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Ondo Govt reacts to Gov Akeredolu’s illness, ability to govern

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Ondo state government has countered the national chairman of the All Progressive Congress, Abdullahi Adamu, over claim of Governor Rotimi Akeredolu who is currently on indefinite medical leave abroad, being incapacitated.

Adamu made the claim on Monday, July 10, during a meeting between the national leadership of the party and APC state chairmen in Abuja.

Reacting to this, Ondo state’s commissioner for information and Orientation, Bamidele Ademola-Olateju, stated that the APC national chairman was quoted out of context.

The statement read;

“The attention of Ondo State government has been drawn to a report, credited to the Chairman of the APC, Senator Abdullahi Adamu, in the 11th July, 2023.

“The headline, “Akeredolu in state of extreme incapacity, hospitalised”, bore a tinge of the usual mischievous, wicked and insensitive reportage, sponsored by desperate politicians.

“The Chairman of the APC in Ondo State, Engineer Ade Adetimehin, who attended the meeting, has debunked the report as untrue and totally disconnected from the statement of the Chairman at the event.

“The National Chairman was indeed excited at the reports on the rate of recovery of the Governor of Ondo State, Arakunrin Oluwarotimi Akeredolu, SAN, CON, and urged all those present at the meeting to pray for his quick return.

“It, therefore, smacks of mischief and unabashed abandonment of professional ethics for a reporter to present this gross misrepresentation, a mischievous twist, as news.

“At no time did the Chairman mention that the Governor was in a state of “extreme incapacity”.

“He is, evidently, not in any critical state that should warrant this clearly reprehensible conduct as he still sent a post to the Executive Council Committee platform yesterday.

“Members of the public are advised to ignore this news as the contents therein exist in the realm of the imagination of workers of iniquity.

“Mr. Governor is NOT incapacitated. He will return to his duty as soon as the doctors certify him fully fit to do so.”

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Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

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AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism

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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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