Non-Oil Export Rakes in $4.9 Billion In CBN Foreign Exchange Repatriation Programme

November 29, 2022

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has said that a total of $4.987 Billion has been repatriated into the country by non-oil exporters in 2022.

This was under the Race to US$200 Billion in Foreign Exchange Repatriation programme launched in February 2022 by the apex bank, in collaboration with the Bankers’ Committee.

Emefiele, in a keynote address to the second edition of the bi-annual Non-Oil Export Summit held in Lagos today, November 29, 2022, said that the figure was significantly higher than the $3.190 billion repatriated in 2021.

He explained that only $1.966 Billion of this amount qualified for the rebate programme, adding that only $1.559 Billion was sold at the Investors & Exporters (I&E) window or for own use.

He said that the CBN had equally paid out about N81 Billion in rebates to Nigerian exporters.

Speaking on the summit theme: RT200 Non-Oil Export Programme:

The CBN Governor called for greater collaboration and coordination on policies to improve the economic activities in the non-oil sector, saying: “export could transform the economic structure of countries from simple, slow-growing, and low-value activities to more productive activities that enjoy more significant margins driven by technology.”

According to him, now is the time for all stakeholders to work together to reposition Nigeria on a growth trajectory by taking the diversification of the economy seriously, saying that policymakers must help exporters and the economy by adding value to what the country produces and exports.

He pledged to work more to complement the effort of the Federal Ministry of Industry, Trade, and Investment to boost the country’s non-oil export.

The apex bank boss stressed the need for a more diversified economy, even as he emphasized the need to improve the country’s road infrastructure, with an emphasis on road infrastructure from the ports, to facilitate the ease of transporting goods for export.

He disclosed that feedback from Banks indicated interest by exporters in adding value to the products they export, to allow them to benefit from the programme.

He encouraged more exporters to find ways to add value to their exports so that they too could benefit from the scheme and get greater value for their exports.

Emefiele also restated the CBN’s commitment to strengthening and expanding foreign exchange supply into the market, noting that every stakeholder had a critical role to play in expanding the supply of foreign exchange to the country.

He assured exporters that the Bankers’ Committee and the CBN stood ready to partner with them to achieve their export goals and to ensure quick acceleration of the export value chain in Nigeria. Meanwhile, he also encouraged others yet to benefit from many financial programmes introduced by the CBN to approach their respective banks to explore ways to grow their business. This is even as he urged participants to share innovative suggestions for exploring the non-oil export sector as a more sustainable means of increasing financial flows into the economy and generating employment to spur growth

Highlighting the achievements in the automation and digitization of the trade processes in Nigeria, Mr. Emefiele commended the Bank’s stakeholders such as the Nigeria Customs Services, Nigeria Export Promotion Council, the Nigeria Ports Authority (NPA), and Nigerian exporters for their support, noting that all hands must be on deck in finding solutions to more robust export growth in Nigeria.

In his remarks, the Lagos State Governor, Babajide Sanwo-Olu, lauded the CBN and the Bankers’ Committee for keeping their collective promise to keep supporting the efforts by the Federal Government and states, especially Lagos, to promote growth in the economy, with emphasis on job creation.

Governor Sanwo-Olu said that work on the Lekki Deep Seaport had been completed and that the project would be inaugurated by the President in January 2023, to finally provide enormous opportunities for exporters to ply their trade and improve the export earnings of the country, especially in the non-oil sector.

While assuring stakeholders that the Lagos State Government will continue to provide the space and opportunities for businesses to thrive, he urged stakeholders to continue to promote a public-private partnership that will drive growth.

Earlier in her welcome remarks, the Deputy Governor, Financial System Stability, at the Central Bank of Nigeria, Mrs. Aishah Ahmad, highlighted the objectives of the RT 200 programme, stressing that the policy was designed to incentivize exporters in the non-oil export sector to repatriate and sell their export proceeds in the local foreign exchange market.

It will be recalled that the maiden edition of the bi-annual summit was held in Lagos on June 16, 2022. The RT200 FX Programme is an initiative of the Bankers’ Committee aimed at raising US$200 billion in non-oil export earnings over the next 3-5 years.

The programme is anchored on five pillars, namely: Value-Adding Exports Facility; Non-Oil Commodities Expansion Facility; Non-Oil FX Rebate Scheme; Dedicated Non-Oil Export Terminal; and Biannual Non-Oil Export Summit.

News About Abuja Court Jailing Me Is Strange, Astonishing – Inspector General Of Police

Editorial staff

November 29, 2022

The Inspector–General of Police (IGP), Usman Alkali Baba has described the ruling of an Abuja High Court, sending him to jail for disregarding a court order for the reinstatement of a dismissed officer of the force as strange and astonishing.

“It is instructive to note that the case in point concerns an officer who was dismissed as far back as 1992, a few years after the current IGP joined the Nigeria Police Force, based on available facts gleaned from the reports. The most recent judgement on the matter was given in 2011 which should ordinarily not fall under the direct purview of the current administration of the Force. Thus, the news is strange and astonishing.”

In a statement today, November 29, by the Force Public Relations Officer, CSP Olumuyiwa Adejobi, reacting to the Federal High Court judgment sentencing the IGP to three months in prison for disobeying a court order, Usman Alkali Baba said: “the Nigeria Police Force wishes to state emphatically that the office of the Inspector-General of Police, IGP Usman Alkali Baba, psc(+),NPM, NEAPS, fdc, CFR, did not disregard Court Order or rule of law as the office is not aware of any Court Order, during the current IGP’s tenure, with respect to a matter making the round in the media that the IGP disobeyed a Court Order for the reinstatement of a dismissed officer of the Force.

The statement said that the IGP has however directed the Commissioner of Police in charge of the Force Legal Unit to investigate the allegation in a bid to ascertain the position of the court and proffer informed legal advice for the IGP’s prompt and necessary action.

“The Inspector-General of Police reiterates his commitment to upholding the rule of law and synergizing with the judiciary to ensure quick dispensation of justice for an improved criminal justice system.”

Gov. Wike To Rivers Electorates: Don’t Vote Atiku, But Vote All Other PDP Candidates

Editorial staff

November 29, 2022

Governor Nyesom Wike of Rivers State has asked electorates in the State not to vote for the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar in the 2023 general elections.

Governor Wike said that they can vote for all other candidates of the party, from governor down to local government councilors, even as he asked them to wait until he reveals where they would be casting their vote for the presidential election.

The governor gave the directives today, November 29 during the commissioning of the Rukpoku-Rumuapu-Izo-Ogbodo-Ogwuruta road in the Obio/Akpor Local Government Area of the State.

“You will vote for the party that has worked for you. You know those you will vote for – vote for our Gubernatorial candidate, vote for our House of Representatives, vote for our senatorial candidate, vote for our House of assembly candidates.

“Those we have mentioned now, make sure you vote for them. For the other one (presidential election), we will meet at our houses very soon and decide where we are going.”

Governor Wike and the other four Governors of the PDP have since fallen out with the party’s presidential candidate, Atiku Abubakar, over the retention of Iyorchia Ayu as the National Chairman.

Drop Your Ambition Now, Let’s Strategize For Future, Anambra Youths Tell Peter Obi

Editorial staff

November 29, 2022

A coalition of youths in Anambra State has asked Peter Obi, the presidential candidate of the Labour Party (LP), to drop his ambition and join in strategizing for the future, if he truly loves Igbo.

At a news briefing today, November 29 in Awka, capital of Anambra State, the coalition said that Peter Obi’s entry into the race would spoil the chances of Ndigbo becoming the president after 2023 without proper alliance with other ethnic groups.

The National Leader of the coalition Dr. Chinedu Ekwealor, said that Obi’s entry into the presidential race would only give an advantage to one of the leading parties, All Progressives Congress (APC), to win the election.

“Our brother, Peter Obi, does not have this alliance and knows very well that an irate social media mob does not, and cannot, make him president.

“Obi’s presidential run is sabotage to Ndigbo. What he has only succeeded in doing is increasing APC’s chances of winning the election by depleting the votes of the Southeast for the Peoples Democratic Party (PDP).

“The implication is that the South Easterners will have to stay out of power for a minimum of another 16 years.

“This is because after Tinubu (if he wins), power will return to the North for another eight years, leaving Ndigbo out for another 16 solid years.

“If Obi truly loves Ndigbo, he should step down forthwith and strategise with other well-meaning Igbo elite in charting a way forward for the Igbo nation.

“We repeat, the presidency is not won on the premise of wishful thinking and hullabaloo of an untamed mob, who probably do not even understand the need for a pathway for the Igbo nation, pushing for a new narrative for the Igbo nation.”

Osinbajo Advocates Establishment Of Corruption Army In Nigeria, Says It’s A Disaster

Editorial staff

November 29, 2022

Vice President Yemi Osinbajo has advocated the development of what he called “corruption army” for the purpose of fighting corruption to stand-still, saying that corruption is a disaster to national development.
Professor Osinbajo, who spoke today, November 29 at the official launch of the Economic and Financial Crimes Commission’s (EFCC) Integrity and Zero Tolerance Manual for school clubs, which held at the Model Secondary School Maitama in Abuja, said: “We must develop an anti-corruption army.
“That army is waiting in our schools, and we must teach them early that corruption is the worst destroyer of destinies and people, and we must fight it as you fight a mortal enemy in war.”
According to the Vice President, every corrupt act is not just a crime, “it is a crime against society and even children yet unborn.”

Professor Osinbajo condemned every public officer who steals, robs the Nigerian society of funds for health care, education etc.

“We must become policemen against corruption and wrongdoing; whether it is a member of government or a shop assistant or your friend in class who is cheating, because they destroy our reputation.”
He observed that if the country’s reputation is deemed poor by others, it will affect all of us.
According to him, Nigerians, especially the youth, must discard the false notion that “we can get ahead by cheating, or stealing whether in public or private life. There are always consequences for wrongdoing.”
The Vice President said that the greatest challenge which Nigerians face currently is how to safeguard the youth from the ethical crisis and confusion confronting the nation, and the error of thinking that there will be no consequence for defrauding others, the employers or the government.
“The reason why people may believe these false notions is that there seem to be many in our society whose wealth cannot be explained, many even among the young who live by defrauding others. It is an error to think that corruption pays.
“Many societies in the world were where we are today, but soon, they realized that no society can survive by dishonesty, greed and theft. The society will eventually collapse. What those societies did was take an all-of-society approach to fight dishonesty.
“The other fact is that many who think they can get away with corruption, are often surprised that the long arm of the law, even if sometimes slow will eventually catch up with the criminal.
“There is no time bar or statute of limitation against a crime. A man who steals this year can be arrested in 10 years’ time for his crimes, so when you steal, you cannot sleep with both eyes closed.”

He said that Integrity and Zero Tolerance Manual for school clubs is a great initiative to recognize integrity, honesty, trustworthiness which are crucial individual and collective attributes for successful people and communities.

Professor Osinbajo said that the establishment of the Integrity clubs is a vital step in finally achieving this milestone in the building of the future against the disaster of corruption.
The Vice President said that the establishment of EFCC Integrity clubs in schools across the country is important because it embodies the values of honesty and hard work toward national development.

NCC Boss Vows Commitment To Gender Equality In Information Technology Space

Editorial staff

November 29, 2022

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Professor Umar Danbatta has vowed that the Commission is committed to ensuring balance in the representation of females in the information technology ecosystem.

The Executive Vice Chairman, who spoke recently through the Head, Digital Media Management of the Commission, Nafisa Usman Rugga, at the ICT Quiz competition for Girl’s in Senior Secondary Schools organized by Nigerian Women in Information Technology (NIWIIT), said that there is an urgent need to equip the girl child with adequate knowledge, access and use of Information Technology programmes and services which will give them the needed skill to compete in the digital space.

Professor Danbatta said that the empowerment programme in commemoration of the International Girls in ICT day aligns with the Commission’s mandate of broadband penetration drive to women in rural and suburban areas for capacity building, employability, increased connectivity, and inclusion for gender equality throughout the Country.

He highlighted the Commission’s policies, projects and initiatives that show the importance of bridging gender disparity and ensuring that the Internet is a safe space for children. She laid emphasis on the Child Online Protection (COP) project of the Commission, which is aimed at educating children and their parents/caregivers on measures to safeguard themselves and their wards as they navigate cyberspace.

The CEO of NCC informed the audience of the Commission’s commitment to re-skilling the girl child and women by collaborating with stakeholders in the ICT sector to create programmes to encourage, empower and expose them to the vast opportunities present in the digital world.

The two-day event, which focused on creating awareness programmes for IT related services and products among women in the rural and suburban areas in Nigeria, targets special groups and students in secondary schools and tertiary institutions. The event ended with the presentation of gifts to the winners from the quiz competition conducted at the forum.

Abuja Court Jails Inspector General Of Police, Usman, For Contempt

Greenbarge Reporters

November 29, 2022

A Federal High Court in Abuja has sentenced the inspector-general of police (IGP) Usman Baba to three months in prison over disobeying a court order.
Justice Mobolaji Olajuwon have the judgment today, November 29, following a suit filed by a former police officer, Patrick Okoli.
Okoli claimed he was unlawfully and compulsorily retired from the Nigerian Police Force.
Justice Olajuwon said that though the Police Service Commission recommended Okoli’s reinstatement into the Force, a decision that was affirmed by the court, but that the IGP refused to comply with the order made on October 21, 2011.
Baba was appointed by President Muhammadu Buhari to replace Mohammed Adamu who retired from the Nigeria Police Force in February 2021.
The court had also ordered the payment of N10 million to the applicant, being special and general damages for the unlawful, illegal and unconstitutional denial of his rights and privileges as a senior officer of the Nigeria Police Force from 1993 till date.
“If at the end of the three months, the contemnor remains recalcitrant and still refuses to purge his contempt, he shall be committed for another period and until he purges his contempt,” the judge ruled.
Source: Quid.ng.

Nigerian Govt Closes In On Banks, Foreign NGOs, Others Financing Terrorism

Greenbarge Reporters

November 29, 2022

Some arrested suspected Boko haram members

Nigeria Federal government said it is closing in on some foreign Non-Governmental Organizations (NGOs), unnamed Banks financial technology firms, Point of Sale (POS) terminal operators, among others that have been financing terrorism and banditry in the country.

In the 2022 National Inherent Risk Assessment of Terrorism Financing in Nigeria report which assessed the level of terrorism financing risks in the country, did not name the affected NGOs but said that they are those operating in terror-prone areas and those engaged in humanitarian activities, service provision and faith-based activities.

It was established that there are constant interactions between the use of cash by terrorist actors and financial institutions, bureau de change, fintech firms and Designated Non-Financial Businesses and Professions.

The assessment read in part: “The findings of this report indicate that TF in Nigeria is generally associated with the use of cash. This notwithstanding, field information flowing from law enforcement investigation as well as financial data have revealed constant interactions between the use of cash by terrorist actors and financial institutions, Bureau de Change, fintech firms and Designated Non-Financial Businesses and Professions.

“The use of bank accounts in the movement of TF funds has featured prominently in both intelligence and investigations related to TF.

“Financial data have also shown that the illegal currency exchangers comingle transactions in their personal accounts as well as entity accounts held and controlled by them with that of their BDC activities.”

Source: The Punch.

Nigerian Govt Gives Traveling Security Advice To Citizens Going To US, Europe

Editorial staff

November 28, 2022

A file view from a high vantage point along London’s main retail area Oxford Street, with public, shops and London buses | photo credit: Getty Images

The Nigeria Federal Government has issued a security advisory to Nigerians traveling to the United States of America and Europe.

It warned that they stand the risk of being robbed of their belongings in the U.S. and Europe, particularly in the streets of Oxford.

The advisory was contained in a statement today, November 28 by the Minister of Information and Culture, Alhaji Lai Mohammed, who called on Nigerians travelling to those destinations to be more vigilant and careful at high-brow shops and streets of Oxford.

“It has come to the attention of the government that Nigerian travelers to the United States and some countries in Europe are having their belongings, especially, money and international passports, stolen at an increasingly high rate.

“The most recent victims of this are travelers to the UK, most of whom were dispossessed of their belongings at high brow shops, particularly in the high street of Oxford.

“We have, therefore, decided to advise Nigerians travelling to Europe and the United States to take extra precaution to avoid being dispossessed of their belongings.

“This is not your typical travel advisory. Issuing such is the prerogative of our embassies/high commissions as well as the Ministry of Foreign Affairs. It is merely a piece of advice to Nigerians who may be visiting the affected parts of the world,” the minister said.

Source: Persecondnews

How To Make It In Life, UBA Chairman, Tony Elumelu, Opens Up On How He Made It

Editorial staff

November 28, 2022

The chairman of United Bank of Africa (UBA) Plc, Tony Elumelu has given details on how people can a success of their lives, using himself as an example of how he made it.

Tony Elumelu, who is a philanthropist, said that he is where he is today because of luck, saying: “luck is important but that doesn’t make it a substitute for hard work or labor.”

In a Twitter thread today, November 28, where he shared his two cents on the essential ingredients one needs to be successful in life, said: “hard work and passion are the two most important “ingredients for luck.

“I am where I am today because of luck. Let me be clear, luck is important, but it is not a substitute for hard work or labor. Luck is part of the cocktail that you need for success,” he wrote.

“There are two ingredients for luck – hard work and passion. The more work you put into something and the more passion you apply, the ‘luckier’ you find yourself.

“You have to work hard and be more passionate and committed about what you do to, to be successful and make your own luck.

“Hard work and passion are within your power and control, and you should apply them to earn your own luck and to help us foster a better and more prosperous world.”

Elumelu is a billionaire businessman, economist, and philanthropist. He chairs Heirs Holdings, and Transcorp, and is the founder of The Tony Elumelu Foundation.

He was named on Time‘s list of the 100 most influential people in the world in 2020.

The entrepreneur got married to Awele Vivien, a medical doctor, in 1993. They have seven children together.

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