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2023: Northern Governors Slam Southern Governors; Say Agitation For Southern President, Unconstitutional

By
Ayodele Oni
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By Ayodele Oni

The Northern Governors rose from their meeting on Monday with a condemnation of their counterpart in the South for agitating for zoning of the President to the area in the next dispensation.

The meeting, held under the auspices of Northern Governors Forum, in a communiqué, “observed that some Northern States Governors had earlier expressed views for a power-shift to three Geo-Political Zone in the South with a view to promoting unity and peace in the Nation.

“Notwithstanding their comments, the Forum unanimously condemn the statement by the Southern Governors Forum that the Presidency must go to the South.

“The statement is quite contradictory with the provision of the Constitution of the Federal Republic of Nigeria (1999) as amended that the elected President shall:-

*Score the majority votes; *Score at least 25 percent of the votes cast in two third States of the Federation.

*In the case of run-up simple majority win the election.”

The meeting, which was held in Abuja, also had in attendance some Emirs from the zone.

The communique, signed by the Chairman of the Forum, Governor Simon Bako Lalong KSGG, did not state specific position of the Governors on the Value Added Tax, (VAT) currently being fought by some Governors in the South.

“The Northern State Governors Forum considered the on-going National debate on the collection of Value Added Tax (VAT). As responsible leaders while we are constrained by the fact that the matter is subjudice we, however, for the purposes of educating the public make the following observations:

“The judgement of the Federal High Court calls to question the constitutionality of VAT, withholding tax, education tax, Niger Delta Development Commission, National Information Technology Development Agency, 13 percent derivation, National Economic Development Council and many others currently levied and collected by the Federal Government of Nigeria, Federal Inlands Revenue Service.

“Rivers and Lagos State Government had enacted their own VAT laws and the Southern Governors Forum have expressed support for this course of action. VAT is being confused by these State Government as a sales tax.

“If every State enacted its own VAT Law, multiple taxation will result in increases of prices of goods and services and collapse in interstate trade. VAT is not a production tax like excise, but terminal tax which is paid by the ultimate consumer;

“Another confusion is ignoring observation above and its “overall effect”.  The reason Lagos account for our 50 percent VAT collection is because most of the telecommunication companies, Banks, manufacturing and other trading activities have their headquarters in Lagos with the resultant and wrongful attribution of VAT.

“Until, and unless, the Supreme Court pronounces judgement on the substantive matter between Rivers State and Federal Government, the matter is subjudice and Northern States Governors Forum would respect this.”

On security, “the Forum reviewed security updates from the Region and observed the need for a sustained synergy and coordinated efforts between the Federal and Northern State Governments while noting success of recent measures.

“The meeting also noted with concern the constraint of the security services and urged the Armed Forces to embark on simultaneous operations and resolved to share the plans of the Frontline States come up with common with other Region; and assured of its readiness to work in synergy with the Federal Government of Nigeria in finding lasting solution to the current security challenges.

“The Forum appreciated the ongoing onslaught against banditry, kidnapping and Boko Haram especially in the North East and parts of North West and North Central States and encouraged the Armed forces and other security agencies to sustain the tempo to enable the security challenges be permanently addressed in the shortest time.”core the majority votes; score at least 25 percent of the votes cast in two third States of the Federation. In the case of run-up simple majority win the election.”

The meeting, which was held in Abuja, also had in attendance some Emirs from the zone.

Enugu; IPOB Stay at Home Continues As Hoodlums Kill Man, Set Bus on Fire

By
Uche Mbah
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Enugu IPOB Sets Bus Ablaze

By Uche Mbah

Violent attacks and fear of the unknown have forced people in the Eastern States to continue to stay at home even after IPOB and other affiliated groups have given counter orders calling off the sit at home.

In Enugu State, on Monday September 27, a young man was publicly shot inside his car and dragged down. When the hoodlums saw that he was not dead, he was shot again at close range.

In another incident, a bus carrying foodstuffs was set ablaze. Both tragic incidents are  believed to have  been carried out by those enforcing the sit-at-home order.

It is not clear whose order they claim to be obeying.

Since the sit-at-home order by IPOB started, more than four buses plus a number of tricycles and motorcycles  have been burnt by sit-at- home enforcers.

The bus was said to be coming from the North via the Nsukka gateway when they were ambushed by the hoodlums who set the bus and its contents ablaze.

There were no casualties, but the Enugu fire service rushed to the scene to put out the fire.

IPOB: Igbo People Relocating Out Of Igboland – Joe Igbokwe

By
Adesina Soyooye
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Prof George Obiozor - Ohanaeze President

By Adesina Soyooye

Indigenes of the South-east Zone of Nigeria, the Igbo, are relocating out of the region to other regions in Nigeria. This assertion was made by Chief Joe Igbokwe, a chieftain of the All Progressives Congress, and Special Assistant on Water and Drainage to Lagos State Governor.

Igbokwe, from Nnewi, South-east, said the people are relocating in droves because of the fear of, and activities of the Indigenous Peoples of Biafra, IPOB. He said they are fleeing to avoid   what he described as the “assault on them by heartless IPOB Bandits.”

He was reacting to IPOB’s latest orders of a sit-at-home  on October 1, 2021, and the removal of the Nigerian Flag from the Zone.

The orders have been greeted with outrage by a cross section of people and groups including the Nigeria Police Force, the Igbo Apex Cultural body, Ohaneze Ndigbo, and the Ijaw National Congress, INC.

October 1st, 2021, is Nigeria’s 61st Independence  Anniversary.

In a post, Igbokwe lamented  what IPOB has wrought on the South-east, and disclosed that Igbo people were now relocating to States outside the South-east to escape assaults insults and violent death.

On the order against October 1, Igbokwe described it as an affront to  the State of Nigeria, and called on State Governors and the Igbo who-is-who to step in arrest “the excesses of IPOB” before it is too late.

Igbokwe: “IPOB’s threat to attack the Nigerian flag on October 1st, 2021 in the South-east should not be treated with kid gloves.

“The sit-at-home order on that special day, and Independence day is an to the Federal Republic of Nigeria. This is an attack on the corporate existence of Nigeria as a political entity and no Nation, big or small, will take this threat lightly.”

Igbokwe, also, warned that the action has consequences.

Chief Joe Igbokwe
Chief Joe Igbokwe

He wrote: “ACTIONS CARRY CONSEQUENCES!!!

The South-east Governors, Senators, HORs, South-east State Assemblies, the Speakers, Ohaneze Leadership, First Class Traditional Rulers, the Egg Heads, University Teachers, Business Tycoons, Intelligentsia, Market leaders, prominent politicians, etc, should rise up to check IPOB excesses in Igboland.

“Our people are relocating out of South-east to Delta State and some other States  for fear of attacks and assaults by heartless IPOB bandits.

“They have killed Policemen, attacked Police formations, burnt Police patrol vans, killed Soldiers, killed Priests, they have killed our people, looted their shops and countless atrocities which time and space will not permit me to mention here.

“Those who are pushing for this brigandage in the South-east are the lowest of the low in Igboland. They do not represent the thinking and aspirations of the vibrant SE citizens. I repeat that an attack on Nigeria’s Flag is an attack on Nigeria.”

IPOB, a secessionist group proscribed by the FG in 2017, has been pushing for an independent Republic of Biafra (comprising the South-east Zone), a consequence, the group claims, of persecution and marginalisation of the people.

Its Leader, Mazi Nnamdi Kanu is in the custody of the Federal Government facing prosecution at a Federal High Court, Abuja, over sundry allegations, including treasonable felony and murder.

To pressurise for his release, IPOB had imposed a weekly (Mondays) Sit-At-Home order on the South-east Zone. It later reduced it to only the days Kanu would appear in Court.

That has not, mostly, been complied with by the people out of fear since some elements are still bent on enforcing the order.

A few days ago, IPOB said it would lock down the South-east for a month if Kanu does not appear in Court on the next adjourned date, October 21, 2021. The last time his case was called up, he was not brought to Court over what authorities say was “logistics reasons.” IPOB says its a grand plan to keep him in custody in perpetuity.

Sadly, the orders by IPOB have had no effect on the Federal Government, or on Kanu’s fate. Instead, it has ushered in untold hardship, unprecedented violence, blood, tears and sorrrow, and destruction and disruption, and deaths to the South-east.

And, now, according to Igbokwe, an exodus of the people from their own Igboland.

Economy: PDP Reiterates Emefiele’s Sack As CBN Governor, Claims APC Is Shielding Him

By
Akinwale Kasali
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Godwin-Emefiele-CBN-Governor

By Akinwale Kasali

The Peoples Democratic Party, PDP, has again  demanded for the immediate sack of the Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, over the State of the Economy.

The Nigeria has depreciated to N580 to a Dollar.

The party accused President Muhammadu Buhari and the All Progressives Congress, APC, of being corruptly minded, shielding anf retaining Emefiele despite the state of the Naira to the Dollar.

A statement by the PDP National Publicity Secretary, Kola Ologbodiyan, titled; ‘PDP to APC: You Have Admitted to Wrecking the Naira’, in Abuja, on Sunday, PDP said the President Buhari administration is sabotaging the economy and making life difficult for Nigerians by retaining Emefiele who they claim have successfully supervised the looting of the treasury of the country.

The statement reads in  parts:“Our party insists that by the comments of the APC National Secretary, Senator John Akpanudoedehe, the APC deliberately kept a CBN Governor that supposedly supervised the ‘sharing and looting’ of monies in office to enable APC leaders to pillage the CBN.

“We call on the APC and the Buhari Presidency to come clean on their activities in the CBN that have brought the value of our naira to her knees and stop the horrible resort by the APC to blackmail those who are demanding transparency and accountability in the nation’s fiscal sector.”

This is the second time the PDP has called for Emefiele’s sack within a few days.

NGF Chairman, Dr Fayemi, Canvasses Joint Ownership Of PIA Incorporated Ventures

By
Ayodele Oni
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By Ayodele Oni

Chairman, Nigeria Governors Forum, (NGF), Dr Kayode Fayemi, has said any venture that emerge out of the Petroleum Industry Act, should not be sole property of the Federal Government.

Dr Fayemi pointed out that “We do not believe that the Ministry of Finance (incorporated) and the Ministry of Petroleum Resources should be the sole owner of the company that has emerged out of the Petroleum Act.

According to him, “this is because we believe that the entire body of petroleum institution is the product of the federation and not the Federal Government.

“And we have suggested that the one body that belongs to both the Federal, State, and Local Governments is the Nigerian Sovereign Investment Authority in which we (the states) are all shareholders and if it is held in trust by the Authority, then we are a lot more comfortable in seeing that as a federation company rather than a Federal Government company.

“The second concern that we have expressed relates to the depletion of the federation account by the various percentages that have been earmarked for frontier states and host communities of the petroleum product. Without prejudice to what the host communities deserve.”

Dr Fayemi was speaking Sunday evening during a live television programme on THISDAY LIVE, an interview programme on ARISE TELEVISION monitored in Ado Ekiti.

On VAT controversy, on which Lagos and Rivers states have gone to court, the NGF chairman said: “For us at the Nigerian Governors’ Forum, this is an issue that we are looking both legally and politically.

“But our take on this is that the Supreme Court should accelerate its decision so that we have clarity over who should be in charge of Value Added Tax (VAT). Whether it is the Federal Inland Revenue Service, or States.

“States that have gone to court believe clearly that this responsibility evolves according to their own understanding of what the constitution says.

“The important thing is that our tax system is problematic, confusing, and contradictory. We need to do a lot more to clarify things so that it can give room for more efficient and effective collection of taxes.

He was of the view that there was nothing wrong in Federal Government’s decision to borrow money to finance projects, advising that there was the need to channel borrowed funds to regenerative ventures  to strengthen the nation’s economy and generate more jobs for the citizens.

“The President Buhari administration ought to be commended on the utilization of money being borrowed. It has utilized these monies more on infrastructure development than consumption which has aided economic growth.

“Clearly, it would be great not to borrow but it would also be great to redirect the funds that we have to regenerative areas of our economy. Realistically, we have a revenue challenge which has not enabled us build an economy that responds to the yearnings of Nigerians.

“I don’t think there is anything wrong in the President as a major voice in international affair, particularly in Africa and the black world calling for a review of debt management and arrangements.”

Despite the economic challenges and hardship being faced by Nigerians, Dr Fayemi was optimistic that the All Progressive Congress, (APC) would still coast home with victory during the 2023 elections.

“Contentions are always going to happen. APC is a big Party with different tendencies and there will be contentions for and against.

“We are very confident that this Party will produce the next government in this country in 2023 but before we get there, we are more focused on the country now. The Party is more interested in the stability and security of Nigeria. What is happening internally is something we will resolve internally.”

October 1: Uzodinma Says Imo Will Not Tolerate Sit-At-Home Order

By
The Source
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Hope Uzodinma

Governor Hope Uzodinma has declared that Imo State will not tolerate a sit-at-home order on Friday, October 1. The Indigenous People of Biafra, IPOB, had ordered it, as well as ordering all Nigerian flags to fly at half mast in the South-east Zone. According to IPOB’s plan, the flag aspect of their order ought to have started on Saturday, September 25.

IPOB, a separatist group is asking for an independent Biafra, and using the sit-at-home order, which was weekly, to pressurise the Federal Government to release its leader, Mazi Nnamdi Kanu, who is under detention and undergoing prosecution for sundry offences, including treasonable felony and murder.

October 1 is Nigeria’s 61st Independence anniversary.

But Uzodimma, while congratulating Nigerians on the 61st Independence Anniversary of the country said  IPOB’s order will not be tolerated in the State. Instead, he  urged Nigerians to maximise the things that unite them for a greater Nation.

The Governor  spoke on Sunday while addressing the congregation at a special Church Service at the Government House Chapel, Owerri ahead of  October 1, 2021.

Governor Uzodimma reiterated his belief in the unity of Nigeria and called on all Nigerians and Imo State citizens, in particular, to “eschew bitterness, rancour, sentiments and emotions, drop all the differences in us and maximize those things that unite us for a greater  Nigeria.”

According to a release by his Media Adviser/Chief Press Secretary, Oguwike Nwachuku, the Governor  called on the leadership of the country at all levels to “think of a greater Nigeria by tackling governance in the best way that will benefit our people.”

The Governor, who has just returned from a week-long official visit to Abuja to follow up on approvals arising from President Muhammadu Buhari’s visit to Imo State recently told an elated audience that the trip yielded a lot of benefits to the State.

The benefits from the Presidential visit, the Governor informed include, the President’s approval for the installation and conversion of Otamiri River to a Dam capable of powering a10 mega watts plant that can generate electricity when completed and help improve water supply in the State. He said it was a fallout from the Balloon driven technology underground tunnel which Mr. President commissioned.

Also, the Governor announced that another gain from his follow-up visit to Abuja is the visitation by Vice President Prof. Yemi Osibanjo to Imo State on October 15 to administer the N12billion empowerment programme to the private sectors, traders, artisans and vulnerable groups as approved by the President for  Imo State citizens.

Furthermore, the Governor also hinted that the Federal Government has graciously included Imo State as a beneficiary of its special Agric Processing Zone Project for Livestock and out of the seven States in the country that the Federal Government is billed to spend $850 million, Imo State is Number two and will get a whooping $120million.

Besides, the Governor told an elated congregation that the Federal Government under the leadership of President Buhari has secured $1.4billion facility from the World Bank for Urban and Rural Water development and that Imo State is one of the States approved from the Six geopolitical zones in the country to benefit from the programme, representing the  South East Geopolitical Zone.

Governor Uzodimma also explained the position of the State on the oil wells located in Imo State that were ceded to Rivers State for about 20 years now.

He said  though the boundary adjustment Committee through boundary demarcation had given back the oil wells to Imo State, the Rivers State Government had taken the matter to the Supreme Court, all in an effort to continue to deny Imo State what belongs to her.

Governor Uzodimma expressed disgust that even when some of the wells are located in local Governments in Imo State such as Ejemekwuru in Oguta LGA,  yet Rivers State, in collaboration with some selfish elements from Imo State who are benefiting from the scam, are bent on turning the table against Imo State.

The Governor however expressed confidence that “Imo State will eventually get justice at the Supreme Court and get back what belongs to her,” and that the State will be receiving additional N8billion monthly from Federal Allocation.

On the challenges the State had when he came into office which include her inability to borrow from banks, treasury bills and other financial institutions, the Governor noted that “the Debt Management Office has passionately considered Imo State and moved her from 16% borrowing threshold to 40% borrowing capacity which allows her to discuss with the Financial Institutions on the way forward.”

Governor Uzodimma reiterated his earlier resolve to discourage over taxing of Imo people and reassured that “when things get better only those with genuine businesses and higher income will be taxed while those with little or nothing will be left out of the tax book.”

Sadly, the Governor expressed disgust with the activities of kidnappers in the State who are on rampage and making Imo people uncomfortable and urged the people to go about their normal businesses as there is enough security to guarantee their safety.

He also warned that there is no sit- at -home order in Imo State, whether on Monday or any other day and advised the people to go about their legitimate businesses without fear of molestation.

However, he acknowledged the efforts of security agencies in the State towards securing lives and property and enjoined them to put more efforts and “go after all criminals, especially the kidnappers no matter where they are,” noting that “a criminal is a criminal anyday, anytime.”

He thanked Imo people for believing in his Government and expressed delight that they are beginning to understand what he and his administration stand for.

FIBA Afrobasket 2021: D’Tigress Are Champions, Qualify For FIBA World Cup In Australia

By
Akinwale Kasali
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D’Tigers

By Akinwale Kasali

On a day Nigerians lamented the loss by Anthony Joshua of all his world boxing champions, the D’Tigress of Nigeria gave them a gift to be proud of.

The team has become the second country in the continent to win the Female FIBA Afrobasket Championship for the third time consecutively, after Senegal achieved same feat in 1970.

As earlier promised by Coach Otis Hughley Jnr that his team would go all out to defend the the title it won in 2017 and 2019, they did not disappoint their teeming fans with a 70-59 score line against their Malian counterparts at the Palais Polyvalent Des Sport Arena in Yaoundé, Cameroon.

The Nigerian senior women’s basketball team recorded a historic achievement by winning the Afrobasket championship with an outstanding display and impressive performance throughout the competition.

The final against Mali saw a more determined team that was gunning for victory. The team was focused on their objective of breaking records in the final against Mali, and qualifying for the FIBA World Cup in Australia next year, setting the ball rolling in the first quarter with a 22-11 lead, before the Malians bounced back to take the second quarter 13-9, reducing the tally and making it a tight contest at half-time.

The experience of D’Tigress Captain, Adaora Elonu, and the duo of  Victoria Macaulay and Ezinne Kalu worked so well with the team and they won 28-14 in the third quarter to give the Malians an Herculean task in getting back into the fierce contest.

In the 4th quarter, the Malians put a strong fight, but they couldn’t withstand the resilience of their more compact and determined opponent, that sustained the momentum, making the late rally of the Malians not yielding any good result, despite the late fight to win the 4th quarter 21-11 and reduced the deficit to 11 points.

The National team best performer for the final was Macaulay, garnering 15 points, 3 rebounds, 1 assist, 2 steals and 3 blocks.

The team of the tournament saw Elonu and Kalu commanding a place in the tournament’s All-Star 5.

Elonu was also voted the Most Valuable Player, MVP of the tournament.

The victory saw the D’Tigress winning its 5th Afrobasket title with previous successes in 2003 and 2005, and also qualifying for the 2022 FIBA Women’s Basketball World Cup in Australia.

Eleven Abducted Bethel School Students Still In Bandits’ Custody

By
Akinwale Kasali
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Bethel Secondary School Kaduna

By Akinwale Kasali

Eleven students of Bethel Secondary School Students remain in the custody of Bandits who abducted them from their school in Kaduna, several weeks ago.

This is as Rev. Joseph John Hayab, the Chairman, Christian Association of Nigeria, CAN, Kaduna Chapter announced the release of 10 more of the Students by Bandits.

Over 150 Students were abducted from the School by Bandits who have been releasing them in batches.

Announcing the release of the Students, Rev. Hayab in a WhatsApp message to Media Houses said: “Ten more students of Baptist High School were released this afternoon. We have 11 now with bandits.

“We are thanking all Nigerians for their prayers and support.

“We are trusting God that the rest will be released very soon. All have been reunited with their parents.”

The Clergyman did not disclose whether any ransom was paid before the release of the Students, just the same way it was not disclosed when some of the students were released weeks back.

Kaduna has become the epicentre of kidnapping of Students, forcing the Kaduna State Government to close down schools. It has just announced the resumption of schools, and parents are both nervous and on edge.

Insecurity: OPC Alleges Sheikh Gumi Spy For Bandits

By
Akinwale Kasali
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0

By Akinwale Kasali

Sheikh Ahmad Gumi’s activities, fraternity and seeming support for Bandits have been criticized from different quarters, as calls for the President Muhammadu Buhari-led Administration to curtail his excesses and support for the dreaded Bandits have fallen on deaf ears.

However, the Oodua Peoples Congress, OPC, Oyo State Chapter, under the leadership of Iba Gani Adams, the Aare Onakakanfo of Yoruba land, has alleged that the Bandits Chief Negotiator could be a spy for Bandits.

In a chat with newsmen over the weekend, the Oyo State Chapter Coordinator, Rotimi Olumo, queried the motive and rationale over the unwarranted and unexpected visit of Gumi to Igboho, a town in Oyo State.

Olumo said it was an affront to the entire Yoruba nation for Gumi to have visited the South West, stressing that he outstepped his bounds and warned him to steer clear of all parts of the South-Western region of Yoruba land.

The OPC Coordinator in the State said that Gumi is a security threat to the entire nation, because his visit was uncalled for, as there was no interest he (Gumi) served, except to make a mockery of the people in the South West.

Olumo added that the verbal attack by Gumi and his entourage on Igboho was a clear manifestation that they were there to ridicule and provoke Yoruba people in their domain, which the OPC frowned upon.

“We the Yorubas don’t  need the assistance or support of a Spy for Bandits to protect “our people” as adequate measures have been put in place to secure the region.

“Gumi cannot be trusted in anyway. The Yorubas need adequate vigilance from the people of the entire South-West and be battle ready, because Gumi’s visit to the region is suspicious”.

Forex Racket: More Banks Set To Expose Dubious Customers

By
Bayo Bernard
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0

By Fola James

Commercial banks in the country are compiling names and Bank Verification Number, BVN of customers involved in forex malpractice with the aim of publishing the same, the magazine has learnt. The development comes as tier one bank UBA published names and BVN of three customers, it claimed failed to return unspent forex to the bank.

The bank, had in a report on its website, mentioned three customers it accused of not returning unused forex to the bank. Its decision to expose the customers, the lender said is “In compliance with the directive of Central Bank of Nigeria mandating banks to publish the names of defaulters of the forex exchange regulation, based on regulatory directives, the following customers cancelled their trip and failed to return the PTA availed to them despite several mails, text messages and follow up phone calls.”

Close watchers in the industry informed the magazine that other banks will follow suit in a matter of days due to serious infractions going on among customers despite warning by the Godwin Emefiele-led apex bank that anyone caught in forex racketeering will be punished.

“Many customers are not ready to obey the rules. The only way out is for these people to be exposed and punished. When this is done it will serve as a warning to others who may want to circumvent the rules. But my worry is that the commercial banks are not likely to publish the names of big players, except those of small customers who have no Godfather,” a source said.

But some top executives of the banks who spoke to the magazine on the issue, said the banks are already cooperating with the apex bank on the matter. “We have no other option than to abide by the rules set by the Regulator on forex transactions. It is in our interest and that of the country to do so,” a director of a tier one bank told the magazine

Another source said “some customers have already been warned to return unspent forex. We have sent text messages and in some cases letters to them. We are still expecting their response. Anytime from now we will let the public know who they are, because we are not prepared to risk the relationship we have with the Regulator.”

The CBN had last month directed banks to publish the details of customers involved in forex malpractice, failure to do so will attract sanctions, the government bank said.

According to a circular addressed to all banks on August 30, and signed by the bank’s Director, Banking Supervision Department, Haruna Mustafa, the apex bank said it has noticed fraudulent practices, which include the use of fake visas and cancellation of air tickets after purchase of Personal Travel Allowance and Business Travel Allowance among customers.

CBN warned that “this trend, if not curbed, portends risk to the integrity and stability of the forex market.

“Consequently, further to the various measures already put in place, all banks are hereby directed to publish on their websites the names and BVN of defaulting customers who present fake travel documents or cancel their tickets and fail to return the purchased PTA/BTA within two (weeks) as stipulated in the customer declaration form signed by them.”

In spite of the warning the apex bank said on September 11 that the sharp practices still continued, following which it threatened to withdraw the license of any commercial bank who failed to expose any customer involved in foreign exchange malpractice.

According to a letter addressed to all banks in the country and signed by OS Nnanji CBN’s Director, Trade and Exchange Department the apex bank said it will not hesitate to descend heavily on collaborating banks.

In the letter titled “Observance of Due Diligence In the Processing of Foreign Exchange Transactions,” the CBN said the banks must know the full details of customers who purchase forex from them.

The apex bank said “In line with the continuing close surveillance of our foreign markets in general and the foreign exchange market in particular, the CBN wishes to remind all banks that it is their responsibility to not only know their customers (KYC requirements) but also know their customers’ business KYCB requirements,” the letter said.

“Given these responsibilities, and in view of recent occurrences in the market, the CBN would like to remind us to desist from all and any forms of FX malpractices.

“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year.”

  The CBN stopped the sales of forex to Bureau de Change, BDCs in July after it accused them of funding Boko Haram and bandits. Since then, the bank has been allocating foreign exchange to banks who now sell directly to customers.

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