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ABCON supports Govt’s efforts to clamp down on illegal street sale of foreign currencies

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In a decisive move to curb the rampant market speculation and the proliferation of street trading, the Association of Bureau De Change Operators of Nigeria (ABCON) is gearing up to transition to automated trading operations.

This strategic shift comes in support of the government’s intensified efforts to clamp down on the illegal street sale and purchase of foreign currencies.

The Nigerian naira has experienced a significant downturn since the beginning of the year, plummeting to a record low of N1,900 against the US dollar on Wednesday.

The devaluation is attributed to a combination of scarce liquidity and a heightened demand for the dollar.

ABCON’s President, Aminu Gwadabe, in a recent interaction with the press, disclosed the association’s ambitious plan to overhaul the retail foreign exchange market through the adoption of a sophisticated automation platform.

This initiative is currently awaiting the green light from the Central Bank of Nigeria (CBN) in the form of a “no objection” endorsement. Gwadabe expressed optimism about the transformative potential of technology and innovation in streamlining bureau de change operations.

He confirmed that the automation system is ready to be deployed within three weeks, contingent upon receiving the necessary approval from the CBN.

The move to automate is expected to bring about a significant transformation in the efficiency and transparency of foreign currency transactions, providing a much-needed boost to the Nigerian economy amidst its currency valuation challenges.

Gwadabe said, “We have now put a lot of recommendations on how we can at least utilise technology, innovation, and automation in our operations.

“In three weeks, we will automate the system. We already have the automation system in place just for the CBN to give us the approval for ‘No Objection’ that is all we are asking.

“We can entirely automate the industry of any retail trader, we will automate them in three weeks, we already built the automation platform that is there for them. We have sent it to them, and we are only waiting for ‘no objection’ approval. This innovation will also eliminate street trading.”

Gwadabe further advised that the ongoing raids and arrests of traders should not be misconstrued, revealing that FX street traders ambush customers of licensed operators, thereby causing a lull in their operations.

He added, “What is happening is not targeted at licenced Bureau De Change but the operators of FX street trading.

“For us, we are against street trading and support any action that will remove FX street traders. Their activities affect me also. I have an office but my clients cannot come to my office because of the menace of street traders.”

On the volatility in the FX market, Gwadabe explained that various factors, including the imbalance between supply and demand and liquidity, were responsible.

He urged members of the association to strictly adhere to all FX regulations and conduct their operations within their offices.

On Wednesday, the naira depreciated further to N1,900 against the dollar in the parallel market.

According to currency operators, the naira exchange declined by 9.83 percent from the N1,730 recorded at the beginning of the week and N170 or 9.82 percent from the trading rate on Tuesday.

This is even as Bureau de Change operators battle for liquidity to meet the surging demands for the greenback.

On Wednesday, BDC operators quoted the buying rate at N1,850 and the selling rate at N1,900, leaving a profit margin of N50.

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Mushin LG Chairman flags off construction of Yusuf Street road, promises solar lighting

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The Mushin Local Government Chairman, Hon. Emmanuel Bamigboye on Wednesday flagged off the construction of Yusuf Street road in Papa Ajao.

The project is expected to bring relief to residents and traders in the area and is set to be completed within six months.

According to Bamigboye, the project is a fulfillment of his campaign promise to the people of Mushin, and he expressed gratitude to God for the opportunity to execute the project.

He urged residents to cooperate with the contractor and the local government to ensure the successful completion of the project.

The councillor representing the ward, Ayomide Abioye, expressed his joy and appreciation for the project, stating that it is the longest street in Papa Ajao and will bring immense benefit to the community.

Also, the Baba Oloja of Ladipo International Market, Eze Monday, also commended the Executive Chairman for the project, stating that it will make a significant impact on the development of the area.

The project includes the construction of the road and the installation of solar lighting, which is expected to enhance security and facilitate economic activities in the area.

Residents and traders in the area have been warned not to disturb the contractor or disrupt the project in any way.

Meanwhile, the traders applauded Hon. Bamigboye for demonstrating its commitment to infrastructural development and the welfare of its citizens.

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Giving back to community — Prof Oyedokun speaks on motives

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Lead Facilitator Professor of Accounting & Financial Development Founder OGE, Prof. Godwin Emmanuel Oyedokun, has disclosed that giving back to society community is his motive for pursuing his career.

He made the disclosure in an article titled “My motive for running a free professional diploma course in Forensic Accounting and Fraud Investigation is of several folds.”

He said, “Running a free professional diploma course in forensic accounting and fraud investigation is also motivated by my desire to give back to the community.

“By sharing my expertise and knowledge without any financial barriers, I am helping individuals from diverse backgrounds and financial situations to acquire valuable skills and advance their careers.”

The academic reiterated that the motive for running a free professional diploma course in forensic accounting and fraud investigation is centred around education, skill development, community service, and professional growth.

It is a way to contribute to the accounting profession, address a skill gap, and empower individuals in their pursuit of knowledge and career advancement.

According to him, “Promoting Education and Professional Development to contribute to the growth and development of the accounting profession by providing individuals with an opportunity to enhance their knowledge and skills in the specialised field of forensic accounting and fraud investigation.

“By offering this free course, i am enabling aspiring professionals to access valuable education that might otherwise be costly or inaccessible.”

The Don addressing the need for expertise in Forensic Accounting said, “In recent years, there has been an increasing demand for professionals skilled in forensic accounting and fraud investigation due to the rise in financial crimes and fraudulent activities. By offering this free course, I am helping to address this skill gap and aiding in the fight against financial fraud.”

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Airport tolls: Nigeria lost billions under old rules — Keyamo

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The Minister of Aviation and Aerospace Development, Festus Keyamo, has revealed that the Federal Government lost 82 percent which is equivalent to N10 billion in revenue that ought to accrue from airport tollgates under old rules.

Keyamo revealed this to State House correspondents during the week at the end of a two-day meeting of the Federal Executive Council.

The minister lamented that the ministry accumulated 82 percent in the negative from the complimentary e-tags printed by the ministry, noting that 82 percent of the e-tags are given free of charge to VIPs.

He stated, “Let me give you the shocking statistics. The negative figure that we get at the end of the day from the complimentary e-tags is 82 percent, in the negative.

“In other words, where we are supposed to have a 100 per cent contract on the e-costs from these e-tags that we print, it is only 18 per cent that we now end up selling. That is how bad it is. 18 per cent and 82 per cent of these e-tags are given out free of charge to VIPs. So, imagine the loss in my sector, and I ask myself,Which other sector will I go to that they give me anything free?’

“Is it because I’m a VIP that you say that in FCT, I should not pay land charges that you waive it for me? I pay for that sector. I pay for power. Yes, I pay for everything. So, why would anybody now come to my own sector and want to get free passage? Not possible. That is how bad it is.”

He added that free e-tags to the VIPs had in the past led to the loss of billions of naira

“So this has led in the past to loss of billions of naira, not millions, annually. Yet, our airport infrastructure, you know, is decaying. I am helpless. I’m looking for concessionaires. I’m looking for help with decaying infrastructure.

“They will be the first to cry out, these same VIPs – ‘why are the toilets like this? Why are your toilets smelling? Why can’t you do this?’ They are the same people, but they don’t pay for the services. So, if we want improved infrastructure at the airport, we must pay for services,” he said.

The minister lamented that due to the policy of exemption, the ministry makes only about N100 million instead of making about N260 million from a particular airport gate every month.

“I’ll give you another example. In one of the access gates, based on the count of the barrier going up and down, we are supposed to be making N250m or 260 million from that gate every month. That gate, because of exemptions, the return to us is less than N100 million every month,” he added.

To end the loss, the FEC decided that the president, vice president, and other top government functionaries would start paying access fees or the e-tag at all 24 federal airports across the country.

Prior to this development, the president, vice president, and some government officials were exempted from paying access fees at the airports’ gates.

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