Tag: requests

  • Banks get 24hrs for BTA, PTA requests

    Banks get 24hrs for BTA, PTA requests

    Banks have up to 24 hours to meet all foreign exchange requests for Personal Travel Allowances (PTA) and Business Travel Allowances (BTA), the Central Bank of Nigeria (CBN) has directed.

    The maximum volume of BTA approved for sale per customer is $5,000 quarterly. A PTA customer gets $4,000.

    The CBN also announced at the weekend a 48 hours timeline for banks to meet all foreign exchange requests for school fees (including allowances) and medical bills applications. The regulator expects such retail transactions to be settled at a rate not exceeding 20 per cent above the interbank market rate or at N375 to the dollar.

    A circular to all authorised dealers signed by CBN Director, Financial Markets Department, Alvan Ikoku, said the new timeline was meant to increase foreign exchange liquidity in the market, and ensure availability to end-users.

    The CBN also directed commercial banks to open teller points in all locations to ensure access to foreign exchange by their customers.

    The banks were warned that non-compliance with the directives would attract sanctions, including but not limited to being barred from all CBN foreign exchange interventions.

    According to the circular, lenders are also expected to have electronic display boards in all their branches showing rates of all traded currencies.

    “Banks are hereby directed to process and meet the demand for Personal Travel Allowances and Business Travel Allowances customers within 24 hours of such applications. They are to equally process and meet the demands for school fees (including allowances) and medical bills within 48 hours of such applications,” the circular said.

    The CBN has been implementing a new foreign exchange policy, which makes greater provisions for commercial banks to get more dollars to fund forex users at the retail end of the market. The apex bank has subsequently increased its level of interventions in the interbank market where it constantly injects dollars to raise market liquidity and stabilise the naira.

    “Having cleared the historic backlog of matured letters of credit at the inception of the current flexible exchange rate system, the CBN would immediately begin to provide foreign exchange to all commercial banks to meet the needs of both PTA and BTA for onward sale to customers. All banks would receive amounts commensurate with their demand per week, which would be sold to customers who meet usual basic documentary requirements,” the CBN said.

    The CBN had earlier promised to meet the needs of parents, guardians and sponsors for school fees. Such payments must be made by commercial banks directly to the institution specified by the customer.

    The apex bank also promised to ensure that this process is as smooth as possible and that as many customers as possible get the foreign exchange they genuinely demand.

    The new foreign exchange rules will also apply to customers seeking to make payments or purchase foreign exchange for medical bills and paid directly to hospitals. The supply of foreign exchange to retail end-users will be sustained by the CBN.

    The CBN’s objective is to continuously and vigorously pursue a transparent, liquid and efficient foreign exchange market. The regulator said it would neither tolerate unscrupulous actions nor hesitate to impose sanctions on offenders, be they banks or their staff.

    The CBN urged market participants to assist in ensuring that these new measures engender the preservation of our external reserves, stability of the financial system, and growth of the economy to the benefit of all Nigerians.

  • Requests, commendations, as Lagos  Assembly holds town hall meetings

    Requests, commendations, as Lagos Assembly holds town hall meetings

    It was demands, requests, commendations and in some instances admonition for members of the Lagos state House of Assembly at the second edition of the constituency stake holders meeting organised by the Assembly which held simultaneously in the 40 state constituencies across Lagos on Wednesday.

    The demands included, rehabilitation of roads, construction and clearing of drainages, provision of more schools and markets, provision of employment and empowerment for women and youths, provision of potable water and general infrastructure.

    The theme of this year’s stakeholders meeting was: ‘Community/Neighbourhood policing starts with you’.

    Speaking to his constituents at Agege 1constituency, Speaker of the Assembly, Hon. Mudashiru Obasa urged Lagosians, particularly the people of Agege, to take good care of government projects in their communities so that they can enjoy their benefits for long period of time.

    According to Obasa, the government at all levels particularly in Lagos State is trying its best to ensure that all communities are evenly developed and to ensure that the people enjoy dividends of democracy even at their doorsteps.

    “However while the government is doing all this, the onus lies on our people to ensure that they take proper care of these projects and ensure that they are properly maintained for them to last long,” the Speaker said.

    He stated further that the projects executed by government at different communities are meant for the benefit of the people particularly those residing in the benefiting communities.

    Giving account of his stewardship in the last one year to the people of his constituency, Obasa stated that six major roads have been constructed in Agege and five others are ongoing. “Apart from these, there is ongoing Abule Egba and Pen Cinema fly over bridges as well pedestrian bridges at Cement bus stop, Dopemu under bridge and Iyana Ipaja all ongoing,” he said.

    At the Teachers’ Establisment Pension Office hall in Ikorodu West LCDA, where the Majority Leader of the House, Honourable S.O.B Agunbiade hosted the people of Ikorodu constituency 1, it was a similar scenario as, residents, after acknowledging the lawmaker as a very efficient representative, called on the government to do more in terms of infrastructural development of the towns and villages within the area.

    Speaking during the meeting, Agunbiade urged the people to always collaborate with the government in ensuring the proper policing of their communities. While recalling the ugly incidents of attacks and kidnaps in the area recently, he emphasized the need for all hands to be on deck in ensuring community policing.

    Expectedly, demands ranging from rehabilitation of more roads, electrification, public health facilities, construction of drainages, youth employment, building of more schools and police station, as well as the need to care for the aged, topped the list of what the constituents are expecting from the government of the state.

    Speaking on the bill against land grabbing recently signed into law in they state, Agunbiade said it will eradicate hardship usually experienced by residents of Ikorodu in the hands of land grabbers. He urged the people of the constituency to take advantage of the new law whenever they are being molested by landgrabbers.

    “I believe this feedback is an integral part of practical representation. To live and interact with the people on a daily basis and to be able to tell the people what went down at the hallow chambers,” he said.

    Also at Ojodu LCDA where the Ikeja constituency 2 meeting took place , Hon. Adedamola Richard Kasunmu who represents the constituency assured his constituents of his continuous effort to better their lives and address areas of challenges in the constituency.

    While responding to questions from his people, Kasunmu  said he facilitated the construction of the Berger Oke pedestrian bridge to save lives, provision of job for some youths and rehabilitation of two rural roads in his constituency which has since been commissioned and he promised to do more for his constituency and constituents.

    The constituents amongst other things demanded for rehabilitation of more roads, construction of drainages, more empowerment for youths and women, employment for the teeming unemployed and desired for more interaction with him.

    “I wish to state that it is our determination to give meaning to good representation and good governance that we have come again with this second edition of the constituency stakeholders meeting….as their can never be any meaningful progress or development without consultation with the people who are the benefactors of our mandate.

    “We cherish your mandate so much that we have resolved to engage you always to evaluate our performance as your representatives and how best we can collaborate to ensure the impact of government is felt at all levels”, the lawmaker said.

    At the Lagos Mainland constituency 1, held in Yaba, the residents asked representatives at the various legislatures across the country to commence move that would result in the establishment of state police. They told their representatives at the House of Assembly, Hon. Moshood Oshun, to liaise with his colleagues to ensure the issue of state police is championed.

    The leader of the All Progressives Congress (APC) in the area and chieftain of the Afenifere Renewal Group (ARG), Olawale Oshun, noted that in many other countries of the world, there are various stages of policing. Adding that Nigeria had local government and regional police before the 1966 coup.

    Speaking on the theme of the meeting,  Oshun, who chairs the committee on public accounts at the state House of Assembly, lamented the increasing number of cases of rape and incest. Adding that crime rate, including kidnapping, was on the increase because people no longer care about their neighbours or correct children where the latter go wrong.

    He recalled his growing up days and how neighbours monitored his activities while his parents were away from home adding that this practice must be returned for the country to become safe again.

    He agreed that the country was ripe for state police noting that in the UK, there are various types of police. He also admonished residents to act as community police informing the police where they suspect any criminal.

    He reminded the residents to always send their demands and suggestions to his two constituency offices in the area promising that such demands would always be acted upon.

    At the event, the lawmaker also honoured two elders, a 96-year-old man, and an octogenarian woman with an undisclosed amount. One of the best students in the constituency also got cash gift from him.

    At Alimosho constituency 1, their representative, Hon. Bisi Yusuf appealed to his constituents to take serious the issue of security, saying individuals must be ready to co-operate with security agencies to engender effective policing.

    The lawmaker who was addressing his constituents at Togapeph Hotels, Ipaja stated that “for security to be adequately enhanced people must be ready to co-operate. It is the responsibility of you and me to take charge when it comes to the issue of security.”

    Responding to the request for government to provide more schools in Alimosho, the lawmaker said “I want to implore you the traditional rulers, if you provide land, I will facilitate the provision of schools.”

    While addressing newsmen at the event, Yusuff, who is the Chairman House committee on Public Accounts (local) said, “the meeting is significant because government will be providing what people actually want rather than what government thinks.”

    He added that, “It was quite a successful outing, you’ve seen it yourself and listen to demands of the people. That is why I commend the leadership of the House, Hon. Mudashiru Obasa for his foresight.

    In Badagry Constituency 2 represented  by Hon. David Setonji, the residents commended the Property Protection Law of the state government. His Royal Highness, Oniberepo of Iberepo, Oba Isreal Ade Okoya, Kingdom, commended  the state House of Assembly for initiating the law. He advised the traditional leaders in the constituency to comply with the law in order not to face the wrath of law as he said that everybody is equal before the law.

    He said further that the law will control the menace of the land grabbers, known as “Ajagungbale” and unlawful activities of the self acclaimed inhabitants of the land otherwise known as “Omoonile”.

    At the meeting held at Mosafejo Town Hall in Olorunda Local Council Development Area(LCDA), Setonji emphasized the need for the people of the constituency to be more proactive on the issues concerning the security of the community as he said that the state government is being efficient in its efforts to secure lives and properties, which he said gave birth to the theme of the 2016 edition of the stakeholders meeting.

    Some of the successes he credited to the assembly included ten Bills passed into law during the period which includes the Neighbourhood  Safety Corps Law 2016 and Lagos Property Protection Law 2016, which he said are  direct responses of the Lagos State House of Assembly to the security challenges in the state.

    The representative of the state Governor at the stakeholders meeting and the Special Adviser to the Governor on the Environment, Hon. Tunde Humpe, enjoined traditional leaders, political leaders, and religious leaders to encourage their subjects and members to embrace peace as he said that the Lagos State Government is adopting various measures to ensure a peaceful co-existent amongst the residents of the state.

    At the end of the comments and responses, Hon. Setonji David and other political leaders reassured the stakeholders that whatever information, suggestions and contributions  gathered at the meeting would be implemented by the government in policy formulation and execution.

    The stakeholders meeting across the 40 constituencies was attended by people from different spheres of life including  Obas, Baales,  Chiefs, notable political stakeholders in the constituency, representatives of market women, representatives of other major ethnics group in the constituency, religious leaders, youths representative, CDA and CDC members among others.

     

  • Forms ‘M’: CBN to approve requests in 48 hrs

    Forms ‘M’: CBN to approve requests in 48 hrs

    The Central Bank of Nigeria (CBN) has assured importers of good ‘Not Valid for Forex’ that they will get their Forms ‘M’ approval within 48 hours of request submission.

    In a circular to authorised dealers and the general public titled: Procedures for Registration of Forms ‘M’ for goods ‘Not Valid For Foreign Exchange’, CBN Director, Trade and Exchange, Olakanmi Gbadamosi, explained this in a new directives on the registration of Forms ‘M’ for the 41 items it restricted from accessing forex from the apex bank and Bureau De Change (BDC) segment of the market.

    The CBN director, however, stated that the new measure, “will not impede smooth flow of existing process, as the regulator will ensure that all approvals are granted with 48 hours of receipt.

    Gbadamosi also explained procedures for registering Forms ‘M’ for goods ‘Not Valid for Forex’. He said that with effect from July 3, 2015, Forms ‘M’ to be established on Nigeria Single Window for Trade Portal for items ‘Not Valid for forex’ should be accompanied with Proforma Invoice from the supplier; insurance certificate (marine/cargo) and written confirmation from the authorised dealer showing source of funds (and) evidence of source of funds.

    The apex bank director also directed authorised dealers to submit hard copies of such Forms ‘M’ to its Director, Trade & Exchange Department before validation for necessary approval.

    The CBN had earlier in the month, directed that certain categories of items, which had already been classified as ‘Not Valid for Forex’ cannot be funded at the interbank from proceeds of exports and Bureau de Change (BDC) sources. The CBN said authorised dealers are enjoined to ensure that these items are funded from sources outside all the segments of the foreign exchange markets.

    But President, Bureau De Change Association of Nigeria (ABCON), Alhaji Aminu Gwadabe, said the CBN is not supposed to be regulating Forms ‘M’ for imports of goods that it does not provide the forex. He said such practice makes importation cumbersome and should be discouraged.

    The 41 items affected by the CBN’s  policy include rice, cement , margarine, palm kernel/palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry-chicken, eggs, turkey, private airplanes/jets, Indian Incense, Tinned fish in sauce(Geisha)/Sardines, cold rolled sheets, galvanised sheets, roofing sheets, wheelbarrows, head pans, metal boxes and containers, among others.

     

  • Soyinka declined many requests to host his 80th birthday, says Amaechi

    Soyinka declined many requests to host his 80th birthday, says Amaechi

    rivers State Governor Rotimi Amaechi has said many people applied to host the Nobel laureate, Prof. Wole Soyinka, on his 80th birthday but he refused.

    The governor hailed the literary icon for accepting to be hosted by the state government.

    He described Soyinka as a global achiever, who has been consistent in the literary world.

    Amaechi said the Nobel laureate has also brought honour to Nigeria, despite the nation’s political travails.

    The governor added that Soyinka’s achievements in and contributions to literature are globally acknowledged.

    Amaechi, who is also the Chairman of the Nigeria Governors’ Forum (NGF), spoke on Wednesday night in Port Harcourt, the state capital, at a dinner in honour of Soyinka on his 80th birthday.

    The dinner was attended by Ekiti State Governor Kayode Fayemi, friends and associates of the Nobel laureate, as well as many eminent persons.

    Amaechi said: “I was quite elated when you accepted to allow us to host you to an 80th birthday dinner. I know how many persons applied to host you. I know how many people you also refused.

    “I need to thank you for accepting the invitation by the Rivers State Government to host you to a dinner. The reason for this is basically the achievements that you have made globally, not just in Nigeria.

    “You have, in the midst of our so many bad news, brought a good name to Nigeria. I will give you an example, like those days when Nigerians were very good in football. Wherever we went, we would say: ‘I’m from Nigeria. I’m related to Okocha or to Kanu’. That’s because the only good news then was just the football we played. But as things are, the football has joined so many negative things too, because we are not doing too well as we used to do. But you have remained consistent in the literary world.

    “The good thing about your achievement is that it has to do with hard work. If you do not read, you won’t be a good writer. Nobody can tell you that once you wake up, you become a good writer. Reading begets writing and you must understand what you are writing about.”

    Fayemi hailed Soyinka for standing out among distinguished writers in the world.

    The governor described him as one of the world’s literary amazons.

    He recalled that the Nobel laureate fought hard for the liberation of Nigeria from the Sani Abacha junta. Soyinka was once incarcerated for his activism against a “hostile” government.

    Fayemi said Soyinka’s sense of justice, fair play, dignity for the human person and faith in good governance are among the attributes that distinguish him, besides his writing prowess, across the world.

    The governor noted that those attributes endeared the Nobel laureate to Nigerians, who would always recall his active role in setting up Radio Kudirat to fight the Abacha junta.

    He said Nigeria needs the experience and wealth of knowledge of the literary giant to get out of its troubled waters.

    Fayemi also hailed Amaechi for organising the birthday dinner for Soyinka.

    The Nobel laureate thanked Amaechi for the honour.

    He told the distinguished guests that his health was energised by a good eating habit, including eating pepper and grape.

  • CNPP requests for blanket recovery of  $400b Abacha’s loot

    CNPP requests for blanket recovery of $400b Abacha’s loot

    Rising from a meeting in Enugu at the weekend, the Conference of Nigerian Political Parties (CNPP) has called for a blanket request for the recovery of Nigeria’s over $400 billion looted funds.

    The CNPP said though it supported the recovery of the funds looted by the late Head of State, Gen. Sani Abacha, the Goodluck Jonathan administration should request for a blanket recovery of over $400 billion fleeced off the nation’s treasury in the last two decades.

    CNPP was reacting to a report by the Attorney-General of the Federation and Minister of Justice, Mr Mohammed Bello Adoke (SAN), that the Federal Government had recovered about N5.5 billion (2.5 million British Pounds) and that negotiation had reached advanced stage to recover N36.7 billion (175 million Euro) of the late Abacha’s looted fund.

    In a communiqué by its National Publicity Secretary, Mr Osita Okechukwu, the CNPPP said: “President Jonathan should utilise the window opened by the United Nations Convention Against Corruption, which binds countries to render mutual legal assistance in gathering and transferring evidence and Chapter V of the Convention, which makes asset recovery explicitly a fundamental principle of the Convention.

    “Our investigation within the diplomatic circle shows that former President Olusegun Obasanjo only requested for Abacha’s loot and turned a blind eye to the other looters. We demand that a blanket request be made; for we need the billions of dollars to invest in critical infrastructure, revamp our decayed social services and stem gross unemployment.”