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Currency Restructuring Divides Private Sector

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Three members of the Organised Private Sector in Nigeria have
expressed divergent views on the proposed currency restructuring by the Central
Bank of Nigeria (CBN).

Mr Yusuf Muda, the Director General of Lagos Chamber of
Commerce and Industry, said that the introduction of new currency denominations
would be “an initiative in the right direction“.

He said in Lagos that the proposal was in response to
economic dynamism and would improve the economy.

“ I believe it will enhance the efficiency of business
transactions and improve our buying and selling.

“The introduction of a high denomination N5,000 note will
reduce the volume of cash needed for transactions in the economy,“ he said.

He said that the value of the new coins would be more
relevant for transactions, stressing that “the coins in circulation have lost
relevance in commercial transactions because of their values”.

Muda said that coins were more durable than notes, hence the
need for more of them.

He said that the ATM machines would be able to stock larger
amount of cash with the introduction of N5, 000 notes and banks’ customers
would be better off.

Mr Joseph Olarenwaju, the Director General, Textile
Manufacturers Association of Nigeria, said that the proposal would negate the
spirit of the apex bank’s cash-less policy.

He said that the introduction of N5,000 notes would increase
corruption, bribery and extortion.

“ The higher the currency denomination, the better the use
of cash as instrument for corruption.

“Under the proposed currencies regime, the need for
‘Ghana-must-go” would longer be necessary,” he said.

Olarenwaju said the proposal would increase currency
counterfeiting.

An industrialist, Mr Michael Adebayo, said that the security
challenges and energy problems were more important than currency restructuring
now.

He said that the introduction of new currency denominations
was not the immediate problem in Nigeria.

“Government should focus on providing a friendly environment
for businesses to thrive, increase job opportunities and increase avenues for
wealth creation, “ he said.

Meanwhile,  the Central Bank of Nigeria (CBN) says it is
discussing its proposed currency restructuring policy with the Senate.

Mr Ugochukwu Okoraofor , the CBN Director of Corporate
Communications, disclosed this in an interview in Lagos.

He also said that the apex bank did not intend “in any way“
to implement the proposal without the Senate’s consent.

“We have entered discussion with the Senate carefully
because we want their approval.

“The law is very clear on this matter and it must not be
forgotten that the CBN Act empowers us to restructure our currency system.

“I am sure that in a day or two, we will end all discussions
on the matter,“ he said.

It will be recalled that the CBN had made public its
intention to restructure the nation’s currency system.

The apex bank said it planned to introduce N5,000 naira
notes and coin the N5, N10 and N20 notes in 2013, under a programme it tagged.

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Western Marine Command Intensifies Anti-Smuggling Operations … Intercepts N8.75m Worth PMS

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For officers and men of the Western Marine Command of the Nigeria Customs Service (NCS), the battle is not over until smuggling is over.
In the wake of Wednesday May, 8, 2024, the ever vigilant officers, acting on a tip-off, intercepted 177 sacks and 61 kegs of 25 litres containing petroleum products, valued at about N8.750,000million.
The items were intercepted along Isalu Creek, Badagry Waterway en-route Benin Republic.
While briefing newsmen, the Command’s Customs Area Controller, Comptroller Paul Bamisaiye, said: “This seizure is most economically significant to the Command at this period of scarcity of Petroleum Products, especially Premium Motor Spirit (PMS) in our cities, and shows the anticipatory posture in our response to economic saboteurs.
“At about 2:330hrs on Wednesday 8th May 2024, while on joint patrol by teams in the Command, credible intelligence was received of the movement of 2 boats laden with what was suspected to be petroleum products concealed in sacks. Upon receipt of the information, the team moved into Isalu creeks, Badagry waterway.
“On sighting the approach of the Officers, the smugglers took to their heels through the shore of the Creek. The loaded boats were then towed to the station at Badagry where preliminary examination was conducted and transferred to Western Marine Command Headquarters, Ibafon, Apapa, Lagos.
“Careful examination at the Command Headquarters revealed that the arrest was found to contain One Hundred and Seventy Seven (177) Sacks and Sixty One (61) Kegs of 25 Litres Premium Motor Spirit (PMS) containing Twelve Thousand Five Hundred (12,500) Liters with a total Duty Paid Value standing at Eight Million Seven Hundred and Fifty Thousand Naira (N8,750,000) only”.
Bamisaiye noted that the action of the smugglers is a contravention of Section 245 & 254 of the Nigeria Customs Service Act 2023 which the service, through Western Marine Command, is responsible for enforcing.
“The Command, under the leadership of Compt. PK Bamisaiye, is poised more than ever to rid the waterways of all acts of smuggling and economy sabotage for the benefit of the growth of economy of Nigeria”, he said
Bamisaiye said so far, no suspect was arrested in the Command’s anti-smuggling operations.

Nkpemenyie Mcdominic, Lagos

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Illegal PMS Trading Booms In Lagos

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Petroleum products  being sought by motorists have disappeared from virtually all filling stations within Lagos and its environs, but are now booming in business in retail outlets.
Investigations by our correspondent revealed that while the product could not be got at some of the petrol service stations, activities are in top gear in the local retail outlets where the price has gone beyond the reach of users.
It was also gathered that in some filling stations supplied with the products, preference are often given to retail outlet operators by petrol attendants against the consuming public.
A source, directly involved in the business, said some petrol dealers are cashing on the irregular supply to divert the products to retail outlets where they could easily make their gains.
It was also gathered that some sales representatives in the service of major oil marketing firms indulged in the diversion exercise because of their personal interest.
At the retail outlets a liter goes for N950,00 against the normal N760,to N800 at some stations.

Nkpemenyie Mcdominic, Lagos

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Customs Board Appoints Five DCGs, Eight ACGs

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The Nigeria Customs Service Board (NCSB) has confirmed the appointment of five Deputy Comptroller-Generals (DCGs) and eight Assistant Comptrollers-General (ACGs) of Customs during its 59th regular meeting.
The meeting, chaired by the Honorable Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, was held at the Nigeria Customs Service Headquarters in Abuja last Tuesday.
National Public Relations Officer of the Service, Chief Superintendent of Customs, Abdullahi Maiwada, who disclosed this in a statement yesterday, gave details of the confirmed appointments as: O.O. Peters (DCG /Commander, Training and Doctrine Command (rtd); B.M. Jibo (DCG Enforcement Inspection & Investigation); and B.U. Nwanfor (DCG Excise, Free Trade Zone & Industrial Incentives).
Others are: S.A. Bomia (DCG, Commander Training and Doctrine Command); and C.K. Niagwan (DCG, Tariff & Trade).
The Assistant Comptrollers General (ACGs) are: B. Imam (ACG Board); A.A.S. Oloyede (ACG, Trade & Tariff); S.K. Dangaldima (ACG/Zonal Coordinator, Zone ‘B’); A. Abdul Azeez (ACG/Zonal Coordinator, Zone ‘D’); S.A. Yusuf (ACG, Human Resource Development); N.P. Umoh (ACG, Training and Doctrine Command); C.O. Obih (ACG/Zonal Coordinator, Zone ‘C’); and S. Chiroma (ACG, Strategic Research and Policy).
The new appointments, according to the statement, were made to fill the vacancies created by some senior officers who recently retired from the Service, noting that the principles of federal character, seniority and merit guided the appointments approved by the board.
“These appointments are a testament to the officers’ exemplary services and dedication to the Nigeria Customs Service. The NCSB remains committed to providing strategic leadership to ensure effective and efficient service delivery for optimum performance”, he said.
While thanking the retired members of the management for their meritorious services, the Comptroller General of Customs, Bashir Adewale Adeniyi, congratulated the newly confirmed officers and charged them to redouble their efforts to ensure the service attains greater heights in its mandates of revenue generation, suppression of smuggling, and trade facilitation amongst others.

Nkpemenyie Mcdominic, Lagos

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