Business
NIPOST Intercepts N13.65bn Counterfeit Currencies In Nine Months
The Postmaster General
of the Federation, Mallam Ibrahim Baba has said that the Nigerian Postal Service (NIPOST) intercepted fake financial instruments worth N13.65bn in the first nine months of 2014.
Baba who disclosed this in Abuja recently, while briefing newsmen on activities of NIPOST in a ceremony to mark the 2014 World Post Day also said the organisation handled 24,213, 750 mails in the first quarter of this year.
He said this was as a result of physical inspection of documents and postal packets being transmitted through NIPOST.
According to the NIPOST boss, 159 scam letters containing counterfeit financial instruments and other prohibited items were intercepted.
According to sources made available to The Tide an analysis of the counterfeit financial instruments intercepted by NIPOST showed that 17 mails worth N149,891,400 were intercepted in January, while 66 worth N8,439,690 in February and 18 worth N159,654,963 in march including 26 worth N118,329,017.36 in may, amongst others.
The NIPOST boss further stated that the destinations of the counterfeit mails were Britain and the United States.
He revealed that the two countries have been extending assistance to postal organisations in the fight against counterfeit mails.
On volume of mails handled in the first quarter of 2014, he said despite security challenges in the country, there was an improvement in the number of mails handled from January to June 2014, in contrast to that of 2013.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.