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NCoS decorates 7 newly promoted senior officers in Oyo



The Nigeria Correctional Service (NCoS), Oyo State Command, on Wednesday, decorated seven newly promoted senior officers from the rank of Deputy Controller of Corrections to Controller of Corrections.

The officers are Controller of Corrections (CC) Johnbull Saudje, Aramide Pious, Tolorunshagba Femi, Adedoyin Olarinde and Daramola George.

Others are Olalekan Oluwadele and Abioye Kamarudeen.

Addressing the officers, Assistant Controller General of Corrections in Charge of Zone F, ACG Abimbola Ogunyemi, tasked them to see their elevation as a challenge and be determined in carrying out their duties.

He also urged them to use their promotion to develop more ideas that would further move the service forward.

“I congratulate you all and I want you to see your promotion as a call to higher responsibility. I want to charge you to remain discipline and discharge your duty diligently,” she said.

Ogunyemi advised the officers to always be role models, adding that much was expected of them because of their elevation.

In his remarks, the Controller of Corrections, Oyo State Command, CC Sunday Ogundipe, called on the officers to always have at the back of their mind that they could be promoted to anywhere for additional responsibility.

Speaking on behalf of the promoted officers, CC Johnbull Saudje, said success was good no matter how it comes.

Saudje appreciated the management of the Service for the gesture and pledged to be more dedicated to the job.

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Hardship: Protesters Defy Police Warning, Hit Lagos Streets



Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism



In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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