Economy

Crusade against Dollarisation: EFCC Asks Embassies to Charge in Naira

By Web News 277

The Economic and Financial Crimes Commission has read the Riot Act to foreign missions based in Nigeria, banning them from transacting in foreign currencies, and mandating the use of Naira in their financial businesses.

The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses.

The move, the EFCC noted, is to tackle the dollarisation of the Nigerian economy and the degradation of the naira

The anti-graft commission, in an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” expressed reservations and displeasure “regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”

In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ministry of Foreign Affairs, the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.

The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.

The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).

“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.

“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”

The commission added that the refusal by some missions to accept the naira for consular service in Nigeria and also comply with the foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal but represents an affront to the country’s sovereignty symbolised by the national currency.

Such a situation, EFCC added, undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

The letter continued, “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

Such a situation, EFCC added, undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

The letter continued, “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

Punch/Simeon Ugbodovon

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Crime

“Yes, I am guilty”, Bobrisky Admits Charge

By Web News 503

Popular cross-dresser, Idris Okuneye, a.k.a. ‘Bobrisky’ on Friday pleaded guilty to a four-count charge of abuse of the naira and money laundering preferred against him by the Economic and Financial Crimes Commission (EFCC) at a Lagos court.

Bobrisky arrived at the Federal High Court in Lagos around 11:50 a.m. for his arraignment on charges of money laundering and abuse of the naira.

He was originally arraigned on a six-count charge, but two of the charges were dropped following a discussion between the parties.

As a result, Justice Abimbola Awogboro struck out counts five and six.

Bobrisky was then charged with counts one to four, and he pleaded guilty to these charges.

When asked if he understood the charge read to him, he replied, “Yes, I am guilty.”

Recall that the EFCC filed six counts against Bobrisky, including charges of money laundering and abuse of the naira. He had been in EFCC detention since Wednesday night and was unable to meet the administrative bail offered to him on Thursday.

Vanguard/Simeon Ugbodovon

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Economy

Don Calls for Swift Action to Save Naira’s Slide

By Web News 422

By Olawale Asake

If Naira must be saved from imminent collapse, there is an urgent need for the Central Bank of Nigeria, CBN, and the Federal Government to rescue it from the hands of powerful operators making transactions of the Foreign Exchange in the Parallel Market.

A foremost Professor of Economics, Sam Olofin stated this while delivering a Public Lecture with the theme “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options and Way Forward” organized by the Nigerian Economic Society and held at the CBN Lecture Theatre, University of Ibadan, Oyo State.

Professor Olofin said, the Operators of the Foreign Exchange in the Parallel Market seemed so powerful that they were operating as visible hands, saying their motives of some of them were for selfish profit-making to the detriment of the Nation’s Economy.

Speaking, the Governor of the Central Bank of Nigeria, CBN, Dr Olayemi Cardoso who was represented by an Official, Department of Monetary Policy, CBN, Dr Usman Opanachi maintained that, the Apex Bank was doing everything possible to strengthen the Naira, emphasizing that the excess demand for forex in Nigeria is a legendary problem.

A Discussant, Special Adviser to the President on Economic Matters, Dr Tope Fasua appealed to Nigerians to be patient with the current administration and the gains ahead would be in the interest of all and sundry

Earlier, the President, the Nigerian Economic Society, Professor Adeola Adenikinju advised the Federal Government to consult with the Nation’s Economists on the challenges bedevilling the Economic Sector for better results.

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Culture

Naira Abuse: Traditional Council Suspends Olu Owode-Egba

By Web News 874

By Oluwatoyin Adegoke

The Egba Traditional Council in Ogun State has announced the suspension of a monarch, the Olu Owode-Egba, Oba Kolawole Sowemimo for abusing the Naira at a public function.

The decision was announced after the Statutory meeting of the council for February Chaired by the Alake and Paramount ruler of Egbaland, Oba Adedotun Gbadebo. 

The sanctions, according to Oba Gbadebo were adopted by the council following the recommendations of the Ethical Committee, stipulating a ban on the affected traditional ruler from being invited and seen at any Government or public function, while his salary would also be suspended for 2 months.

Chairman of the three-member ethical committee of the council, the Olowu of Owu Abeokuta, Professor Saka Matemilola had earlier explained that the action of the suspended Oba Sowemimo was a breach of the Central Bank of Nigeria, CBN act and also the Yoruba traditional Institution.

In his apology, the Olu of Owode-Egba, Oba  Kolawole Sowemimo regretted the action and promised to henceforth uphold and sustain the ethics of the Yoruba traditional Institution with emphasis on not disabusing the Naira again. 

The Monarch who was seen in a viral video decorating the popular musician, Alhaji Wasiu Ayinde with knitted 1000 naira notes at a party had earlier been cautioned by the National Orientation Agency, NOA in the State.

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Economy

Osun Residents Moan as Naira Scarcity Bites

By Web News 352

By Mojisola Oladele 

Residents of Osun State have expressed dissatisfaction over the Naira Scarcity which had lingered on for weeks in Commercial Banks across the State.

Radio Nigeria Correspondent who monitored the situation in Osogbo the State Capital, Ile-Ife and Ilesa towns indicated that ATMs of commercial banks were dispensing a limit of #10000 cash to customers and characterized with long queues.

Speaking, a businessman based in Osogbo, Mr. Adio Olaoye said his experience in Banks and ATM points in the last three weeks had been horrible saying the nature of his business required more cash.

He explained that the Supreme Court had ordered that the old N200, N500, and N1000 notes should continue to co-exist with the new notes till further notice, in its ruling last week Thursday.

Mr. Olaoye appealed to the concerned authorities to make available more cash for customers to reduce the untold hardship.

Also corroborating his view, a student in Ilesa, Miss Aisat Adeleke who observed that few banks loaded the ATMS with cash and the dispensing is limited to #5000 or #10000 explained that , she needed to make some payments in school with cash and couldn’t afford to pay the exorbitant charges of POS operators.

In his response, A Banker working with a new generation Bank in Osogbo, who preferred to be anonymous, said Bank officials cannot say when normalcy would return, hence the need for Nigerians to bear with them.

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Economy

FG, Labour, need to work towards revitalisation of National Economic Assets – Prof. Gbolagade

By Web News 578

By Dayo Adu

An educationist, Professor Abiodun Gbolagade says revitalisation of national economic assets is the best solution to the current hardship been faced by citizens of this country.

Professor Gbolagade called on President Bola Tinubu and his economic team to resuscitate the four ailing national refineries and also strengthen the purchasing power of naira to enable lower denominations of the currency regain their value in the market.

Speaking with a Radio Nigeria correspondent in Ibadan, on the occasion of Nigeria’s 63rd Independence anniversary, Professor Gbolagade who is the Provost, Adekunle Ajasin University, Ibadan Campus, explained that, raising workers’ salary would further increase the inflation rate in the country, thereby making the cost of living unbearable for the masses.

He stressed the need for trade unions to dialogue with the Federal Government, on ways to stabilise the system saying that, beyond salary increment, the Nigeria Labour Congress, NLC, and other trade unions need to speak with the Federal Government on how to make the economy better.

“I believe there is need for the NLC, Trad Union Congress, TUC, to dialogue, with the Federal Government. They should sit together, and understand the present government under President Bola Tinubu, and look at the prevailing situation in the country. How do we help this country, in terms of the the challenges ahead and the current challenges? It is through dialogue that they can solve the problems collectively”, Prof. Gbolagade said.

“We know what we are currently passing through, especially in the aspect of subsidy removal. We are appealing to Mr. President to act fast and rejig the economy”.

Professor Gbolagade appealed to the president and his cabinet members to bring their wealth of experience to bear on the mandate of galvanising Nigerian economy for speedy realisation of the renewed hope agenda.

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Economy

Osun Inaugurates Standing Committee on Palliatives Distribution

By Web News 456

By Adenitan Akinola 

The Osun State Government has inaugurated a standing committee charged with the responsibility of distributing palliatives to residents and vulnerable citizens of the state. 

The State Commissioner for Information and Public Enlightenment, Mr kolapo Alimi made this known while addressing the journalists on the update of the palliatives. 

Mr Alimi also hinted that the 5billion naira promised by the Federal Government to the state as part measures to cushion effects of subsidy was yet to be received contrary to the rumour being spread in the public.

However, he said the state was expecting the second batch of Federal Government food Palliatives of 14,320 bags of rice.

“The committee has just been inaugurated, by the Deputy Governor of the stat, Prince Kola Adewusi on Wednesday. The committee is more concerned about the assignment. We have representatives of CAN, Muslims Community, Labour leaders and other stakeholders.

“The most important thing is that before we have been telling you that we have received 2,400 as it’s today we have received 3000 bags of rice and we are still expecting over 14,000 rice plus. In their own wisdom they try to say it will be better to distribute 17,000 once rather than distributing 3,000 that on ground now.

“As it is today we heard that N5bilion is given to each of the states, we have not receive any kobo but we are expecting that it would be received and I can tell you immediately the money is received our governor is always transparent he will equally address state on it.

“In our account book we have not received alert or any money in relation to N5billion Palliatives. what we have received in concrete term happens to be 3000 bags of rice. We call on stakeholders to dispel the rumour.

He explained that the state government was finalizing the template for distribution which he promised would ensure that all segments of the society benefit from the distribution exercise.

“The Government wants to ensure full delivery before launching out on the distribution. We assure the public of transparency and accountability in the sharing of the foodstuffs to the citizenry”, 

Speaking on behalf of the committee, Alhaji Mustapha Olawuyi who represented the Muslim community said, the 3,000 bags of rice received were intact and were yet to be distributed .

He urged the general public to be rest assured that as soon as the next batch arrives, they will be distributed accordingly, adding that vulnerable people will be the first to be considered.


However, the State Government has denied the rumour that 3,000bags of rice received as Palliatives from the Federal Government to cushion the effect of fuel subsidy removal have been shared among politicians.

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