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CBN Gives Deadline For New BDC Licence

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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.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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