Bureaux De Change At Risk As Naira Gains More Muscle

Business seems bad for Bureaux De Change (BDCs) — no thanks to the naira’s new strength that has hit them with heavy losses.

The naira has strengthened below N381 to the dollar, the rate at which BDCs buy International Money Transfer Operators (IMTOS) cash from the Central Bank of Nigeria (CBN).

The naira exchanged at N375 to the dollar in the parallel market at the weekend.

It is tipped to gain more within the week as the CBN sustains dollar interventions in the interbank market.

About $1.5 billion has been injected into the interbank market since February when the interventions started.

Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe, who hinted of some BDCs likely closure after losing N130 million within the week, said the losses came from the disparity in applicable exchange rates among players in the market. He, therefore, called for rates harmonisation to give all players a level playing field.

According to him, the public has refused to buy foreign exchange from BDCs for invisibles, such as medicals, school fees, and personal and business travel allowances, at a rate above N375 to the dollar.

Commercial banks are selling the dollar for invisibles at N375. The parallel market rate closed at N380 last week. The BDCs, Gwadabe said, were at the receiving end of the market because they bought dollars at N381 and sold at N399, which is far higher than even the parallel market rate.

“All the banks’ selling rates are higher than even the purchasing rates of BDCs, let alone our selling rates. No one is presently buying from the BDCs. I managed to sell only $4,000 last week at N385, how are we going to survive?”, he asked.

“The development has been communicated to the CBN and relevant agencies for intervention and the CBN is giving it its attention. If the scenario is not reversed immediately, the CBN licensed BDCs of over 3,000 with 30,000 workers will be technically edged out of the market,” he said.

Continuing, Gwadabe urged the CBN to provide a level-playing field for all operators, because they are all operating within same market, and selling the same product.

Gwadabe said once the BDCs are no longer in the foreign exchange business, currency speculators will take over the market and that will not be good for the naira.

Stakeholders hope that the sustenance of the CBN’s efforts at the interbank market will further drive down the value of the dollar.

The naira has appreciated by 13 per cent in the parallel market in the last one week. The currency traded at N440 last Monday. It closed at N380 to the dollar at the weekend.

Experts have praised the CBN for its intervention at the foreign exchange market. They urged the apex bank to eliminate the multiple rates in the market.

As the naira continues to appreciate, experts say it is necessary for the CBN to adjust applicable rates in various segments of the market in the overall interest of the economy.

The CBN said yesterday that the dollar would be weakening further this week as it plans yet another round of interventions in the interbank market. It plans to pump in more dollars into the interbank market to meet the demands of wholesale and retail customers as well as strengthen the value of the naira against other international currencies.

The planned move by the CBN, sources say, will further firm up the naira against other currencies as the exchange rates of the greenback and the United Kingdom Pound Sterling continue to move southwards.

The Euro and the Pound exchanged at the parallel market at the weekend at N405 and N475. The figures will further nosedive this week, according to experts.

The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, confirmed the plan to inject more foreign exchange into the market.

http://thenationonlineng.net/bureaux-de-change-risk-naira-gains-muscle/

Prophecy That Changed The Life Of Yemi Osinbajo

True Confession…Prophecy that Changed the Life of VP Yemi Osinbajo

•How RCCG pastor pronounced his ascent

Many a prominent pastor have issued failed prophecies and consequently suffered ridicule for their words. But Vice President Yemi Osinbajo knows that one pastor whose pronouncements are priceless. As a pastor of the Redeemed Christian Church of God, Banana Island, Ikoyi, he never took his calling as a racket nor did he ever seek to court cheap acclaim via expensive, phony prophecies. Osinbajo was a true man of God, according to RCCG faithful. So is the man that led him to Christ. Recently, the VP opened up on who led him to Christ. The person is Pastor Tony Rapu of Freedom House, who equally clocked 60 some weeks ago.

According to him, “In 1993, I came to the Redeemed Christian Church of God, Apapa Parish, where Pastor Tony was pastoring. I was in a workers group. Guess what he named that workers group? Government! It was prophetic – unbelievable, the number of us who actually went into government.… Oby Ezekwesili was in the same group. She, of course, became Minister in two different departments… The prophetic word had gone forth.” Osinbajo who turned 60 a few days ago, was the Pastor in charge of the Lagos Province 48 (Olive Tree provincial headquarters) of The Redeemed Christian Church of God, Banana Island, Ikoyi before his inauguration as the Vice President of Nigeria. He is still a pastor of the parish contrary to some speculations that he has resigned as RCCG Pastor.



The sun may still shine brightly on the dreams of Titi Atiku. The wife of Nigeria’s ex-Vice President and All Progressives Congress (APC) chieftain, Abubakar Atiku, is upbeat and back on her grind, as you read. Her newfound vivacity stems from her dreams of a second chance in Nigeria’s power corridors. Nobody is sure if her husband, Atiku Abubakar, would contest but speculations abound that the former VP may throw his hat in the ring as the race for the 2019 presidential elections hots up. At the backdrop of the speculations, Titi reportedly mobilizes her crew of friends, powerbrokers and political associates for moral and physical support in respect of her husband’s presumed political future.

While her husband enjoyed his time as the nation’s number two citizen, Hajia Amina Titi Abubakar was one of the women who dazzled the social scene with their presence. The aura of power followed her wherever she went, attracting a bevy of admirers desirous of getting the good graces of the stylish woman of means. But then, the life of influence and power came to a halt, and the fair-complexioned matriarch of the Atiku family took a break from the public eye following her husband’s exit from office.

The pet project she founded as the wife of vice president, Women Trafficking and Child Labour Eradication Foundation (WOTCLEF), was also put on the back burner. Today, Titi has been going around giving motivational talks and people believe that she is trying to come back into the happening crowd. She was a cynosure of eyes at the third edition of the Most Valuable Governors’ Wives Award, MVGWA, held in Abuja, recently.

https://www.thisdaylive.com/index.php/2017/03/26/true-confession-prophecy-that-changed-the-life-of-vp-yemi-osinbajo/

Senate Probes Buhari, Obasanjo, Yar’adua, Jonathan Over N4tr Customs Revenue

The Senate Committee on Customs, Excise and Tariff has revealed plans to investigate how over N4 trillion was lost due to revenue leakage in the Nigeria Customs Service (NCS). The period under review will cover 2006 and 2016.

In the investigation, the Senate committee will look into the tenures of former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua and Goodluck Jonathan. Also, President Muhammadu Buhari’s government will be probed.

The probe is coming amid a yet-to-be resolved face-off between the Senate and the Comptroller-General of Customs, Col. Hameed Ali (retd). The committee has, however, condemned the inability of the technical committee on the implementation of comprehensive import supervision scheme to ensure that the provisions of the Act are followed to the latter.

Disclosing this to journalists in Abuja, Chairman, Senate Committee on Customs, Excise and Tariff, Senator Hope Uzodinma, said the committee would stop at nothing in recovering any money lost due to lapses and infractions.

According to him, preliminary investigations by the committee revealed that the N4 trillion leakage was as a result of various forms of infractions, including abuse and non-implementation of Foreign Exchange forms.

He added that other factors responsible for the leakage were wrong classification of cargo under Harmonised System Codes, non-screening of cargoes coming into Nigeria and lack of adequate ICT infrastructure for revenue collection, stressing that cancellation of pre-arrival assessment reports and abandonment of single goods declaration were equally responsible for the leakage.

Uzodinma said: “The committee frowns at the quantum of revenue losses and it will stop at nothing in ensuring that those involved in this ugly act would return all recoverable monies with them.

“The committee also frowns at the level of collusion and corruption within the Customs Service. At the end of our current investigation, all these will become a thing of the past and Customs revenue will be enhanced and non-oil revenue will be improved upon.

“What we are investigating is not money spent. It is the leakages. For instance, I am supposed to pay XYZ amount of duty. I will abandon the documentation, go get fake documents, collude with Customs, pay, maybe, a fraction of it and carry my goods. With that, the true import circle is not closed.

“Another instance is that assessment is abandoned or I fill the Form M, for example, with a pro forma invoice, apply for foreign exchange in Central Bank, XYZ amount of money is allocated to me, money moves in but no goods shipped. I will then go get fake documents, collude with Customs and then retire the allocation.”

The lawmaker said the sharp practices, which include round tripping and false declarations, had over time led to increase in the exchange rate.

He stressed that in most cases, the amount of money spent was not commensurate with the number of goods being imported, adding that the committee had started investigating activities of companies and banks indicted in the matter.

He said: “We will not mention the companies involved because we are also very careful of the integrity and public perception of some of these companies, being that some of them are in the stock market. We will be diplomatic in carrying out this investigation.

“This is to the extent that little or damage will be done to the integrity and image of such companies provided that government revenues in their hands will be recovered.”

On the retrospective policy on payment of Customs duties on old vehicles, the lawmaker expressed dissatisfaction with the service for over-stepping its bounds by making policies rather than implementing them.

According to him, the power to make policies for the service was vested in the Ministry of Finance, adding that having gone through the legislations and books available, relating to the administration of the Customs Service, I discovered that the Customs only implemented policies made by the Ministry of Finance.

Uzodinma said: “It sounds very strange to hear that Customs gets up and says they are making a policy. That is what I am yet to understand and there is no way to fathom that before the law.

“The referral is already before us. I was waiting for him to appear before the Senate before we commence a full-blown investigation into some of those issues that have been referred to us.

“Concerning the suspended policy on payment of Customs duties on old vehicles, the committee will continue to interface with the service to ensure that the policy is cancelled, not suspended.

“The whole idea is about governance and governance is about the people and nobody is licensed or entitled to talk about the people more than the elected representatives. In my view, there is no hullaballoo. We will discuss with them and wise reasoning will prevail.”

http://sunnewsonline.com/n4tr-customs-revenue-senate-probes-buhari-obasanjo-yaradua-jonathan/

Holy Apostles Church Members Protest Against Closure Of Their Church By Police

Sacred Apostles Church individuals in Ilaje Local Government Area of Ondo State have rioted to dissent the proceeded with conclusion of their congregation.

Individuals from the Holy Apostles Church, Ayetoro in Ilaje Local Government Area of Ondo State turned out in their numbers on Sunday to challenge the proceeded with conclusion of their congregation by the police.

As per Punch, the congregation was shut around the request Ondo State Police Command in January 2016 after an authority emergency in the group.

The individuals say that the congregation is the main church that all individuals from the group go to and whoever is the leader of the riverine group is the leader of the congregation. They asked the administration to reach their guide and end the emergency.


It was likewise accumulated that continuation of the conclusion, individuals from the group were not able love. Amid the dissent on Sunday, admirers who were in their formal attire conveyed notices with various engravings, for example, 'Open our place of love', " Freedom of love is our privilege here,' 'All we are stating, we require a position of among others.

An individual from the group on state of namelessness unveiled that the congregation was at first shut down for a while yet was revived on November 8, 2015 and later shut down again on January 11, 2016 for the second time by the police.

One of the pioneers of the congregation, Mr. Lawrence Lemamu, who talked with writers on the advancement bemoaned that the legislature and police specialist were denying them of their key human appropriate to venerate in the place where there is their fathers.

He stated, "Serving God in love is vital and fundamental to the foundation of this group by our ancestors. Ayetoro is about adoring God."

In any case, another pioneer of the congregation, Bishop Eretan, said the congregation was put under secure in light of the fact that the issue in the group bothered from the congregation, taking note of that it was a piece of the measure utilized to quiet the wronged parties before government swims into settle the emergency.

Eretan said that the conclusion was prescribed as a brief answer for the issue to deflect comparative emergency which initially emitted in 1986, when a life was lost in the common distress.

"Religious emergency is extremely hazardous. In the event that we are not cautious many lives might be lost. A similar instrument utilized then we have connected." he clarified.


http://www.emmanuelbabatunde.com/2017/03/irate-holy-apostles-church-members.html

Abuja Airport’s Runway To Undergo Another 18-week Upgrade

The Federal Government will still carry out another round of upgrade works on the runway of the Nnamdi Azikiwe International Airport, Abuja for 18 weeks after the facility would have been reopened for operations on April 19.

A top Presidency official who spoke on the condition of anonymity disclosed this to journalists in Abuja on Sunday.




The airport is currently shut to allow reconstruction work on its runway. The work which is in its third week is expected to last six weeks.

Quoting from a report of the Federal Government Coordinating Committee overseeing the management of the airport repair, closure and relocation, the Presidency official said unlike the ongoing work on the runway, the 18-week upgrade would not necessitate closure of the airport.

He said the upgrade would be done in the night, hence will not disrupt flight operations.

“After the Abuja Airport reopens for operations on April 19, upgrade works on the runway will continue for another 18 weeks.

“This second phase of upgrade works on the runway will be carried out at night, with no disruption to flight schedules,” he said.

He added that a media tour to allow journalists observe and assess the progress on the airport’s runway repair will hold this week as the repair enters its mid-point on Wednesday


http://punchng.com/abuja-airports-runway-to-undergo-another-18-week-upgrade/

Omoyemi Yekini, Rashidi Yekini’s Daughter: "Dad Wasn’t Mentally Challenged"

Omoyemi is one of the daughters of the late Super Eagles striker, Rashidi Yekini. She talks to MOTUNRAYO JOEL about her father’s life and career

Tell us about yourself.
I am a 200 level English undergraduate student of the University of Ilorin, Kwara State. I had my primary and secondary education in Osun State.



How was it growing up with your father, the late Rashidi Yekini?

It was spectacular; I always tell whoever cares to listen that he was the best dad. I could not have asked God for a better dad.

Did he spoil you as a child with gifts?

Yes, in fact, I was so comfortable; I never lacked anything. He was a wonderful father. He used to go shopping for me. He frequently took me out. My father ensured I had everything I needed.

What fond memories do you have of him while growing up?

I have so many fond memories. If I begin to recount some of them, I would spend the whole day. He was such a special father; every day with him was memorable. I still remember him taking me along for his football trainings; I loved spending time with him. Whenever I was on holiday, he ensured I never left his sight.

How did you feel having a footballer as a dad?
I was quite young then, so I didn’t really understand the fame that came with having a famous footballer as a dad. I also didn’t understand how much people valued him. I began to understand things as I grew older.

Has his name opened doors for you?

I would say no, probably because I live a normal life. Many people don’t believe me whenever I tell them I am Rashidi Yekini’s daughter. I don’t go around flaunting his name. I try as much as possible to live a normal life.

Are you saying you haven’t enjoyed special privileges despite the weight of the name ‘Yekini’?

No I haven’t. If I need anything, I go to my mother and my father’s lawyer, Jubril Mohamed, whom I call ‘lawyer Jubril.’ They provide all my needs. So, yes, his name hasn’t opened doors for me, not even for my sister. However, people are usually surprised whenever they hear my surname. But I rarely mention to people that I’m Yekini’s daughter.

Do people still show you love and respect because you are Rashidi Yekini’s daughter?

To an extent, they still do. I once met someone who works at Lagos Television; he is a sports presenter. We met during an interview; and he has been so nice to me.

When did he discover his passion for football?

I learned his passion for football began when he was just four years old; he was based in Kaduna State at the time.

What were the challenges he faced in his career?

I don’t think he faced challenges probably because he lived a quiet life. He never liked publicity or showing off. I learned that before he died, he was offered the job of a coach which he turned down because he desired to live a simple life.

Your dad achieved a lot for himself in his career, what was his driving force?

I think his strong passion and love for football was his driving force.

He was often described as a rich man, what is your view on that?
I can say he was very comfortable. While I was growing up, he gave me more than what I needed. His lifestyle didn’t depict one that was poor.

How did he like to relax?
He liked to hang out at Sabo, Ibadan, with few of his friends; though he didn’t have a lot of friends. My father was on the quiet side, he wasn’t one that liked making friends.

What was the most important advice he gave you?

I can’t recall any because I was quite young when I used to spend my holidays with him. But I learned from his behaviour with people. I remember the time I went to a neighbour’s house without informing him and he got upset. He was the kind of person that preferred staying indoors; he encouraged me to follow suit. He said I should not go where I was not wanted. I also learned from his philanthropic lifestyle – he loved to give out alms to the less privileged.

How close were you to him?
We had a good father-daughter relationship; he was a great dad.

How did he discipline any child who erred?
He preferred to correct the child verbally. He would express his feelings to that child and forget the matter. He never disciplined us with the cane.

Aside from football, what were his other hobbies?

He loved to watch television – Cartoon Network in particular; he was a big fan of the cable channel. He also liked to watch Yoruba movies.

Was he an overprotective father

No, he only cared a lot for his children.

Did he enjoy watching football matches he featured in?

I never saw him watch his own football matches; I know he liked to watch foreign football or Nigerian football matches.

Is there anything he would have loved to change about himself?

I don’t know if he would have loved to change anything about himself, but what I would have loved to change in him was his temperament – he got easily angered. I would have loved for him to remain calm in testy situations.

Is there anything he frequently spent money on?

He never hesitated for a second in giving out money to people. He also loved to spend on my sister and I. Whenever I visited him during my school holidays; he ensured he bought me all what I needed for school. I think he also liked buying sports accessories.

Did he make out time to visit you in school?

He visited me twice in school – the first time was when I was in primary four; he came with my grandmother. I was surprised to see him. The second time was when I was in primary five.

Who was his best friend?
I think that would be his lawyer; they used to talk frequently.

If he were alive, what would he want Nigerians to know about him?

He would want people to know that he was normal and that he didn’t have a mental disorder. He wasn’t ‘crazy’ before he died, as some people claimed. He would have loved it if people treated him like a normal person. He would also have wanted people to appreciate him for his great impact in Nigerian football history.

How does your family remember him annually during his birthday?

Very few people know his birthday (October 23), but we see it as a normal day, only that we reminisce on who he was and how old he would have turned on that day.

What were his last words to you before he passed on?
I was not with him when he died. But prior to his death, my grandmother and I went to visit him at Ibadan. I was at my grandmother’s house when I heard the news about his death.

How is your grandmother’s health now?
My mother is the one who knows more about her welfare. But I believe she is doing fine.

There were reports that thorough investigation would be carried out on how your father died; are you aware of this?

Honestly, I’m not interested in any investigation, but I’ve not heard anything about that. The fact that he is dead is hard to take. I would want to know how he died, but what would I gain from it? It would not bring back my dad; he is gone.

Has the Nigerian government finally redeemed their promise on the house they promised your dad?

This is the first time I am hearing such; I never knew about that promise. Maybe my father’s lawyer would know about. But I know nothing about any house.

Kwara State Commissioner for Information and Communication, Mr. Tunji Moronfoye, who was at your father’s burial pledged that government would do something to assist your family. He announced a donation of N1.5m to support the late Yekini’s family. Has that been fulfilled?

(Laughs) I’ve learned that government says things or makes promises they don’t fulfill. My father’s lawyer may know about it though.

I’ve learnt to flow with the system of governance in Nigeria. Even if they make promises and don’t fulfil their promises, my family is not affected. I have my mother and so many people to take care of me. My family is doing very well; we have no plans to live or fend off people’s money. We are not bothered.

Do you think the Federal Government is yet to recognise your father’s impact in Nigerian football history?

Yes, I think so. My mother also feels that way. But as the saying goes, beauty lies in the eyes of the beholder. That saying can be applied to my father’s case. It is only those who have you in heart that value you. But anything should be expected, I’ve learned to appreciate the little people do. Patience is everything, maybe the Nigerian government is taking its time.

No Nigerian footballer is yet to break your father’s record in terms of number of goals scored for the Super Eagles, how do you feel about that?

Everyone has their time to shine.

Before passing on, did your father express his disappointment with the Nigerian government?

My father was not disappointed because he did not expect anything from anyone. He appreciated the little he got. He accepted what he had, and he was comfortable with his life.

Do you think a befitting sporting monument should have been named after him?

Yes, but we live in Nigeria, with time things will take shape.

There are several rumours following your father’s death. What would you want Nigerians to know about how he died?

A section of the media publishes some things that are untrue. But what I want is for the dead to rest; rumours and stories won’t bring back my dad. What matters to me is how he is remembered, not how he died. I know it matters for us to know how he died, but he is dead. We should remember him in the best way we can and move on with our lives. However, I want Nigerians to know that my father was never mentally challenged prior to his death.

Do you think his friends neglected him during his last days?
I never knew him to have a lot of friends. I only knew someone we call ‘uncle Tobi and two other persons. But he wasn’t very close to them. I don’t think they neglected him, but I feel maybe when they should have checked up on him, they didn’t. It means a lot for people to check up on you and show that they care about you.

There are also reports that he lived alone prior to his death, why was this so?
He liked to be alone; he didn’t have problems living with people though. He had a reserved nature; he loved to have his space to himself. He wasn’t a socialite.

When you read all that was written about your father after his death, how do you feel?
I don’t even think about them, I know all that was written about him was a lie and they were irrelevant. I know who my father was; I don’t believe the false reports written about him.

How has your family being coping since his death?
Life has been good.

Can you describe him in three words?
He was my all in all; I can’t use words to describe him – words can’t measure the love I have for him.

What do you miss about him?
I miss so many things; I could go and on about all I miss about him. Words can’t explain how much love I had for him. He was a great dad; having him around made my day.

Would you like to marry someone like your father?
Definitely, why shouldn’t I? He was someone one could actually pray to God for. I would love to marry a man like him.

Did he frequently advice you on your relationship with opposite sex?

No, we never had that discussion. But I’m sure he would have had such discussion with my older sister.

What was his favourite food?
Bread and tea; he had only one place he bought bread. He also liked plantain.

What type of music did he enjoy?

He enjoyed listening to Koffi Olumide and Dr. Sikiru Ayinde Barrister. He loved to listen to music every Sunday mornings.

What were his likes and dislikes?

He liked one being honest and tender-hearted. He disliked it if one lied to him; he also liked people that are God-fearing.

Who among his children is showing interest in football?
Neither my sister nor I have a passion for football. I would like to be a presenter; my sister is into cinematography.

http://punchng.com/dad-wasnt-mentally-challenged-before-he-died-rashidi-yekinis-daughter/

‘Expel Students With Less Than 0.5 CGPA’ – Anthony Onwuka, Minister Of State

President Muhammadu Buhari has advised vice chancellors of universities to expel students with less than 0.5 cumulative grade point average (CGPA). Speaking on Sunday at the 31st convocation of the University of Port Harcourt (UNIPORT), Buhari said such students should not be allowed to loiter around in higher institutions. Buhari, who was represented by Anthony Onwuka, minister of state for education, said: “We must stop to continue housing adventurers, who have no business remaining in the universities beyond the time specified for their studies in the universities.” “In that wise, it is being proposed that at the end of this academic year, any student with less than 0.5 CGPA should cease to be a student of the university and should be shown the way out. “The universities must continue to have people who are serious in what they have come to do. “If you have less than 0.5 in your CGPA, you are out. You are out for good so that the space will be left for those who have come to do serious business.” Buhari also expressed his commitment to the 2009 agreement entered into with the Academic Staff Union of Universities (ASUU). https://lifestyle.thecable.ng/buhari-vcs-cgpa-students-expel/

CBN Introduces New FOREX Rates, Dollar Now N360 For "Invisibles"

The Central Bank of Nigeria (CBN) on Monday said Nigerians can now buy dollar at N360 from commercial banks across the country.

The new rate applies to invisibles such as school fees, medical bills and travelling allowances.

"CBN to sell FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc)

CBN directs banks to post new rates in the banking halls of their branches immediately

CBN examiners to visit banks to ensure the new rates are implemented

CBN prohibits banks from selling FOREX funds meant for invisibles to BDCs" the apex bank said via its twitter page on monday.


visit CBN website for more information