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LP Lagos factionlises as new exco emerges

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LP Lagos factionlises as new exco emerges

The crisis rocking the Labour Party (LP) has continued unabated as a new LP faction led by Mr Olumide Adesoyin emerged in Lagos State.

The Adesoyin-led faction disowned Mrs Dayo Ekong-led Executive Committee (Exco) which led the party into the 2023 General Elections in the state.

Speaking, Adesoyin said that a competence court had warned the general public to desist from dealing with Ekong-led faction anymore in the state.

Adesoyin said the Ekong-led exco was no longer recognised by law, following the sack of the Mr Julius Abure-led National Working Committee (NWC) of the party, which appointed Ekong-led excos into office.

“It is in the public knowledge that Abure was suspended by members of his ward in Edo State in April 2023, the reason Alhaji Bashiru Lamidi Apapa was called upon to take over the leadership, being the next in line, to rescue the party.

“It would be recalled quickly that the embattled Abure appealed his suspension at the Appeal Court but lost and the case is now listed in the Supreme Court awaiting proceedings and judgment,” he said.

Adesoyin said that it was based on the court judgement that he and his team were given a letter by Apapa in April to act and perform as the executive committee of the Labour Party in Lagos State for three months period.

He said that this was in consonance with the party’s constitution, noting that the three months period would expire by the end of July.

Adesoyin said that the tenure of his own exco had since been renewed by the party’s national body.

He said that notwithstanding the party’s laid down rules and regulations, the Ekong-led exco had been “going about parading themselves as the state executives of the party in manners that is rather alien to our party’s constitution.”

He explained that the need to maintain Labour Party’s respectable name made his exco-led to approach an Ikeja High Court to put Ekong-led exco in check.

Adesoyin urged members of the public to be wary of their dealings with the Abure-led body, saying that courts of competent jurisdiction in both Benin and Abuja had cautioned Nigerians against such.

“The court has warned that anyone still having any dealings with them, does so at his or her own peril,” he added.

Adesoyin also debunked claims in some quarters that Apapa and his group were working for the ruling All Progressives Congress (APC), even as he insisted that there was no faction in Lagos LP.

According to him, his exco remained the authentic one that the Independent National Electoral Commission (INEC) will deal with.

Adesoyin also assured that the LP would win the forthcoming House of Representatives bye-election in Surulere Federal Constituency I of the state.

In a swift reaction, Ekong-led State Working Committee had described the group as impostors, who interpret court orders to suit their selfish interest.

Ekong in a statement urged the general public to disregard Adesoyin’s claim, saying the party’s constitution did not recognise faction.

She urged Nigerians to know that there is no faction in the party, the Labour Party either at the National or State level.

Ekong said there was only one legally constitutional and recognised national chairman and secretary of the party in the persons of Mr Julius Abure and Mr Umar Farouk respectively.

She noted that the Constitution of the party did not know any position of “acting national chairman.

According to her, Apapa is not the national chairman neither are his cohorts, members of the national working committee of the Labour Party.

Ekong said: “For sake of clarity, Mr Apapa and his cohorts are suspended members of a national working committee of the party.

“They were suspended via a resolution made at the INEC meeting of the Party held at Asaba Delta State on April 18, 2023.

“A certified true copy of the INEC report of the said meeting is available for anyone to inspect and verify.

“In view of the above, Mr Lamidi Apapa and his co-travellers do not have any power or locus to carry out any function as officers of a party both at national and state level.”

She said the order of Hon. Justice D.O. Osiager in suit No: FHC/L/CS/1277/2023 made on July 17 ordered the Apapa group to maintain status quo ante bellum pending the hearing and determination of the motion on notice already filed in the suit.

According to her, the implication of the order is that the Apapa group cannot do anything whatsoever in the capacity of the officers of the party until the matter is disposed off and suit is adjourned to the Oct. 9, 2023.

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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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