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ABCON urges CBN to extend BDC license deadline, review requirements

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The Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to extend the deadline for BDC operators to reapply for new licenses.

The association also called for a review of the stringent conditions attached to the reapplication process.

ABCON President, Dr Aminu Gwadabe, made the appeal in a statement on Wednesday in Lagos.

Gwadabe suggested that the CBN collaborate with BDCs, leveraging their capacity as players in the forex market to achieve adequate liquidity and lower volatility in the retail end, thereby stabilising the economy.

He cautioned against a rate war in the interbank market, which could be detrimental to the Naira.

In spite the CBN’s interventions injecting millions of dollars into the interbank market, Gwadabe noted that these efforts had not yet yielded the expected positive impacts.

He expressed appreciation for the CBN’s recent resumption of forex sales to BDCs as part of various policy measures to curb volatility in the retail market.

According to Gwadabe, BDCs play a crucial role in achieving adequate liquidity and reducing volatility in the retail end of the market.

He emphasised that BDCs remain the most effective tool for implementing the apex bank’s foreign exchange policies, providing efficient demand monitoring and price stability.

He urged the CBN to enhance the volume and frequency of interventions at the retail end through BDCs, noting that it had  shown positive results recently.

Gwadabe recommended that the CBN either extend the deadline for BDCs to reapply for new licences or immediately review the restrictive requirements for reapplication.

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He suggested that the apex bank consider a pegged exchange rate policy to build market confidence and strengthen fiscal buffers to fulfill its mandate.

Gwadabe also urged fiscal authorities to maintain integrity in all their dealings, ensuring that their policies were relevant and acceptable to the Nigerian populace.(NAN)

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Akpabio-Natasha fued: CAN calls for elders’ intervention 

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By Amos Tauna, Kaduna

The chairman, Christian Association of Nigeria (CAN) in the 19 Northern states and the Federal Capital Territory (FCT), Rev. John Joseph Hayab, has called on well-meaning Nigerians to intervene in the feud between the President of the Senate, Godswill Akpabio and Senator Natasha Akpoti-Uduaghan of Kogi Central.

ln a telephone interview, the cleric said that as a responsible religious body, CAN considers the feud “shameful and unfortunate”, calling on Nigerians to intervene to ensure sanity in the National Assembly.

According to the chairman, “There is a need for elders to intervene. Akpabio and Natasha as well as the entire members  of the National Assembly are honourable members that should be accorded respect, Nigerians hold them in high regards. The members of the National Assembly should also do whatever at their disposal to ensure they address the matter to give peace a chance.”

He added, “We should show that we are responsible people in addressing any matter that wants to cause any problem, it is not to find fault but to mend fences and move forward as a nation.”

Hayab stated that no one should toy with an allegation of sexual harassment, saying that Nigeria has gone past such things because Nigeria has gone past the era when people claim they are underdogs or minorities.

He urged the media not to fuel the feud in their reportage, saying that doing so would only further confuse and divide Nigerians.

The CAN chairman urged the members of the National Assembly to channel their energies toward making the lives of Nigerians better with their official engagements, having passed the 2025 national budget.

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He expressed CAN’s appeal for all groups involved or affected by the Akpabio-Natasha feud to sheath their swords and refrain from making comments capable of further dividing Nigerians along gender or regional lines, stressing that Nigerians should use their as a source of strength to achieve things that are to the overall interests of Nigerians.

Hayab advised, “Let’s give peace a chance.”

 

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FG approves N2.5bn satellite gadget to combat illegal mining

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The Federal Executive Council (FEC), at its third meeting of the year on Monday, approved the procurement of a N2.5 billion satellite gadget to combat illegal mining in the country.

The Minister of Solid Minerals Development, Mr Dele Alake, said this while briefing State House Correspondents, after the FEC meeting.

He said the technology was an integrated solution framework to combat unlicensed, unregulated, underreported mining activities.

The Minister said the deployment of the technology would curb activities that had led to revenue leakages, illegal operations and illegal extraction and exploitation of the country’s minerals.

“We are procuring satellite equipment, satellite gadgets that will be installed in strategic places all over the country that would enable us to have visual effect, real time of the operations that are ongoing in sites all over the country.

“There will be a centre like a screen in the operation centre, the mines martial centre, and in my office as well.

“At a glance, at the click of a button, you can surf any mine site and see the operations there; the volume of the mineral extracted, the number of trucks going out, and, of course, the security situation in the environment,” said the Minister.

Alake said his ministry introduced the technology in addition to a two-prong strategy to combat illegal mining.

He said on assumption of duty, the ministry adopted a two-prong approach: persuasive and coercive strategies.

He said the persuasive strategy entailed appealing to the sense of responsibility of artisanal miners to form cooperatives.

“When they form cooperatives, they become structured, formalised and legalised, and their operation can now add some value to the nation.

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“When they form cooperatives they become bankable. They can even have access to financial institutions to procure loans to expand their businesses.

“And of course, it means they have to pay their obligations to the Nigerian state,” he said.

He said the ministry had been able to persuade the illegal and artisanal miners to form over 300 cooperative societies.

Alake said the second approach, the coercive strategy was for those who were recalcitrant, who failed to yield to the persuasive method.

“We used the coercive measure, and that is epitomised by the Mining Marshalls that we established. To date, we have arrested apprehended, prosecuted and convicted illegal operators, including foreigners,” he said. (NAN)

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LG Chairman Impeached In Bauchi

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The Assembly of Councillors in Shira Local Government Area of Bauchi State has removed the local government Chairman, Hon. Abdullahi Ibrahim Beli, and his Deputy, Hon. Usman Adamu, from office.

Their removal followed a committee investigation that found them guilty of gross misconduct, financial mismanagement, failure to perform their duties, and abuse of office.

A resolution signed by 10 councillors, including the council leader Hon. Wali Adamu and his deputy, officially declared the offices of both the Chairman and Vice Chairman vacant with immediate effect.

The resolution explained that, “The removal of the Chairman and his deputy is based on the findings of the investigation committee, which has established that the chairman and his deputy were engaged in financial, mismanagement, failed to perform their duties, breached the trust placed on them, and abused their office.”

While briefing journalists of this development, the Council Leader explained that both Beli and Adamu have faced increasing scrutiny for their management of the local government’s affairs.

He claimed that they have failed to perform their duties and have severely breached the trust placed in them by the people of Shira despite several warnings, and they can no longer afford to tolerate such conduct.

All efforts to get the reaction of Beli and Adamu have proved abortive so far.

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