Business
CBN Gives Deadline For New BDC Licence
The Central Bank of Nigeria has unmanned September 30,2009 as the deadline for the renewal of class ‘B’ Bureau De Change (BDCs) licence. It said this in its recent circular dated August 12, 2009.
According to the circular, signed by Fabamwo. O.A. Ag director and other financial institutions department, to addressed to all class ‘B’ BDCs operators in Nigeria that the management of the CBN has lifted suspension placed in the license annual renewal”.
The circular further disclosed that all class ‘B’ BDCs that have not renewed their operating licences for 2009 should do so not later than 30, September 2009.
The circular said that, “please note that class ‘B’ BDCs, are also required to make mandatory deposite of $20,000.00 (twenty thousand dollars only) to the BDCs mandatory depoiste account of CBN with JP Morgan Chase Bank, New York, USA as a pre-condition for accessing foreign exchange direct cash sales window of the CBN”.
Some of the forex traders visited across Lagos State revealed that, the naira depreciated to N156.01 to the dollar from N150.31 during the weekend after the CBN increased supply to meet all forex demand at its auction on Monday last week.
The regulator sold $357.75 million, clearing all demand by the end-users for the first time since it re-introduction the wholesales Dutch Auction System (WDAS) in July.
They said that the naira also gained in the interbank, trading at N153.90 to a dollar against N154.60 on Monday due to additional forex inflows from oil majors and increased confidence in the ability of the CBN to meet dollar demand, adding that, “two energy firms, Mobile and Nigerian LNG sold about $60 million to selected banks on Tuesday raising dollar liquidity and positively impacting on the value of the local currency”.
The CBN also recently ordered all authorised dealers in the Foreign Exchange Market to render their outstanding returns on Foreign Exchange Sales to importers of Petroleum Products (PMS only). In a circular dated 4th of August, 2009, titled ‘Rendition of returns on Foreign Exchange sales to importers of petroleum products’, the dealers are expected to turn in all accrued returns for the period from August 2008 to July 31, 2009.
It said that, “This is to request all authorised dealers to render returns on Foreign Exchange Sales to importers of petroleum products (PMS only) for the period August 2008 to July 31, 2009”. CBN further indicated a new process it would want authorized to follow in rendering due returns to the regulatory body.
According to the circular, the returns are now strictly monthly and should be forwarded electronically using a stipulated format.
The circular which was signed by Batari Musa, acting director Trade and Exchange Department of the bank, the expected returns should be fully rendered within the next five days.
“The returns should reach Director, Trade and Exchange Department on before August 10, 2009. Subsequently, such returns should be rendered on a monthly basis on or before the 5th of the following month, failing which the appropriate sanctions shall be imposed”, it added.
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.