LAGOS COURT JAILS NOGASA CHAIR, FATUYI PHILLIPS 21 YEARS FOR N43. 5M FRAUD. (PHOTO). #PRESS RELEASE

-
Image
 Lagos Court Jails NOGASA Chair, Fatuyi Phillips 21 Years  for N43.5m Fraud    Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud.   The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00   Count one reads: "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false rep
Post a Comment

CBN RELEASE LIST OF LICENSED BDC OPERATORS. (PHOTO).

-


CBN releases list of licenced BDC operators

18th Jul 2023 

The Central Bank of Nigeria (CBN) on Tuesday released the list of the Bureau De Change (BDC) operators approved by the apex bank.

According to the fresh list published by the CBN, the total number of approved BDC dealers has been reduced to 2,991.

The document titled ‘Approved BDCs’, revealed that the licenses of 2,698 BDCs have been withdrawn.

In 2022, the Central Bank published a similar list in a document with reference: REF: FPR/DIR/PUB/CIR/001/037, titled, ‘List of CBN Licensed Bureaux De Change As at December 31, 2021’ where the CBN had approved 5,689 black market dealers.

It Is no longer news that in Nigeria, BDCs are the major influencers of exchange rates.

Prior to the emergence of President Bola Tinubu, the operators had grown from 74 in 2005 to 5,689 in 2021.

The BDCs grew by more than 100 per cent under Emefiele who later banned the sale of foreign exchange to BDCs over round tripping and involvement in illegal financial flows.

Under Tinubu, a document titled, ‘Policy Advisory Council Report: National Economy Sub-committee’, advised the implementation of key reforms like raising the capitalisation for BDC operators.

Another suggestion by the committee was for the CBN to allow the Nigerian banks to operate as the primary dealers to supply the forex market.

Since the naira was floated by the CBN in June, the currency has fallen to N795.28 at the Investors’ and Exporters’ FX window.

The situation Is even more severe at the parallel market where it closed at N820 per dollar, the British pounds closed at N1095 and the Euro at N905.

In a recent statement by the President of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadebe, he said the FX market would remain volatile because BDCs are excluded from the I&E window.

’The volatility of the naira has been a stumbling block for the slow economic growth of Nigeria.

The I&E window is laudable, it’s patriotic and nationalistic, but no policy can actualize its mission without carrying the interest of the subsector (which is the BDCs).

“The I&E window is supposed to run on three legs, the banks, the CBN and the BDCs, overtly or covertly, the BDCs are missing,’’ said Gwadabe. 

 

Comments

Post a Comment

Popular posts from this blog

INNOSON GIVES OUT BRAND NEW IVM G5 AND SALARY FOR LIFE TO THE MAN WHO PROPHESIED ABOUT HIS VEHICLE MANUFACTURING IN 1979.(PHOTO).

-
Image
Innoson Gives Out Brand New IVM G5 and Salary For Life To The Man Who Prophesied About His Vehicle Manufacturing In 1979.  Last Saturday, July 22nd the Chairman of Innoson Vehicle Manufacturing Company Ltd, Chief Dr Innocent Ifediaso Chukwuma OFR gave out a brand new Innoson IVM G5 to Mr Ikechukwu Osakwe popularly known as Osabros who prophesied to him in 1979 that he would be the first man in Africa to manufacture vehicles and sell to different African countries.  The prophecy was given at the period the then Innocent Chukwuma could not boast of a car, talk less of manufacturing one. According to Dr Chukwuma during the presentation of the car, he recalled on how Mr Ikechukwu Osakwe all the way from Kano blocked him at the front of his house early in the morning and told him he has a message for him.  Mr Osakwe went on to narrate a dream he had about him, how he saw in the said dream his vehicle manufacturing company known as CAP PLC. "He told me that CAP means Chukwuma Automobil
Read more

SHAKIRA COVERS WOMEN'S HEALTH MAGAZINE,APRIL ISSUE.

-
Image
             Gerard Pique,welcomed their first child into the world last year January.Shakira told the magazine that ''I think it takes two to keep it passionate in relationships,a lot of laughter and a lot of fun moments together,that's essential but also affinity,you know.You have to be compatible.I'm really happy where i am right now,with the person that i'm with right now.He seems to want the same things i want,and that's very important''.More pictures below.                                                                                                                    
Read more

SSANU, NASU THREATEN STRIKE OVER WITHHELD SALARIES. (PHOTO).

-
Image
  SSANU, NASU threaten strike over withheld salaries The Joint Action Committee of the Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Educational and Associated Institutions have threatened to disrupt industrial peace in universities should the government fail to release the withheld salaries of members. The salaries were seized by the administration of former President Muhammadu Buhari during their strike in 2022. The unions, in a joint letter signed on Friday by the President of SSANU, Muhammed Ibrahim and General Secretary of NASU, Peters Adeyemi, questioned the rationale with which the government released four months withheld salaries to members of the Academic Staff Union of Universities but failed to release the withheld salaries of non-academic staff. The unions noted that they would no longer be able to assure the government of industrial peace in universities should the amounts owed by the government are not released. Earlier, the unions
Read more