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Olubadan backs EFCC on tackling illegal miners in Ibadan

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Olubadan of Ibadanland, Dr Olalekan Balogun

The Olubadan of Ibadanland, Dr Olalekan Balogun, has pledged his support to the EFCC in tackling the menace of illegal mining activities in Ibadan and Oyo State in general.

This is contained in a statement issued by the Economic and Financial Crimes Commission (EFCC) Spokesperson, Wilson Uwujaren, on Tuesday in Abuja.

Uwujaren quoted Oba Balogun as making the pledge when the Acting Zonal Commander of the Ibadan Command of the EFCC, ACE I Halima Rufa’u visited him on Tuesday.

He commended the acting zonal commander for coming to his palace at a time that the fight against illegal mining in Ibadan was on the rise.

The Olubadan also expressed pleasure that the EFCC was a major stakeholder in this fight.

“It is evident and we are aware that the commission has been tackling the menace of illegal mining activities head on.

“I can assure you of my full support including the supports of all the traditional chiefs in Ibadan to making sure that the illegal activities come to an end,” the Olubadan stated.

He also commended the acting zonal commander for expediting positive action as regards land and property fraud cases.

He, however, stressed the need for the commission to do more in curbing the menace of cybercrime and other related fraudulent activities amongst the youth.

The acting zonal commander thanked Oba Balogun for receiving her while assuring the paramount ruler that the Ibadan Zonal Command will do more to curb the menace of cybercrime in the state.

Rufa’u said the commission would continue to tackle the activities of illegal mineral operators that had undermined the development of the state and, indeed, the country through non- payment of royalties, taxes and other dues.

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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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