Home Blog Page 908

CBN, BDCs strengthen commitment to exchange rate stability

The attempt to see all Bureaux De Change (BDCs) operators as weakest link in fight against illicit financial flow has been faulted by stakeholders.

The BDC sector has for decades, remained a critical component of the Nigerian financial market playing pivotal role in exchange rate stability and job creation. Erring BDC operators have severally been sanctioned by the Central Bank of Nigeria and Association of Bureaux De Change Operators of Nigeria in line with the industry’s zero tolerance for regulatory abuse. The BDCs have also supported Nigeria’s growth agenda and the CBN’s commitment to exchange rate stability, writes COLLINS NWEZE.

Corruption and illicit financial flows are twin evils  that no right thinking individual, group or organisation should support. The impact of these societal malaise transcends over $30.4 billion lost by  African economies and businesses annually. It has led to poor infrastructure and rise in insecurity.

That explains why the over 5000 Bureaux De Change (BDCs) and their umbrella body, the Association of Bureaux De Change Operators of Nigeria (ABCON) rejected in totality, attempt by  certain segment of the economy to label BDCs as economic saboteurs and illicit forex traders.

Analysts insist that money laundering and illicit funds transfer are unwholesome practices that predate the coming of licensed BDCs. These illegal activities are so pervasive and widespread that every segment and all operators in the financial industry is vulnerable to their operations. That is why many prominent financial institutions including global banks, and investment firms have been found culpable in this respect.

Stakeholders have also backed the ongoing investigation of some corporate bodies and individuals by the Central Bank of Nigeria (CBN).

The apex bank under the Godwin Emefiele leadership has set up tough regulations and implemented several policies to tackle illicit financial flows.  The regulators has also partnered with ABCON to tackle money laundering and ensure transparency in the financial market.

ABCON also believes that money laundering through the BDCs or any other financial institutions is unacceptable and those found wanting should be punished based on the law. The group supports the need to tighten and strictly enforce regulations in the foreign exchange market, with erring members sanctioned.

Besides, the CBN has been effective in regulating the BDC sector, hence ABCON and all registered BDCs take exception to the editorial for its outright lies and ignorance of the working of the financial system.

ABCON President, Aminu Gwadabe, said: “We also do not agree with those that insist that the CBN has been “inexcusably weak in enforcing its own rules”. He said the regulator has in the past, fined erring BDCs and insole extreme cases, withdrew their operating licenses.

Gwadabe said the resumption of dollar sales to BDCs has led to nearly N40 appreciation of the naira in the first week of the exercise, and saved the local currency from continued depreciation.

He said the CBN’s aim of easing pressure on supply and firming up the naira succeeded and will continue to be achieved with improved liquidity in the market.

“The N2 margin earned by BDCs from every dollar sold is barely enough to cover their operating costs and keep over 15,000 Nigerians employed by the sector, hence the assertion that BDCs business is one of the lucrative businesses in the country is wrong,” he stated.

Gwadabe also said that call from certain segments of the economy for a moratorium on licensing new BDCs is unacceptable as any new operator that meets the requirement for registration should be given the opportunity to operate.

THE NATION

NIMASA issues cabotage operators mandatory registration order

The Nigerian Maritime Administration and Safety Agency (NIMASA) has issued a three-month ultimatum to companies engaged in Cabotage trade in Nigeria to register all vessels used in coastal and inland waters trade.

\In addition to registration in the applicable Special Register for Cabotage Vessels and Ship Owning companies, and obtaining the Certificate of Cabotage Registration/License, operators with expired registration certificates are to ensure the renewal of their Cabotage Operational Certificate/License for all Cabotage vessels within three months. 

At the expiration of the three months, NIMASA would notify relevant government authorities and International Oil Companies (IOCs) to bar vessels without valid Cabotage certificates.    

Speaking shortly after the Agency released a Marine Notice to announce the decision, Director-General of NIMASA, Dr. Bashir Jamoh, disclosed that the notice was part of efforts to ensure strict enforcement of the Coastal and Inland Shipping (Cabotage) Act 2003 and Guidelines on Implementation of the Coastal and Inland Shipping (Cabotage) Act 2003.  

Jamoh reiterated that the Cabotage Act provided that every vessel intended for use in domestic trade must be duly registered by the Registrar of Ships.

The DG stated, “The law provides that every vessel intended for use under the Cabotage Act must be duly registered in the appropriate register and the operational certificates be renewed annually. We are out to ensure strict implementation of NIMASA’s mandate under the law.

“Ultimately, our intention is to build and continue to enhance the capacity of Nigerians in the shipping industry in line with relevant international regulations.” 

China hits over 10m daily railway trips during National Day holiday

China has seen over 10 million daily railway trips during the National Day and Mid-Autumn Festival holiday with a new daily record of 15.09 million trips on October 1, according to the country’s railway operator.

Tens of millions of travel-starved Chinese started to hit the roads on Wednesday, as China celebrates its 71st birthday and the first major holiday since the coronavirus pandemic was brought under control in the country.

About 12.02 million railway trips were made across the nation on October 2, with railway transportation running safely, stably, and orderly, the China State Railway Group said on Saturday.

The national railway network saw a travel rush begin on September 30 with 12.39 million daily trips ahead of the Mid-Autumn Festival, which fell on October 1 this year, coinciding with the National Day.

The peak of railway transport appeared on the first day of the National Day holiday as the number of passenger trips reached 15.09 million, marking a new daily record since the onset of the COVID-19 outbreak.

It is estimated that about 11.4 million railway trips will be made on Saturday as the travel rush continues, said the railway authorities, who are putting 570 more trains into operation to handle a spike in trips involving tourism and family visits.

A total of 108 million train trips are expected to be made from Monday through October 8, with a daily average of about 9.82 million trips, China State Railway Group said earlier this week.

The tourism industry has seen a vibrant recovery amid effective COVID-19 epidemic control, the company said, adding that the robust travel demand is fueled by the “golden week” holiday being extended to eight days as Mid-Autumn Festival overlaps with the National Day holiday, which is usually seven days.

Chinese tourists are heading to domestic destinations this year due to global COVID-19 travel restrictions. Some 600 million tourists – about 40 percent of the population – are likely to travel within the country during the eight-day holiday that began Thursday, according to Ctrip, China’s online travel agency.

SOURCE:cgtn.com

African countries urged to remove non-tariff barriers to realize AfCFTA

0

The African Union (AU) Commission on Sunday called for addressing non-tariff barriers in order to realize the major aspirations of the African Continental Free Trade Area (AfCFTA) Agreement.

“The African continent is about to become the world’s largest free trade area. If not addressed, non-tariff barriers may slow down this effort,” the AU stressed in a statement issued on Sunday.

   According to the AU, although the negative impact of non-tariff barriers on intra-regional trade is recognized, “so far there has been limited success in addressing them.”

   “The success of the AfCFTA depends in part on how well governments can track and remove non-tariff barriers,” an AU statement quoted Albert Muchanga, AU Commissioner for Trade and Industry, as saying.

   Amid the urgent need to remove non-tariff barriers towards the success of the continental free trade deal, the AU has launched a new campaign to spotlight and remove non-tariff barriers in intra-continental trade launches this week.

   According to the AU, the “Trade Easier Campaign” envisaged promoting the uptake and use of the African Union’s trade barriers platform, a non-tariff barriers reporting mechanism tool, it was noted.

   The tool, developed by the AU in partnership with UNCTAD, supports efforts to make continental trade easier and less costly by helping African businesses report such barriers and supporting their elimination with the help of governments, it was noted.

   Noting that non-tariff barriers slow down the movement of goods and costs importers and exporters billions of dollars annually, the AU also stressed that non-tariff barriers “stand in the way of the success of the AfCFTA.”

   “If we want the AfCFTA to thrive, we have to ensure operational barriers are dropped and businesses and traders, especially small ones; don’t suffer from undue limitations placed on them as they try do the basic thing that makes economies work — trade,” Muchanga said.

   The AU, however, stressed that trade barriers require bold solutions.

   “Every day many African traders and businesses face barriers to trade. From quotas to excessive import documents or unjustified packaging requirements, these barriers are a big hindrance to trade between African countries and make it complicated and expensive to move goods across the continent,” the AU said.

   According to the AU, regulatory and procedural barriers include customs operations and border documentation requirements, rules of origin documentation and pre-shipment inspections.

   According to an UNCTAD report, if these barriers are removed, the African economy could gain 20 billion U.S. dollars – much more than the 3.6 billion U.S. dollars it could recover by eliminating tariffs.

   The United Nations Economic Commission for Africa (UNECA) also estimated that the AfCFTA has the potential to boost intra-African trade by 52.3 percent by eliminating import duties and could double trade if non-tariff barriers are also reduced.

   The AfCFTA, which was launched in March 2018 in Rwandan capital city Kigali, has so far garnered 54 signatories, offering a new hope and continental exhilaration in terms of boosting intra-African trade, and eventually facilitating Africa’s development and industrialization. 

XINHUA

How Nigerian Federal Scholarship Board picks ineligible candidates and drops qualified ones

At least 55 candidates selected by the Federal Scholarship Board for the 2020 BEA foreign education scholarship are not eligible to apply for the scholarship in the first place, Economic Confidential investigation reveals.
To qualify for the scholarship award, an applicant must have at least 5 distinctions (A and B) in five subjects, including Mathematics and English.
Again, the applicant must be between the age of 18 and 20 years. However, some of the ‘lucky’ beneficiaries of the scholarship are overage, while quite a lot are as young as 16.
Checks by the Economic Confidential revealed that some of the selected candidates did not even seat for the scholarship exam. Each of the slots for the BEA Scholarship provides benefits worth N31 million.
Under the BEA arrangement, the donor country provides tuition fee and accommodation, while the Nigerian government provides air ticket, take-off grant, medical allowance, warm clothing allowance and a monthly stipend of $500 (N200,000) for feeding, transport, books and other expenses.
Some of the candidates who met all the requirements but were not shortlisted after completing their online registrations have petitioned the board and their foreign partners on the scholarships.
Master Abdussalam Bello, one of the indigent candidates who have an outstanding WASSCE result with nine distinctions narrated his ordeal to the Economic Confidential.
Bello said he received a text message on June 9, 2020 confirming his nomination for the Russian scholarship and was directed to register on future-in-russia.com which he did promptly
Bello, however, said, he was shocked when he saw many candidates with lesser WASSCE grades selected by the Russian Embassy, leaving behind more qualified candidates. When he reported the anomalies to the Federal Scholarship Board, he was told the mistake was from the Russian Embassy.
When he sent a petition to the Russian Embassy, the Education Consul, Mr Ivan Lydkin replied: “Though looking at your results, you are among the best candidates, but the Federal Scholarship Board did not send your details to us, so we didn’t review your application.”
When contacted, the FSB replied Abdussalam that the board could not send his details to the Russian Embassy because he did not send his application through email.
Abdulsalam fired back saying: “The FSB’s rhetoric did not stand the test of time when I showed them the mail I sent on Monday June 15 by 6:38pm. The bypassing did not only affect me. Something they were still unable to explain and can never do is that if at all it is our mistake, why will it affect a large number of people, and of which all are more qualified than the selected candidates? This violates the basic laws of logic and rational reasoning,” he added.

According to the aggrieved BEA scholarship applicant, it is now left for the Federal Government to do the needful by refusing to approve these fraudulent lists and order for a transparent process.
He said: “If the Senate, the two Ministers of Education, and the House Committee on Education fail to do the needful, then we have no option than to challenge the Federal Scholarship Board in a court of law.”
Calls and text messages sent to the official contact of the Federal Scholarship Board for reaction to this story were not responded to before going to the press.

By PRNigeria

Nigerians launch Myclinic.ng mobile App for medical consultation

A team of Nigerian technicians, entrepreneurs, medical doctors and pharmacists have launched Myclinic.ng, a healthcare solution that enables families and individuals to access high-quality healthcare from anywhere, anytime, in cost-effective and convenient manners through mobile phones.
According to a co-founder of Myclinic.ng, Mr. Abubakar Hassan, the technology is built on the conviction that access to healthcare should not be stressful or ridiculously expensive.
He said: “Anyone having any kind of health issue or a sick patient will be able to consult a medical doctor through a phone application, the online platform we developed.”
Hassan told the Economic Confidential said that the online consultation platform, allows patients from anywhere and anytime to talk to doctors online or through its toll-free line.
According to him, the consultation platform’s vision is to give Africans access to online medical consultations, regardless of their location.
“Before the launch, we have been walking on this since 2018. We finished building the application around mid-2019 and since then, tests have been going on. We took to so many parts of Nigeria for people to have a direct feel of the software. We have over 1000 consultations so far,” Mohammed recalled.
While disclosing that the number of their subscribers is growing steadily, the Myclinic.ng Founder, said: “We have about 3400 subscribers. And before the launching, we came up with a new system. A toll-free consultation line that allows bulk of Nigerians who do not have access to the internet to still have access to our platforms. Patients can just put a call through so long as they have GSM network signals on their mobile phones.”
According to Hassan, “They can dial our toll-free lines and our customer representative will connect them with a doctor. This means that a woman selling grains in Aba market or a farmer from a remote village in Kano State can just pick her or his phone from their farm or village and speak to our doctors in their native language.”
He said though their clients have been calling from all parts of the country, majority of them call in from Lagos, Abuja and Kano States. “Our marketing strategy is quite unique. At the moment, we are trying to reach out to Nigerians directly by using social media and other general marketing platforms. We are partnering with the largest provider of primary health care i.e the community pharmacies. We have arranged with them to serve as boarding centres and prescription pick-up point,” he added.
Hassan, while noting that the National Information Technology Development Agency (NITDA) has been part of their journey, said: “Since we participated in a competition they organized, NITDA has been supportive. They have been monitoring our progress and successes. Presently, we are running an accelerator programme under the supervision of NITDA. We have had a great deal of mentorship from NITDA.”
The federal government of Nigeria is establishing technology hubs through its digital economy agenda to fostering tech innovation among teams of intelligent, creative, passionate, tech-savvy young Nigerians.

By PRNigeria

FrieslandCampina WAMCO completes purchase of Nutricima’s dairy business

Nutricima’s dairy business will be integrated into FrieslandCampina WAMCO Nigeria PLC.

FrieslandCampina WAMCO has acquired the company’s production facility in Ikorodu, Lagos State and the brands Olympic, Coast and Nunu, a range of powdered, evaporated and ready to drink milk products. These brands have a good presence across the Nigerian dairy market.

FrieslandCampina WAMCO said the acquisition underlines its continued commitment to contribute to the development of the Nigerian dairy sector. The acquisition satisfies the need for additional production capacity for FrieslandCampina WAMCO to meet the growing demand for locally-produced evaporated and powdered milk by Nigerian consumers.

Ben Langat, managing director of FrieslandCampina WAMCO Nigeria, said, “It is our mission to bring affordable and attainable quality dairy products to all Nigerians and meet the growing demand. That’s why we are pleased with this acquisition.”​

Over the last few years, FrieslandCampina WAMCO has invested in capital expenditure, including a new warehouse and a learning academy. Recently, the company commissioned a plant for local production of Peak Yoghurt, which is directly linked to its dairy development program; an investment that has been at the center of Nigeria’s backward integration in local milk sourcing over the last decade with more than 9,000 local farmers spread across five states in Nigeria.

FrieslandCampina WAMCO will continue to expand its portfolio, particularly through low unit price packs and by strengthening its distribution reach in the market.

Having fulfilled all requirements including requisite shareholders and regulatory approvals, FrieslandCampina WAMCO has commenced operations at the newly-acquired plant.

NIPC INTELLIGENCE

Data Protection Outfits Grow Nigeria’s GDP with N2bn in 365 Days, Says Minister

…Launches report on NDPR performance

By Mohammed Mohammed

The Minister of Communications and Digital Economy, Dr. Ibrahim Pantami, has commended Data Protection Compliance Organizations (DPCOs) for adding over N2 billilon to the Nigerian economy within a year.

At launch of the report on the Nigeria Data Protection Regulation appraisal in Abuja, he recalled that in early 2018, when he tasked a team of NITDA staff to come up with a draft data protection regulation in line with Strategy 13.3 of the National Information Technology Policy (2000) and Section 6(a,c) of the NITDA Act 2007.

After a lot of debates the Nigeria Data Protection Regulation (NDPR) policy was first issued on January, 2019.

He said: “I had the privilege of being appointed as the Minister of Communications on the 21st of August, 2019. On the 17th of October, 2019, by President Muhammadu Buhari, approved our recommendation for the redesignation of the Ministry to the Ministry of Communications and Digital Economy.”

According to him, the decision was adopted by the Federal Executive Council (FEC) on the 23rd of October 2020.

Pantami, said the ministry started by developing and implementing a National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, explaining that the development of digital economy is anchored on the following 8 pillars as stated in NDEPS: Developmental Regulation;
Digital Literacy and Skills,
Solid Infrastructure;
Service Infrastructure;
Digital Services Development & Promotion,
Soft Infrastructure;
Digital Society/Emerging Technologies and
Indigenous content development and adoption.

“It is often said that data is the oil of the digital economy as such, the integrity of the digital economy relies, to a large extent, on the integrity and protection of data.” He added.

“To this end, the NDPR supports in the development of a digital economy and the NDPR aligns perfectly with our developmental regulatory pillar under NDEPS.”

According to him, as the Minister, he had the opportunity to follow the development and implementation of the regulation, because as he said: “I am very clear as to what we wanted to achieve through the NDPR.”

He said: “I am very proud of the DG of NITDA, Mr. Kashifu Abdullahi, for not only continuing with the vision but for providing leadership to his committed and highly professional staff who have demonstrated an excellent capacity to translate leadership vision to reality.

The regulation, Pantami, said meets the objectives of the developmental regulation Pillar of NDEPS which include:
Creating a dynamic regulatory environment that fosters, rather than hinders, the development of a digital economy, facilitating the enactment of appropriate legislation that ensures protection of digital technology infrastructure and enhances national security; and
supporting the issuance of converged regulations, as well as address the issue of multiple taxations in order to create a healthy business environment for the development of the Nigerian digital economy.

 “I am proud to see that we have through the NDPR added 2,686 job roles, thereby creating massive opportunities for young Nigerians to be recruited as Data Protection Officers, Data Protection Compliance Organisations, Compliance officers among others.

“The DPCOs have also earned over N2 billion in the first year of implementation.

This is the intent of our digital economy policy- empowering Nigerians in a way that ensures global competitiveness.
I am also very proud of Nigeria’s appointment as the Vice Chair of the African Union’s Data Protection Harmonisation Working Group. Being recognised among 26 African countries is a great recognition of the hard work and innovation we are investing in this regard.
In my assessment of the great work done so far, I still see room for more enforcement. NITDA, as the data protection authority, has my full support to ensure entities who wantonly breach personal data are brought to book as soon as possible. I am aware of some quick loan service providers who use personal data to defame and threaten their customers, such issues should be looked into in line with the NDPR. I also want to state that non-filing of data protection audit is a violation of the law. Enforcement of this provision would be more vigorously pursued going forward.
This therefore brings me to the issue of Data Protection Compliance Organisations (DPCO). I encourage NITDA to increase regulatory oversight over current DPCOs and carefully consider current pending applications in line with its published criteria and processes.
The Ministry is working hard to make Nigeria a leading light in the digital economy of Africa and on the global stage. The recent presidential directive for the National Identity Management Commission (NIMC) to be moved to the Ministry is part of government’s efforts at accelerating the achievement of the NDEPS 2019.

According to him, NIMC has played vital role in the promotion of the current draft data protection bill. I want to encourage the drafting team of the data protection bill 2020 to ensure that the lessons presented in this report be incorporated into the Bill.

He stressed that specific recognition should be given to Data Protection Compliance Organisations, adding: This is the most innovative addition Nigeria has brought to the global implementation of data protection and we must be proud of it.

Also, the proposed Data Protection Commission, when constituted should work closely with the ministry and its agencies, in view of the experience we have garnered in this novel field.

As #EndSARS protests spiral, worried Buhari meets IGP

202

A worried President Muhammadu Buhari has scrambled a meeting the Inspector General of Police, Muhammed Adamu, after #EndSARS protests continue to heat the polity and lead to violence in parts of the country and the Federal Capital City.

There was a report of a policeman killed in Delta State, where youths took to the streets to protest to protest the unprofessional conduct and extortion by men of the special squad of the Police. The Police has since banned the activities of the squad, but anger appears to be spiralling out of control.

Monday night, the President’s office released a statement quoting the President as saying he met again with Adamu over the conduct of policemen.

His words: “I met again with the Inspector General of Police tonight. Our determination to reform the police should never be in doubt. I am being briefed regularly on the reform efforts ongoing to end police brutality and unethical conduct, and ensure that the Police are fully accountable to the people.

“The IG already has my firm instructions to conclusively address the concerns of Nigerians regarding these excesses, and ensure erring personnel are brought to justice. I appeal for patience and calm, even as Nigerians freely exercise their right to peacefully make their views known.

“The vast majority of men and women of the Nigeria Police Force are patriotic and committed to protecting the lives and livelihoods of Nigerians, and we will continue to support them to do their job”.

Meanwhile, The Punch reports that many commuters were stranded around the Alausa and Berger areas in Lagos State as protesters blocked the Alausa section of the Lagos-Ibadan Expressway.

The PUNCH gathered that the protesters moved from the entrance of the Lagos House of Assembly to block the highway on Friday.

The placards-carrying protesters barricaded the highway from the Secretariat bus-stop, opposite Magodo Phase II.

The effect of the gridlock had begun to extend to the Otedola Bridge along the Lagos-Ibadan Expressway.

The PUNCH had reported that thousands of Nigerians are protesting against police brutality in the country.

Apart from Lagos, protests are taking place across the country, including in the capital Abuja and Osun State.

The movement initially targeted the federal Special Anti-Robbery Squad, widely accused of unlawful arrests, torture, and murder, but has since broadened to include all police forces.

While the SARS unit was suspended on Sunday, groups such as Amnesty International said the government had not gone far enough, pointing to previous unsuccessful attempts to ban the force.

Several Nigerian celebrities have joined the protest.

There was violence in Osun and Abuja on Friday as youths protest against police brutality and extortion.

The PUNCH gathered that in a bid to disperse the protesters, policemen shot indiscriminately.

In Osogbo, the protest caused gridlock at the Ola-Iya junction.

It was learnt that the protesters pelted stones at the security operatives in a bid to resist any attempt to stop the protest.

The security operatives, who initially took cover beside their Armoured Personnel Carriers stationed at the junction, later shot indiscriminately to disperse the angry youths.

In Abuja, security operatives teargassed and shot indiscriminately to disperse the protesters.

In a video that surfaced online, the protesters were seen running helter-skelter.

Some of them were heard shouting “they are shooting at us”, “don’t kill us with teargas”, “you must #EndSARS”.

One of the protesters in Abuja, @BrianJDenis, tweeted, “Police officers have opened fire at us with live bullets at Central Area, Abuja. Some people are injured.”

Earlier, the Inspector-General of Police, Mohammed Adamu, condemned the violent attack on policemen and damage to police operational vehicles and other assets by #EndSARS protesters in Ughelli, Delta State, on Thursday.

He also ordered a probe into the incident which resulted in the death of Corporal Etaga Stanley attached to ‘A’ Division, Ughelli. 

Additional reports by The Punch

Delta CJ, Justice Marshall Mukoro Requests Resident & Practicing Notaries Public In The State To Provide Biodata

0

The Chief Judge of Delta State, Hon. Justice Marshall Mukoro has requested Notaries Public in the State to provide their biodata on or before 29th day of October, 2020.

This is contained in a circular with reference number CS.654/2 dated 8th day of October, 2020 issued by O. Aforkeya, Acting Chief Registrar which was made available to TheNigeriaLawyer.

“I am directed by His Lordship, the Honourable Chief Judge of Delta State to inform all Notaries Public resident and practicing in Delta State to furnish the Office of the Honourable Chief Judge the following:

(i) Recent passport-size photograph
(ii) Delta Sworn-in
(iii) Office address
(iv) Phone Number
(v) Email address”.

However, it was noted that the information is expected to be forwarded to the Focal Officer, Tim Agbaragu, Esq., Functioning Director, Protocol/PR, High Court of Justice Asaba, on or before 29th October, 2020.

Also, he can be reached via 08108094202; 08058472589 or [email protected].

TheNigeriaLawyer