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Lagos CP decorates 1,400 newly-promoted officers, tasks them on professionalism



Lagos CP decorates 1,400 newly-promoted officers, tasks them on professionalism

The Lagos State Commissioner of Police, CP Idowu Owohunwa, on Monday decorated 1,400 newly-promoted officers with their new ranks at the command headquarters, Ikeja.

Idowu, who congratulated the newly-promoted police officers, advised them to be more dedicated and committed to their duties.

“Nothing motivates a police officer more than extending his due to him in term of promotions as and when due.

“My greatest honour as a leader is to superintend over the promotion of my officers who have demonstrated consistent professional excellence, good service records and moral strength in the discharge of their functions,” he said.

The CP said he was privileged to induct a total of 1,400 inspectors to the officer cadet and to the rank of Assistant Superintendent of Police (ASP).

“It means a lot because these personnel are transiting from inspectorate cadet to the strategy cadet of the Nigeria police Force, that is the decision making cadet of the Nigeria police.

“The new rank comes with some obligations in term of conduct, professional outlook, ability to dissect very complex internal security issues and take decisions that would align with the law, align with the interest of the citizens they serve,” he said

According to him, the Inspector General of Police (IGP) has said that promotion would now be based on merit and seniority.

“You are the first set that will benefit from this policy, you should be proud that you are earning it on your merit.

“I must remind you to whom much is given, much is expected. The IGP stands on very high professional ground and he expects his followers to manifest excellence in their conduct at all times,” he said.

The newly promoted officers
He appealed to the promoted officers to see their promotions as another step in their bright careers and the challenges that would go with the position.

“There is no more excuse, always be guided by certain values. Don’t change those values so that those excesses will not bring you down.

“I commit you to God and pray that He should continue to perfect your careers, sustain the strength of characters that brought you to where you are today and brighten your future.

“I congratulate you on behalf of the Lagos State Police family and the IGP. I wish you well and I welcome you to the prestigious cadet of the Nigeria Police Force,” he said.

A special guest, Dr Olufemi Oke-Osanyintolu, Permanent Secretary of the Lagos State Emergency Agency (LASEMA), congratulated the affected officers and enjoined them to support, promote and defend their profession.

“I wish you all the best and may God be with you and your families as you are doing this unique professional job, keep the flag flying,” he said.

One of promoted officers, ASP Elizabeth Azamarogbe, said she was grateful to God and the Nigeria Police Force for counting her worthy for the promotion.

She promised that she would re-double her efforts to justify the confidence reposed in her.

“I feel honored and great to be among the newly-promoted officer, I thank the Almighty God and the Nigeria Police.

“Higher rank comes with higher responsibility, I will be more hardworking and be a role model to my junior officers,” she said.

Also, the CP presented medals to some officers who won a total of eight medals at the just-concluded 10th Inspector General of Police (IGP) Taekwondo Championship in Beyalsa State.

The police boss urged them to continue to be a great ambassador of the Lagos State Command.

“Lagos State is a center of excellence, we take the lead in everything that is positive, you have shown resilience, you have shown excellent and you have conquered by winning two silver and six bronze medals in taekwondo.

“You have made us proud and we are proud of you,” he said.

He promised to engage them in training so that an average policeman could be exposed to the art of taekwondo and apply the knowledge to self-defense which would help them in the line of their duties.


Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN



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



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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