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Gov Akeredolu Launches Post Covid 19 Relief Packages, Disburses Cheques To Beneficiaries

By
Ayodele Oni
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0

By Ayodele Oni

Ondo State Governor, Mr Oluwarotimi Akeredolu, SAN, has formally launched the Ondo State Covid Action Recovery And Economic Stimulus (ONDO-CARES) as part of the measures to cushion the effects of Covid-19 pandemic on the poor and vulnerable and stabilise micro and small enterprises affected by the pandemic.

The Governor disclosed that 80,734 beneficiaries, which cut across different segments of the population have been captured and targeted under the implementation of the programme in the State.

A statement by the Chief Press Secretary to the Governor, Richard Olatunde stated that Governor Akeredolu launched the programme in Akure on Monday.

Governor Akeredolu said beneficiaries of the intervention include 2,340 poor and vulnerable persons; 3,705 youths (male and female); 4,711 micro and small enterprises; 48,000 beneficiaries of community micro projects; and 21,978 small holder farmers.

The Governor noted that the beneficiaries will cut across the 18 local government areas of the State.

The ONDO-CARES intervention programme is an extension of the NG CARES which is an emergency programme aimed at supporting state-level efforts to respond to and recover from the Covid-19-induced socioeconomic crisis.

The Governor pointed out that the NG-CARES is a two-year emergency intervention designed by the World Bank in collaboration with the Nigeria Governors’ Forum to support states in Nigeria to restore the livelihood of poor and vulnerable households and stabilise Micro and Small Enterprises affected by the pandemic.

He explained that the state bought into the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme (NG-CARES) Programme in its quest to tackle the consequences of the COVID-19 pandemic head-on.

Mr Akeredolu stressed that the launch is a clear demonstration of the readiness and commitment of his administration to the implementation of the Ondo-CARES Programme.

“At the onset of the COVID-19 pandemic, the State Government put in place several measures aimed at tackling the menace and cushioning its effect on our people.

“This involved setting up of an Inter-ministerial Committee on COVID-19 and a committee on the distribution of palliatives to the people.

“Also the Infectious Disease Centres were strengthened across the State with special allowances paid to our frontline health workers to motivate them in responding to the challenge.

“All these efforts, among others, went a long way in stemming the scourge and alleviating its effects on our people.

“Similarly, in a bid to generate employment for our teeming youths and abate social unrest in the State, we set up an indigenous entrepreneurial development agency known as Ondo State Entrepreneurship Agency (ONDEA).

“I am delighted to inform you that since its establishment, the agency has successfully profiled a number of unemployed graduates and youths based on their skills and technical capabilities.”

He stressed that the intervention programme is performance-based, adding that it is a result-oriented programme, which requires the State to work and achieve the expected results with its own resources and be verified by Independent Verification Agent (IVA) before reimbursement to the State.

“I, therefore, charge the State CARES Steering Committee and all stakeholders that all hands must be on deck to achieve the agreed results within the stipulated period.

“In order to guide against failure, the State will deploy all its internal monitoring apparatus towards ensuring the successful implementation of this programme.

“Accordingly, we have set up a monitoring agency known as Performance and Project Implementation Monitoring Unit (PPIMU), to among other things, oversee the implementation of all developmental initiatives in the State and provide feedback for timely and informed decision making,” he said.

The Governor formally commenced and launched the ONDO-CARES Programme by distributing cheques and packages to verified beneficiaries, communities and farmers, under the State Community and Social Development Agency and Fadama respectively.

Apart from the cheques for the first tranche of fund for the communities to commence their projects as contained in the approved Community Development Plan (CDP), the benefitting farmers were given various agricultural inputs and assets.

Disquiet In APC Over Fate Of Care Taker Committee Chairman

By
Ayodele Oni
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APC Party
APC Party

By Ayodele Oni

Discordant tunes continued at the National Secretariat of the All Progressive Congress, (APC) in Abuja over the leadership of the party.

APC has been under a Caretaker Extra Ordinary Convention Planning Committee, (CECPC) for close to two years after the sack of the former Edo state Governor, Adams Oshiomole led national executive committee.

The CECPC is headed by Governor Mai Mala Buni, with representatives from the six geopolitical zones of the country.

The committee, as its name implies is to organize another convention of the party to elect new executive members, but the date has been shifted uncountable times untill it arrived at a new date in March.

Early morning report on Monday claimed that the CECPC was disbanded by President Mohamadu Buhari before he travelled out on Sunday and appointed Niger State Governor, Abubakar Sani Bello as a Sole Administrator.

National secretary of CECPC, James Akpanudoedehe, in another statement, urged members of the party to disregard the claim.

“Our attention has been drawn to sponsored media reports on an imaginary leadership change in the All Progressives Congress (APC) Caretaker/Extraordinary Convention Planning Committee (CECPC).

The media report is fake news and should be disregarded.

“The APC is a progressive political party guided by rules. Leadership changes are not announced by ‘sources’ through name dropping in the media.

“We urge our teeming supporters, members and indeed the general public to remain calm and support the Governor Mai Mala Buni-led APC CECPC conduct a rancour-free and credible National Convention deserving of our great party.”

However, some activities held at the secretariat on Monday was presided over by the Niger state Governor, who is representing North Central in CECPC with other members in attendance.

Governor Bello reportedly arrived at the National Secretariat of the party and  met with some members of the CECPC and National Secretary in attendance.

Security was beefed up with party members going in and out, apparently to forestall any ugly development.

There were, also, speculations that National Chairman of the CECPC. Gov. Buni, travelled outside the country, last week and was being expected back to the country on Monday.

Missing BRT Passenger Found Dead; Police Arrest Driver

By
Uche Mbah
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0
The Murdered BRT passenger

By Uche Mbah

A passenger who boarded a Bus Rapid Transit, BRT, from Ajah to Oshodi, Lagos,  declared missing by the Police, has been found dead.

The Police has, also arrested the driver of the BRT who disappeared since after the incident.

The 22-year-old fashion designer, Oluwabamise Ayanwole, went missing after boarding a Bus Rapid Transport (BRT) February 26.

BRT is a Lagos State Government-owned Transport company.

Oluwabamise boarded the bus at Chevron Bus Stop, Lekki, enroute Oshodi, in the evening but never arrived  her destination.

The news of her disappearance hit the social media and the Police arrested the guarantors who sureteed the driver for employment. When they checked his residence, he was said to have packed out of the area.

The Police, however, confirmed his arrest.

The whereabouts of Bamise was finally unravelled by Residents around Ebute Ero in Lagos Island who, reportedly, said her naked body was tossed out of a BRT bus near Oba’s Palace with her private parts missing.

Reports indicate that the brother has identified the corpse.

Currently, a hashtag is trending is #JusticeForBamise.

Police spokesman, CSP Adekunle Ajisebutu, said her body was found on Carter Bridge by Ogogoro Community, Lagos Island.

“The corpse has been deposited at the morgue of the Mainland Hospital, Yaba, for autopsy.

“The bereaved family has been contacted and family members have identified the corpse as that of Oluwabamise Ayanwole, the lady earlier declared missing.

“The Commissioner of Police, Abiodun Alabi, is saddened by this incident and, therefore, expresses, on behalf of the Management, officers and men of the Command, his heartfelt condolence to the bereaved family.

“Notwithstanding the death of Oluwabamise, the detectives handling the case would not rest on their oars until her killers are found.

“We, therefore, assure the concerned public and the bereaved family that we are closing in on the culprits and we are sure that soon the suspects would be arrested and made to face justice for this murderous act.

“While soliciting the cooperation of all and sundry, we once again appeal to anyone with additional information that could help the Police in arresting the suspects to kindly oblige us. Such information, we assure, will be treated with utmost confidentiality.

“The command is ever determined and committed to protection of lives and properties of residents in the state; and has strengthened its security apparatus to prevent a recurrence of this ugly, disturbing incident.”

Abba Kyari’s Drug Charges: “We Are Guilty”, Co-defendants Tell Court; Kyari Calls Them Ignorant

By
The Source
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0
Abba Kyari and Co in Court

By Gideon Njoku

Not wanting to waste the Court’s time, two civilian co-defendants in the case brought against suspended Deputy Commissioner of Police, Abba Kyari, on Monday, March 7, pleaded guilty to the charges preferred against them by the National Drug Law Enforcement Agency, NDLEA.

The two men who are the 6th and 7th defendants in the case, Chibunna Patrick Umeibe and Emeka Alphonsus Ezenwanne, were arraigned at a Federal High Court, Abuja, on Monday, March 7, 2022, before the Honourable Justice Emeka Nwite.

However, the Counsel for Abba Kyari, Kanu Agabi, SAN, a former Attorney General of the Federation, who is leading other senior lawyers, in a strong defence of the former revered Kyari, said the two men pleaded guilty to the possession of 21.35kg of Cocaine out of ignorance.

Kyari and the four Police officers arraigned with him – Sunday J. Ubua, ASP Bawa James, Inspector Simon Agirgba and Inspector John Nuhu – pleaded not guilty to the All the seven- count charges against them.

After the two pleaded guilty, Agabi urged the Judge not to  proceed in convicting them and sentencing them because their names were, also, mentioned in Counts 3 and 4 as alleged accomplices in the case. Otherwise, Agabi argued, it would not be in the interest of justice.

Agabi had argued as follows:

COUNT 3

“That you DCP Abba Kyari, ACP Sunday J Ubua, ASP Bawa James, Inspector Simon Agirgba and Inspector John Nuhu, all male, all male, Adult on or about the 19th to 25th January 2022, within the office of the Inspector-General of (IGP) Intelligence Response Team (IRT), Abuja, within the jurisdiction of this Honourable Court conspired amongst yourselves and with ASP John Umoru (now at large) to unlawfully tamper with 21.35 kilogramames of cocaine seized from Chibunna Patrick Umeibe and Emeka Alphons Ezenwannne in the custody of the Inspector-General of Police (IGP) Intelligence Response Team (IRT), by removing and disposing 17.55 kilogrammes of the cocaine and by substituting same with some other substance and thereby committed an offence contrary to and punishable under section 14(b) of the National Drug Law Enforcement Agency ACT CAP N30 Laws of the Federation 2004.

COUNT 4

“That you DCP Abba Kyari, ACP Sunday J Ubua, ASP Bawa James, Inspector Simon Agirgba and Inspector John Nuhu, all male Adult on or about the 19th to 25th January 2022, within the office of the Inspector-General of (IGP) Intelligence Response Team (IRT), Abuja, within the jurisdiction of this Honourable unlawfully tampered with 21.35 kilogramames of cocaine seized from Chibunna Patrick Umeibe and Emeka Alphonsus Ezenwannne in the custody of the Inspector-General of Police (IGP) Intelligence Response Team (IRT), by removing and disposing 17.55 kilogrammes of the cocaine and substituting same with some other substance and thereby committed an offence contrary to and punishable under section 16 of the National Drug Law Enforcement Agency ACT CAP N30 Laws of the Federation 2004.”

Agabi asked the Court for  another date to enable him cite authorities  to back  his argument.

He said:

“It is not in the interest of Justice for that finding to be made while the trial is still subsisting.

‘‘It may be that their plead of guilty is based on ignorance,”, he said

Agabi’s submission was, however, countered by the Director, Prosecution and Legal Services of NDLEA,  Joseph Sunday, who urged the Judge to proceed and convict the two. He said  that doing so will not affect the fate of Kyari and the four others who pleaded not guilty during the trial.

Umeibe and Ezenwanne’s Counsel also disagreed with Agabi. He told the Judge:

“I’m not on the same page with the senior counsel (Kanu Agabi). It is unfair for Agabi to say that they pleaded guilty out of ignorance when he was the legal representation that briefed them (6th and 7th defendants)

“His fears can be articulated in an argument. To say they are ignorant is not fair to their counsel. My prayer is that they should be discharged so they should know their fate,”

Agabi and Counsels to otger defendants also asked the Judge to grant their clients bail. The NDLEA countered them.

Justice Nwite adjourned to 14 March for hearing on bail application while March 28 was fixed for hearing on review of the facts regarding the Umeibe and Ezenwanne who pleaded guilty and other matters.

APC Crisis: Buni Out, Bello In

By
James Orji
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0

By James Orji

Governor Sani Bello of Niger state has taken over the leadership of the ruling All Progressives Party, APC. He took over on Monday following the decision of President Muhammadu Buhari and some governors under the banner of the party to replace the 21 months old care taker committee led by Governor Mai Mala Buni of Yobe state.

Governor Mai Mala Buni
Buni, Out As APC Chairman

Yekini Nabena, the Deputy National Publicity Secretary of the party had earlier debunked reports on Sunday that President Buhari has approved the removal of Buni, who the magazine learnt is currently in Germany on a medical trip.

Also on Monday, the CECPC Secretary, Senator John Akpan Akpankudohede denied the removal of Buni.

The magazine learnt that the president gave the go ahead to remove Buni before he embarked on a medical trip to the United Kingdom, UK on Sunday.

But speaking on the issue earlier today Akpankudohede dismissed the leadership change as a rumour.

“Our attention has been drawn to sponsored media reports of an imaginary leadership change in the APC CECPC. The media report is fake news and should be disregarded.

“The APC is a progressive political party guided by rules. Leadership changes are not announced by ‘sources’ through name dropping in the media,” Akpankudohede said

The story however changed not long after the former senator spoke that Governor Bello arrived the party’s National Secretariat, Abuja where he was said to have president over a meeting of NEC.

Before he arrived the party’s secretariat, anti-riots policemen and other security operatives were said to have taken over to forestall any breach of peace.

“The presence of security men you observed at the secretariat was from the above to prevent any break down of law and order. Obviously, the presidency wanted to forestall any disorder in the nation’s capital due to the change of guard in the APC,” a source in the ruling party said.

Meanwhile, sources in the party told the magazine that the major reason while Governor Buni-led CECPC was changed may not be unconnected with his reluctance to conduct a National Convention.

Even though the party has now fixed the Convention for March 26, some leaders of the party had expressed fears that the CECPC was not prepared to go ahead with it, as Governor Buni and other members of his team were already contemplating moving it forward to a later date, various sources in the party said.

Recall that President Buhari had in an interview with a television station in January, warned that the party could lose power if it failed to put its acts together.

The president was particularly not happy with the sit tight attitude of Governor Buni, close to two years after his appointment as CECPC chairman, close sources said.

Meanwhile, it was learnt on Monday that the new APC leadership may request for more time to prepare for the National Convention.

Electoral Act 2022: Court Stops Buhari, Senate, House, Malami

By
The Source
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0
Court
The Law

By Gideon Njoku

An Abuja Federal High Court, has restrained anybody from tampering with the recently- signed into Law Amended Electoral  Act, 2022.

Justice Inyang Ekwo ruled in an ex-parte motion brought by the Peoples Democratic Party, PDP, on  Monday, March 7, 2022. He stopped President Muhammadu Buhari, Attorney General  of the Federation and Minister for Justice, Abubakar Malami, SAN,  the Senate President and the Speaker, House of Representatives, from tampering with the newly amended Electoral Act 2022.

Ruling on the PDP application inyang agreed that the Electoral Act having become a valid law cannot be tampered with without following due process of law.

Ekwo was on the same page with the  Counsel to the PDP,  James Onoja, SAN, that the proper place to challenge the validity of any existing law is a Court of competent jurisdiction.

He, therefore, restrained  the defendants  from removing section 84 (12) of the Electoral Act or preventing it from being implemented for the purpose of the 2023 general elections.

He fixed further hearing on March 21, 2022.

The PDP had in the suit, FHC/ABJ/CS/247/2022 dragged the defendants, including the Independent National Electoral Commission, INEC, to Court, over the plan to tampering with the already signed-into-law amended Electoral Act 2022.

Tinubu’s Presidential Endorsement: Arewa Youths Forum Distances North From Ganduje

By
Akinwale Kasali
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0

By Akinwale Kasali

The leadership of the Arewa Youth Consultative Forum, AYCF, led by Yerima Shettima has distanced itself from the endorsement of the Presidential aspiration of a chieftain of the  All Progressives Congress, APC,Asiwaju Bola Ahmed Tinubu by the Kano State Governor, Dr Abdullahi Ganduje.

Shettima dismissed claims by Governor Ganduje that the North is backing the 2023 Presidential ambition of the former Lagos State Governor, stressing that the Kano State Governor  was not speaking for the entire North, rather, he was speaking for himself.

The AYCF leader said that the Governor can’t speak for the entire region, accusing him of pushing for his selfish interests.

According to Shettima: “Ganduje is entitled to his opinion, and probably he is just waking up from his dream. This is an expensive joke, and he knows it’s not true.

“Most of these guys believe that they can wake up and continue doing the same old things as regards politics; they believe that it’s what it was in the past.

“We know what happened and how he survived being a governor of Kano apart from the advantage of the incumbency from the ruling party that came together to work and ensure that they find a soft landing for him to get to where he is.

“So for this, he cannot be said to be speaking for the North. Lagos is different from the North. I wouldn’t blame him because most of them know that they are going into compulsory retirement in politics, so they can go to any length to say something that would ensure they remain to remain politically relevant.

“But you and I know that what he said is not true. We know how he managed the situation during Asiwaju’s birthday in Kano; we know what happened at the State House.

“Anybody can say anything today, but we all know it’s all about their personal interest, it’s not about talking the election is around the corner. Let them prove to Nigerians how popular they are among their constituencies.”

He added that it was not wrong for Governor Ganduje to endorse and pledge support for Tinubu, but it is morally wrong and an insult to the region for an individual to be speaking on its behalf when it wasn’t unanimously agreed or decided to back his candidature.

APC Crisis Deepens, As Police Take Over Secretariat; Secretary Debunks Sack Of Mai Buni

By
Akinwale Kasali
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0
APC Party
APC Party

By Akinwale Kasali

The Crisis rocking the ruling All Progressives Congress, APC, has taken a new twist.

The APC National Secretariat on Blantyre street, Abuja, has been sealed by Security Operatives. No reason has been adduced for this. But  the National Secretary of the Party, Dr James Akpanudoedehe, has debunked the story of the sack of Governor Mai Mala Buni of Yobe State as the  Chairman of the Caretaker and Extraordinary Convention Planning Committee

Akpanudoedehe described the report as fake news urging members of the public to disregard it.

He said:

“Our attention has been drawn to sponsored media reports on an imaginary leadership change in the All Progressives Congress (APC) Caretaker/Extraordinary Convention Planning Committee (CECPC). The media report is fake news and should be disregarded”

“The APC is a progressive political party guided by rules. Leadership changes are not announced by ‘sources’ through name- dropping in the media”

“We urge our teeming supporters, members and indeed the general public to remain calm and support the Governor Mai Mala Buni-led APC CECPC conduct a rancour-free and credible National Convention deserving of our great party”

It would be recalled that shortly before President Muhammadu Buhari embarked on his Two Weeks Medical Leave to London, United Kingdom, the strong rumour surfaced he  had signed that Mai Buni should be sacked as the caretaker Committee Chairman, of the APC.

Mala Buni who has been in the saddle for over a year was, allegedly, replaced by Governor of Niger State, Abubakar Bello as Sole Administrator pending the APC Convention scheduled to take place on  March 26, 2022.

The rumour was that the sack of Governor Buni were as a result of the inability of the Committee to hold a National Convention and the politicking that has been playing out since his acting in that capacity which further polarized the Party and plunged it into crisis.

The Yobe State Governor is presently out of the country. He travelled to Dubai, United Arab Emirates on a medical trip.

Sources revealed to this news medium that

as at Sunday night that the Presidency and the APC governors were perturbed at Buni’s conduct and collusion with a few colleagues to undermine the interest of the APC.

“Buni as the caretaker Committee Chairman had been on a rollercoaster mission piloting the affairs of APC with no proper focus for almost two years after the former Chairman Adams Oshiomhole was fired through the courts,” a source  said.

He continued:

“Buni had, without end, failed to conduct the party’s convention after several postponements making the party to remain in an oscillating mode till date.

“The positive move he made as caretaker Committee Chairman was the party’s registration of members that almost led to a disaster.”

A faction of the APC Governors was alleged to have complained bitterly to the President that Buni was not inclined to holding the convention as rescheduled, because there were no preparations on the ground to indicate so.

Breaking: APC Rumbles As Govs, Malami Plot To Remove Buni

By
James Orji
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0

By James Orji

The ruling All Progressives Congress, APC has debunked reports that Mai Mala Buni, the Chairman, Caretaker Committee has been removed.

The development comes ahead of the APC National Convention slated for March 26, and President Muhammadu Buhari’s endorsement of Abdullahi Adamu, a former governor of Nasarawa state as the next chairman of the party.

The president had made his choice of Adamu known to the party’s leadership before he travelled to London on Sunday on a medical trip.

Buni who is also the governor of Yobe state was appointed in June 2020 to lead the party, following the removal of former chairman, Adams Oshiomhole. The Yobe helmsman has been accused by many leaders in the party of sitting tight in the position.

In a statement of Monday, the CECPC Secretary, Senator John Akpan Akpankudohede denied the removal of Buni.

“Our attention has been drawn to sponsored media reports of an imaginary leadership change in the APC CECPC. The media report is fake news and should be disregarded.

“The APC is a progressive political party guided by rules. Leadership changes are not announced by ‘sources’ through name dropping in the media,” Akpankudohede said.

The party’s Deputy National Publicity Secretary Yekini Nabena had on Sunday warned some elements in the party who he accused of trying to organized the party’s NEC meeting today without the approval of Governor Buni.

Some APC Governors were said to have met on yesterday under the leadership of Governor of Niger State, Abubakar Sani Bello with the aim of formally removing Buni who has been in the top position for two years.

After the meeting held at the instance of Governor Bello, the attendees were said to have fixed the meeting of the party’s NEC for Monday(today) “where the planned to changed members of the caretaker committee” a source at the meeting said told the magazine few minutes ago.

The magazine learnt that some APC governors who attended the meeting in Abuja included Kayode Fayemi of Ekiti, Atiku Bagudu of Kebbi, Simon Lalong of Plateau, and Badaru Abubakar of Jigawa states, respectively.

Apart from the governors, Abubakar Malami, the Attorney General of the Federation and Minister of Justice was said to have attended the meeting convened by Governor Bello.

The magazine has yet to be informed whether the meeting will still take place today.

Nabena had in the statement accused Governor Bello of acting beyond his power as a member of the CECPC, adding that the plot will destroy the party except Bello is called to order by the president.

“I am using this medium to call on our leaders across the states to caution Governor Sani Bello of Niger state. The presidency should also call him to order to immediately drop the plan to convene a NEC meeting without the knowledge of Governor Mai Mala Buni and the Secretary of the CECPC.

“The likes of Governor Bello are the political vultures working against our party and to cause anarchy in the ruling APC.

“Governor Sani Bello is neither the Chairman nor Secretary of the National Caretaker Committee. So did he get the power to convey such meeting?

“Governor Bello should not destroy the ruling APC because of his personal political ambition of becoming Vice President or whatever in 2023,” the statement said.

CBN: After Osinbajo, Rewane Slams Apex Bank’s Forex Policies

By
Tosin Olatokunbo
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0

By Tosin Olatokunbo

Financial guru Bismark Rewane has slammed the CBN for initiating various naira-dollar policies that have so far failed to achieve desired results.

Rewane, the chief executive of Financial Derivative and a member of President Muhammadu Buhari’s Economic Advisory team said the Governor Godwin Emefiele-led CBN has so far failed to impress with policies churned out to stabilize the value of the naira.

He spoke barely four months after Vice President Yemi Osinbajo said the naira exchange rate set by the CBN is unrealistic. He advised Emefiele to have a ‘rethink’ over his forex management strategy.

“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply.

“We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows by how much our reserves can grow.

“I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.

“Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full”, Osinbajo said.

According to Rewane, the CBN has initiated at least four forex-targeted policies, in the last few months, with no tangible results. He mentioned the policies to include the Naira for dollar, import restrictions and scrapping of dollar sales to Bureau de Change, BDC.

Also, the apex bank had few days ago promised importers N65 for every dollar of non-oil export proceeds sold to third parties at the importers and exporters (I&E) window, as pressure continues to mount on the need to stop the free fall of the national currency to the US dollar. Naira was exchanged for N416 to the dollar at the official market and N514 at the parallel market at the close of business last week.

Godwin Emefiele
Emefiele’s Forex Policies Receive Knocks

According to a circular released by the CBN on February 25, the government bank said the N65 per dollar initiative was meant to serve as incentive to importers and exporters aimed at attracting $200 billion in foreign exchange earnings from non-oil exports proceeds within five years.

The apex bank said it expected more dollars to be repatriated to the country throw the window.

“The scheme shall pay N65 for every US$1 repatriated and sold at the I & E Window to Authorised Dealers and Banks (ADBs) for other thirty party use,” the circular said.

The CBN further stated that importers and exporters will be rewarded “N35 for every US$1 repatriated and sold into I&E for own use on eligible transactions only. However, the spread should not be more than 10 kobo.

“Payment of the incentive shall be made on quarterly basis. The accounts of exporters that qualify for rebates shall be credited latest one week after the end of the quarter.

“Exporters shall qualify for the rebates only, where repatriated export proceeds are sold at the Investors & Exporters Window (I&E).

“Eligible transactions that qualify for incentives under the scheme shall be export of finished and semi-finished goods wholly or partly processed or manufactured in Nigeria, except otherwise stated by the CBN; and export of goods and services (IT and creative businesses) that are permissible and excluded under existing export prohibition list”, the CBN said.

But speaking Rewane said the initiatives have failed to achieve results. For instance, the presidential adviser said the N65 per dollar will not attract those specifically targeted, adding that exporters will prefer to sell their dollar earnings at the parallel market to make huge profit.

He said the disparity in the exchange rate of the naira at the parallel and official market is too attractive to ignore.

“Will exporters be willing to give up N99 per dollar out of patriotism?” Rewane asked.

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