Business
Foreign Exchange Traders Resume Business After Protest
Normalcy has returned to the foreign exchange market along the Hotel Presidential, Aba/Port Harcourt expressway, Port Harcourt, following the protest staged on Tuesday by the foreign exchange traders over the death of their colleague, Yusuf Lada.
Lada was allegedly killed by the personnel of the Rivers State Task force on Illegal Street Trading, Motor Parks and Mechanics.
Speaking to The Tide yesterday, the spokesman of the traders, Jubril Isa, said the road was blocked on Tuesday to protest against the alleged killing of their member by the personnel of the state task force.
He accused members of the task force of regularly extorting money from them.
He said, “we protested because of our Muslim brother, we can no longer allow members of the task force to be extorting money from us. Sometimes, they will come and arrest about 12 of our members and ask them to pay N120,000 each for their release.
“In about two weeks they will come again and arrest sometimes about 22 persons and ask them to pay N8,000 each to be released. Some of them may not have the money. The late man was whisked away and was brought back after 30 minutes and in about 15 minutes, he fainted and died.”
Reacting to the allegation, the chairman of the task force, Hon. Bright Amaewhule, explained that “the traders use the bus stop stand at Presidential Hotel as a restaurant, a kind of “mama put” to transact illegal trading business. The zonal team leader of that area went there and arrested some people, and took them to court. The policemen found out that the man was not in a stable condition, so they allowed him to go and cautioned him not to go back to the place again.
“Upon that police advice, they put him back in to vehicle and returned him where he was arrested; the man came down from the car and moved his way. Just about 15 minutes after disengagement with him, he slumped down and that led to his death. So there was no fracas, no fighting, no hijacking or dragging between my task force and the people.”
Meanwhile, the chairman, Arewa Consultative Forum, Rivers State Chapter, Musa Saidu, has demanded that the task force agent that allegedly masterminded the death of their colleague be brought to book, because the task force’s mandate, according to him, was to decongest the road in the state and not to take life.
He urged the law enforcement agent to act fast to ensure that the perpetrators of the act were prosecuted.
Saidu enjoined their members to remain calm and go about their lawful business and ensure that they operated within the ambit of the law of the land, while the police carry out their investigation into the matter.
Also, the spokesman of the Nigerian Supreme Council for Islamic Affairs, Salami Ibrahim, has also condemned the alleged killing of the forex trader, urging the police to investigate and arrest the masterminds of the man’s death.
A cross section of foreign exchange traders who spoke to our correspondent alleged that the task force men always made demands from them.
A trader, Abu Danladi, said, “we want to sit down with the Rivers State Government and talk; sometimes, the task force used to arrest 10, 15, 20 of our people at a stretch, and each will pay N120,000 for their release. Sometimes, they carried them to main office, sometimes on the main road.
“They search you and whatever they see in your pocket, they collect; both dollar or naira, they will seize it before you are released. Government should check the excesses of the task force before they create problem that may lead to so many things unforeseen.
Business
CBN Predicts 4.17% GDP Growth In 2025
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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