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NBF Sec-Gen. commends Tinubu on stand-alone ministry of sports

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The Secretary General of Nigeria Boxing Federation (NBF), Dapo Akinyele, on Friday commended President Bola Tinubu for splitting the ministry of Youths and Sports Development.

Akinyele, in an interview with the News Agency of Nigeria (NAN), said this would enable John Enoh, newly appointed sports minister, focus on the growth of sports in the country.

“First, we thank the president for appointing a separate minister for Sports, this is a cheering news because it will allow for development we all crave for in sports.

“We also congratulate the new Minister of Sports, John Enoh, for the deserving position of serving the sports ministry.

“I believe that things will begin to run smoothly as the minister gets his hands full on the many tasks of handling the sports ministry.

“Now that we are going for the Olympics in Paris in less than a year, the sports minister will have his hands full of activities,” he said.

Akinyele pointed out that the sports budget before the ministry was split into two had been meagre because the funds had to be shared by two ministries.

“Before now, various sports have been starved of funds because we have to share funds with the Youths Affairs, which mostly take the lion share of the ministry’s budget.

“Sports under this new arrangement as an independent ministry will have the opportunity to present its own budget and defend it. We will now know what comes in to sports development and what goes out

“The minister of sports can now concentrate on sports development alone because there are may things to be done,” he said.

Akinyele cited the example of the NBF, which he noted needed more funds for it’s various grassroots developmental programmes.

“Boxing is one of the highlights in Nigerian sports circle in the past years, as we have once dominated the scene in boxing both locally and internationally.

“Nigeria has produced boxers of repute in the good old days, but we have seen our fortunes nosediv because of many factors, which include inadequate funding.

“The Boxing Federation has been receiving meagre funding, while the situation has greatly hampered our grassroots developmental programmes.

“Nigeria is not lacking when it comes to talents because we can find as many boxers as possible around, but we lack sports infrastructure to develop them,” he said.

Akinyele also called on private organisations to return to sponsorship of sports which was the order of the day before the lull.

“The private organisations should also come to the aid of the boxing federation because this has not been the situation in the past.

“Many years ago, boxing had received immense support and sponsorships from corporate organisations such as National Oil, Mobil Oil, Shell Oil Development and also some of the serving and retired generals.

“So, if we want boxing to return to its former glory, then, all hands must be on deck, we need more sports infrastructure to train our boxers

“We need equipment such as boxing ring, gloves, punching bags, a good gymn and others. We also want the state association to encourage more sports infrastructural development in their state as well,” he said.

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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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