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Tag: Nigeria

  • BREAKING: Former Nigerian Central Bank Gov, Emefiele Arrives In Lagos Court For Arraignment  

     

    The former Central Bank of Nigeria Governor, Godwin Emefiele, has arrived at the Ikeja State High Court in Lagos to be arraigned on alleged abuse of office.

    Emefiele will be arraigned along with his co-defendant, Henry Isioma Omole, on 26 counts before Justice Rahman Oshodi on Monday.

    The charge marked ID/23787c/2024 and dated April 3, 2024, was filed by Mr. Rotimi Oyedepo (SAN).

    The Economic and Financial Crimes Commission (EFCC) alleged that Emefiele abused his office between 2022 and 2023 in Lagos, according to The PUNCH.

     

    EFCC alleged that Emefiele “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

     

    EFCC further alleged that Emefiele, between 2020 and 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary, act to wit: allocating foreign exchange in the aggregate sum of $291,945,785.59, without bids, which act is prejudicial to the rights of Nigerians”.

     

    Emefiele was alleged to have, in 2021, in Lagos, “directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: special allocation of foreign exchange in the aggregate sum of $1,769,254,793.16, which act is prejudicial to the rights of Nigerians.”

     

    In count four, the sum involved is $370,872,893.01.

     

    While acting as an agent, Emefiele’s co-defendant Omoile was alleged to have accepted from Raja Punjab through Monday Osazuwa, the total sum of $110,000, for Godwin Ifeanyi Emefiele, gifts as a reward for allocating foreign exchange by the Central Bank in favour of Raja Punjab’s employer.

     

    According to the charge, the offences committed contravened Section 73 of the Criminal Law of Lagos State, 2011.

    Source

  • QuickRead: Obi hints at dumping LP over leadership crisis. Four other stories we tracked and why they matter

    The Labour Party presidential candidate in the 2023 general elections, Peter Obi, said last week he may dump the party ahead of the 2027 election due to its unresolved leadership crisis.

    The same week, the Economic and Financial Crimes Commission (EFCC) resolved to file fresh criminal charges against the embattled former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

    These and three other stories we tracked were among the most discussed national issues in the country last week.

    1. Obi hints at dumping LP before 2027 poll
    Peter Obi

    On March 31, the former Anambra State governor hinted to Nigerians that he could dump the party ahead of the next presidential election due to its unresolved leadership crisis.

    Obi, who addressed his supporters on his X space hosted by Parallel Facts, stressed that his primary aim of joining the LP in the first place was to fix Nigeria and not the party.

    He said: “Our engagement is about Nigeria, they are trying to change our focus. What we want to do is not about the Labour Party; it is about what the Obidients want to do about Nigeria.

    “We are thinking about water, we are thinking about power, we are thinking about employment, thinking about security. That should be our focus.”

    Why it matters

    The recurring leadership crisis in the Labour Party is indicative of a party built on a shaky foundation and may ultimately lead to its demise if not quickly nipped in the bud.

    The strife in LP is also a reminder that politics is an interest-driven game in which contending forces constantly struggle to seize the reins of authority to decide who gets what.

    The name-calling, backstabbing, and in-fighting as a whole indicate a deeper problem that may not bode well for the ahead of the next general election.

    2. EFCC to arraign Emefiele on fresh criminal charges

    The Economic and Financial Crimes Commission (EFCC) will arraign the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, at the Lagos Special Offences Court for alleged abuse of office on Monday (today).

    Emefiele will be arraigned alongside one Henry Omoile before Justice Rahman Oshodi on a 26-count charge of abuse of office, accepting gratification, accepting gifts through agents, corruption, and fraudulent property receipt.

    In the charge marked ID/23787c/2024 dated April 3 and filed by its counsel, Rotimi Oyedepo (SAN), the commission also alleged that the former CBN governor conferred corrupt advantage on his associates contrary to the Corrupt Practices Act of 2000.

    One of the charges read: “That you, GODWIN EMEFIELE, between 2022 and 2023, in Lagos, directed to be done in abuse of the authority of your office, as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

    Why it matters

    The latest development again confirms assertions on the desperation of the Federal Government and its agents to nail the former CBN governor on trumped-up charges for embarking on the redesign of the naira notes on the eve of the last general election.

    While Emefiele will have his days in court, the onus lies on those who alleged to discharge the burden of proof on the matter otherwise the whole exercise will amount to mere persecution of the former top banker for taking such a bold step to change the face of the national currency almost two years ago.

    3. FG approves electricity tariff hike

    The Nigerian Electricity Regulatory Commission (NERC) has approved an increase in electricity tariff for customers under the Band A classification.

    The NERC Vice Chairman, Musliu Oseni, who announced this at a media briefing on April 3 in Abuja, said customers would now pay N225 kilowatt per hour from the current N66 following the development.

    READ ALSO:QuickRead: Anyaoku’s verdict on the 1999 Constitution. Four other stories we tracked and why they matter

    He added that customers in Band A represent 15 percent of the 12 million electricity customers in the country.

    Oseni said: “We currently have 800 feeders that are categorised as Band A, but it will now be reduced to under 500. This means that 17 percent now qualify as Band A feeders. These feeders only service 15 percent of total electricity customers connected to the feeders.

    “The commission has issued an order which is titled ‘April Supplementary Order’ and the commission allows a N225 kilowatt per hour.”

    Why it matters

    With Nigerians groaning from the harsh effects of the fuel subsidy removal and coupled with the inefficiency of the electricity distribution companies, the latest hike in the electricity tariff is unjustified.

    The outcry trailing the electricity tariff hike underscores the fact that the President Tinubu-led administration must come up with favourable economic policies to reverse the trend that has left the country as the poverty capital of the world.

    4. Kano anti-graft agency chairman suspended

    The Chairman of the Kano State Anti-Corruption and Public Complaints Commission, Muhuyi Magaji, has been suspended by the Code of Conduct Tribunal (CCT).

    This followed his arraignment for alleged corruption by the Code of Conduct Bureau (CCB).

    The CCB arraigned Magaji on a 10-count charge of corruption on November 16, 2023.

    The Chief Press Secretary of the CCT Chairman, Veronica Kato, who disclosed this in a terse statement on April 4, said Magaji’s suspension was to ensure he does not interfere with his ongoing trial.

    He said: “Delivering the ruling, the Chairman CCT, Justice Danladi Umar, established that the Tribunal has the competence and jurisdiction to hear the case.

    “The judge said Muhuyi Magaji cannot continue to discharge the duties and responsibilities of his office while facing trial, to avoid any interference with the case. Hence the suspension, this is pending the conclusion of the trial.”

    Why it matters

    The travails of the feared anti-graft agency boss show that corruption remains pervasive in virtually every institution in Nigeria. It particularly points to the rot in the Nigerian system known for all kinds of impunity.

    It is, indeed, a sad reminder of the true state of the larger Nigerian society where moral decadence has become the new normal and right values eroded.

    5. Gunmen kill 19 in Kogi attack

    Gunmen on April 5 killed 19 people in separate attacks on two communities of Agojeju Odo and Abejukolo in Omala local government area of Kogi State.

    An unspecified number of houses were also set ablaze in the attack.

    The spokesman for the state police command, William Aya, confirmed the incident.

    He said: “19 people were killed in the communal clashes that occurred on Thursday,” adding that officers and men of the state police command’s counter-terrorism unit and the Army have been mobilised to restore normalcy in the area.”

    Why it matters

    The Kogi attack killings illustrate the current perilous state of Nigeria where nowhere is safe.

    The horrendous attacks on the communities, coming on the heels of previous incidents in Plateau, Delta, and a few other states, are clear evidence that the criminals have been emboldened by the government’s inaction and are therefore unrelenting in their push for a state of total lawlessness in Nigeria.

    Without a sustained effort to contain the terrorists who are now roaming, the country may well brace for total anarchy and rapid descent into a failed state.

    By: Hamed Shobiye

    Source

  • ‘No One Is Innocent’—AY Confirms Crash Of Marriage To Mabel

    Ay-comedian-and-wife-Mabel

    Nigerian comedian, Ayo Makun, popularly known as AY, and his wife, Mabel, have announced their separation after two decades of marriage.

    AY confirmed their separation via an Instagram post on Sunday, where he expressed his decision to refrain from sharing personal family issues publicly, citing concerns for his family’s privacy and mental well-being, especially that of his daughter who has access to social media.

    In his statement, AY addressed the misconception that staying silent indicates weakness, while asserting his logical approach to dealing with issues.

    He also acknowledged his own shortcomings and the difficulties of their relationship, emphasizing the need for understanding rather than assigning blame.

    He wrote, “Many people believe that staying silent simply means that one is incapable of dealing with issues.

    “Projecting a negative narrative against someone who is not struggling to defend himself doesn’t mean he is weak. Some of us are just logical enough to understand the difference between opinions, values, beliefs, and facts.

    “The personality and ability that I possess simply confirm that I have reached that stage in my life where I can not be entertaining the public with deep personal family issues. They just might be too much to handle concerning the individuals involved. Not even when I have a grown-up daughter who has access to social media. Her mental health needs to be protected from seeing things she cannot be proud of online.

    “Yes! Without compromising my family, I have found myself doing some things that I am not proud of today. It is one thing to watch my friendship/marriage of 20 years slip off my hands, but it’s another thing for the parties involved to understand how to appropriate the blame in a space that is designed for most women to always play the victims and win. I can tell you for free that no one is completely innocent enough to cast stones.

    “Presently, I am loving the way that lies about me in all these blogs are travelling faster than the truth. But my painful truth will eventually beat away all the lies.”

    View this post on Instagram

    A post shared by Richard Ayodeji Makun (AY) MFR (@aycomedian)

    Mabel, on her Instagram page, also addressed the separation, stating her decision to distance herself from disrespect and drama without reacting or engaging.

    She wrote, “Distance is my new response to disrespect. I don’t react, I don’t argue. I don’t dive into the drama. I just remove myself.”

    View this post on Instagram

    A post shared by Dr Mrs Makun (@realmabelmakun)

    In January 2024, comedian AY and Mabel, was rumoured to have separated after they unfollowed each other on Instagram after his wife’s alleged threat to her life.

    In a post shared on her Instagram page, Mabel said she has been mentally abused for way too long and has had enough. She also stated that if anything happens to her, one person should be held responsible. She, however, did not state who she was referring to.

    AY and Mabel tied the knot in November 2008.

    ‘No One Is Innocent’—AY Confirms Crash Of Marriage To Mabel is first published on The Whistler Newspaper



    Source

  • Junior Office Assistant at Noemdek Limited

    Noemdek’s advisory practice was established to support international strategic advisory firms with relevant local expertise. We are able to deliver on our promise to our partners because we have a strong team of people trained at some of the world’s top universities who have immersed themselves in the Nigerian business community.

    In addition to partnering with international advisory firms, Noemdek also works directly with clients in the healthcare, financial services, consumer goods and oil and gas industries. Similar to our venture capital business, we are fully committed to helping our clients with solutions that will ensure they have a lasting competitive advantage. Therefore, we look beyond standard solutions to develop effective partnership structures, new insights, mobilize organizations, drive tangible results, and make public and private institutions more capable. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients build more capable organizations, and secure lasting results. We seek to be agents of change-for our clients, our people, and society overall.

    Noemdek also leverages its relationships with investors to support clients in raising capital to fund acquisitions.Responsibility

    Responsible for the smooth operation of the office
    Maintaining office efficiency by planning and implementing office systems layouts and equipment procurement.
    Designing filing system and sourcing office supplies
    Maintaining office building and equipment including generators
    Ensuring all vendors and service personnel (eg, cleaners, technicians, etc.) are managed effectively
    Presenting findings and ideas to the head of the department.

    Requirements

    ND in Business Admin or any related field.
    Excellent problem-solving and critical thinking abilities.
    Good verbal and written communication skills.
    Experience in electrical repairs is an added advantage.
    Candidates residing around Obalende and Ikoyi are strongly encouraged to apply.
    Typing speed of 40 WPM

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  • Greed, corruption are greater sins than homosexuality, gambling – Sanusi

    The 14th Emir of Kano, Muhammadu Sanusi II, has stated that actions driven by greed, selfishness, and envy are more shocking sins than those traditionally considered taboo, such as unlawful sex, homosexuality, and gambling.

    The former governor of the Central Bank of Nigeria (CBN) shared this opinion while delivering a Ramadan lecture virtually on Sunday, April 7. 

    Making reference on how politicians who claim to be religious, loot their state treasuries while in office, Sanusi said;

     “On Social order and Ibadah, you know when our hearts are not good, our deeds will not be good. We say we are Muslims, we go to the mosque and pray and Allah says prayer stops evil deeds and wrong deeds. Why is it that we go to pray all the time, we fast all the time and then we are committing this evil?

    How do you get a Muslim to become a minister or governor and all he is thinking of is how he is going to steal public funds to build a big house for himself or have billions for his children and deny people?

    When you know what the prophet has said about leadership. It is a trust and on the day of judgment, it would be a source of bitterness sadness, and regret, for those who do not keep that trust properly.

    When you sit down and know that you are going to account to Allah for this wealth, you are going to answer for it, how do you get to that office and steal public funds? This is why you have a social disorder. We even have had state governors who said they were practising sharia, they were leading the implementation of sharia and they were stealing money and buying hotels.

    There was a governor implementing sharia in a sharia state who stole public funds and bought a hotel in Lagos. And he says Allahu Akbar.

    Meanwhile, his state was left with no education, with no health care, with one of the most serious cases of security, most serious examples of backwardness.

     

    How do you explain that you have this external religiosity and then you have so much injustice? And that’s why I say the obligations of the heart are far more important than those of the body.

     

    Greed, selfishness, wickedness, envy. These are much greater sins than zina (illegal sexual intercourse), homosexuality, and gambling. The sins of the heart are greater than the sins of the body. We are focused so much on the external things.

     

     

    The purity of our hearts, the love for humanity, the fear of Allah, the knowledge that we are accountable to Allah, all of that is missing. What is obligatory on the heart is greater than what is obligatory on the external because this is what Allah works with.”

    Source

  • Police Storm Alleged Criminal Hideouts In Abuja, Arrest 85 Suspects For Peddling Hard Drugs, Producing Counterfeit Currencies, Others

    Police Storm Alleged Criminal Hideouts In Abuja, Arrest 85 Suspects For Peddling Hard Drugs, Producing Counterfeit Currencies, Others

    The Federal Capital Territory Police Command between March 31 and April 4, 2024 stormed some identified black spots and criminal hideouts in Durumi and Dei-Dei axis of Abuja and arrested 85 suspects for various offences.

     

    The offences range from erecting illegal structures and shanties to the peddling of hard drugs and the manufacturing of counterfeit currencies.

     

    According to the police, the locations serve as hibernation places for hoodlums.

     

    A search warrant was executed in some of the structures and several exhibits ranging from paper and coin counterfeit in local and foreign currencies, light weapons, eight motorcycles, seven generators, gadgets, and several ATM cards suspected to have been stolen from their victims were recovered.

     

    A statement from the FCT Police Public Relations Officer, SP Josephine Adeh, said, “All the arrested suspects will be screened, while those found culpable will be profiled and arraigned in court, as the illegal wooden structures erected by the hoodlums were dismantled and set ablaze to deter criminals from turning these places to a brewing ground of menaces.

     

    “While investigation is still ongoing, the Commissioner of Police FCT, CP Benneth C. Igweh, psc, mni, wishes to reassure residents of his commitment to flush out criminals from FCT and ensure the safety of all.

     

    “He also urges residents to be vigilant and take advantage of the police emergency lines to report suspicious activities through: 08032003913, 08028940883, 08061581938, 07057337653 PCB: 09022222352, CRU: 08107314192.”

    Source

  • Nigerian govt stopped electricity subsidy in 2022, Falana claims

    Human rights lawyer, Femi Falana (SAN), on Sunday, said that Nigeria has stopped electricity subsidy since 2022.

    Falana, who is the Chair, Alliance on Surviving Covid 19 and Beyond (ASCAB), stated this in a statement on Sunday.

    According to him, Zainab Ahmed, the former Minister of Finance, Budget and National Planning, said that the Federal Government had quietly removed electricity subsidy.

    He said: “On March 23, 2021, the Federal Government announced its plan to end electricity subsidy by the end of that year. According to the Special Adviser to former President Muhammadu Buhari on Infrastructure, Mr. Ahmad Zakari, “We plan to eliminate subsidy by the end of the year. People will say if you eliminate subsidies, you will have poor people pay more. But our argument is that the only reason the power prices in Nigeria are high is because we don’t generate enough. If you generate 10GW of power, tariff will be half of what it costs. So, keeping the prices very low is not the approach, but delivering adequate power.”

    “On March 12, 2022, the Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed that the Federal Government had quietly removed electricity subsidy. Speaking at a virtual meeting of African Finance Ministers and the International Monetary Fund, Ahmed also said the amendment of the budget was ongoing to accommodate the incremental removal of fuel subsidy. The theme of the meeting was ‘The political economy of fiscal reforms’.

    Read also: Nigeria’s FX reserve dips by $1.02b in 18 days as CBN continues to defend naira against dollar

    “Ahmed said, “We are cleaning up our subsidies. We had a setback; we were to remove fuel subsidy by July this year but there was a lot of pushback from the polity. We have elections coming and because of the hardship that companies and citizens went through during the COVID-19 pandemic, we just felt that the time was not right, so we pulled back on that. But we have been able to quietly implement subsidy removal in the electricity sector and as we speak, we don’t have subsidies in the electricity sector. We did that incrementally over time by carefully adjusting the prices at some levels while holding the lower levels down.”

    “To the utter dismay of Nigerians, the Minister of Power, Mr. Adebayo Adelabu claimed on January 15, 2024 that, “the Federal Government still subsidises electricity because the current tariff DISCOs are allowed to charge is not cost-reflective. This is why the Federal Government spent close to N700 billion in 2023 to subsidise electricity. If tariffs are left at this current rate, it is projected that the government will spend about N1.7 trillion to subsidise electricity. The FG cannot afford that.”

    “On March 6, 2024, the International Monetary Fund (IMF) warned that continuation of fuel and electricity subsidy will cost Nigeria N2.33 trillion or three per cent of its Gross Domestic Product, GDP in 2024. The warning was given by the team led by Mr. Axel Schimmelpfennig, IMF Mission Chief for Nigeria that visited Lagos and Abuja, February 12–23, 2024, to hold discussions for the 2024 Article IV Consultations with Nigeria.

    “Last week, the Nigerian Electricity Regulatory Commission, NERC, has approved an increase of electricity tariff to N225 ($0.15) per kilowatt-hour from N68. The 300 percent hike took for urban consumers, also known as Band A consumers in the country took effect from April 1, 2024. In justifying the insensitive hike, the Minister of Power, Mr. Adelabu said that government was subsidising 67 per cent of the cost of generating, transmitting and distributing power in Nigeria, amounting to over N3 trillion, which he put at 10 per cent of government total revenue.

    “From the foregoing, it is undoubtedly clear that the IMF and the Federal Government are juggling figures of electricity subsidy to blackmail and deceive the Nigerian people. Whereas the IMF claims that “fuel and electricity subsidy will cost Nigeria N2.33 trillion” in 2024, the Federal Government has given a subsidy figure of N3 trillion from the sum of N700 billion allegedly consumed by subsidy in 2023. Curiously, the Federal Ministry of Finance has failed to reconcile the conflicting figures being peddled around by the IMF and Ministry of Power.

    “Since the Buhari administration had stopped electricity subsidy in 2022, the Federal Government should institute a panel of inquiry to investigate the claim of the Minister of Power, Mr. Adebayo Adelabu that electricity subsidy for 2024 is N3 trillion. The inquiry is necessary as arrangements have been concluded by the Nigerian Electricity Regulatory Commission to further hike electricity tariffs under the pretext of removing subsidy from the sector. The panel should also inquire into the diversion of the N32 billion paid into the account of a private company account in 2003 for the supply of three million prepaid metres in the country.”

     

    Source

  • Osimhen Scores As Napoli Defeat Monza To Revive Champions League Hopes

    Super Eagles striker, Victor Osimhen

    Super Eagles star, Victor Osimhen, was on target for Napoli to lead the defending champions to a 4-2 win over Monza at the U Power Stadium on Sunday.

    Milan Duric stunned the visitors with an early goal in the ninth minute, Napoli struggled to get their bearing in the first half as the hosts maintained the lead until the end of the first half.

    Napoli resumed the second half with a renewed vigour and they found joy ten minutes after the restart.

    Victor Osimhen outjumped two Monza defenders to score with a towering header before landing on his face unable to celebrate the goal, but he was able to shake it off to continue the game.

    Matteo Politano gave Napoli the lead for the first time in the encounter with a stunning effort three minutes before the hour mark.

    Piotr Zielinski added the third goal for Napoli before Andrea Colpani reduced the deficit for Monza to make it 3-2.

    Giancomo Raspadori scored with his first touch to make it 4-2 to hand Napoli the maximum points which was enough to move them up to seventh on the Serie A log ten points behind Bologna in fourth.

    Osimhen has now scored 12 goals and recorded three assists for Napoli in the Serie A this season.

    He and his teammates will be hoping to continue with the good run when they take on Frosinone at the Diego Maradona Stadium next Sunday.

    Osimhen Scores As Napoli Defeat Monza To Revive Champions League Hopes is first published on The Whistler Newspaper

    Source

  • Product Support and Business Manager at Limeswood Int’l Company April, 2024

    Never pay for any CBT, test or assessment as part of any recruitment process. When in doubt, contact us

    Job Overview

    • The Product Support and Business Manager is responsible for overseeing the seamless functioning of product support operations while also playing a pivotal role in the strategic management of business objectives.
    • This role involves coordinating with various teams to ensure the timely resolution of product-related issues, enhancing customer satisfaction, and driving business growth through effective planning and execution.

    Responsibilities

    Product Support Management

    • Serve as the primary point of contact for product support queries and issues from both internal teams and external customers.
    • Develop and implement strategies to streamline product support processes, ensuring prompt resolution of customer concerns.
    • Collaborate with cross-functional teams, including product development, engineering, and quality assurance, to address technical issues and enhance product performance.
    • Assist clients in developing the right technical specifications for their projects involving a partner range of products.
    • Monitor support metrics and analyze data to identify trends, areas for improvement, and opportunities to enhance customer experience.
    • Provide guidance and training to support staff to ensure high-quality service delivery and adherence to best practices.

    Customer Relationship Management

    • Build and maintain strong relationships with key customers, understanding their needs and addressing concerns effectively.
    • Gather feedback from customers regarding product performance, features, and usability, and communicate insights to relevant teams for product enhancement.
    • Act as an advocate for customers within the organization, ensuring their voice is heard and their concerns are addressed promptly.
    • Attend partner trainings and authorize as the subject matter expert and focal point of interface on sales, system installations and products upgrade.

    Business Strategy and Planning

    • Contribute to the development of product roadmaps and business strategies, aligning them with market trends, customer feedback, and organizational goals.
    • Analyze market dynamics, competitive landscape, and industry trends to identify opportunities for product innovation and business growth.
    • Collaborate with sales and marketing teams to develop go-to-market strategies, product positioning, and promotional campaigns.
    • Monitor business performance metrics, such as revenue, profitability, and market share, and develop action plans to achieve business targets.

    Project Management

    • Work on bids and tenders; generated technical, solution architecture and commercial proposals for projects.
    • Lead cross-functional projects related to product support, business development, and process improvement initiatives.
    • Define project scope, objectives, timelines, and resource requirements, and ensure timely project delivery within budget constraints.
    • Coordinate with stakeholders across different departments to ensure alignment and effective communication throughout the project lifecycle.

    Risk Management and Compliance

    • Identify potential risks and compliance issues related to product support operations and business activities, and develop mitigation strategies.
    • Stay updated on industry regulations, standards, and best practices related to product support and business management, ensuring compliance with relevant requirements.

    Requirements

    • Bachelor’s degree in mechanical or electrical engineering or related field (Master’s degree preferred).

    COREN/MNSE

    • Certification will be an added advantage.
    • Proven experience in product support, customer service, or technical support roles, preferably in a technology-driven environment.
    • Strong analytical and problem-solving skills, with the ability to analyze data, identify patterns, and make data-driven decisions.
    • Excellent communication and interpersonal skills, with the ability to effectively interact with customers, stakeholders, and team members at all levels.
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  • Dollar allocations have become expensive, we are recording losses

    Dollar allocations have become expensive, we are recording losses - Association of Bureau De Change Operators tells CBN

    The Association of Bureau De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to adjust and lower its applicable exchange rate downward below the N1,251/$ it pegged for the Bureau De Change (BDC) operators, as it has become expensive.

     

    The request by the BDCs comes after a development where for the first time in 15 years, the parallel market rate of N1,235/$ is lower than the official rate of N1252/$, which is the applicable buying exchange rate for the BDCs.

     

    The appeal was made known in a letter signed by the ABCON President, Aminu Gwadabe, to the Director, Trade and Exchange Department of the CBN.

    The BDC association said the naira’s speedy recovery, which was faster than expected, had made CBN’s selling rate to BDCs very expensive and difficult to offload to retail end buyers that go to the undocumented forex operators for cheaper rates.

    ABCON said that many BDCs who funded their accounts for dollar allocations are yet to receive their allocation of dollars to meet the legitimate critical demand of their clients due to the scrutinization of the BDCs’ documents for collection at the various designated Centers which invariably made the BDCs vulnerable to exchange rate risk and significant losses.

    The association insisted that with the naira appreciating across markets, many BDCs who bought dollars at N1,251/$ will lose significant income and capital if they sell at the current open market rate of N1,235/$. It, therefore, highlighted the need for the call for a further review downward of the applicable exchange rate for the period and subsequently to continue to enhance naira sovereignty.

    The statement partly reads;

     

    “We discovered a worrisome development where many of our members who paid for dollar allocations at N1,251/$ with a margin of 1.5% are yet to receive their disbursement. This is happening in the face of the prevailing open market rate of N1,235/$ which is lower than the authorized applicable exchange rate by the CBN to the BDCs.’’

    “It is in view of the above market developments that we write to appeal to your good selves for a readjustment and review downwards of our funding rate of the last tranche (2nd bidding) from N1,251/$ further down to reflect the current market rate discovery. This became imperative as it is only the consideration of the readjustment downward that will enable our members to upload their holding positions.’’

     

    “Consequently, many of our members are jittery to bid/collect their bid for fear of losing money as the current market reality has the potential to force us to sell below cost price and antithetical to recent market price discovery.’’

     

    Source