, Orders Mass Arrest

By
Ayodele Oni
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Rotimi Akeredolu
Governor Rotimi Akeredolu

By Ayodele Oni

Ondo state government has ordered arrest of some persons parading themselves as traditional rulers in the state.

Government has also cancelled closure of markets to celebrate traditional festivals without official approval.

The order is coming after two monarchs in Akure early in the week clashed over closure of market during the celebration of Aheregbe festival.

The State Executive Council, which took the decisions also announced upgrading of some Traditional Rulers across the State to different grades.

Similarly, the council approved the elevation of some Chiefs to the status of Obas in the various communities

The names and upgraded grades of the affected Monarchs will be published by the government in a white paper which will be made available to members of the public soon.

Briefing journalists shortly after the weekly State Executive Council meeting, the Commissioner for Information and Orientation, Mrs Bamidele Ademola-Olateju disclosed that the Council equally resolved and regularized disputed stools in the state.

She, however, added that the issue of paramountcy is still pending and awaiting the amendment of the State’s Chieftaincy Law.

”Some persons have been parading themselves as Olofun of Irele in Irele Local Government and Olu of Igodanlisa in Okitipupa Local Government without the approval of the State Executive Council.

“The State Executive Council has decided that such persons be arrested and investigated for their infractions against the State Chieftaincy Law.”

The government spokesperson also informed that the Executive Council has mandated that there shall be no closure of markets in any part of the State without the approval of the Governor.

“The State EXCO also noted the permit granted for the observance of traditional festivals in the state. The government hereby reiterates that there shall be no closure of markets without the approval of the Governor.

“Where approval is granted, such approval shall be limited to the Oba’s market alone, not shops in residential areas.

“In addition, we  discussed the use of Yoruba Language in communication as government interfaces with the people and its officers.

“At the State Executive Council, we decided that we encourage the use of Yoruba or other native languages like Ijaw, Ikale, Ilaje, as the case may be, in our communication.”

The Attorney General and Commissioner for Justice, Sir Charles Titiloye said:  “You will recall that sometimes ago, Ondo State Government set up Justice Ajama Panel to look into Chieftaincy Matters in the state in which the report was submitted about eight years ago.

“The Arakunrin Oluwarotimi Akeredolu administration has decided to implement the report submitted by that Panel.

“This has given birth to the recommendations that have been approved by the State Executive Council, to the effect some Obas have been upgraded from grade  ‘C’ to ‘B’, and some from B to A.”

The Attorney-General, however, said those promoted should await government White Paper on their elevation which will soon be published by government.

NDDC’s Forensic Audit: EFCC Steps In, Questions Financial Director, Eno Ubi, Over N25 Billion Fraud

By
Akinwale Kasali
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NDDC and EFCC

By Akinwale Kasali

President Muhammadu Buhari may have started the implementation of the report of the long awaited Forensic Audit he ordered at the Niger Delta Development Commission, NDDC.

In the face of allegations of monumental sharp practices and fraud at the intervention Commission since it was set up by the President Olusegun Obasanjo Administration, President Buhari ordered a thorough Forensic Audit spanning from the year of  its establishment.

A window into its implementation may have been opened with the arrest, Wednesday, of the Financial Director of the NDDC, Eno Ubi, by Operatives of the Economic and Financial Crimes Commission, EFCC.

It is not known if Ubi answered to an invitation by the EFCC or was arrested, but he is answering questions at the Commission over an alleged  N25 billion fraud.

The NDDC has been at the center of many alleged financial scandals. It has been described as a conduit pipe for corrupt practices in the region and an ATM for politicians and other high profile stakeholders in the region and all over the country.

Sources within the EFCC who claim anonymity said that details of how the N25 billion was allegedly looted and how it was shared and who the beneficiaries were, are some of the questions begging for answers which Ubi is expected to shed more light on, given his position at the NDDC.

Alleged one source: “What has been uncovered so far is mindboggling. But it is only a tip of the iceberg. Investigations are going smoothly and at the appropriate time, the Commission will tell Nigerians what has been uncovered,” he said.

Recently, President Muhammadu Buhari said his administration has started the  implementation of the NDDC forensic audit report which was submitted to him since September 2021.

He also raised hopes that the much-awaited appointment of the Board of Directors for the Commission would begin soon.

The President gave the assurance at the kick-off of a two-day management retreat organised by the Ministry of Niger Delta Affairs at the Old Banquet Hall, State House, Abuja.

Buhari who was represented  by the Minister of Transportation, Muazu Sambo, said: “In pursuance of our determination to curb corruption and in response to the call of the governors of South-South for a forensic audit of the NDDC, I undertook some critical reforms and requested a forensic audit of the NDDC from inception to 2019.

“The report of the audit has been submitted and implementation of its recommendations has commenced in phases. This process will soon usher in a new Management and Board for the Commission.”

NIMASA Working With NASS To Improve Seafarers Working Conditions

By
James Orji
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The Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA has disclosed that a revised working condition for Nigerian Seafarers is a major component of the proposed review of the NIMASA Act and the Merchant Shipping Act currently before the National Assembly for consideration.

He stated this on wednesday during the inauguration of the Tripartite National Joint Industrial Council (NJIC) meeting for the review of minimum standards for Nigerian Seafarers being hosted by the Agency and held in Lagos.

According to Dr. Jamoh, “The ongoing review by the NJIC is timely because it comes at a time when we are in the process of reviewing both the NIMASA Act and the Merchant Shipping Act with the outcomes of the tripartite negotiations by the NJIC to be inputted into both Amendments to ensure that they are binding”.

“The importance of this gathering is determined by the need for adequate compensation, remuneration and workplace conditions for Nigerian Seafarers, and for employers of labour to ensure responsible Conditions of Service guiding seafarer employment in line with global best practices”, he added.

Recall that NIMASA had previously led negotiations alongside the NJIC, Maritime Workers Union of Nigeria (MWUN) and relevant stakeholders to increase dockworkers’ wages and entitlements through the Collective Bargaining Agreement (CBA) initiative in 2018 which resulted in improved conditions for Nigerian dockworkers.

Also speaking at the event, the Executive Director Maritime Labour and Cabotage Services, Engr. Victor Ochei, who also serves as the Chairman of the NJIC, emphasized on the benefits of the ongoing review for the Nigerian Maritime sector as a whole.

Ochei said, “Thus far, the regulation of the minimum standards of living and working conditions of seafarers through the instrument of the Collective Bargaining Agreement process has created a harmonious working relationship between stakeholders, seafarer employers, and the workers in the nation’s maritime labour sector”.

“A review of the Collective Bargaining Agreement is needed for improved wages and living standards for Seafarers operating in Nigeria’s in territorial waters, who undoubtedly are an integral part of the maritime sector”, he added.

Bank Of Industry, France Sign €100m Deal To Tackle Climate Change

By
James Orji
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0

The Bank of Industry, BOI has signed a deal worth €100 million with the French Development Agency, AFD to tackle climate change in Nigeria. The deal will enhance the expansion of green financé in Nigeria, the News Agency of Nigeria, NAN said.

The Managing Director of BOI, Olukayode Pitan who signed on behalf of the federal government disclosed that the transaction was approved by AFD under its Transforming Financial Systems for Climate, TFSC Programme with the Green Climate Fund, GCF. Xavier Muron, the Country Director of AFD signed on behalf of the French government

According to Pitan, the 10-year facility has an interest rate of 2.47 percent with four years moratorium, noting that the loan will be invested in areas that mitigate climate change.

He said, “This is the beginning of a long-term mutually beneficial relationship and a significant step for BoI as we scale up our green-lending capacity.

“Given the serious threat that climate change poses to equitable and sustainable development in Nigeria, it is critical for us at BoI to take the lead in mobilising capital for green and sustainable investment.”

The Country Director of AfD, Xavier Muron, revealed that Nigeria was highly vulnerable to climate change with several regions likely to suffer from the effects of global warming. He said that Nigeria needs $400 billion which is between six percent to 13 percent of the country’s Gross Domestic Product, GDP.

He explained that the French government will partner with Nigeria in her effort to end gas emissions by the year 2060, adding that another 2.5 million Euro grant  will be provided in the area of technical assistance to assist BOI in climate change financing and strategy.

“After this partnership, we hope that other financial institutions key into it as well as the needs are huge when it comes to climate change for some climate smart and friendly investments.

“As development institutions, we have to do something to help the government act, seeing that Nigeria is looking forward to implementing its net zero emissions by 2060.

“We reiterate our commitment towards climate change with the project and are proud to work with the BoI,” he said.

“It will support capacity building for BoI and its customers, thereby providing tools for identification and development of bankable climate-related projects as well as improving the readiness of the bank’s customers to implement green practices in their operations.

“This transaction also highlights both AfD’s and BoI’s longstanding commitment to achieving the UN’s Sustainable Development Goals (SDGs).

The deal came less than a year after the French government promised to invest $70 million in renewable energy projects in Nigeria.

Insecurity: Lagos Speaker Advocates For State, Community Policing, True Federalism, Implementation of Panel Reports

By
Akinwale Kasali
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Obasa Receiving Honorary Award

By Akinwale Kasali

Following the pathetic state of the nation’s security, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, says Nigeria is a country in need of true federalism as part of the solutions to its security crisis.

Obasa made this assertion Wednesday, at the 2022 National Congress and Scientific Conference of the Nigerian Psychological Association held at the Lagos State University.

The Speaker, who was awarded Honourary Fellow of the Academic body, lamented that insecurity has continued despite the Federal Government’s deployment of financial and other resources to its fight.

As part of the solution, the Speaker urged the Federal Government to muster the political will to implement the recommendations of different panels and committees that have investigated immediate and remote causes of insecurity in the country.

Represented by Hon. Victor Akande, Chairman of the House Committee on Judiciary, Human Rights, Public Petitions and LASIEC, Obasa further advocated for sincere national mediation, negotiation, arbitration, reconciliation, and broad amnesty as modern conflict resolution strategies where necessary.

Speaking on the topic, ‘Security and National Sustainability’, Obasa described Lagos as one of the safest states in the country owing to the proactive efforts of all the tiers of Government in the State.

“Here in Lagos State, we’ve taken preventive steps to ensure that law and order do not collapse for no good reason. We established the Neighbourhood Safety Corps because we are aware of the critical need for quick response from local security officers at the grassroots level.

“The State Government’s efforts, led by the Neighbourhood Safety Corps and aided by the other security officers on the ground, have made Lagos a secure place to live for everyone.

“There is, however, reason to believe that the Federal Government would support the same objective by establishing a State Police Force. Community preventative policing, as opposed to curative policing, is crucial for maintaining national security in light of the current state of affairs. Constant contact between the security agencies and community people is necessary to get the country out of its current situation.

“At the same time, all three tiers of government should work to significantly cut spending on administration, which includes things like defence and domestic security. As one might expect, this is crucial if we want to see progress in the real sectors of the economy,” Obasa said.

The Speaker, while noting that military action and confrontational approach tend to increase violence rather than decrease tension, added: “to rehabilitate all militants who embrace reconciliation, however, we need to place a greater emphasis on the concepts of mediation, negotiation, arbitration, reconciliation, and broad amnesty as modern conflict resolution strategies.

“The principle of true federalism advocated by militants in the Niger Delta and other groups should be adopted because it guarantees genuine political autonomy and the right to control resources.

“In a similar vein, the federal government and other stakeholders in Nigeria’s violent sociopolitical and ethnically based crisis need to muster the political will to carry out the recommendations of the numerous panels and committees set up to investigate the immediate and remote causes of the crisis.”

He attributed insecurity to a number of factors including the country’s inheritance of a faulty security structure and the failure of successive governments to effectively restructure the system.

Beyond impacting knowledge, the Speaker tasked tertiary institutions to be interested in the affairs of the nation as part of their contributions to the sustenance of national progress.

He commended the NPA and LASU for honouring him as he promised to continue to play roles for the advancement of Nigeria.

Earlier in his address, Prof. Olukayode Afolabi, President of NPA, lamented the security situation in the country saying it now affects every facet of Nigeria’s development and forcing investors away.

Among other suggestions, he said there was an urgent need to bring psychologists into the recruitment and development processes of security personnel.

On her part, Prof Adenike Boyo, Deputy Vice Chancellor (Academics) of LASU who represented the Vice Chancellor, Prof. Ibiyemi Olatunji-Bello, expressed hope that the 5-day conference would add value to Nigeria’s development.

Pastor Kumuyi Speaks On Next Year’s General Election, Arrives Ondo For Crusade

By
Ayodele Oni
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0

By Ayodele Oni

Founder and General Superintendent of the Deeper Christian Life Ministry, Pastor William Kumuyi, on Wednesday said the emergence of the next Nigeria’s president has already been determined by God and nothing will change God’s plan for the country in 2023.

Pastor Kumuyi stated this at the palace of Osemawe of Ondo, Oba Adesimbo Victor Kiladejo when he paid a homage to the monarch ahead of the widely publicized Global Crusade for Kumuyi, (GCK), scheduled to start in Ondo town on Thursday.

The Cleric expressed the confidence that God will answer the prayers of ‘conscientious People’ who had been praying for President Buhari’s successor.

“As to next year, 2023, about the election, everything is in the hand of God. I want to tell you, no pin drops anywhere in the world without God’s knowledge and nobody goes ahead without God’s control. He controls everything that happens in the world.

Will there be election, will there not be election ? Who will come out as the President of our country and who will come out as the governor of each of the states is known unto God.

“He answers to the prayers of conscientious People in our land. What he wants will come true.

“When a lion is coming in the way, no rat stands in its ways and says you will not pass. When the almighty God says this is what it is, for Nigeria in particular, in 2023 in particular, no elephant of a man can stand in his way.

“God’s will will be done and we will all rejoice that all wise God has done what we are praying from Him.”

On the choice of Ondo as the venue for the Crusade, Kumuyi said it was based on God’s instructions.

“It was God that led us into Ondo city. That was God’s choice at this time.  He said it is Ondo city for the GCK, that is Global Crusade for Kumuyi and we are following His leading.”

Kumuyi had earlier arrived Ondo state for the global crusade and was welcomed at the Akure airport from where he proceeded to the governor’s office where he was welcomed by the state governor and members of his cabinet.

 The state Governor, Mr Oluwarotimi Akeredolu commended pastor Kumuyi for his passion for preaching the gospel saying his visit to the state has ushered in good tidings.

The Governor also lauded Pastor Kumuyi’s prowess as a former lecturer to the preacher of the gospel and accepted the invitation to be at the crusade with some of his cabinet members.

Earlier, Pastor William Kumuyi extolled the virtues of Governor Akeredolu describing him as courageous and prayed for God’s wisdom for him to fulfil his manifesto before leaving office.

The crusade is billed to hold at the Ondo Anglican Grammar School from  Thursday to 30th.

Osun Restricts Traders From Highways, Task Force To Enforce Order

By
Ayodele Oni
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0

By Ayodele Oni

As a fallout of attack on the convoy of wife of Osun state Governor, Kafayat Oyetola, last week, the  state government has announced that it will no longer condone display of wares on the roads and pedestrian walkways.

Some security details attached to the first lady’s convoy were reportedly wounded during the attack, which happened at Owode/Ede market.

Police spokesman in the state, Yemisi Opalola, who confirmed the incident explained that“On Friday, at about 8:30p.m, the police received credible information that, at Owode, Ede Market expressway, some hoodlums were attacking the convoy of the wife of Osun Governor.

The Commissioner for Information and Civic Orientation, Funke Egbemode, disclosed the ban in a statement released after the State Executive Council meeting.

According to the statement,  the ban became necessary because of growing traffic snarl and danger to everybody using the markets.

The release states  “Osun state government is worried about the increasing danger that roadside display of wares is posing to its residents and citizens.

“The State Executive Council today set up a Special Task Force to stop the trend. This team will pay unscheduled visits to the markets and arrest those obstructing traffic with their wares.

“The team will work with the Federal Road Safety Corps and other law enforcement agencies to ensure safety in our markets.

“The state can no longer fold its arms while some traders in our markets, especially weekly markets take over the motorways and pedestrian walkways with their wares.

“The ugly and unsafe trend must stop. This directive has become pertinent in view of increasing bottlenecks and security breach along market corridors, with vehicular and pedestrian traffic now contending for space amid trading activities on the same spots.

“The government has immediately set up a Special Task Force that will ensure compliance with safe conducts in our markets and ensure the safety of road users.

“It is therefore calling on all traders and their patrons to comply with this directive as the Task Force team will operate without prior notice and those arrested will be prosecuted swiftly.

“Traders and artisans who have encroached on the main road and walkways with their wares are hereby directed to vacate such unauthorized trading spots with immediate effect.

“This move is in the interest of all residents, as the safety of Osun citizens remains a priority of the government. It is, therefore, necessary for all concerned to work with the government to end this unsafe practice.”

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