Association Kick Against CBN Price Verification Portal

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November 14, 2023

The Manufacturers Association of Nigeria has told the Central Bank of Nigeria to rescind its recently introduced Price Verification System.

The Director-General of the association, Segun Ajayi-Kadir stated this in an interview recently.

According to him, the CBN’s Price Verification Portal Constitutes one of many government policies negatively affecting the activities of manufacturers in the country.

He further stated that manufacturers already have to contend with a barrage of upsetting policies at a time when the economy is facing stern challenges.

Ajayi-Kadir said, “We look forward to the reversal of so many unnecessary restrictions that were placed by the CBN. One of them is the price verification portal which for all practical purposes is quite unnecessary.

“It is affecting the businesses of our members who are not able to import raw materials, machines and parts because the prices that they bought do not fall into the threshold of the portal. I think it is limiting businesses. The CBN should discontinue the operation of that portal.”

Speaking further, the MAN DG urged the CBN to revisit some of its policies with a view to removing the bottlenecks affecting the activities of the real sector of the economy.

Importation: CBN Launches Price Verification System Portal

He added, “It is a step that CBN needs to take very urgently so that it does not restrain the operations of the manufacturing sector. Everything that the government should do now is to revamp the economy and not to place unnecessary hurdles to the flow of business.

“What the government should focus on is the adequacy of forex. All efforts should be geared towards that direction and not placing unnecessary restrictions that will only hurt genuine and struggling manufacturers in the country.”

The Central Bank of Nigeria on August 17 had announced the official launch of its Price Verification System portal, following a successful pilot phase and extensive training sessions held with all Nigerian banks.

Starting from August 31, 2023, the CBN mandated that all applications for Forms M must be accompanied by a valid Price Verification Report, which can be generated exclusively from the newly established Price Verification Portal.

This move aims to enhance transparency, accountability, and standardisation in trade operations within the nation.

Last month, members of the National Council of Managing Directors of Licensed Customs Agents had kicked against the newly introduced price verification system in the country’s ports by the CBN.

The new system, they said, contravened the Customs and Excise Management (Amendment) Act 20 of 2003/ Nigeria Customs Service Act 2023 on the valuation of import.

In a letter signed by the founder of the NCMDLCA, Lucky Amiwero, sent to the President; Secretary to the Government of the Federation; Chairman of the Senate Committee on Customs and Excise; Chairman of House Committee on Finance; acting Governor of CBN, Ministry of Justice and Attorney General of the Federation, etc., the group urged President Bola Tinubu to disregard the circular from the apex bank on the introduction of the price verification system.

Senate Cautions MDAs Against Non-Remittance Of IGR

By

Rhoda Onuzulike

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November 14, 2023

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The Nigerian Senate has cautioned Ministries, Departments and Agencies (MDAs) against delayed and non-remittance of internally generated revenue into the Consolidated Revenue Account (CRA).

Chairman, Senate Committee on Finance, Sani Musa, gave the caution in Abuja on Monday at day two of the interactive session on Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) with revenue generation agencies.

Senator Sani, who was responding to the presentations of the Nigerian Institute of Legal and Advanced Studies and the Nigerian Maritime Academy on delayed remmitances to the CRA, said MDAs must take issues of remittance seriously.

He asked the MDAs to present to the committee a breakdown of their revenue collection and remmitances from January to date.

FG sets up white paper committee to review MDAs created after 2014

“MDAs are aware that any action in breach of financial regulations is a breach of the law.

“Agencies must work toward remitting the revenue due to the government upon collection without delay. I request that all receipts of remmitances be made available to the committee,” he added.

Senator Sani, who raised issues of disparity in revenue projections and remmitances based on the presentations of the Nigerian Communication Commission (NCC) and the Office of Accountant General for the Federation, also urged the Accountant General of the Federation to interface with MDAs for reconciliation of remmitances made and revenue projections in the MTEF and FSP.

He also requested for a detailed breakdown of remittances arising from revenue collected from stamp duties by the MDAs.

“There is need for proper reconciliation of the remmitances in line with the nation’s financial laws and Fiscal Responsibility Act,” he said.

In her response, the Accountant-General of the Federation, Mrs Oluwatoyin Madein, said her office does engage the MDAs to reconcile their accounts and remmitances made to government in line with the financial laws.

Also, Director General of the Debt Management Office (DMO), Mrs Patience Oniha, while responding to questions on new government loan request, said Nigeria needs to challenge itself to generate revenue, given its projection on debt services by 2026.

Among the MDAs that appeared to present their revenue projections for the 2024-2026 MTEF and FSP were the Office of the Accountant General of the Federation (OAGF), Nigerian Maritime Academy, and the Nigerian Institute of Advanced Legal Studies.

Others were the the National Oil Spill Detection and Response Agency (NOSDRA), Development Bank of Nigeria (DBN), and Debt Management Office, among others.

Meanwhile, the Nigerian Communication Commission (NCC), the Joint Matriculation and Examination Board (JAMB), and the Federal Mortgage Bank of Nigeria (FMBN) were asked to appear another day for re- presentation of their expenditure and revenue projections.

Naira Slumps Despite 46% Rise In Dollar Turnover

By

Rhoda Onuzulike

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November 14, 2023

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The amount of dollars traded on the Investor & Exporter forex window has risen by 46.69 per cent to $123.25m. The turnover of dollars in the official market on Friday was $84.02m but increased to $123.25m at the close of trading, Monday.

Despite this increase, the naira depreciated by 1.96 per cent to N795.41/$ as of the close of trading on Monday after closing trading at N780.14/$ on Friday according to data from FMDQ OTC Securities Exchange. On Monday, trading opened at N780.83/$ before closing at N795.41/$.

However, during trading the naira traded for as high as N1099/$ and as low as N701/$. Meanwhile, on the parallel market, the naira continued its fall, depreciating by 4.55 per cent to N1,150/$ from the N1,100/$ it traded for on Friday.

Naira Falls to N1,049 After CBN Restores 43 Items

The naira has continued to depreciate following the Central Bank of Nigeria’s order to allow the free flow of the country’s exchange rate in June on the official Investor & Exporter forex window. Before this move, the naira traded at the official market on the FMDQ at 471.67/$ and at the parallel market at 765/$ in June.

However, according to new information from Economist Intelligence, the naira is set to close 2023 at N810/$ on the official market. It disclosed this in its recently released country report. It stated that after floating the naira in June, the apex bank has since reverted to guiding the exchange rate by limiting access to foreign exchange sales for banks and other dealers that quote prices outside a preferred rate.

The EIU noted that this unsupportive monetary policy would continue to put pressure on the naira. It said, “However, other factors undermining the naira, such as deeply negative short-term real interest rates, require an orthodox monetary policy that the authorities have not demonstrated enough appetite for. We therefore do not expect a currency float to succeed over 2024-28, although it seems likely that the fuel subsidy will end when the Dangote refinery is able to replace imports, from late 2024 onwards.”

Economic Growth: Nigeria To Utilize Steel Resources

By

Rhoda Onuzulike

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November 14, 2023

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The Ministry of Steel Development has reiterated government’s commitment to utilize the potentials in the steel sector to boost Nigeria’s economy.

Minister of State, Ministry of Steel Development, Uba Maigari Ahmed, made the pledge during a One-Day familiarisation tour of the National Steel Raw materials Exploration Agency (NSRMEA), in Kaduna, North West Nigeria.

Federal Govt. to Revamp Steel Sector — Minister

In a statement signed by the ministry’s head of press and public relations department, Tine-Iulun, it said that the Ministry pledges to set a legacy of a developed and functional Steel Sector to Nigerians for economic growth, development and a thriving future.

The Minister, while stating the crucial role the steel sector plays in the industrialization of any nation, emphasized the pivotal role of the National Steel Raw Materials Exploration Agency.

He noted that “the pursuit of steel raw materials is not merely an industrial endeavor. According to him, it is a cornerstone of progress, solid foundation for infrastructure, innovation, and national development, adding that the untapped resources of the country, holds the threshold of potential prosperity.”

Speaking further, Uba Maigari disclosed that the agency’s dedication to exploration, innovation, and sustainable mining practices holds the key to unlocking the nation’s treasures and assured of the Ministry’s commitment and support to enhance and propel the National Steel Raw Materials Exploration Agency forward.

He noted that with the backing of the federal government, the ministry aims to foster partnerships, invest in research, and encourage a thriving ecosystem that enables the sustainable development of the nation’s mineral resources.

The Permanent Secretary of the Ministry, Dr. Mary A Ogbe, stressed the Ministry’s commitment to ensure that the Steel Sector is revived and made to function optimally, opining that the ministry has capable Ministers who are geared towards delivering on their mandate.

She solicited the support of all stakeholders to put in their best efforts to achieve the full utilization of the sector.

Also, the Director General, National Steel Raw materials Exploration Agency (NSRMEA), Kolawole Ogunbiyi, disclosed that the Obi- Lafia Coal in Nasarawa State needed to be fully developed for it to be economically minable.

Energy: FG Identifies $23bn Investment Opportunities

By

Rhoda Onuzulike

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November 14, 2023

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The Federal Government of Nigeria has identified about $23 billion in investment opportunities in Nigeria for projects that are directly related to the country’s Energy Transition Plan.

Minister of Power, Adebayo Adelabu stated this in his remarks at the 2nd German-Nigerian Symposium on Green Hydrogen.

Adelabu said the opportunities would not only provide electric power for economic development but would result in significant net job creation with up to 340,000 jobs by 2030.

He said the Energy Transition Plan, ETP would create up to 840,000 jobs by 2060, driven mainly by power, cooking and transport sectors, adding that gas would play a critical role as a transition fuel in Nigeria’s net-zero pathway particularly in power and cooking sectors.

“The ETP creates significant investment opportunities such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles.

“$1.9 trillion is required to get Nigeria to Net Zero by 2060, including $410 billion above usual spending. This additional cost translates to about $10bn annually. A $23bn investment opportunity has been identified based on current in-country programmes and projects that are directly related to the Just energy transition,” Adelabu stated.

Also speaking on the essence of gas as Nigeria’s transition fuel, the Executive Secretary, Nigeria Extractive Industries Transparency Initiative, Ogbonnaya Orji, said gas had the potential to produce blue hydrogen, which, though not as clean as green hydrogen, would be useful in Nigeria’s journey towards cleaner energy sources.

“And sadly Nigeria is still battling to put in place and embrace efficient gas commercialisation and utilisation policy. For instance, NEITI’s recent report disclosed a total unremitted revenue of over $8.2bn. These revenues arose from liabilities of government agencies and oil/gas companies.

“A breakdown of the unremitted payments in our report showed outstanding gas royalty of $559.8m and another unremitted sum of $828.8m from unpaid gas flare penalty which indicated that more gas was flared during the period than utilised posing serious dangers to the global zero emissions agenda.

“NEITI is working closely with the Nigerian Upstream Petroleum Regulatory Commission on its ongoing gas commercialisation policy to ensure transparent and effective implementation to reverse the trend of gas flare,” Orji stated.

The Ambassador of Germany to Nigeria, Annett Günther, said Germany and Nigeria were both committed to driving the production and use of hydrogen.

She also referred to the German Chancellor, Olaf Scholz’ recent visit to Nigeria, in which he highlighted that the energy partnership between both nations was not only about traditional fossil fuels but also about hydrogen, the gas of the future.

Clean Energy: Nigeria, Germany To Foster Cooperation

On his part, the Country Director, GIZ Nigeria and ECOWAS, Markus Wagner, said, “It is crucial to recognise that green hydrogen has the potential to revolutionise our energy landscape. It offers a path to reducing carbon emissions, diversifying energy sources, and boosting economic growth.

“Nigeria and Germany share a long and fruitful history of cooperation in the energy sector and GIZ has been an active partner in this journey, working alongside Nigerian institutions and partners to drive positive change.”

NLC, TUC Strike Not In National Interest –Presidency

By

Rhoda Onuzulike

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November 14, 2023

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The Presidency has described the nationwide strike action by the Nigeria Labour Congress and Trade Union Congress as not in the national interest.

Special Adviser to the President on Information and Strategy, Bayo Onanuga disclosed this in a statement on Monday.

The Nigeria Labour Congress and Trade Union Congress on Monday directed all its members to withdraw their services nationwide from Tuesday over an assault on the President of NLC, Joe Ajaero, in Imo State.

Strike: NLC, TUC Summon NEC Meeting

The presidency, however said the strike action by the unions was a flagrant disobedience to a court order and a lack of respect for the judiciary.

Accordingly, the government expressed displeasure that the nation’s economy and social activities should not suffer because of the personal interests of any labour leader.

“This decision by the NLC and TUC, other than being an ego-tripping move, is unwarranted. It is an attempt to blackmail the government by the leadership of the NLC.

“We are still at a loss as to why the NLC and TUC decided to punish a whole country of over 200 million people over a personal matter involving the NLC President, Mr. Joe Ajaero, whose error of judgment led to an assault on him in Owerri while he was planning to incite the workers in Imo State into a needless strike.

“We reiterate that this strike action is illegal, immoral, unjustifiable, and irresponsible,” the statement reads.

According to reports, a court order was issued four days ago which restrained the unions from embarking on a strike. This is after NLC, TUC issued a nationwide strike notice, November 1, 2023 over the assault on the president of NLC, Joe Ajaero.

Previous Week In History: November 5 – November 11

By

Angel Gimalo

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November 13, 2023

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Previous Week In History: November 5 – November 11 – A Recap Of Events

NOVEMBER 11

World War I armistice signed

On Nov. 11, 1918, fighting in World War I ended as the Allies and Germany signed an armistice in the Forest of Compiegne (kohm-PYEHN’-yeh).

NOVEMBER 10

U.S. Marines first organized

On Nov. 10, 1775, the U.S. Marines were organized under authority of the Continental Congress.

NOVEMBER 09

East Germany opens its borders

On Nov. 9, 1989, communist East Germany threw open its borders, allowing citizens to travel freely to the West for the first time in decades; joyous Germans danced atop the Berlin Wall.

You Might Like This: This Week In History: October 29 – November 4 – A Recap Of Events

NOVEMBER 08

Hitler’s “Beer-Hall Putsch” fails

On Nov. 8, 1923, Adolf Hitler launched his first attempt at seizing power in Germany with a failed coup in Munich that came to be known as the “Beer-Hall Putsch.”

The Beer Hall Putsch, also known as the Munich Putsch, was a failed coup d’état by Nazi Party (Nationalsozialistische Deutsche Arbeiterpartei or NSDAP) leader Adolf Hitler, Generalquartiermeister Erich Ludendorff and other Kampfbund leaders in Munich, Bavaria, on 8–9 November 1923, during the Weimar Republic.

Approximately two thousand Nazis marched on the Feldherrnhalle, in the city centre, but were confronted by a police cordon, which resulted in the deaths of 16 Nazis, four police officers, and one bystander.

Hitler escaped immediate arrest and was spirited off to safety in the countryside. After two days, he was arrested and charged with treason.

The putsch brought Hitler to the attention of the German nation for the first time and generated front-page headlines in newspapers around the world.

His arrest was followed by a 24-day trial, which was widely publicised and gave him a platform to express his nationalist sentiments to the nation.

Hitler was found guilty of treason and sentenced to five years in Landsberg Prison, where he dictated Mein Kampf to fellow prisoners Emil Maurice and Rudolf Hess.

On 20 December 1924, having served only nine months, Hitler was released.

Once released, Hitler redirected his focus towards obtaining power through legal means rather than by revolution or force, and accordingly changed his tactics, further developing Nazi propaganda.

NOVEMBER 07

Twitter becomes public company

On Nov. 7, 2013, shares of Twitter went on sale to the public for the first time; by the closing bell, the social network was valued at $31 billion.

NOVEMBER 06

Ronald Reagan wins re-election in a landslide over Walter Mondale

On Nov. 6, 1984, President Ronald Reagan won reelection by a landslide over former Vice President Walter Mondale, the Democratic challenger who won just one state, his native Minnesota.

NOVEMBER 05

Fort Hood shooting kills 13

On Nov. 5, 2009, a shooting rampage at the Fort Hood Army post in Texas left 13 people dead; Maj.

NNPC Foundation Trains Youth Corps Members on Financial Literacy

By

Precious Obazee

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November 13, 2023

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In its bid to build the capacity of youth towards making them employers of labour, the NNPC Foundation, in partnership with Kudimata Nigeria Limited, a financial education outfit, have trained the Batch C members of the National Youth Service Corps (NYSC) in basic financial literacy skills.

The training, which aligned with the objectives of Skills Acquisition and Entrepreneurship Development (SAED) scheme of NYSC had its maiden edition featuring Batch B stream in the past months. So far over 118,000 youth corps members have been trained in financial literacy, while about 70,000 are being trained across the 37 NYSC orientation camps in the country.

Speaking during the training, the Managing Director, NNPC Foundation, Emmanuella Arukwe described financial literacy as not only the bedrock of all successes in the ever-competitive labour market, but a journey towards attaining self-actualization, thereby heralding the trajectory to sustainable prosperity of the nation.

Arukwe, who implored the corps members to leverage the knowledge garnered from the training to avert white collar job syndrome, added that the NNPC Foundation is committed to impacting the youth corps members to become employers of labour.

Addressing unemployment as the greatest problem of young graduates, she said, “We are aware of unemployment as a challenge plaguing young graduates and we recognize the need to empower the youths through capacity building of this magnitude for them to empower the whole nation. This training will help reduce unemployment and underemployment in Nigeria, thereby making the corps members employers of labour.”

In her remarks, the FCT Coordinator, NYSC, Shokpeka Winifred expressed her profound gratitude to both NNPC Foundation and Kudimata Nigeria Ltd for their unwavering support to empower the corps members to enable them to become self-reliant individuals and wealth creators.

Winifred described the training as a platform for young people to learn the best ways of managing their finances, while also grooming them to become good managers of resources.

One of the corps members at the NYSC orientation camp in Abuja, Prudence Enema said: “I’m thrilled that the NNPC Foundation took their time to train us on financial literacy, we are aware that financial literacy is very important, and we have learnt a lot on how to multiply our money in order not to suffer in the future.”

Another corps member, Okeke Ugochukwu revealed that the training was worthwhile as the importance of saving and categorization of finances were taught effectively.

Police Hold Meeting Over Bus Drivers Protest In Lagos

By

faith Jegede

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November 13, 2023

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Lagos state police command convenes stakeholders meeting to address proposed protest by public transport drivers.

The Lagos State Police Command has concluded a stakeholders’ meeting aimed at addressing the proposed Monday, November 13 protest by public transport drivers in the state.

At the meeting attended by the leadership of the Police Command, Lagos State Government, LASTMA and the NURTW, issues and concerns raised by the drivers were critically examined.

The stakeholders, after the meeting, agreed to work together to ensure obedience to all traffic laws on the part of the transporters and the checkmating of excesses of law enforcement officers within the state.

In addition, the NURTW agreed to a larger meeting instead of a protest.

At the meeting were Deputy Commissioners of Police Waheed Ayilara (SCID), Fatai Tijani (Operations), Khan Salihu (Administration), Commander Rapid Response Squad (RRS) – CSP Yinka Egbeyemi, Commander Taskforce – CSP Shola Jejeloye. Others are Honourable Sola Giwa – the Special Adviser to the Governor on Transportation, Mr Bolaji Oreagba – General Manager LASTMA, delegates of NURTW Lagos Chapter led by Alhaji Sulyman Ojora (Kudeti) amongst others.

The Lagos State Police Command uses this medium to assure Lagosians that the Command has made adequate deployments in line with prioritizing their safety and security while encouraging them to go about their lawful duties without fear of harassment or intimidation.

Italy Becomes First Country To Ban Fake Meat

By

faith Jegede

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November 13, 2023

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FILE PHOTO: A butcher cuts meat at a meat shop in the Ballaro market in downtown Palermo, Italy July 24, 2017. REUTERS/Guglielmo Mangiapane

The Italians have become the first first-world country to ban synthetic meat citing serious health concerns including the risk of cancer.

Italian Agriculture Minister Francesco Lollobrigida told an event organized by the European Conservatives and Reformists (ECR) and attended by EU Agriculture Commissioner over the weekend, making it the first country in the world to do so.

Yesterday, a bill that would ban the production, import and marketing of food produced in laboratories was to be debated in Italy’s lower house.

Organized by ECR in Kilkenny, Ireland, the event entitled “Traditions and Innovation: A Conservative Future for European Farmers” had leading conservative politicians discuss the challenges and opportunities arising from European regulation and collaboration on animal husbandry, agriculture and the green economy.

The minister said Food quality is fundamental and the country cannot agree to a society divided in two, with quality food produced only for the rich elite. Everyone should be able to eat well.