Category: Lead

Vice President Kashim Shettima has decorated the Acting Inspector-General of Police, Mr Kayode Egbetokun at the Presidential Villa, Abuja.

The brief decoration ceremony was performed jointly with the spouse of the new Acting Inspector-General of Police, Mrs Egbetokun.

Read Also: What to know about Acting IGP DIG Kayode Egbetokun

The event was witnessed by senior government officials, including the Secretary to the Government of the Federation (SGF), Senator George Akume; Imo Governor, who is also the Chairman of the Progressive Governors’ Forum (PGF), Hope Uzodinma;

Others are the Chief of Staff to the President, Hon Femi Gbajabiamila; the National Security Adviser (NSA), Nuhu Ribadu and the outgoing Inspector-General of Police, Alkali Baba.

Details Shortly…

The immediate past Benue Governor Samuel Ortom is in the Makurdi office of the Economic and Financial Crimes Commission(EFCC) following an invitation.

Ortom arrived at the Makurdi zonal office of the anti-graft agency located at Alor Gordon Street around at 10 am on Tuesday.

It was gathered that the former Governor was invited over ongoing investigation into alleged financial misappropriation during his tenure.

Read Also: Assets: Ortom, Abounu drag Benue gov, others to court

The former Governor’s media aide, Terver Akase and Principal Special Assistant on Special Duties, Abraham Kwanhgu, were sighted with him.

“Former governor Ortom is currently at our Makurdi zonal office in Benue State. He arrived at about 10 a.m. this morning, and he’s still there now. He was invited over an ongoing investigation concerning alleged misappropriation of funds during his time in office,” a source said.

Efforts to reach the spokesperson for the EFCC, Wilson Uwujaren, on the development proved abortive.

The Department of State Services (DSS) has said that it never denied the suspended Central Bank of Nigeria (CBN)  Governor , Godwin Emefiele, access to his family and lawyers.

Spokesman of the agency, Dr Peter Afunanya, in an article on Tuesday titled: “The DSS operates within its mandate” said the celebration of the news of a court order to allow Emefiele’s lawyers and family access to him was quite unnecessary. 

“He was never denied access. Ever since he was taken into custody, his family has continually accessed him. Same with medical officials. The impression that the Service is going to act on the prompting of the Court is not correct,” Afunanya said.

Afunanya, who alleged a media ambush against the Service, called out some newspaper houses for their editorials pertaining to the Service recently, which he referred to as “hatchet job.” 

“It did not seem that the editorials which sought the reforms of the DSS or to criticise it for its public statements or actions on various subject matters of national security concern were, by any means, an accident or a coincidence. It looked every inch planted or organised. It is a hatchet job or so it seemed. The judgement that the Service is excessively public or ubiquitous missed the point. The papers manifested predictable bias and patterns,” he said.

According to him, considering the warped mentality that triggered writeups in the media against the Service it will be unsurprising to witness “an upsurge in malicious articles, criticisms and baseless attacks in the public space following the investigations of Messrs Godwin Emefiele and Abdulrasheed Bawa among other flimsy matters.”

Read Also: Emefiele’s Exit: Deliverance by Tinubu administration

He said certain groups and people would come up with frivolous allegations against the Service and its leadership. 

“These entities may also exploit unpatriotic members of the Service to spread falsehoods, propaganda and hate in order to project the Organisation in a bad light. Given their reach and war chest to mobilise forces against Government and its key officials, the adversaries may intend to cause distractions to the on-going investigations as directed by the C-in-C. However, the Service will not depose its professionalism for cheap backlash nor discharge its duty with prejudice or fear,” he said.

He said the DSS will remain unshaken and professional in carrying out its duties. 

“It recommits to diligently operate, as always, within the confines of the law and to uphold the fundamental rights of all Nigerians. The media must, as the fifth estate of the realm, remain balanced, accurate, impartial and accountable. To sustain a deliberate misguidance of the public with any form of misconceptions is detrimental to nationhood. Therefore, to deepen the expected contributions, seeking veracity is not only ethical but obligatory. That should not be asking for too much,” Afunanya said.

• More special advisers, SSAs named

 President Bola Ahmed Tinubu yesterday made key security appointments in a major shake-up which swept away the Chief of Defence Staff, Service chiefs, National Security Adviser (NSA), Inspector-General of Police and Comptroller-General of Customs.

The statement by Secretary to the Government of the Federation (SGF) George Akume, signed by the Director of Information in his office Mr. Willie Bassey, gave the names of new appointees.

They are Maj. Gen. Christopher Gewbi Musa, Chief of Defence Staff (CDS); Maj.-Gen. Taoreed A Lagbaja, Chief of Army Staff (COAS); Rear Admiral Emmanuel A. Ogalla, Chief of Naval Staff (CNS) and Air Vice Marshal (AVM) Hassan Bala Abubakar, Chief of Air Staff (CAS).

The Service chiefs will hold office in acting capacities.

Deputy Inspector-General (DIG) of Police Kayode Egbetokun is the acting Inspector-General of Police and Deputy Comptroller-General (DCG) Adeniyi Bashir Adewale is to act as Customs Comptroller-General.

Others are: Mallam Nuhu Ribadu, National Security Adviser (NSA); Maj.-Gen. Epa Undiandeye, Chief of Defense Intelligence (CDI); Col. Adebisi Onasanya, Brigade of Guards Commander; Lt. Col. Moshood Abiodun Yusuf, 7 Guards Battalion, Asokoro, Abuja; Lt. Col. Auwalu Baba Inuwa, 177, Guards Battalion, Keffi, Nasarawa State; Lt. Col. Mohammed J. Abdulkarim, 102 Guards Battalion, Suleja, Niger and Lt. Col. Olumide A. Akingbesote, 176 Guards Battalion, Gwagwalada, Abuja.

The statement further stated that the President approved the appointments of other military officers in the Presidential Villa, including Maj. Isa Farouk Audu (N/14695), Commanding Officer of State House Artillery; Capt. Kazeem Olalekan Sunmonu (N/16183), Second-in-Command, State House Artillery; Maj. Kamaru Koyejo Hamzat (N/14656), Commanding Officer, State House Military Intelligence; Maj. TS Adeola (N/12860), Commanding Officer, State House Armament; and Lt. A. Aminu (N/18578), Second-in-Command, State House Armament.

The President also approved the appointments of two additional Special Advisers and two Senior Assistants.

They are Hadiza Bala Usman (Special Adviser, Policy Coordination); Hannatu Musa Musawa (Special Adviser, Culture and Entertainment Economy); Sen. Abdullahi Abubakar Gumel (Senior Special Assistant, National Assembly Matters – Senate) and Olarewaju Kunle Ibrahim (Senior Special Assistant, National Assembly Matters – House of Representatives).

The statement said the Service chiefs, the acting IG and the acting CG of Customs are to act in their positions, pending their confirmation in accordance with the 1999 Constitution.

Former CDS Gen. Luck Irabor was appointed by former President Muhammadu Buhari in January 2021 along with the Chief of Army Staff, Chief of Air Staff and Chief of Naval Staff.

Read Also: Tinubu off to Paris for global pact signing

But Lt.-Gen. Ibrahim Attahiru died in a helicopter crash in May 2021 and was replaced by Lt.-Gen. Farouk Yahaya.

Outgone IGP Alkali Usaman Baba was appointed in April 2021. 

Former NSA Maj. Gen. Babagana Monguno (rtd) was appointed in 2015.

PROFILES

Chief of Defence Staff (CDS)

The new Chief of Defence Staff, Maj. Gen. Musa was born on December 25, 1967. He hails from Zango Kataf Local Government Area of Kaduna State.

He is a member of the 38th Infantry Course of the Nigerian Defence Army and was Commissioned on 21 September 1991.

He had served at the Theatre Command Operation Hadin Kai, the Joint Military Operation in the Northeast.

Chief of Army Staff (COAS)

The COAS Maj.-Gen. Lagbaja was born in Ilobu, Irepodun Local Government Area, Osun State, on 28 February 1968.

He was admitted on 12 September 1987 as a member of 39 Regular Course of the Nigerian Defence Academy. He was commissioned on 19 September 1992 into the Nigerian Army Infantry Corps.

Until his appointment, Maj. -Gen. Lagbaja was Chief of Operations at the Army Headquarters, Abuja.

Chief of Naval Staff

Rear Admiral Emmanuel Ogalla hails from Enugu-Ezike in Enugu State. He was a member of 39 Regular Course of the Nigerian Defence Academy (NDA).

Until his appointment, he was Director of Lessons Learnt at Naval Headquarters, Abuja.

Chief of Air Staff

The Chief of Air Staff, Air Vice Marshal Abubakar, was born on 11 September 1970. He hails from Shanono Local Government Area of Kano State. 

He was enlisted into the NAF as a member of 39 Regular Course of the Nigerian Defence Academy (NDA), and was commissioned Pilot Officer on 19 Sept 1992.

He was the Air Officer Commanding, Logistics Command before his appointment.

Acting IGP

Born on September 4, 1964, Egbetokun was the Deputy Inspector-General of Police, Force Criminal Investigation Department, Force Headquarters, Abuja before his appointment as Acting Inspector General of Police.

Egbetokun was born in Erinja, Yewa South Local Government Area of Ogun State. He enlisted into the Nigeria Police Force on the 3rd of March, 1990, as a Cadet Assistant Superintendent of Police.

He had his initial training at the Nigeria Police Academy and has served for more than 26 years in the Police.

Egbetokun obtained a Bachelor of Science degree (B.Sc) in Mathematics from the University of Lagos.

He had also lectured in Mathematics briefly at Yaba College of Technology, Lagos.

His other academic qualifications include PhD from the Center for Peace and Security Studies, Al-hikmah University, Ilorin, making history as the first PhD candidate to graduate from the Center. He holds M.Sc in Engineering Analysis, also from the University of Lagos, Akoka ( 1996), PGD in Petroleum Economics from Delta State University, Abraka (2000), and an MBA from Lagos State University, Ojo (2004).

Egbetokun was the Acting Commissioner of Police in Lagos State.

He was also the Deputy Commandant, Nigeria Police College, Ikeja, Lagos.

Read Also: Presidency: Service Chiefs’ appointments not subject to ethnic balancing, federal character

Senator Abdullahi Gumel

Senator Abubakar Gumel hails from Maigatari Local Government Area of Jigawa State.

He was born on April 20, 1949. He was a member of the 8th National Assembly and represented Jigawa Northwest District. He was the Chairman of the Senate Committee on States and Local Governments.

He attended Kaduna Polytechnic, Kaduna, where he obtained a National Diploma in Accountancy before proceeding to Bayero University, Kano, where he obtained Advance Diploma in Public Administration and Post Graduate Diploma (PDGD) in Public Policy and Administration. He holds a Master’s degree in Public Policy and Administration from Bayero University, Kano.

In 1999, he was elected a member of the House of Representatives, representing Gumel Constituency (Gumel/Maitagri/Sule Tanrarkar/Gagarawa Local Government Areas). While in the House, he served as Chairman of the House Committee on Special Duties from 1999 to 2000 and Chairman of the House Committee on Police Affairs, from 2001 – 2003. 

In 2003, he was appointed Special Adviser to the Speaker (Aminu Bello Masari) on special assignments (2003–2007). He was elected Senator and represented Jigawa Northwest District in 2015 under the All Progressives Congress (APC).

Nuhu Ribadu

Ribadu was born on 21 November 1960 in Yola, Adamawa State. He graduated from Ahmadu Bello University,  Zaria, Kaduna State in 1983, with a Bachelor of Law degree. He also bagged a Master’s in Law from ABU.

He joined the Nigerian Police Force in 1986 and rose to become Assistant Commissioner of Police in 2002. In 2007, he was promoted Assistant Inspector General of Police.

Former President Olusegun Obasanjo appointed him Chairman of Economic and Financial Crimes Commission  (EFCC) from 2003 to 2007.

Ribadu was also the Chairman of the Petroleum Special Revenue Task Force from 2012 to 2014.

Hadiza Bala Usman

Born on January 2, 1976, Usman bagged a Bachelor’s Degree in Business Administration from Ahmadu Bello University,Zaria, in 2000.

In 2009, she received a Master’s in Development Studies from the University of Leeds, England.

She was appointed in 2015 by former Kaduna State Governor Nasir El-Rufai as  Chief of Staff.

Former President Muhammadu Buhari appointed her as the Managing Director of Nigerian Ports Authority (NPA) in July 2016, a position she held till 2021.

Adeniyi

Before his appointment, Adeniyi  was an Acting Deputy Comptroller General of Customs with over 30 years experience.

Adeniyi attended Modakeke High School, Osun State, where he sat for his School Certificate Examination  in June, 1979. Adeniyi graduated in 1987, from Obafemi Awolowo University, Ile-Ife, with Bachelor of Science degree in International Relations . The new Acting Controller-General of Customs is also a holder of Master of Arts degree in Communication Science from Universitaire Svizzera D’Italiana (USI) – Lugano—Switzerland.

The Federal Government and organised labour have reached an agreement to sort out the implementation of the resolutions they reached on palliatives to cushion the effect of petroleum subsidy removal by August.

Representatives of the government and those of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) adjourned meeting two weeks ago after jointly drawing up seven resolutions and three agreements for the welfare of workers and other Nigerians.

At the resumed meeting yesterday at the Presidential Villa in Abuja, the two parties, among other things, set up a Presidential Steering Committee to serve as a clearing house in coordinating the technical sub-committees on different items raised.

Addressing State House correspondents after the meeting, TUC President Festus Osifo and his NLC counterpart, Joe Ajaero, said the parties would reconvene next Monday to review the framework they agreed upon.

Osifo said: “We have concluded our meeting. If you remember very well, the last time that we were here, that TUC and NLC met with government about two weeks ago, we agreed that we were going to reconvene today. That is June 19. We just reconvened. We had a meeting although brief…

“We agreed that anything we are putting together we are going to conclude everything in eight weeks. Everything must be rolled out within that time, not something that we are going to leave endlessly. They have submitted the framework to us. We have looked at it. We have made input. This night, we will continuously work on it in order for us to come up with the deliverables…”

Also,

“If you look at the communiqué that was signed in our last meeting, there are some action items in the communiqué. So, it’s actually how these action items will be delivered. For example, we need to have a Presidential Steering Committee that will have to oversee everything.

“We also need to have technical sub-committees, because if we talk about the issue of CNG, we need experts… You need those people that are willing to invest… You need the national oil company, the Nigerian National Petroleum Company Limited (NNPCL) to come up with what they need to do and the time with which they are going to deliver.

“There are some technicalities that are required beyond this meeting. So, those technical committees will be subsumed into presidential committees. But all these we must conclude maximum in eight weeks. So, those technical committees; some will submit their reports in one week. When they submit in one week, we implement; when they submit in two weeks, we will implement. But the last should not exceed eight weeks.

Read Also: Fed Govt, Labour resume talks on subsidy removal

“The terms of reference of these committees are going to be agreed on between today and tomorrow. We are looking at five broad technical committees that will be subsumed into Presidential Steering Committee. There must be timelines in these terms of reference but maximum should not exceed eight weeks. By next week Monday, we will be here again, same time.”

Also, the Special Adviser to the President on Special Duties, Communication and Strategies, Mr. Dele Alake, said the meeting considered the short term, medium term, and long term measures in resolving the issue with government.

He said: “We reconvened today. Both parties went through this list and we tipped off the viable ones. Those things are broken into three categories. The immediate: those that can be of low hanging fruits in the short-term; the medium-term and the long-term.

“So, those lists of demands in terms of implementation and execution fall into those three broad categories of short, medium and long term categories. So, that’s what we decided today and other meetings will still be held in order to cross the T’s and dot the I’s.

“One group has been constituted at today’s meeting. There is a steering committee that will be like a clearing house. There are other groups set up, comprising both parties, government and labour members, and these groups will work together very harmoniously and efficiently to arrive at the final resolution of all these demands and what we call interventions.”

Present at the meeting were Ajaero, Osifo, the Chief of Staff to the President, Femi Gbajabiamila Special Adviser for Revenue, Zachaeus Adedeji and the Special Adviser for Energy, Olu Verheijen, and the Permanent Secretary in the Ministry of Labour and Employment, Kachallom Daju.

Others include the Group Chief Executive Officer, GCEO of the Nigerian National Petroleum Company Limited NNPCL, Mele Kyari, the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, the CEO of Nigeria Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, among others.

Last week’s harmonisation of foreign exchange markets in the country by the Central Bank of Nigeria(CBN) will open floodgates for foreign investments in Nigeria, Chairman of Bharti Airtel Worldwide Sunil  Mittal, has said.

Mittal stated that the new policy would give foreign and local investors more confidence that an enabling environment had been opened in Nigeria.

He also said that the measure had moved  Nigeria’s economy into global reckoning.

Mittal revealed that Airtel which yesterday rolled out its Fifth generation (5G)  service in the country,   would up its hitherto $400 million yearly investments in Nigeria to $700m in the next two years.

Mittal stated this after a meeting with the President at the Presidential Villa,  Abuja.

The Airtel chief said that with the new exchange rate policy, one obstruction to foreign investments in Nigeria had been tackled.

He made reference to how the old policy had frustrated  Airtel’s bid to import critical equipment to enhance its operations in Nigeria.

The Central Bank of Nigeria (CBN)  had on Wednesday floated the Naira, thus giving traders at the Import and Export (I&E) window, the freedom in the exchange rate determination.

With the development, buyers and sellers of foreign currency in the official FX market now quote rates they find comfortable in the FX market.

The policy was on Friday hailed by the International Monetary Fund (IMF).  

Mittal, who was in company with other senior officials of the company, including the Chief Executive Officer of Airtel Africa Limited,  Segun Ogunsanya, also said he noted during the meeting, Tinubu’s deep commitment to stemming poverty in Nigeria.

His words: “One of the key changes that His Excellency, the President, has made in the first few days of his tenure, has been making Naira free float unto the market, letting the market decide, as opposed to CBN’s very …four or five exchange rates, which was very difficult to navigate for companies like ourselves and many others.

“As you have all seen, the Naira has been devalued, but the worldwide markets have given standing ovations to this move and the dollar bonds have strengthened in Nigeria and generally there’s excitement in investing and companies who are going to be coming to put their bases here in Nigeria.

 Expatiating on his company’s investments in Nigeria, Mittal said:  ”We’re already investing about $400 million a year, which has been going on for many years and of course will continue.

“On top of that, to roll out the 5G and more fibre into the ground and data centres will require more than $700 million to get to that outcome. So, while there is no exact number  I can give you, all I can tell you is $400 million is what we generally invest every year.

“With 5G, the investment is only going to go up for the next two or three years before it comes back to the same $350, $450 million a year and we have invested just under $4 billion since the time we have come into Nigeria.”

 On the issues he discussed with the President, Mittal said they centred on economic empowerment, job creation and poverty alleviation.  

 ”I saw this President’s deep commitment to removing poverty. I come from a country, India, where we also have decades of poverty, which has been rapidly minimised and eradicated in some parts, through the intervention of massive infrastructure investment, massive digital ecosystem creation and using the digital infrastructure to provide services by the government to its citizens. This includes direct benefit transfers in the form of cash in the hands of people, biometric-based banking transactions and biometric-based health services.

“During the COVID time, India, as you know, through the biometric, could ensure that every one of its citizens was inoculated and vaccinated. These things that the technology can offer and more are fully on display in India and available to its friendly countries in Africa, like Nigeria,”  he said.

Tinubu, according to a statement by his Special Adviser on Special Duties, Communication and Strategy Dele Alake reassured investors of a better business climate.  

The  President recalled his connection with the Telco when it started as Econet Wireless in Nigeria. He said that as the then Governor of Lagos State,  he facilitated and supported the entry of the company into Nigeria to liberalise the telecommunication industry. 

Read Also: Forex: Firm launches digital currency

The statement read in part: “I have a connection with Airtel. We brought Econet to Nigeria when I was governor of Lagos State. I was a main promoter then because we needed to liberalise the telecom industry. The economy of Asia headed by India is very phenomenal because of reforms. We are ready to copy India. 

 ”Digital economy is very crucial. We are not ashamed to copy any model that works. I congratulate Airtel for the growth of your business in Nigeria. We are looking forward to the growth and expansion of your 5G network in Nigeria. Airtel should continue to promote Nigeria. 

“I assure you that your investment is very safe and will continue to grow. We are working to improve the business environment for all investors,”. 

 The Special Adviser to the President on Monetary Policy, Mr Wale Edun, in his remarks, said that  Tinubu had always recognised the transformational power of technology and telecommunication for economic growth.  

 * Airtel Nigeria rolls out 5G services

The number of operators Telcos offering 5G) services in the country rose to four yesterday with   Airtel Nigeria officially joining the elite league.

MTN Nigeria pioneered the launch of the service. It was followed by Mafab Communications.

5G technology delivers superfast data services and redefines services in other sectors of the economy, including Medicine and  Agriculture.

  Chief Commercial Officer at Airtel Nigeria, Femi Oshinlaja, said 5G services would first be available in the  Federal Capital Territory (FCT),   Lagos, Ogun and Rivers states.     

Oshinlaja restated the company’s commitment to deepen investment in Nigeria.   

Airtel had in January announced the payment of $ 316.7 million for 100 MHz of spectrum in the 3500MHz band for the deployment of  5G network and 2x5MHz of 2600MHz to boost its fourth-generation coverage in the country.  

 CEO of  Airtel Africa Limited, Ogunsanya,  had also told reporters in Abuja that  ”the acquisition of 5G spectrum by Airtel  will underpin our growth strategy by enabling the launch of higher speed connectivity to enhance customer service and accelerate digitalisation for consumers, enterprises and the public sector.”  

 He added: “The deployment of 5G will accelerate the availability and efficiency of fixed wireless access products across the country, contributing toward Airtel Nigeria’s progress in meeting the National Broadband Plan targets.”

For the first time in decades, the naira exchange rate at the Investors and Exporters (I&E) window – the official market rate – weakened below the parallel market rate.

The naira depreciated by N107 to close at N770/$1 at the I&E window yesterday, weaker than the N757/$ it exchanged at the parallel market rate.

The local currency, which closed on Friday at N663/$1 at the I&E window, struggled to sustain the appreciation tempo after dollar supply to the market shrank and manufacturers struggled to source it for items not valid for forex access.

Analysts also said Friday’s low closing rate at the I&E window attracted forex buyers interested in getting the greenback at cheaper rates to that segment.

The Central Bank of Nigeria (CBN) unified exchange rates into the I&E window last Wednesday, allowing market forces to determine the exchange rate.

Managing Director of Economic Associates, Dr. Ayo Teribe, said the Bureau De Change (BDC)/ parallel market rate is a reliable indicator of market realities and is stable.

“The volatile price correction in the I&E rate should trigger an equally strong reduction in demand plus an increase in supply in that window.

“That would make the market settle back towards equilibrium in the next few days. I expect the rates to strengthen across all windows before the end of this week. 

“I expect the unified rate to move towards N600/$ or stronger in the next week or so,” Teriba said.

Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, noted that in continuation of the fundamental reforms in the forex market, the CBN announced the relaxation of the domiciliary account restrictions, easing limits on cash deposits and withdrawals.

He said the market’s reaction to this was the instant appreciation of the naira at the parallel market by 0.53 per cent to N757/$.

“This is good news for traders who source dollars mainly at the parallel market. With this development, it is likely that imported inflation, which is a function of the exchange rate, begins to taper,” he said.

Rewane said the adoption of a single exchange rate and the “willing buyer-willing seller model” by the CBN is, no doubt, cheery news.

He said the new exchange rate framework is expected to increase transparency in the forex market, reduce exchange rate misalignment and transaction costs, and buoy investor confidence.

“However, exchange rate management goes beyond exchange rate unification. It must address issues surrounding market structure, easy access and adequate supply.

“This means effectively dismantling forex rationing, administrative controls, and reviewing import restrictions. As Barack Obama declared, ‘Africa doesn’t need strongmen, it needs strong institutions’,” Rewane said.

Former Executive Director at Keystone Bank Limited, Richard Obire, said Friday’s rate closing at the I&E window may have gingered more buyers seeking cheaper rates to that segment of the market.

“I suspect the average price on Friday has encouraged more buyers to come into the market. This may not have been matched by increased supply so the price will respond accordingly. 

“This confirms the point that we need to see a reasonable period of trading to see where the market will settle,” he said.

President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, said all eligible forex demands are now queuing at the I&E window in the short run hence the high transaction traffic there.

“The development is not new as there were times when the official exchange rate was higher than the parallel market rates in China. 

“The interplay of supply and demand forces and the concept of a willing buyer and a willing seller will eventually lead to stable market clearance rates as events unfold,” he said.

Gwadabe advised the CBN to ensure liquidity in the retail end of the market by de-monopolising diaspora remittances and stronger collaboration with BDCs, which control the retail end of the forex market.

Other market analysts from FutureView Securities said forex unification hopes are also being frustrated by the sustenance of the list of 43 items restricted from accessing forex at the official market.  

Read Also: IMF hails Tinubu as Naira records first closing gain

Originally compiled by the CBN in June 2015, the list of items ineligible for forex was intended to manage foreign exchange resources and encourage domestic production.

However, analysts note that over 70 per cent of manufacturers already resort to accessing forex through unofficial channels, primarily due to scarcity but also because these items are on the CBN’s list of 43 ineligible items for the official forex window.

Recent foreign trade data for the first quarter of 2023 corroborates this, with imports of five of these items amounting to N543 billion.

Vegetable fats and oils accounted for N42.36 billion, vegetable products for N344 billion, animal products for N122.47 billion, mackerel meat for N17.05 billion, and crude palm oil for a total of N17.02 billion.

They argue that if the country had a sufficient supply of these products, importing them would not be a profitable endeavour. The exclusion of these 43 items from accessing forex further perpetuates market fragmentation, diminishing the chances of achieving the desired convergence in exchange rates across the two markets.

While applauding the decision to float the naira and put an end to long-standing rent-seeking opportunities, analysts stress that the removal of all controls on forex demand and the implementation of structural reforms are necessary to stimulate foreign direct investment.

President Bola Ahmed Tinubu has approved the appointment of new Service Chiefs.

The new Service Chiefs are:
1 Mallam Nuhu Ribadu National Security Adviser

2 Maj. Gen. C.G Musa Chief of Defence Staff

3 Maj. T. A Lagbaja Chief of Army Staff

Read Also: BREAKING: Tinubu sacks Service Chiefs, appoints new ones

4 Rear Admiral E. A Ogalla Chief of Naval Staff

5 AVM H.B Abubakar Chief of Air Staff

6 DIG Kayode Egbetokun Acting Inspector-General of Police

7 Maj. Gen. EPA Undiandeye Chief of Defense Intelligence

President Bola Tinubu has approved the sack of all service chiefs and appointed new ones. 

He also approved the appointment of Nuhu Ribadu as the new National Security Adviser(NSA).

Read Also: JUST IN: Dangote, Bill Gate meet President Tinubu

These were contained in a statement on Monday evening by the Office of the Secretary to the Government of the Federation (OSGF) and made available by the the Director of Information in the office, Mr Willie Bassey.

The President approved the appointment of DIG Kayode Egbetokun as Acting Inspector-General of Police and Adeniyi Bashir Adewale as Acting Comptroller General of Customs.

Details Shortly…

Representatives of the Federal Government and Organised Labour are meeting at the Presidential Villa, Abuja to resume negotiations on how to cushion the harsh realities of fuel subsidy removal.

The meeting is a follow up on the last session where some agreements were reached and Labour agreed to suspend its planned strike until further talks scheduled for today.

The meeting is expected to take decision on the demands by the Organised Labour and the proposed palliatives from government to cushion the effect of the subsidy removal.

Read Also: Fed Govt, Labour resume talks on subsidy removal

In their last meeting, the Federal Government and the two labour centres, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), agreed to continue their discussions on June 19.

Present at the meeting are the delegation of the NLC, led by its President Joe Ajaero; the delegation of the TUC led by its President Festus Osifo; Chief of Staff to the President, Femi Gbajabiamila; Special Adviser for Revenue, Zachaeus Adedeji;  the Special Adviser for Energy Olu Verheijen and the Permanent Secretary, Ministry of Labour and Employment, Kachallom Daju.

Others are the Group Chief Executive Officer GCEO of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; the Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Gbenga Komolafe; the CEO of Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Farouk Ahmed among others.

Details Shortly…