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ABCON Dismisses Forecast On Naira Devaluation

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5 years ago

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The Association of Bureax de Change Operators of Nigeria (ABCON) has urged the public to disregard the predictions by Afrinvest that there will be devaluation of naira this year.
ABCON, however, urged Nigerians to expect foreign exchange (forex) rates’ convergence as the BDC will checkmate any volatility.
Giving the assurance at a sensitisation programme for ABCON members in Lagos yesterday, its President, Aminu Gwadabe, said any discussion around devaluation should be discouraged, while the unification of the various exchange rates  should be promoted.
His words: “We have learnt of prediction by Afrinvest that there is going to be a devaluation by 20 per cent in 2020. For us, we don’t think of any devaluation. Yes, unification of the various exchange rates is germane, but any discussion on devaluation as at this critical level of the economy should be  completely discouraged.
“The Bureau De Change operators are there and we would ensure we give our cooperation to the CBN and the government  so as to checkmate any volatility and spike in the foreign exchange market.
“Devaluation will not do any good,   we can see that. Of course, there is border closure which has improved a lot of activities in the economy. Yet, we are struggling with electricity in terms of its availability and  also Nigeria still remains an import  dependent country; schools’ infrastructure is not there . So we don’t want anything to devalue the Naira further than N360 to one dollar, because as far as BDCs are concerned, the rate of  Naira to a dollar is N360.
“All those who are saying N305, N306 to a dollar, for us is not a transaction rate, these are rates for government obligations. It is not for everybody. What percentage of Nigerians get N306 to a dollar? So if unification is for everybody in the market to be buying at N360, that will be fine, the BDC already has that kind of rate happening in the market.”
On the sensitisation for members, Gwadabe said it is all about enhancing the capacity of Bureau De Change operators and to also evaluate the outcome of the assessment of the Financial Action Task Force, Inter Governmental Action Group Against Money Laundering in West Africa (GIABA), and the Central Bank of Nigeria (CBN) examination.
“So far, we also want to celebrate four years of exchange rate stability and compliance in our operations, that’s why we are here. We also want to evaluate our performance in terms of compliance and map out the way forward  for the foreign exchange market”, he said.

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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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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June 27, 2025

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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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1 week ago

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June 27, 2025

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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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