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Navy promises to end criminality in maritime sector

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Navy promises to end criminality in maritime sector

Chief of Naval Staff, Vice Adm. Emmanuel Ogalla has said that the Nigerian Navy will turn the tide against criminality in the nation’s maritime environment.

“We will face the challenges head-on to ensure that we turn the tide against criminals when it comes to illegalities in our maritime environment.

“Security is a collective responsibility for all of us and requires team work,’’ Ogalla said while on a familiarisation tour of the Eastern Naval Command on Tuesday.

He noted that the Eastern Naval Command was very strategic and promised to enhance the welfare of its officers and ratings and that of other commands nationwide for optimal performance.

“The Eastern area is our strategic area when you talk about maritime domain and the welfare of officers in this area is very paramount in achieving our objectives.

“That is why I had to rush down here to embark on my first familiarisation visit starting from the Eastern area.

“This visit covers looking at our operational readiness and facilities that will enhance the welfare of our personnel which inevitably leads to high morale and affects our operational efficiency,’’ he said.

Ogalla, however, sued for collaboration from all stakeholders as well as from members of the public.

The Chief of Naval Staff was accompanied by senior officers of the command including the Flag Officer Commanding the Eastern Naval Command, Rear Adm. Olusola Oluwagbire.

Some of the facilities he visited were the Rear Admiral E. I. Okon Navy War College Quarters, Navy Reference Hospital, Navy Hotels and Suites, the Akim Navy Quarters and the Nigerian Navy War College.

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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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