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Maj.-Gen. Edet assumes duty as 24th DG, DICON

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Maj.-Gen. Aniedi Edet has assumed duty as the 24th Director General (DG), Defence Industries Corporation of Nigeria (DICON).

The Chief Public Relations Officer of DICON, Mr Musa Yakubu, disclosed this to the News Agency of Nigeria (NAN) on Saturday in Kaduna.

Yakubu said Maj.-Gen. Edet took over from Maj-Gen Hassan Tafida on July 11.

He said that Tafida had been posted as Corps Commander of the Nigerian Army Electrical and Mechanical Engineering (NAEME).

According to him, the former DG thanked the management and staff for their support throughout his tenure.
He emphasised the importance of maintaining the same level of support for the new DG.

He expressed confidence in the abilities of the new DG to move DICON to even greater heights following his track record in the military.

He explained that the new DG acknowledged the trust and confidence placed in his appointment by the Chief of Defence Staff and the Chief of Army Staff, Maj.-Gen. Taoreed Lagbaja.

Yakubu said the new DG recognised the weight of responsibility of leading a critical national asset like DICON and pledged his dedication to duty and determined efforts to advance its founding mission and objectives.

“With the right environment, resources and collective will by all stakeholders, DICON can grow to meet Nigeria’s needs in defence materials.

He said Maj.-Gen. Edet also acknowledged the efforts of past DGs, especially his predecessor Maj.-Gen. Tafida, for their leadership and accomplishments.

Edet pledged to consolidate and build upon the foundation and seek to propel DICON to new heights, emphasising the promotion of innovation, staff welfare and a business orientation as his priorities.

He also promised to make DICON a viable and productive national asset.

He appealed for teamwork and collaboration to achieve the strategic goals of DICON and assured that he would lead with integrity, professionalism, and a relentless pursuit of excellence.

He said the new DG had a Bachelor of Engineering degree in Electrical/Electronic Engineering from the Nigerian Defence Academy Kaduna, a Master’s degree in International Affairs and Diplomacy, Ahmadu Bello University, Zaria.

He also holds a Master’s degree in governance and leadership from Ghana Institute for Management and Public Administration, Accra, and Master of Science in National Security Strategy from the United States of America National Defense University.

He was a Directing Staff member at Nigeria’s and Ghana’s Armed Forces Command and Staff Colleges.

He has attended several courses within and outside Nigeria, including Defence and Security Management Course organised by King’s College London.

He also attended the United States of America National War College as International Fellow in June 2016 and graduated in June 2017 as a “Distinguished Graduate”.

Yakubu said the handover ceremony was attended by senior management staff, military officers and staff of DICON.(

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Hardship: Protesters Defy Police Warning, Hit Lagos Streets

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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

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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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