The Naira closed the week positively, appreciating marginally against the US Dollar at the Foreign Market amid the Central Bank of Nigeria’s sweeping policy interventions.

Data from FMDQ showed that the Naira appreciated N1,435.53 per US Dollar on Friday from N1461.90 on Thursday.

This represents a 1.8 per cent or 26.37 gain compared to N1461.90 recorded at the close of trading on Friday.

This is the second time the Naira has appreciated marginally in the week under review.

Similarly, the Naira recorded a gain at the parallel Market, which traded at 1,440 per US dollar on Friday from N1,470 the previous day.

In the last four days, CBN, under its Governor, Olayemi Cardoso, has released four policy reforms to wrestle down the free fall of Naira.

CBN also issued a guideline on Wednesday to curb foreign currency hoarding and speculation.

Also, during the week, the bank issued fresh guidelines for International Money Transfer Operators in Nigeria and removed the cap on the exchange rate quoted by IMTOs.

However, the most popular African nation’s currency, the Naira, hiked to N1,435.53 in the week under review from N891.90 per US dollar it traded seven days ago.

Amid its fresh moves to stabilise the nation’s volatile exchange rate, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.

The CBN, which made the disclosure in a new circular released on Wednesday, also warned lenders against hoarding excess foreign currencies for profit.

According to officials, the central bank believes some commercial banks hold long-term foreign exchange positions to enable them profit from the volatile movements of exchange rates.

The new circular introduces a set of guidelines aimed at reducing the risks associated with these practices.

In the circular titled, “Harmonisation of Reporting Requirements on Foreign Currency Exposures of Banks”, the CBN raised concerns over the growing trend of banks holding large foreign currency positions.

The latest circular came barely 48 hours after the CBN released a circular, warning banks and FX dealers against reporting false exchange rates, among others.

The new development also came on the heels of the adjustment of the methodology used for the calculation of the nation’s official exchange rate by the FMDQ Exchange.

The review has pushed the Nigerian Autonomous Foreign Exchange Market rate (official exchange rate) from approximately N900/dollar to N1,480/dollar. The naira closed at 1,450/dollar at the parallel market on Tuesday.

The move which is aimed at unifying the official and parallel market exchange rates has been hailed by economists and other stakeholders.

They however challenged the CBN to clear FX backlogs estimated at over $5bn and also fund FX demands at the official market.

This, they said, would forestall a situation whereby the parallel market rate would move away from the official rate again.

Apparently as part of the moves to fund FX request at the official window, the CBN in its latest circular released on Wednesday accused banks of holding excess foreign exchange positions.

As a result, the central bank gave lenders until February 1, 2024 (today) to sell off excess dollar positions.

The circulated, dated January 31, 2024, was signed by the Director, Trade and Exchange, CBN, Dr. Hassan Mahmud, and representative of the Director, Banking Supervision, CBN, Mrs. Rita Sike.

The circular read in part, “The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks.”

To address these issues, the CBN in the circular issued prudential requirements that banks must follow. A key focus of these requirements is the management of the Net Open Position (NOP).

The NOP measures the difference between a bank’s foreign currency assets (what it owns in foreign currencies) and its foreign currency liabilities (what it owes in foreign currencies).

The circular mandates that the NOP must not exceed 20 per cent short or 0 per cent long of the bank’s shareholders’ funds.

This calculation, the apex bank said, must be done using the Gross Aggregate Method, which provides a comprehensive view of the bank’s foreign currency exposure.

Furthermore, banks with current NOPs exceeding these limits are required to adjust their positions to comply with the new regulations latest by February 1, 2024.

Additionally, banks must calculate their daily and monthly NOP and Foreign Currency Trading Position (FCT) using specific templates provided by the CBN.

The CBN also directed banks to maintain adequate stocks of high-quality liquid foreign assets, such as cash and government securities, in each significant currency.

According to the circular, all banks are required to adopt adequate treasury and risk management systems to provide oversight of all foreign exchange exposures and ensure accurate reporting on a timely basis.

Banks are expected to bring all their exposures within the set limits immediately and ensure that all returns submitted to the CBN to provide an accurate reflection of their balance sheets.

Finally, the CBN warned banks that non-compliance with the NOP limit would result in immediate sanction and suspension from the foreign exchange market.

PayPal says it will cut another 2,500 jobs, or 9% of its global workforce, a year after making a similar move.

Chief executive officer Alex Chriss told staff that the decision was made to “right-size” the company “through both direct reductions and the elimination of open roles”.

The staff who are affected will be notified by the end of the week, the digital payments giant said.

PayPal faces rising competition from rivals such as Apple, Zelle and Block.

Mr Chriss was brought in from software company Intuit last year to help turn around PayPal.

Investors hoped he would be able to revive the company’s share price which has fallen by more than 20% in the past 12 months.

In November, the PayPal reported its first earnings under its new boss, which topped analysts expectations, giving investors some hope that its turnaround was underway.

Last week, the firm launched new artificial intelligence-driven products as well as a one-click checkout feature.

The latest job cuts follow tens of thousands of layoffs by other technology giants in recent months.

More than 260,000 jobs were lost in the sector last year, according to the Layoffs.fyi website, which tracks technology industry job cuts.

In just the last month, almost 100 tech firms – including Meta, Amazon, Microsoft, Google, TikTok and Salesforce – have announced a total of 25,000 job cuts.

This week, Block, which is led by Twitter’s co-founder Jack Dorsey, began cutting jobs as part of its goal to trim its workforce by 1,000 by the end of the year.

Last year, executives blamed job losses on the pandemic hiring spree and high inflation which resulted in weak consumer demand.

However, some technology industry workers are fighting back. Earlier this month, a union representing workers at Google said it was “needless” for the tech giant to cut hundreds of jobs when it makes billions of dollars a year

The newest oil refinery in Nigeria, Dangote Petroleum Refinery, has expressed interest in buying two million barrels of crude from the United States of America in a move highlighting the damage and degree to which coordinated oil theft has rendered the oil-producing nation incapable of catering to its citizens’ crude oil needs.

According to a report by Bloomberg on Monday, U.S.-based Trafigura Group and Dangote Refinery have completed a crude purchase agreement for the delivery of two million barrels of petroleum by February ending.

The newspaper quoted individuals acquainted with the business deal as saying.

The purchase would make it the first time a Nigerian owned refinery would be purchasing non-Nigerian crude for the Nigerian people, evidencing the oil-bunkering operations that have skyrocketed under chief of naval staff, Emmanuel Ogalla, whose palms are constantly greased with millions of American dollars to turn a blind eye to the illicit activities of oil thieves.

Peoples Gazette last week exclusively reported how Mr Ogalla, now desperately fighting to keep his job under investigation, had freed several oil tankers busted for transporting stolen crude off Nigerian shores after collecting kickbacks in millions of foreign currency.

A ripple effect of the bunkering was the nation’s inability to meet the daily processing supply quota of Dangote Refinery, its first-ever private indigenous refinery, which has resorted to importing crude oil from the U.S. to sustain its nascent operations.

With the purchase, Dangote Refinery, which launched its operations in December 2023, is poised to first reach a daily processing goal of 350,000 barrels before going into full capacity mode of 650,000 barrels per day.

The United States’ crude will supplement Dangote’s domestic crude supplies from the Nigerian National Petroleum Company Limited, the country’s major oil company.

Last month, Dangote purchased its first cargo of crude from Agbami via Shell Plc. Other subsequent crude offloads came from Nigeria’s Amenam, Bonny Light and CJ Blend streams, according to the Bloomberg report.

Analysts deemed the foreign crude purchase necessary as it would help the new refinery run smoothly and independently in its first weeks of operation without any glitch even amid unforeseen challenges.

A new refinery needs a lot of crude on standby for refinement as it cannot suddenly halt operations when short of crude supply.

The foreign purchase was seen as an essential stop-gap measure until Dangote is able to locally source the crude required to meet its daily processing quota.

Still, the reality that Dangote Refinery, based in an oil-producing nation like Nigeria, relies on crude import from the U.S. to meet its daily processing quota has increased worries about the extent of irreversible damage and humiliation the nation is forced to endure under corrupt leaders such as Mr Ogalla and others who allow plundering of Nigeria’s oil resources due to greed.

The Naira tumbled massively, falling to a historic low of N1,348.63 against the US Dollar in the foreign exchange market on Monday.

Data from FMDQ showed that the Naira climbed to a record-time low of N1,348.63 per US Dollar on Monday from N891.90 on Friday.

This represents 33.87 per cent or N456.73 weaker than N891.90 recorded at the close of trading on Friday.

On December 8th and 28th last year, the Naira surpassed the N1,000 per US dollar threshold, quoting at N1,099.05 and N1,043.09 per dollar, respectively.

Similarly, the Naira still did not do well in the parallel forex market as the exchange rate depreciated by 2.76 per cent, quoting at N1,450 per US dollar.

The depreciation comes despite the forex turnover at the close of the trading, which was $64.29 million, representing a 36.33 per cent increase compared to the previous day.

The Central Bank of Nigeria released another N500 million to the forex market to clear verified forex backlog.

The development comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

The Central Bank of Nigeria, CBN, has announced that it is injecting another $500 million to clear the foreign exchange backlog.

Hakama Sidi Ali, Acting Director of the Corporate Communications Department at the CBN, made this known in Abuja on Monday, January 29.

She reiterated the bank’s commitment to settling all legitimate forex backlogs quickly.

She noted: “The Management of the CBN is committed to settling all legitimate foreign exchange backlogs within a short time frame.”

Sidi Ali also assured Nigerians that the CBN is implementing a comprehensive strategy to improve liquidity in the country’s foreign exchange markets in the short, medium, and long term.

According to the CBN spokesperson, this strategy focuses on addressing fundamental issues that have hindered the effective operation of the Nigerian forex markets over the years.

She added: “As the governor said, the CBN focuses on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years.”

The development comes barely a week after the bank injected approximately $2 billion to settle outstanding commitments across the manufacturing, aviation, and petroleum sectors.

In December last year, the International Air Transport Association, IATA, threatened to expel Nigeria over the $790 million trapped fund.

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has reiterated that the Federal Government is on the verge of digitising its processes to harness the benefits of the digital economy.

Mr Tijani said this at the news conference to mark the Global Data Privacy Day in Abuja Sunday, which has its theme as “Take Control of your data.’’

Data Privacy Day was initiated to raise awareness, promote privacy and data protection best practices, which is currently observed in the US, Canada, Israel, Nigeria, Qatar and 47 European countries.

Celebrated in Nigeria from January 28 to February 4, the event is designed to join the globe to create awareness and ensure that data subjects know their rights.

Mr Tijani said, “A lot of gadgets we use today are interconnected which means the data we are producing daily must be protected and the people producing it too being enlightened. President Bola Tinubu has given us the mandate to transform public services with technology. It means a lot more of the things we do in public service will be digitalised. A lot of the services that citizens consume in the coming months, years will also be digitalised. There may be dangers as we collect and share data, so there is a need for us as government agencies to protect the data appropriately. We need to invest in innovative ways to protect data.’’

According to him, NDPC will be able to provide that role while Galaxy BackBone will help manage the data exchange system and ensure it follows laid down regulations.

The minister also said that companies that produce digital gadgets have a role in ensuring that the data of people they collect is not compromised.

He added that the week would focus on enlightenment because there is a huge gap in the knowledge about data protection.

He said, “The knowledge is lacking because there is no capacity and it is a new way of doing things and we need to consider behavioural change.’’

The Chairman, House of Representatives Committee on ICT and Cybersecurity, Stanley Adedeji, said that the National Assembly would ensure compliance in its mode of data collection.

“In performing our constitutional duties as legislators, we collect a lot of data. We have to make sure the mode in which we collect data is in compliance with the Data Privacy law. This means that we must automate the process of our interaction with MDAs and other organisations,’’ he said.

Mr Adedeji further urged organisations to be compliant and not choose the part of litigation when found culpable.

According to him, the data protection ecosystem is still at the primary stage of development in which every institution should be part of the process.

He added that capacity building is needed for people to get acquainted with the law of Data protection, as well having attitudinal change on data privacy.

He pledged the National Assembly’s support in terms of legislation and collaboration by amending laws that will make NDPC to be more effective and transparent.

The National Commissioner of NDPC, Dr Vincent Olatunji, said they developed a five-year Strategic Roadmap and Action Plan with five pillars in 2023.

Mr Olatunji said that within one year, they had been able to achieve two of the three most challenging targets of the road map but for the awareness part, which requires intensive capacity building.

He stated, “The commission is keen on building a globally competitive pool of data protection officers who will be able to discharge the duties required of them under Section 332 of the Nigeria Data Protection Act. We have identified at least 500,000 data controllers and data processors who need qualified DPOs to meet their obligation under the law.

“We cannot afford to subject this pool to compulsory foreign certifications as this will put pressure on our local currency and defeat the aims and objectives of the Federal Government’s Executive Orders 003 and 005. We have concluded arrangements for the licensing of an indigenous certification body with global standard and international spread to fill the gap.’’

Zenith Bank, National Information Technology Development Agency, Nigerian Communication Satellite Limited, among other agencies were part of the event.

The federal government has restated its commitment to partnering genuine investors in unlocking the full potential of the country’s natural gas resource for national growth and development.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, made this known in an address at the Americas Energy Summit and Exhibition in New Orleans, Louisiana, U.S.

The minister said Thursday in a statement that Nigeria was open for business and willing to partner foreign investors and countries with requisite technologies and experience in developing the country’s hydrogen resource.

“We extend an invitation to international partners, stakeholders and investors to collaborate with us in unlocking the full potential of our natural gas resources.

“Recognising the importance of innovation and diversification in the energy sector, Nigeria actively explores opportunities in hydrogen production and deployment,” Mr Ekpo said.

He acknowledged hydrogen’s transformative potential in reducing carbon emissions and fostering a sustainable energy future.

“The Nigerian government is actively setting up the framework for a sustainable energy future. In this pursuit, we are seeking collaborations with countries that have developed expertise and capacity in hydrogen technologies.

“We believe that international partnerships are essential in fostering knowledge exchange and leveraging collective capabilities for the advancement of hydrogen as a clean and sustainable energy solution,” he added.

According to him, international collaboration has become paramount as the world confronts the challenges of climate change.

He explained that Nigeria was steadfast in its commitment to working closely with global partners to exchange knowledge, share best practices and collectively address the challenges and opportunities presented by the dynamic energy landscape.

Mr Ekpo said Nigeria had emerged as a key player in the global energy landscape, particularly in the Liquefied Natural Gas (LNG) sector.

The minister said the government declared 2021 to 2030 as the ‘Decade of Gas’ in Nigeria, an initiative that underscored a commitment to leveraging gas as a cleaner and more environmentally friendly alternative to mitigating the impact of climate change while meeting growing energy demands.

“As the fifth largest exporter of LNG, our nation plays a crucial role in meeting the energy needs of nations worldwide. The sustained growth of the LNG sector in Nigeria reflects our unwavering commitment to responsible energy production and supply,” he said.

A Senior Advocate of Nigeria, Kayode Ajulo, has urged the Economic and Financial Crimes Commission to address growing concerns about media trials of suspects of financial crimes.

Mr Ajulo made the call in a statement in Abuja on Thursday titled ‘Re-evaluation of the EFCC: Ensuring Accountability and Effectiveness’.

He said, “There is a growing apprehension that the EFCC has become overly preoccupied with media trials, theatrics, and grand gestures, rather than adhering to the standards and procedures necessary for effective investigation.”

The lawyer said this approach had led to hasty actions, inadequate evidence gathering and subsequent dismissal of cases by the courts, undermining the pursuit of justice.

According to him, a recent incident that exemplifies these concerns is the alleged prosecution of Governor Dauda Lawal by the EFCC while his case was pending before the Supreme Court.

He said, “However, following his victory in the apex court, the EFCC swiftly shifted its focus to his political rival, former Governor Bello Matawale, now Minister of State for Defence.”

Mr Ajulo recalled that the commission had also accused him of involvement in financial crimes.

He noted that the timing and circumstances surrounding this accusation raised legitimate questions about the EFCC’s impartiality and commitment to due process.

“It is essential to inquire about the EFCC’s inaction during the mandatory screening of the recently appointed minister, where his past activities were expected to undergo thorough review,” he said.

The lawyer said the petition’s origin and the accusers’ credibility must be scrutinised to ensure that ulterior motives or baseless claims did not drive EFCC’s actions.

According to him, stringent procedures should be in place for submitting petitions, saying comprehensive forensic investigative patterns should be employed when dealing with such cases.

He added that this would safeguard the EFCC from embarking on fruitless pursuits and ensure its efforts focused on genuine and substantive cases.

Mr Ajulo said the EFCC played a pivotal role in combating corruption and financial crimes, adding that it was equally crucial to evaluate its operations to address shortcomings critically.

According to the erudite lawyer, such a process necessitated collaboration between the EFCC’s leadership, relevant government bodies, civil society organisations, legal experts and the media.

He added that through open dialogue and collective efforts, the EFCC would restore public trust, enhance transparency, and strengthen its capacity to effectively tackle economic and financial crimes.

The former chief operating officer of Meta, Sheryl Sandberg, is leaving the company’s board of directors.

Ms Sandberg, one of the most high-profile women in the tech industry, said that “this feels like the right time to step away” as Meta is “well-positioned for the future”.

She will serve as an informal advisor to the company going forward.

Meta CEO Mark Zuckerberg thanked her for the “extraordinary contributions” to the company.

Ms Sandberg, 54, joined the firm when it was a small start-up named Facebook. A veteran of Google, she helped turn its advertising business into a profit powerhouse, as the company grew to include Instagram, WhatsApp and Messenger.

Her books, including Lean In: Women, Work, and the Will to Lead – which she described as a “sort of feminist manifesto” – made her a global celebrity.

The company also faced massive criticism under her watch, including misinformation during the 2016 election, the Cambridge Analytica privacy scandal in 2018, and the Capitol riot in 2021.

She posted about her departure in a Facebook post on Wednesday, saying she has a “heart filled with gratitude and a mind filled with memories”.

She said that serving as Facebook and Meta’s COO for over 14 years and a board member for 12 years was “the opportunity of a lifetime”.

Shortly after Ms Sandberg’s announcement, Mr Zuckerberg responded with a short reply.

“Thank you Sheryl for the extraordinary contributions you have made to our company and community over the years,” he commented on her post.

“Your dedication and guidance have been instrumental in driving our success and I am grateful for your unwavering commitment to me and Meta over the years.

“Meta is facing new challenges as countries tighten social media regulations and iPhone maker Apple changes its privacy rules, hitting the social media firm’s targeted ad business.

Growth in the number of Facebook users in key markets, such as the US, has been stalled, and it has lost younger users to rivals such as TikTok.

Arnold Schwarzenegger was detained at a German airport for allegedly failing to declare a luxury watch he was planning to auction for charity.

The Hollywood actor was held for three hours at Munich airport on Wednesday.

An investigation for alleged tax evasion was launched as the watch was intended to be sold within the European Union (EU).

According to EU rules, anyone arriving with “cash or certain valuable items” over €10,000 (£8,580) must declare it.

However, a source told CBS News, the BBC’s US partner, that Schwarzenegger was not asked to fill out a declaration form.

The actor, politician and climate change campaigner was eventually able to pay the tax, but only after overcoming a number of problems.

After an initial card machine did not work, it was discovered that the nearest bank was closed and ATM withdrawal limits were too low, meaning the 76-year-old had to wait for a new card machine to be brought by customs officials, the source said.

The actor’s spokesman told German tabloid Bild that the airport incident was “a total comedy full of errors, but which would make a very funny police film”.

Bild said he “took the incident calmly” and an image it published showed a smiling Schwarzenegger posing for a photo and holding a box for the watch with a note saying “For Austria”.

According to local media, the watch was custom-made for the Terminator star by luxury watchmaker Audemars Piguet, which makes timepieces that can sell for hundreds of thousands of dollars.

The watch was said to be up for auction at a fundraising dinner for The Schwarzenegger Climate Initiative in Kitzbuhel, Austria, about 89 km (55 miles) from Munich, later on Thursday.

A press release for the event, due to take place at the five-star Stanglwirt hotel, said “artworks, signed exhibits, and experiences from the worlds of sports and film” will be up for sale.

An auction listing for the watch, obtained by Bild, said it was one of only 20 in existence, and would include “an image of Arnold in his iconic pose with the words ‘Arnold Classic’. The stated starting price for bids was €50,000

President Bola Tinubu has approved the appointment of a Governing Council of the Midstream and Downstream Gas Infrastructure Fund (MDGIF) to be domiciled in the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Among the appointees are MDGIF Governing Council Chairman — Minister of State, Petroleum Resources (Gas), MDGIF Executive Director — Mr Oluwole Adama and MDGIF Governing Council Secretary — Mr Joseph Tolorunshe.

Others are NMDPRA Chief Executive — Engr Farouk Ahmed, representative of the Central Bank of Nigeria (CBN), representative of the Federal Ministry of Finance, MDGIF Independent Member — Ms Amina Maina (North-East), MDGIF Independent Member — Mr Edet David Ubong (South-South) and MDGIF Independent Member — Mr Tajudeen Bolaji Musa (South-West).

A statement by Presidential spokesman, Ajuri Ngelale quoted the President as mandating the appointees to discharge their duties by upholding the highest standards of transparency, discipline, and patriotism in line with his administration’s drive to enhance the role of the gas sector in achieving robust and inclusive economic growth for Nigeria.

Chevron Nigeria Limited has appointed a new Chairman and Managing Director, Jim Swartz.

This was contained in statement made available to The PUNCH on Wednesday by the firm’s General Manager, Policy, Government and Public Affairs Esimaje Brikinn

.According to the statement, Swartz was appointed “as the Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, effective April 1, 2024.”

Until his appointment, Swartz was the Vice President, Capital Projects based in Houston, USA.

“He brings a wealth of experience in the upstream business and a proven ability to build effective partnerships with stakeholders,” the statement said.

A graduate of the University of Nebraska-Lincoln where he received a Bachelor of Science in Geology, Swartz also obtained a Master of Science in Geology from the University of Oklahoma.

He was said to have joined Chevron in 1990 as a Geologist in Louisiana and has since held positions of increasing responsibility in Angola and the United States.

Swartz replaces Richard (Rick) Kennedy, “who has elected to retire after almost 40 years of service to the company.”

President Bola Tinubu on Sunday directed a thorough and comprehensive inquiry into the alleged misappropriation of N585 million in the Ministry of Humanitarian Affairs and Poverty Alleviation, led by Betta Edu.

“In light of recent events, the President has directed that a thorough and comprehensive investigation be conducted to ascertain the accuracy and validity of the reported details,” a statement signed by the Minister of Information and National Orientation, Mohammed Idris, on Sunday.

The statement is titled ‘Minister of Information and National Orientation addresses circulating narratives on payments made by Ministry of Humanitarian Affairs.’

Edu came under harsh criticism after a leaked memo on December 20, revealed that she directed the Accountant-General of the Federation, Oluwatoyin Madein, to transfer N585m to a private account owned by one Oniyelu Bridget, who the ministry claimed currently serves as the Project Accountant, Grants for Vulnerable Groups.

The FG said, “The Ministry of Information and National Orientation acknowledges the concerns raised by the public regarding the alleged payment of funds into a private account by the Ministry of Humanitarian Affairs and Poverty Alleviation.

“We are aware of the narratives circulating widely and wish to assure Nigerians that the Government takes these issues most seriously.

“The Federal Government, under the leadership of President Bola Ahmed Tinubu, is transparent and accountable to the people, and committed to ensuring that public funds are allocated and utilized effectively and efficiently to address the needs of Nigerians.”

The Dangote Group has expressed readiness to assist the Economic and Financial Crimes Commission (EFCC) in its investigations, following the commission’s visit to the company’s head office in Lagos.

EFCC operatives, on Jan. 4, embarked on a search mission to the head office of Dangote Group in Lagos.

The search followed the probe of 52 companies by the anti-graft agency over forex transactions in the last 10 years.

The commission is investigating forex allocations to these companies during the tenure of Godwin Emefiele as governor of the Central Bank of Nigeria (CBN).

The Dangote Group gave the assurance in a statement signed by Anthony Chiejina, its group chief, branding and communication on Sunday in Lagos.

According to the statement, the company’s management also doused the concerns of stakeholders and called for their patience and understanding while promising to inform them of any further developments.

The company disclosed that it received a letter from the EFCC on Dec. 6, 2023, requesting for details of every foreign exchange allocated to it by the Central Bank of Nigeria (CBN) from 2014 till date.

It described the request from the commission as not peculiar to Dangote Group, noting that similar letters were sent to 51 other groups of companies requesting for same information spanning same period.

According to the statement, Dangote Group responded to the EFCC to acknowledge receipt of the letter whilst seeking clarification on the subsidiaries or companies within the group that they require information on.

It stated that the company also requested for additional time to compile and properly present the extensive documentation spanning 10 years.

“However, the EFCC did not provide the clarification sought and also did not honour the request for an extension and insisted on receiving the complete set of documents within the limited timeframe.

“In spite of this constraint, we assured the EFCC of our commitment to providing the information and pledged to share documents in batches as we complete the compilation.

“On Jan. 4, our team delivered the first batch of documents to the EFCC. However, officers of the EFCC did not accept the documents, insisting on visiting our offices to collect the same set of documents directly.

“Whilst our representatives were still at the EFCC’s office to deliver the documents, a team of their officers proceeded to visit our offices to demand for the same documents in a manner that appeared designed to cause us unwarranted embarrassment,” it said.

The company emphasised that to its knowledge, no accusations of wrongdoing had been made against any company within its group.

It stated that as a law-abiding and ethical corporate citizen, Dangote Group remained committed to providing the EFCC with all necessary information and cooperation, while it continued to play its key role in stimulating the domestic economy.

“We have already delivered the first batch of documents and are actively working to compile and submit the remaining documents in good time, to aid their investigation.

“Our Group is a key contributor to the national Gross Domestic Product (GDP) the largest employer in the private sector, one of the largest groups listed on the Nigerian Exchange and one of the highest taxpayers in the country.

“We remain steadfast in our belief in Nigeria’s commitment to the rule of law and its dedication to fostering an environment conducive for investment and value creation for both local and foreign investors,” it said.

The Federal Government has commenced discussions with a Chinese firm, Luan Steel Holding Group, to build a new steel plant in Nigeria and commence the construction of military hardware at the Ajaokuta Steel Plant.

The plan is coming as part of the FG’s efforts to industrialise Nigeria through the steel industry.

This formed the crux of the visit by a delegation of the Minister of Steel Development, Shuaibu Audu; the Minister of Defence, Mohammed Badaru, and the Permanent Secretary of the Ministry of Steel Development, Mary Ogbe, during a tour of Luan Steel Holding Group in Hefei and Guangzhou Regions of China.

PUNCH Online reports that the Mines ministry recently requested N35bn funding from financial institutions to revive the moribund Ajaokuta Steel Company.

It said the collaboration with financial institutions was to seek the best financing options to re-start the light Steel Mill in Ajaokuta and kick-start iron rod production.

Audu, in a statement signed by the ministry’s Head of Press and Public Relations, Salamatu Jibaniya, stated that the trip to China was one of the steps being taken to realise the goals of reviving the steel industry in Nigeria in line with the vision of the current administration.

According to him, work has commenced to create an operational steel industry that would attract billions of dollars of foreign direct investments into the country, open up the nation’s economy, and create hundreds of thousands of job opportunities.

He further noted that the plan to construct military hardware in the Ajaokuta steel plant would help in the fight against insecurity and terrorism.

He said, “We had very meaningful discussions with the Chairman of Luan Steel Holding Group, Mr Wang Jianbing, the Chief Executive Officer of the Company, Mr Xiao Weizhan, and other senior Executives of the Luan Steel Holding Group.

“Like several other international and local investors, Luan Steel Holding Group has indicated interest in setting up a new Steel Plant in Nigeria, as well as handling a component of the Ajaokuta Steel Plant for building military hardwares in Nigeria.

“The Minister of Defence and I led this delegation, which includes the Permanent Secretary of the Ministry of Steel Development, Dr Mary Ogbe, Sole Administrator/Managing Director of Ajaokuta Steel Company, Mr Sumaila Abdul-Akaba, to enable us to have a first-hand look at the Luan steel plants before arriving at a decision.”

The Minister added, “With all the commitments on the ground, we are optimistic that before the end of President Tinubu’s administration, we will commence commercial steel production in some of the government-owned entities in Nigeria.”

The Central Bank of Nigeria has slammed restrictions on cryptocurrency transactions.

The apex bank disclosed this in recent guidelines on its website for operating cryptocurrency accounts known as Virtual Assets Service Providers.

According to the guidelines, cryptocurrency accounts shall be used for only virtual/digital assets and not for any other purpose.

Accordingly, CBN barred cash withdrawals from cryptocurrency and noted that no third-party cheques should be cleared.

“Current trends globally have shown a need to regulate the activities of virtual asset service providers, which include cryptocurrencies and crypto assets.

“An account opened by these Guidelines shall only be used for transactions on virtual/digital assets and not for any other purpose.

“No cash withdrawal shall be allowed from the account. No third-party cheque shall be cleared.

“Except for the settlement of a virtual/digital assets transaction, which shall be done through a transfer to another designated account, the withdrawal shall be only through a manager’s cheque or transfer to an account,” it stated.

The developments come after the CBN lifted the ban on cryptocurrency in December 2023.

To this end, Nigeria has joined the rest of African countries like South Africa, Botswana and others to regulate the cryptocurrency market amid its susceptibility to fraud.

The Nigeria Railway Corporation, NRC, has concluded plans to kickstart night operations before the second quarter of 2024.

The Managing Director of NRC, Fidet Okhiria, disclosed this during a recent interview with NAN.

However, he said insecurity is the major hindrance to the commencement of night operations.

He stated that, “what is limiting us is the night operations, and that is not the way trains should operate. The train is meant to operate at all times. People may like to travel in the evening, but because of the security situation in the country, we limit ourselves to the daytime.

“We intend to bring back passenger and freight trains from Port-Harcourt to Aba, Lagos to Kano, and Kaduna because of the dry ports.

“We are going to increase the number of train trips to six on Lagos-Ibadan, Warri-Itakpe, and Abuja-Kaduna, which means the trips will be three times to and three times from, making six trips in a day.”

“The trips will commence before the second quarter of 2024 Right now, they are running four trips—two up and two down across the board”, Okhiria said.

Nigerian billionaire and businessman, Abdulsamad Rabiu, has suffered a significant blow in 2023 with his net worth dropping by $2.5 billion in 2023.

Rabiu remained the second richest man in Nigeria and ranked fourth on Forbes’ list of African billionaires, his net worth decreased to $5.7 billion from $8.3 billion at the start of the year on the Forbes Billionaires rankings.

The free float policy of the Central Bank of Nigeria is principally to blame for this decrease.

In addition, Rabiu, the BUA conglomerate’s founder, lost his position on Bloomberg’s billionaire index as a result of the devaluation of the naira.

In 2023, three months after the naira devaluation strategy went into effect, Rabiu lost one-third of his wealth.

Simultaneously, BUA Cement—a significant source of Rabiu’s wealth—saw a minor decline in market valuation, from N3.31 trillion in 2022 to N3.28 trillion.