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CBN Moves against Violators of New FX Policy

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The Central Bank of Nigeria (CBN) yesterday directed all banks to henceforth publish on their websites the names and Bank Verification Numbers (BVN) of unscrupulous customers who indulged in sharp practices to circumvent its new foreign exchange (FX) policy.

The CBN said it was concerned that some customers had taken undue advantage of the policy on sale of FX for overseas personal and business travels, using fake visas as well as cancelling air tickets after purchase of Personal Travel Allowance/Business Travel Allowance.

The apex bank stated these in a circular to all banks dated August 30, and signed by the CBN Director, Banking Supervision Department, Mr. Haruna Mustafa. It said the trend, if not curbed, presented a risk to the integrity and stability of the FX market.

CBN, therefore, directed banks to publish on their websites within two weeks the names and BVN of defaulting customers who presented fake travel documents or cancelled their tickets and failed to return the purchased PTA/BTA, as stipulated in the customer declaration form signed by them.

The CBN had in July resolved to discontinue FX sale to Bureau De Change (BDC) operators in the country. CBN Governor, Mr. Godwin Emefiele, directed all commercial banks to immediately create designated branches for the sale and disposal of FX to customers who deserved it for legitimate purposes.

He said the CBN would no longer process or issue new licences for BDC operations in the country, adding that all licences being currently processed, regardless of the stage, had been suspended.

Following the development, the apex bank had announced that it will commence the immediate refund of capital deposits and licensing fees, where applicable, to BDC promoters who had pending license applications with the bank. It said in arriving at the decision to suspend FX sale to BDC, it had advised banks to ensure that no customer was turned back or refused FX, provided that documentation and all other requirements were met.

The apex bank further warned against undue delays, rationing and diversion of FX, and it directed the banks to establish electronic application and alert systems to update customers on the status of their FX requests.

The CBN further reminded banks that a toll-free line had been set up at the apex bank to enable bank customers to escalate unresolved complaints relating to their FX requests.

The bank added that it would continue to closely monitor banks’ conduct and compliance with the directive in order to ensure an efficient FX market for all legitimate users, adding that any breach of the directive would be severely sanctioned.

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BREAKING: Hon. Risikat is Dead, King Sunny Ade’s wife.

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Hon. Risikat Adejoke Adegeye,a former member of Lagos state house of Assembly, Amuwo odofin constituency 1 and former commissioner has passed on.

Hon. Adegeye was one of the wives of veteran Juju Msician, Chief Sunday Adeniyi Adegeye also known as King Sunny Ade. Details of late Hon. Adegeye’s death is still sketchy as at the time of filing in this report.

She reportedly died in the early hours of Tuesday. The cause of her death was not known as at the time of filing this report

May her gentle soul rest in peace

 

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BREAKING: Troop of soldiers in Abia as court hears Nnamdi Kanu’s suit against FG

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Security has been tightened up at the Abia State High Court located at Ikot Ekpene Road Umuahia, the state capital, as the suit filed by Mazi Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, comes up for hearing today.

Recollect that the secessionist, had through his special counsel, Mr. Aloy Ejimakor, sued the Federal Government of Nigeria over his extradition from Kenya few months ago.

The suit is demanding that Kanu be returned to Kenya where he was allegedly extradited from and subsequently to Britain where he was residing and N5 billion is also demanded from the Federal Government over alleged violation of his fundamental rights.

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Olatunji Bello, the new LASU VC Assumes office.

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Professor Ibiyemi Olatunji Bello Monday, the ninth substantive Vice-Chancellor of the Lagos State University (LASU), pledged that the welfare of the staff and students will be uppermost in her administration, adding that the management would create more opportunities for their advancement.

Prof. Olatunji-Bello, who assumed office assumed office amid fanfare, was welcomed into the Ojo main campus of the 37-year-old institution as early as 8a.m, with songs and dance in a carnival-like reception by students, who were adorned in a purple t-shirts with the inscription “31st LASUSU welcomes Prof. Ibiyemi Olatunji-Bello, 9th Vice Chancellor of LASU.”

The appointment of Olatunji-Bello was disclosed last week by the Commissioner for Information and Strategy, Mr. Gbenga Omotoso following the approval by the Lagos State Governor and Visitor to the university, Mr. Babajide Sanwo-Olu.

Olatunji-Bello, a Professor of Physiology succeeded Prof. Lanre Fagbohun, a Professor of Environmental Law and a Senior Advocate of Nigeria (SAN), whose five-year single tenure expired on January 11, 2021.

The new Vice-Chancellor, who was received at the Iba Gate and escorted to the Babatunde Raji Fashola Senate Building by the happy students and other members of the LASU community, promised that the new administration would ensure that the learning environment is conducive and competitive with provision of relevant infrastructure, equipment and facilities.

Prof. Olatunji-Bello was received at the foyer of the Senate Building by the university’s management, led by the Acting Vice-Chancellor, Prof. Oyedamola Oke, who was appointed on January 11, 2021 to avoid a vacuum created by the inability of the university to name a substantive Vice-Chancellor to take over from Prof. Fagbohun.

“Your welfare is important to me. We will also ensure the University Scholars Award is revamped. All university scholars will get a 50 per cent refund of their school fees yearly. We will also provide studentship employment opportunities,” the Vice-Chancellor said amid loud ovations from the students.

While addressing members of staff, Prof. Olatunji-Bello, however, sought their support and cooperation for her administration, even as she called for peace and stability to reign foremost in the university.

She said: “I want to thank you for giving me this warm welcome. I promise that your welfare will be paramount to me and you will get whatever is due to you. All your allowances will be paid. However, I want to seek your support and urge that we all allow peace to reign for the good of our university.”

The Vice-Chancellor after addressing the staff later commenced meetings with various stakeholders of the university, including staff and students’ unions.

 

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