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ABCON President warns against Naira speculation, vows unified market

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The Association of Bureau De Change Operators of Nigeria (ABCON) has warned economic saboteurs speculating and hoarding the Naira to desist from such act.

ABCON President, Alhaji Aminu Gwadabe, in a statement on Friday, also said the association would establish a unified retail-end forex market to tackle volatility and boost regulatory compliance among Bureau de Change (BDC) operators.

He said that the strategic plan meant to unify operators from different cadres of the market would include the inauguration of state chapters for market coordination.

This, he noted, was to ensure integration and administration of a united market structure in the BDC sub-sector.

He added that ABCON would upgrade technology in its quest to help in the fight against the sabotage of CBN’s reforms.

“The new blueprint for a united retail end forex market structure would ensure the deployment of a centralised, democratised and liberalised onlinereal-timee trading platform.

“Finally, we also condemned in its entirety the seemingly reappearance of illegal economic behaviours in forex conversion and P2P trading that pose another recent surprises in Naira volatility.

“I therefore want to warn that while surprises are the new normal, resilience is also the new skills,” he said.

The ABCON boss said that he was confident that the apex bank and relevant security agencies were adopting all measures to deal with any saboteurs and retain successes recorded on Naira appreciation.

“It is, therefore, in our own interest to desist from hoarding and speculation as it is a burble and will burst in no distance time,” he added.

Gwadabe said that ABCON would extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform(formerly called SAAZ Master).

Gwadabe said that the association would sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.

“Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.

“This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions,” he said.

He reiterated the benefits of a realistic and vibrant retail-end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the Naira, balancing of international obligations and national objectives.

He listed other benefits to include ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.

According to Gwadabe, the vision for a united retail-end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost
employment generation.

The successful execution of this plan, Gwadabe said, would help in seamlessly capturing revenues for government through digitised retail-end market.

He explained that it would also create a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit, among others.

He said that ABCON is a self-regulatory body, an umbrella body for all the Central Bank of Nigeria -CBN-licensed BDCs.

“It is a national body, acknowledged by Federal Government and believes that money laundering through the BDCs or any other financial Institution is unacceptable and those found wanting should be punished based on the law,” he said.

He added that the association had over the years “lived up to its name by protecting the interests of genuine forex dealers and supporting a stronger Naira”.

He said that ABCON had since its inauguration, redefined Nigeria’s BDC sector with technology, capacity building for operators and support for exchange rate stability.

Gwadabe said the overall primary goal of ABCON was to ensure forex availability to the critical retail end of the forex market and bridge the gap between the official and the parallel market exchange rates.

“With the world going digital, BDC operators under the ABCON leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to foreign exchange end-users,” he said.

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1.2 million students to benefit from loan fund in initial phase — Official

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By Sodiq Adelakun

The Nigerian Education Loan Fund (NELFUND) has announced that up to 1.2 million students in federal tertiary institutions will be eligible for student loans in the program’s initial phase.

This was revealed on Monday by the Managing Director of NELFUND, Akintunde Sawyerr, ahead of the formal launch of the application portal on Friday.

According to Sawyerr, students from federal institutions that have completed uploading their data will be able to apply for the loan in this first phase, which begins on May 24.

The application process has been streamlined to ensure ease of access for all qualified students in these institutions.

The NELFUND program is a key part of President Bola Tinubu’s administration’s Renewed Hope Agenda, aimed at providing financial support to needy students. The loan will cover obligatory fees and stipends, enabling students to pursue their academic goals without worrying about the financial burden.

 He also added that the Fund will pay 100 percent of institutional fees directly to the institutions of learning account while also providing stipends to the students monthly based on when school is in session.

He stressed the importance of some of the key features of the student loan including, No physical contact between the loan applicant and NELFUND, a user-friendly Loan Application portal, comprehensive support where applicants can access online support to assist and flexible repayment plans.

According to him, “We encourage all students in federal institutions to take advantage of this opportunity to secure the required financial assistance for their education. Applicants must submit their applications as early as possible to ensure timely processing.”

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Lagos Govt seals over 840 event centres, social facilities over safety violations

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By Sodiq Adelakun

The Lagos State Government has taken unwavering action against event centres and social facilities that violate safety regulations, sealing over 840 of them in the last one year.

This was disclosed by the Commissioner for Special Duties and Intergovernmental Relations, Gbenga Oyerinde during the ongoing Ministerial Press Briefing at the Bagauda Kaltho Press Center on Monday.

According to him, the Lagos State Safety Commission has carried out enforcement actions at various facilities, including event centres, clubs, lounges, hotels, and construction sites, to ensure compliance with safety standards.

Notable examples of sealed facilities include the Lekki Conservation Centre and Quilox.

In addition, the Commission has inspected over 7,819 facilities to ensure safety, issuing fire safety compliance certificates to 5,220 of them.

It was gathered that the Commission has carried out at least 365 advocacy initiatives to promote environmental safety.

In his words, “Our ministry in working in line with the THEMES Plus developmental Agenda of Mr. Babajide Sanwo-Olu, to mitigate risks and protect life and property of government and citizens of Lagos’ State, have sealed eight hundred and forty event centres and social facilities for safety violations and non-compliance of extant laws.”

The Commissioner also stated that fire safety officers from the States Emergency and Fire Rescue body successfully rescued 376 victims, preserving an estimated property worth of N152.22 billion, albeit with a regrettable loss of 82 casualties and N25.37 billion in property.

He also revealed that additional fire stations were added in Ibeju Lekki, Ifako Ijaiye among other locations across the state.

“In line with efforts to bolster infrastructure, three new fire stations are nearing completion in Ijegun-Egba, Satellite Town, and Ijede, while an ultramodern workshop at the Alausa headquarters is nearly finished to cater to the agency’s fleet maintenance needs.

“Additionally, land spaces have been identified for the development of additional fire stations in Ibeju, Lekki and Ifako Ijaiye,” he reiterated.

He added that Lagos State Fire and Rescue Service had prioritised fire mitigation and Emergency Response Strategies

He also said “the Lagos State Fire and Rescue Service is sustaining its focus on enhancing fire mitigation and emergency response strategies, aligning with the administration’s THEMES Plus Agenda. Under the leadership of Governor Babajide Sanwo-Olu, a collective effort was emphasised to address the challenges posed by fire incidents effectively.

“Key statistics from the year’s emergency calls revealed a total of 2,537 incidents, including 1,627 fire calls, 191 rescue calls, 93 salvage calls, and 4 explosions, alongside 607 false alarms.

“This highlighted the critical need for increased awareness of fire safety measures to combat the impact of negligence and non-compliance with safety codes,” he stated.

The Commissioner also highlighted the collaborative efforts with the Ministry of the Environment to improve the NYSC Temporary Orientation Camp (Youth Hostel) at Iyana-Ipaja.

Furthermore, he also revealed that the Lagos State Emergency Management Agency (LASEMA) responded to a total of 1,906 incidents between January 1, 2023, and March 31, 2024, comprising 1,461 incidents in 2023 and 445 incidents in the first quarter of 2024.

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State police, solution to Nigeria’s security challenges — Senate Leader

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Senate Leader, Opeyemi Bamidele, has said that the establishment of state police will go a long way in addressing the insecurity situation across the country.

Bamidele, who stated this in Abuja on Monday in a release issued by his media office, described the current state of policing in Nigeria as “ailing and dysfunctional.”

The statement read in part, “We must admit that the system can no longer guarantee the dignity of human lives and the security of collective assets considering our security dynamics in the Fourth Republic.

“The proposal for the creation of state police has been a subject of intense debate in the last decade or more.

“This, in part, can be attributed to the rise of armed attacks orchestrated by diverse interests either pursuing divisive agendas or seeking predatory ends in virtually all geopolitical zones.”

He noted that Nigeria, one of the world’s fastest-growing nations in terms of population, could not continue to operate a centralised policing system.

“Such a policing model cannot meaningfully address existential threats to our internal cohesion and stability. Unlike in 1979, when we had a population of 70.75 million, Nigeria is now a federation of about 229 million people and is currently the world’s sixth-biggest country.

“This is as shown in the demographic data of the United Nations. Contrarily, as revealed in the recent presentation of the Inspector-General of Police, Kayode Egbetokun, Nigeria has a police-citizen ratio of one to 650. “This ratio is a far cry from a ratio of one to 460, which, according to the United Nations, is a minimum requirement for every sovereign state or territory worldwide,” the Senate leader said.

The lawmaker further noted that the ongoing review of the 1999 Constitution would allow stakeholders to interrogate the nation’s security framework and take a position on the desirability or otherwise of state police in the country.

“We must go about it (state police) with a clear sense of self-realisation. We must, first and foremost, realise that the present police system is ailing and dysfunctional.

“We must also admit that the system can no longer guarantee the dignity of human lives or the security of collective assets.

“With this admission, it is evident that the option of adopting state police is no doubt inevitable as an antidote to the diverse security challenges that threaten us as a federation,” he said.

The Senate leader further said that as the debate for a more efficient police model continued, the National Assembly was under obligation to provide a legal framework with clearly defined preconditions.

“Sub-national governments must conform to the preconditions before establishing their policing formation. The role of all 36 state Houses of Assembly is equally indispensable in the quest to adopt the decentralised police system,” he said.

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