NAIRA: ONSA and CBN Join Forces to Safeguard FX Market, Combat Speculative Activities

 

 ••• EFCC Sets Up 7000 Man Task Force in 14 Commands To Track Dollar Racketeering 

By Kamsi Anayo

 

The Office of National Security Adviser (ONSA) and the Central Bank of Nigeria (CBN) have joined forces to address challenges impacting the nation's economic stability.

A statement signed by the Head, Strategic Communication

Office of the National Security Adviser, Zakari Mijinyawa, on Tuesday said the CBN's proactive measures to stabilize the foreign exchange market and stimulate economic activities have been commendable. 

He, however, said the effectiveness of the initiatives was being undermined by the activities of speculators, both domestic and international, operating through various channels.

Mijinyawa said their activities were exacerbating the depreciation of the Naira and contributing to inflation and economic instability.

Recall that, to address the exchange rate volatility, the CBN initiated a comprehensive strategy to enhance liquidity in the forex market, including unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

To reduce the pressure on the Naira, the Economic and Financial Crimes Commission (EFCC) has raised a 7,000-man special task force across its 14 zonal commands to clamp down on dollar racketeers.

Yet, recent intelligence reports have highlighted continued illicit activities within the Nigerian foreign exchange market, hence  ONSA and CBN are therefore embarking on this collaborative approach to tackle these infractions. 

"This partnership will involve a coordinated effort with key law enforcement agencies, including the Nigeria Police Force (NPF), EFCC, the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU).

@The primary objective of this alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market. 

"By leveraging the expertise of these agencies, we aim to deter malicious practices, protect investor interests, and promote sustainable economic growth," Mijinyawa said.

According to him, this joint effort underscores the commitment of the Nigerian government to improving its Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework and exiting the grey list of the Financial Action Task Force. 

"In addition, the efforts will make progress in ensuring a stable and transparent foreign exchange market, fostering investor confidence, and advancing the nation's economic well-being," he added.

University Of Abuja: NIDCOM Partners To Enhance Migration Management

Prof. Abdul-Rasheed Na'Allah, the Vice Chancellor, University of Abuja says, the University, through the newly established Centre for Migration Studies is willing to partner the Nigerians in Diaspora Commission (NiDCOM) for better migration management.

Na’Allah stated this during a visit to the Chairman/CEO,Nigerians in Diaspora Commission,(NiDCOM), Hon.Abike Dabiri-Erewa, at the Commission’s headquarters in Abuja.

The Vice Chancellor emphasized that the visit was to foster partnership for better migration management.

Na’Allah described the University as an institution with large impact, noting that it is the first to introduce Distance Learning the Federal Capital Territory (FCT) to leverage learning opportunities for Public Servants and other Nigerians all over the country.

“As an Institution situated in the centre of Nigeria, with over 50,000 students and also the first University the Embassies come to interact with, we are ready to partner with you on the job you do as a Commission” he added.

The VC stated that the Centre is willing to talk to Nigerians and educate them on regular migration with information on several ways to migrate legitimately.

In his words, “we can work on joint research, joint sensitization effort to curb migration crisis, train your staff and other possible ways to best enhance migration management”.

Receiving the delegation on behalf of the Chairman/CEO NiDCOM, Dr. Sule Yakubu Bassi, Secretary to the Commission, welcomed the initiatives with so much enthusiasm noting that the Commission is fully committed to better migration management.

Bassi describes the partnership as essential, reiterating that migration is a natural phenomenon that cannot be stopped but can be beneficial if properly managed.

“Different factors such as push factor and pull factor leads to migration, what we do is to see how we can turn it into a win-win situation by encouraging those intending, to migrate regularly so they can contribute their own quota to National Development” Bassi noted.

He further urged the University to also look at means through which the Diaspora can be encouraged to maintain ties with their homeland.

“We engage  with the over 20million Nigerian Diaspora by enabling them with knowledge on how to engage with Nigeria. They have the talents, resources and global exposure which can be harnessed for national development.” Bassi added.

The Secretary elaborated how the Commission continues to attract Nigerians back home and their investments through numerous programmes guided by the National Diaspora Policy, such as Nigeria Diaspora Investment Summit (NDIS), Diaspora Investment Trust Fund, Diaspora Mortgage Scheme and the National Diaspora Merit Award amongst others.

PDP Governors: It’s time to do the work you were elected for - Mohammed Idris

The Minister of Information and National Orientation, Mohammed Idris, notes the statement by the PDP Governors Forum, directing a call for resignation at President Bola Ahmed Tinubu GCFR. 

The call is nothing but an attempt at distraction by people who should instead be busy supporting the President’s efforts at bringing economic relief to the Nigerian people. It is our considered view that the PDP and its Governors should not be seeking, through the back door of intimidation, what they have consistently failed to achieve by democratic means, since 2015.

Those who could not bring transformational change when they had a lengthy chance to, should not seek to interrupt or distract those who are busy at work on the presidential vision that Nigerians elected them to implement.

The administration of President Bola Tinubu has also, since inception, generously extended financial support to all the State Governments, regardless of partisan affiliation. In addition, the removal of the petrol subsidy—which, incidentally, was one of the main planks of the PDP presidential campaign—has swelled the revenues of all States, including the PDP States. To whom more has been given, more is therefore expected. 

The President and his administration recognise the unfinished business of revamping our national economy kickstarted by the administration of President Muhammadu Buhari, through programmes focused on large-scale infrastructure, social welfare, prioritizing the equipping and welfare of the military and security agencies, and reclaiming Nigeria’s strategic place in the comity of nations. Boko Haram and its affiliates, on the ascendancy in 2014/2015, have since been decimated, and similar bold gains are now being made with bandits and other criminals.  

Nigerians have not forgotten that it was the APC administration that cleared several liabilities left behind by the PDP government, such as subsidy claims by oil marketers, Paris Club Refunds, unpaid pensions, gratuities, and salary arrears owed various categories of pensioners from liquidated and existing State-Owned Enterprises. 

Major oil sector reforms that the PDP touted for years but could not deliver – passage of the PIB, new refineries, as well as the revamp of existing ones, and so on – are the very real and continuing legacies of the ruling All Progressives Congress (APC).

All of these have been accomplished without access to the oil windfall that the PDP government enjoyed for much of the time that it was in power, and also against the backdrop of the most devastating global shock since the Second World War: the COVID-19 pandemic. 

We must continue to state these facts so Nigerians will know where we are coming from, and appreciate what is being done in its full context. 

President Tinubu is not and will never be overwhelmed by the current challenges the country is facing. He will not abdicate his responsibilities. He will courageously continue to wrestle with the challenges and surmount them, laying a durable foundation for the new Nigeria that is emerging. 

He has also never shied away from acknowledging the pain of ongoing reforms, and has seized every opportunity to assure Nigerians that inside the pain of the reforms lie the seeds of lasting prosperity and national development.

To the PDP Governors, let us reiterate: This is not the time for distraction. It is time instead for the rolling up of sleeves, to support and complement the hard work of the President and his administration.

AfDB Warns Of Potential Social Unrest In Nigeria, Ethiopia, Others

In its latest macroeconomic performance and outlook report for 2024, the African Development Bank (AfDB) has raised concerns over the escalating prices of fuel and other commodities, noting the potential for social unrest in Nigeria, Ethiopia, Angola, and Kenya.

 Despite an optimistic projection for Africa’s overall economic growth, with a rebound to 3.8% in 2024 compared to the 3.2% recorded in 2023, the AfDB emphasised the precarious situation in these specific countries.

 The bank pointed to the looming threat of internal conflicts, cautioning that the surge in fuel and commodity prices, driven by currency depreciation or subsidy removal, could act as a catalyst for social unrest.

It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.

“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya, and Nigeria and the resulting social costs has led to social unrest driven by opposition to government policy.”

The African Development Bank (AfDB) also highlighted additional global concerns, stating that the escalating geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Niño phenomenon, could potentially trigger supply chain disruptions. These disruptions may exacerbate energy and food inflation worldwide, with Africa deemed more susceptible to these shocks.

 In Nigeria, the rising cost of living has become a source of growing concern, prompting protests in several states.

The crisis is attributed to the federal government’s policies, particularly the removal of the petrol subsidy and the decision to float the naira.

The protest against increasing hardship commenced in Minna, Niger State on February 5, triggering similar demonstrations in other states.

 Several notable figures are now expressing concern, emphasising that urgent action is needed to prevent further deterioration of the situation.

Among them is an individual from the Sultan of Sokoto, who, during the 6th Executive Committee Meeting of the Northern Traditional Rulers Council in Kaduna, noted the escalating economic hardship, asserting that citizens are becoming increasingly agitated, angry, and hungry.

He specifically cautioned the Federal Government that the growing challenges of insecurity, poverty, and unemployment, particularly in the North, might lead to unstoppable public discontent.

“To make matters worse, we are faced with the rising level of poverty amongst our people, lack of normal sources of livelihood for the common man to have even if it is one good meal a day.

“I believe talking of insecurity and the rising level of poverty are two issues that we cannot fold our arms and think everything is okay. I have said it so many times and at so many fora that things are not okay in Nigeria and of course, things are not okay in the North,” he said.

The Nigeria Labour Congress (NLC) has announced a two-day nationwide protest in response to the prevailing hardship and worsening security conditions in the country.

Following an emergency meeting of the National Executive Council (NEC) on Friday, NLC President Joe Ajaero stated in a press conference that the protest is set to commence a week after the 14-day ultimatum issued to the Federal Government, expiring on February 23.

The scheduled days for the nationwide protest are February 27 and 28.

Tompolo Bags 2023 Sun Newspaper “Courage In Leadership” Award

 

••• Vows To Intensify Campaign Against Crude Oil Theft

 The Chairman of Tantita Security Services Limited, High Chief Government Ekpemupolo alias Tompolo, has won the 2023 Sun Newspaper (Courage in Leadership) Award.

The Sun Newspaper Limited said that the Tantita Chairman won the award because of his effective execution of the oil pipeline contract awarded to his company by the Federal Government and the Nigeria National Petroleum Company Limited.

The organizers of the 21st edition of the Sun Awards which held at the Eko Hotel, Lagos, on Saturday night said that Tompolo has shown demonstrable commitment in the fight against the theft of the nation’s crude oil resources.

In a short video released at the venue, the company said that since the contract was awarded to Tantita Security Services Limited, the company has put up a sterling performance recording major breakthroughs in the fight against oil theft.

The Sun said that Tantita has not only shown dedication in fighting the “virulent cabal” stealing the nation’s oil resources but has also ensured increased daily crude oil production in the country.

Tompolo was among thirty-four Nigerians who received various awards on the night.

These are Alhaji Aliko Dangote, President, Dangote Group; Mr. Tony Elumelu, Chairman, Heirs Holdings and Chief Innocent Chukwuma, Chairman, Innoson Motor Vehicle Manufacturing Limited (Man of the Year). Governors Peter Mbah of Enugu State, Dapo Abiodun of Ogun State and Muhammad Inuwa Yahaya of Gombe State are Governors of the Year. Pa Ayo Adebanjo, Prof. Awa Kalu, and Rev. Uma Ukpai received Lifetime Achievement Award). Oba Adeyeye Enitan Ogunwusi, Ooni of Ife and HRM Ogiame Atuwatse III, Olu of Warri (Most Impactful Royal Father), Mr. Robert Azibaola, Founder, Zeetin Engineering Limited; Engr. Gbenga Komolafe, CEO, Nigerian Upstream Petroleum Regulatory Commission and Mr. Charles Odii, DG, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) (Public Service Award); and others.

The Tantita Chairman who was represented at the event by his Media Aide, Dr. Paul Bebenimibo, thanked the Sun Newspaper for recognizing the sustained efforts of TSSL in protecting the nation’s pipelines and intensifying the fight against the theft of the nation’s crude oil resources.

He said that the award will further encourage him to put more efforts in the ongoing effective collaboration with the Armed Forces and security agencies to protect the nation’s pipelines and prevent its crude oil resources from being stolen by a cabal of unpatriotic Nigerians and their foreign allies.

He said, “Tantita is not the only one involved in the prosecution of the campaign against the mindless theft of the nation’s resources, the firm is carrying out the job in collaboration with the Nigerian military.

“I must say that the Nigerian military is doing its best and there has been effective synergy between the military and Tantita, the civil Defence and other security agencies. This productive synergy would continue in the interest of our country.

“We discovered a lot of points where illegal oil bunkering activities were taking place. We arrested several vessels and in this year alone we have arrested three vessels involved in the criminal theft of the oil resources in this country. I can assure you that High Chief Timpolo will build on this achievements and ensure noticeable improvement in daily oil production for Nigerians and Nigeria,” he said

In his remarks, the Managing Director of the Sun Newspaper Publishing Limited, Mr Onuoha Ukeh, said that the 34 awardees made serious silent contributions to national development in their respective areas in spite of the challenges of the year.

He described the awardees as a people who demonstrated uncommon capacity to confront the odds to succeed in their respective areas.

“We are here to honour 34 great Nigerians whose works and achievements in 2023 stood out. The awardees are a blend of unassuming young Nigerians, some whom may not have been heard of but who are silently making waves in their various endeavours, and also established citizens who have been steadfast, dogged and consistent in their efforts at contributing to national developmen.

“The year 2023, for Nigeria as a nation and Nigerians as a people, was remarkable and challenging. It was a year of politics and elections. It was a year when Nigerians went to the polls to choose their leaders. It was a year when Nigerians tested their God-given ability to decide their fate and fully realised that they have the inherent power to make things happen the way they would want, for the good of the nation and the people.

“It was a year when political power changed hands, from a President, who had completed two terms of eight years in office, to a new president. It was a year when petroleum subsidy was finally removed. It was a year when the exchange rate crossed the threshold of N1, 000 to one dollar. It was a year when the country grappled with insecurity and other sundry challenges. It was indeed a year to remember.

“In the midst of all these, there were Nigerians who withered the storm and stand tall today to be counted. They were resilient, determined, and courageous to confront obstacles and to succeed.

“They used their ingenuity very well and made astonishing successes in their various fields. They are a toast to resourcefulness.

“We are here to celebrate and honour them. We are here to tell a success story, to the effect that with the excellent use of our human and capital resources, something good will come out of Nigeria.” 

Nigeria to automate export permit process to boost fx liquidity – Trade minister

Nigeria is taking steps to streamline its export permit process in a bid to bolster foreign exchange liquidity, according to the Minister of Industry, Trade, and Investment. Working in collaboration with the Customs Service, the Central Bank of Nigeria (CBN), and the Ministry of Finance, the government aims to automate the export permit process to enhance transparency and ensure accurate repatriation of export proceeds.

These initiatives are part of a broader strategy to strengthen liquidity in the foreign exchange market and stabilize the Nigerian currency. Recently, the CBN adjusted the allowable price deviation limits for exports and imports, discouraging practices such as over-invoicing, which can divert foreign exchange from the country.

Minister Doris Uzoka-Anite emphasized the ongoing efforts to digitize the export permit process, enhancing visibility and accountability. Speaking at a Ministerial Press Briefing in Abuja, she highlighted the collaboration among government agencies to facilitate a transparent and auditable export framework.

In addition to regulatory reforms, Nigeria has attracted over $30 billion in investment commitments from both international and local investors across various sectors. Minister Anite underscored the significance of this influx, citing it as a vote of confidence in Nigeria's economy.

These commitments span diverse industries, including manufacturing, infrastructure, and energy. Investments from countries like India and the UAE, as well as partnerships with organizations like the Confederation of Indian Industries, demonstrate Nigeria's growing appeal as an investment destination.

Specifically, significant investments have been pledged to Nigeria's steel sector, with a leading Indian manufacturer committing $7 billion. Additionally, the oil and gas sector has seen substantial interest, with $10 billion earmarked for the oil and gas free zone.

Furthermore, the Nigerian Bottling Company has already invested $1.3 billion over the past decade, with plans for an additional $1 billion investment over the next five years, highlighting ongoing confidence in Nigeria's market potential.

Fuel Subsidy Removal: Minister Applauds IPMAN for Embracing CNG Initiative

The Minister of Information and National Orientation, Mohammed Idris, has hailed the Independent Petroleum Marketers Association of Nigeria (IPMAN) for its remarkable efforts in championing the course of Green Energy introduced by the Federal Government following the removal of fuel subsidy by President Bola Tinubu.

Idris, who made the remarks when he received the National Executive Committee of IPMAN in his office in Abuja on Thursday for a courtesy visit, said the Federal Government aims to bring down the cost of transportation by over 50% through the CNG Initiative.

“In the wake of the removal of fuel subsidy, of course it was expected that the price of PMS will go up. This will in turn affect the transportation cost for Nigerians going to and fro their various places of work.

“The Federal Government immediately thought it wise, in addition to other measures, to introduce the CNG.  The CNG is expected to bring down the cost of transportation by more than 50% and I am happy that IPMAN is in the forefront in this vanguard of achieving the CNG Initiative,” he said.

The Minister said President Tinubu's bold move to remove the fuel subsidy has presented a unique opportunity for organizations like IPMAN to take the lead in shaping the energy landscape in Nigeria. 

The Minister said Nigeria as a nation has been looking for alternative ways of bringing down the cost of transportation and the CNG is the surest way to go.

Idris said, already, the Federal Government, in the first instance, has set aside N100 billion for the purchase of CNG buses and the establishment of CNG centres across the country. This he said, was in addition to the introduction of tax waivers for the importers of CNG kits as well as other investors in the sub-sector. 

“You would recall that the Federal Government in the first instance, set aside N100 billion for the purchase of CNG buses and establishment of CNG centres around the country,” he said.

While enlisting the support of IPMAN for the success of President Tinubu’s Renewed Hope Agenda, the Minister acknowledged them for considering his ministry as well as its agencies as veritable partners in their desire to counter fake news being propagated on the activities of IPMAN.

The Minister bemoaned how fake news has done so much damage to the various fabrics of the society and said there is a ray of hope through the collaboration of his ministry and UNESCO to come up with measures to curb the menace of fake news.

He pledged to give more visibility to the in-house curated programme of the Association tagged “IPMAN Today”, on the various public information agencies under his ministry.

Idris also promised to utilize the 30,000 member structure of IPMAN in the implementation of the value re-orientation programmes encapsulated in the National Value Charter.

In his remarks, the President of IPMAN, Alhaji Abubakar Maigandi Shettima pledged the unalloyed support of the Association for the President’s CNG Initiative and promised to complement government in the green energy programme, which will give a boost to the realization of the Renewed Hope Agenda of the President.

He decried how prices of petroleum products are constantly being manipulated through the spread of fake news and sought the support of the ministry to combat the menace.

Alhaji Shettima said, on their part, IPMAN has come up with a programme tagged “IPMAN Today” - a radio and television programme, which would serve as the authentic source of news on the activities of the Association.