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Anti-graft war: Kaduna NBA pledges support to EFCC

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The Kaduna State Branch of the Nigerian Bar Association (NBA) has pledged its support and assistance to the Economic and Financial Crimes Commission (EFCC) in furtherance of the fight against corruption in Nigeria.

Its spokesperson, Wilson Uwujaren said this in a statement in Abuja on Thursday.

Godwin Ochai, Chairman of the branch, stated this on Thursday, Aug. 10, during a visit to the Kaduna Zonal Command of the EFCC.

According to him, the EFCC and the NBA are partners in progress as far as the fight against corruption is concerned

He also commended the Legal and Prosecution Department of the command for the co-operation received so far.

He further stated that the visit was to strengthen the existing relationship between the EFCC and the NBA in the fight against corruption.

In response, the Acting Commander, Kaduna Zonal Command of the EFCC, ACE I Aisha Abubakar expressed appreciation for the visit.

Abubakar solicited more synergy and support of NBA in advancing the good work of the EFCC toward eradicating economic and financial crimes including corruption.

She urged NBA to always verify claims made by their clients and members against the EFCC in order not to be misled.

Head Legal and Prosecution, ACE I, Nasiru Salele, also thanked the branch for the visit, saying it was the first of its kind in the command.

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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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