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Lagos Assembly rejects 17 commissioner nominees, confirms 22

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Lagos Assembly

The Lagos State House of Assembly has rejected 17 commissioner nominees of Gov. Babajide Sanwo-Olu, including former commissioner for health, Prof. Akin Abayomi and former commissioner for information, Mr Gbenga Omotosho.

The lawmakers, however, confirmed 22 other commissioner nominees of the governor.

The exercise, which was done through a voice vote, was sequel to the screening of the nominees at the assembly’s Committee of the Whole at plenary.

The Speaker, Mr Mudashiru Obasa, who presided over it, said the exercise followed a rigorous and detailed screening of the nominees by an ad-hoc committee led by the Chief Whip, Mr Fatai Mojeed.
Obasa said the exercise was in line with Section 182 Sub-Section I and II of the Constitution of the Federal Republic of Nigeria.

The speaker said the other 15 nominees rejected were as follows: Mrs Folashade Adefisayo, Mr Yomi Oluyomi, Mrs Folashade Ambrose, Ms Barakat Bakare, Olalere Odusote, Dr Rotimi Fashola, Mrs Bolaji Dada.

According to him, others rejected include: Mr Sam Egube, Mr Olalekan Fatodu, Mrs Solape Hammond, Mr Mosopefolu George, Mrs Aramide Adeyoye, Mr Seun Osiyemi, Mr Rotimi Ogunwuyi and Dr Olumide Oluyinka
Obasa listed the 22 confirmed nominees as: Mr Layode Ibrahim, Mr Mobolaji Ogunlende, Dr Dolapo Fasawe, Ms Bola Olumegbon, Mr Idris Aregbe, Ms Abisola Olusanya, and Mr Moruf Fatai.

“Other nominees confirmed are Mr Kayode Bolaji-Roberts, Mr Abiola Olowu, Mrs Toke Benson-Awoyinka, Dr Oreoluwa Finnih- Awokoya, Mr Yakub Alebiosu, Mr Lawal Pedro, Mr Tunbosun Alake.

“Also confirmed are Mr Gbenga Oyerinde, Dr Adekunle Olayinka, Dr Jide Babatunde, Mr Afolabi Ayantayo, Mr Tokunbo Wahab, Mr Olakunle Rotimi-Akodu, Mr Jamiu Alli-Balogun and Mr Abdulkabir Ogungbo.

The speaker commended the committee for its effectiveness and urged the confirmed nominees to always remember that they were in office to serve the people of the state and not individuals.
He also promised that the assembly would continue to do its best in the interest of the state.

The speaker, therefore, directed the Clerk of the House, Mr Lekan Onafeko, to communicate the notice of the confirmation and rejection of the nominees to the governor.

The speaker did not give any reason why the assembly rejected the nominees.

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

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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

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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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