All Posts in "Month: November 2023"

Aiyedatiwa Not Ondo Acting Governor -Ondo Assembly

Mohammed Shosanya

Ondo State House of Assembly,Tuesday,clarified the controversies surrounding the meeting of politicians from the state with President Bola Ahmed Tinubu on who should be in control of the state between ailing Governor Oluwarotimi Akeredolu and his deputy, Lucky Aiyedatiwa

In a resolution by the state House of Assembly at the plenary on Tuesday in support of the resolutions reached with the President on Friday night at Aso Rock, the lawmakers stated that Aiyedatiwa remains the deputy governor of the state and not in acting governor capacity.

The Deputy Governor Lucky Aiyedatiwa was given the condition to sign an undated resignation letter in order to drop the Impeachment process against him to checkmate him in case he attempts to renege on the agreement reached during the meeting with the President.

The lawmakers also revealed that three political leaders in the state were chosen to monitor the Deputy Governor and other parties to the agreement to ensure they adhere to dictates of the resolutions.

Reading the position of the Assembly, the Speaker of the Assembly, Rt. Hon. Olamide Oladiji said that the resolutions reached with the President during the meeting include: “That Hon. Lucky Orimisan Aiyedatiwa continues to perform the functions of office as Deputy Governor; That all parties shall embrace peace; That status quo be maintained by all parties.

“That all impeachment proceedings be terminated forthwith, and all court cases withdrawn by all parties; That there will no dissolution of the State Executive Council;

“That undated letter of resignation must be written, signed by the Deputy Governor and submitted to the President;

“That the party leadership and structures remains intact; That the House of Assembly leadership remains intact;

“That three enforcers including the State chairman of APC, Engr. Ade Adetimehin, the Speaker of the State of House of Assembly, Rt. Hon. Olamide Oladiji Adesanmi, and Secretary to the State Government Princess Catharine
Oladunni Odu were appointed to monitor compliance with the foregoing resolution.”

The speaker noted that there attempts to blackmail and disintegrate members of the state Assembly, describing the development as sheer democracy at play.

He said: “Our actions or inactions were governed, guided and directed by the rules of law even though futile attempts were made to blackmail and throw a spanner in our wheel as a body of lawmakers. Thank God, we all acted and spoke in one voice.

“Without any iota of doubt in my mind, I strongly believe that we all acted in line with the mandate given to us as representatives of the people.

“Honestly, I must confess that what we just witnessed was democracy at play. Democracy in my view is a form of participating government that provides for give and take, checks and balances. It is a process in which the actions and or inactions of the ruler and the ruled
are guided by the constitutions and the rules of law. It is a process that
provides room for questions and answers when occasions demand.

“We, as elected representatives of the people, have only acted within
the precinct of the mandate freely given to us by our constituents. We
have demonstrated courage when occasion demanded for it. We asked
questions when there was course for us so to do.

“Notwithstanding, however, the event which we all have just witnessed, provided an avenue for assessment and reassessment. It was a win-win situation, thanks to the Almighty God and timely intervention of our political leaders and elders who were resolute in ensuring that peace returns to our darling sunshine state.

“We must in this regard thank the President and Commander-In-Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency Asiwaju Bola Ahmed Tinubu GCFR, for his timely intervention.

“We must also commend the leadership of our great party, APC, at the state and national levels for demonstrating leadership when occasion demanded.
Specifically, we must thank our elders and esteemed Afenifere leaders Pa Reuben Fasoranti and Pa Seinde Arogbofa among others, for their peace initiatives at a critical time like this.

“Our thanks also go to our traditional rulers, religious leaders, among other leaders of thought, for the peace that has returned to the Sunshine State.

“Finally, I must commend you all, distinguished Honourable members and
Colleagues, representatives of our people for electing to toe the line of
peace.

“Honestly, there can never be any iota of development in an atmosphere devoid of peace. It is my sincere hope that the good people of our darling sunshine state will harvest more dividends of democracy and good governance within the ambit of this renewed peace in our
darling state.

“For the avoidance of doubt, let me present to the good people of
Ondo State, the resolution reached after the meeting of representatives of the Ondo State House of Assembly, the State Executive Council members, members of the National Assembly from Ondo State and the State Chairman of the All Progressives Congress with his Excellency, the President of the Federal Republic of Nigeria and leadership of our great party.

“I urge everyone to sheathe the sword, bury the hatchet and think of better ways to accelerate the much needed development of our darling sunshine state in the interest of our people.

“On our own part, I pledge, as always, on behalf of my colleagues to continue to work with the other arms of government and other stakeholders towards enhancing the delivery of democracy dividends to our people.

“Let me at this juncture warn politicians and other gladiators fanning the embers of war, in this State, because of their political interests to please thread softly as the House of Assembly will not hesitate to deploy the full weight of the law in calling them to order.”

admin by — November 29, 2023 in Politics 0
Tinubu Makes New Appointment into NNPC Board

Mohammed Shosanya

President Bola Ahmed Tinubu has made new appointments into the Board of the Nigerian National Petroleum Corporation Limited (NNPCL) which will take effect from December 1st, 2023.

The new appointees includes (1) Chief Pius Akinyelure — Non-Executive Board Chairman

(2) Mallam Mele Kolo Kyari — Group Chief Executive Officer

(3) Alhaji Umar Isa Ajiya — Chief Financial Officer

(4) Mr. Ledum Mitee — Non-Executive Director

(5) Mr. Musa Tumsa — Non-Executive Director

(6) Mr. Ghali Muhammad — Non-Executive Director

(7) Prof. Mustapha Aliyu — Non-Executive Director

(8) Mr. David Ogbodo — Non-Executive Director

(9) Ms. Eunice Thomas — Non-Executive Director

He also approved the appointment of two Permanent Secretaries:

(10) Mr. Okokon Ekanem Udo — Permanent Secretary, Federal Ministry of Finance

(11) Amb. Gabriel Aduda — Permanent Secretary, Federal Ministry of Petroleum Resources

A statement by his media aide, Ajuri Ngelale on Monday, noted that the appointment was in compliance with Section 59 (2) of the Petroleum Industry Act, 2021.

The President said he anticipates the fullest measure of compliance with the performance-driven and results-oriented mandate of his Renewed Hope administration in the implementation of energy policy that will monetize all available oil and gas resources of today while paving the way for the total exploitation of new and cleaner energy sources of tomorrow by this distinguished team.

admin by — November 28, 2023 in News 0
Nigeria’s Basic School Enrolment Hits 45m-UBEC Boss

Mohammed Shosanya

The Universal Basic Education Commission UBEC has disclosed that students enrolment at the basic school level across Nigeria is on the threshold of over 45 million pupils.

Executive Secretary of UBEC, Dr Hamid Boboyyi, disclosed this at a one-day meeting on Promoting Partnership with the Organised Private Sector, in Abuja.

He said despite allocating over N100 billion to education every year, resources from the federal government alone can no longer run the system.

According to him, even though the federal government is spending money on education, the sector requires more resources to deliver quality education.

He implored the private sector to appreciate the importance of providing education for children at an early age to contribute to the development of the country.

“Resources alone from the federal government cannot run the system. Nigeria has over 45 million children in basic education subsector and with this number, we require the necessary classrooms.

“A state may get a maximum of maybe N3 billion in the best times, but N3 billion cannot take care of these. It needs instructional materials, you need a lot of other things,” he said.

Stating that education is the foundation of the collective existence of Nigerians, Boboyyi noted that if the country neglects education, there would be dire consequences.

Speaking on the objective of the meeting, he said the commission is bringing together key stakeholders to in order to have a functional relationship with the private sector, in which the sector understands its activities and challenges in the basic education subsector.

He also lamented that there is 29 per cent reduction in the number of teachers in Nigeria’s basic school system following the COVID-19 pandemic that plagued the country recently.

He noted that part of the interface with the organised private sector is to work out a programme that can be beneficial to the development of basic education in Nigeria, in the areas of quality, expanding access and finding equity for the physically challenged.

He also implored stakeholders to invest in the smart school initiative to build the technological capacity of the young population.

The Head Oando Foundation, Mrs. Adegoke Adekanla, commended UBEC for its commitment towards advancing basic education in the country.

Adekanla said the commitment of Oando Foundation also aligns with the broader initiative to strengthen the Universal Basic Education, UBE, programme through collaborative partnerships between the public and private sectors.

Represented by an official of the foundation, Mr. Ede Okechukwu, she stressed that “Basic education forms the foundation upon which all other forms of learning and development rest. It is the fundamental right of every child and the cornerstone of a prosperous and equitable society. Access to quality basic education is not just a goal; it is a moral imperative that shapes the future of nations.

“The involvement of the private sector, as emphasized by UBEC, is instrumental in enhancing the pool of resources for UBE implementation. This collaboration is not only an acknowledgment of the unique strengths and capabilities that non-state actors bring to the table but also a testament to the recognition that effective partnerships are indispensable for achieving better results in development initiatives, in line with Sustainable Development Goal (SDG) 17.

“Most recently through our lead role in the Private Sector Advisory Group (PSAG) Education Cluster. We are eager to actively contribute to the shared goal of ensuring quality basic education for every child in Nigeria.”

admin by — November 28, 2023 in Education 0
Seplat Energy Wins SISA’s CSR Award

Mohammed Shosanya

Seplat Energy Plc, has won the Social Impact & Sustainability Awards (SISA)’s CSR Award for Education Empowerment organized by CSR Reporters.

CSR Reporters is Africa’s premier all-Corporate Social Responsibility (CSR) and Sustainability publication; and the SASA, which is now in its fourth year, recognises initiatives of companies in promoting sustainable economies in Nigeria and in serving the needy public.

At the ceremony, Dr. Eustace Onuegbu, Member of Trustees, Sustainability Professionals Institute of Nigeria and President, International Network for Corporate Social Responsibility, said the awards are targeted at recognising, honouring and celebrating the outstanding efforts of organisations and individuals that have made a transformative impact on Nigerian society in the year under review.

The award recognises the organisations that have integrated globally recognised and measurable sustainability standards including ISO 37101 Management Standards on Sustainable Development in Communities (MSSDC), ISO 26000 Social Responsibility, ISO 14001 Environmental Management, ISO 9001 Quality Management, ISO 20400 Sustainable Supply Chain Management, ISO 45001 Occupational Health and Safety Management Standards, among others.

It also recognises organisations that have followed best reporting standards such as GRI and IIRC Standards. Other categories include specific initiatives in support of the UN’s 17 Sustainable Development Goals (SDGs) and individual philanthropic efforts for the year under review.

The organisers of the awards commended Seplat Energy’s commitment to educational advancement and effective stakeholder engagement.

They also lauded the company’s educational CSR initiatives like the Seplat Pearl’s Quiz, National Undergraduate Scholarship, SEPLAT Teachers Empowerment Programme (STEP), and Seplat Innovators programme.

Seplat Pearl’s Quiz started in 2012 for its host States and since then 57,875 teachers and students have been impacted through a total of 11,575 participating schools. Scholarships worth N8.1million have been awarded to winning secondary school students.

The company has also contributed directly to improving the infrastructure of secondary schools by awarding prize money worth N101 million to winning secondary schools.

Seplat National Undergraduate Scholarship started in 2014 for host communities, states, and the nation. Since then, the company has provided scholarships to 780 Federal and State University undergraduate students of which 34 per cent are from our host communities.

SEPLAT Teachers Empowerment Programme (STEP) started in 2020 for host States and since then it has provided 905 teachers and 87 Chief Inspectors of Education with digital teaching skills, leadership training, and income diversification; and supported the learning of over 10,000 students with new teaching skills.

The Seplat Innovators Programme is creating STEAM Laboratories which are collaborative spaces where the study of science, technology, engineering, arts and mathematics can be integrated through hands-on experiences in a pure laboratory or combined classroom-laboratory setting.

The Director, External Affairs and Social Performance, Seplat Energy Plc, Chioma Afe, represented by the CSR Manager, Esther Icha, commended the award organisers for the recognition whilst stressing the company’s commitment to global best practice in all programmes targeted at social development of the Nigerian people, especially its host communities.

According to her, Seplat Energy’s educational CSR initiatives are implemented in line with the company’s seven Principles of Corporate Strategy, which are: Accountability, Transparency, Ethical behaviour, Respect for stakeholders’ interests, Respect for the rule of law, Respect for international norms of behaviour, and Respect for human rights.

admin by — November 28, 2023 in Next Level 0
WEOG Seeks Increased Investment In Oil, Gas Sector

Mohammed Shosanya

The International Forum for Women in Energy, Oil and Gas (WEOG)has implored the federal government to open up the nation’s oil and gas sector for more investors to come in.

The group also criticized the incessant gas flaring in the Niger Delta region and enjoined the government to put in place policy, monitoring and evaluation that will put a halt to the flaring of gas reserves in Nigeria and convert such gas to electric power.

The Director of the International Forum for Women in Energy, Oil and Gas, Delta State Chapter, Mrs Ogochuku Okekpolo, stated these during the induction of pioneer members of the forum in the State, held at Government House Annex, Warri last week.

She said: “Women professionals are ready to take leadership roles in these respects.We have many women who are professionals. The problem is that they don’t want to be visible. Our tradition, our culture wants a woman to be behind, to hide. But in this drive, we have met many women professors in oil and gas. This forum gives us a platform where we can draw out these raw golds”, she stated.

She appealed to the government as a matter of urgency to stop gas flaring, adding that the country has a lot of gas reserves presently being flared which, according to her, “could have otherwise been converted to usable energy that we can use to power things”.

She said: “I think gas flaring not only degenerates our environment, it is like a wastage of a lot of resources. Oil and gas have a lot of by-products that can be useful in the development of our economy.

“I think we should leave the primary focus and grow in our oil and gas business. We are still at the periphery, just extracting and exporting. We should refine and build our industries around this so that our energy sector is transformational.

“There are many nations who don’t use gas to cook. The oil and gas energy sector drives the economy. The electricity we see, the turbines are powered by gas. So, if gas is expensive, then electricity is expensive to the welder, the saloon, fish seller on the street; they can’t preserve without light and that is energy driven by gas”

admin by — November 28, 2023 in Oil&Gas 0
NCDMB To Host Practical Nigerian Content Forum Next Week

Mohammed Shosanya

The Nigerian Content Development and Monitoring Board (NCDMB)says it is set to host oil and gas industry experts  and policy makers at its Practical Nigerian Content Forum (PNC), 2023.

According to a statement issued by the board,activities for the 12th edition of the annual programme scheduled for the Nigerian Content Tower headquarters of the NCDMB in Yenagoa, Bayelsa State, will start on December 4,this year.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and his Gas counterpart, Ekperikpo Ekpo would lead other big players in the oil and gas industry to participate in the event,the statement said.

The ministers, according to the statement,will deliver ministerial addresses and to show the direction of the Federal Government’s thinking concerning Nigerian Content and investment strategies.

The Forum is hosted by the NCDMB in partnership with DMG Events and the Bayelsa State Government.

This year’s edition will open with an invitational golf tourney and welcome dinner – the first of the three gala nights that would be sponsored by Coleman Wires and Cables, the Bayelsa State Government and the Nigeria LNG Ltd, to be closed on Thursday, December 7, 2023 with a visit by delegates to the facility of MG VOWGAS in Port Harcourt, River State.

The statement disclosed that some of the presentations that would be received at the PNC include the opening keynote address by the host of the event and Executive Secretary of NCDMB, Simbi Wabote, while the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, and Chief Executive, Nigerian Midstream and Downstream Petroleum Authority (NMDPA), Farouk Ahmed, alongside other key industry figures would feature prominently in the four-day event.

Besides,the Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Limited, Mele Kolo Kyari, is also expected to grace the PNC.

The statement also said,major international oil companies, members of the Independent Petroleum Producers Group (IPPG) and service companies, would be actively participating in the four-day conference, with their chief executive officers functioning in one capacity or the other, principally as moderators of panel discussions or panellists or delivering papers on critical subjects relating to local content practice in the oil and gas industry.

The agency added:”For the 2023 edition, key subjects for the panel sessions centre around “Providing an Enabling Environment for Investment in the Energy Sector”,  “Opportunities in Decarbonisation and Domestic Gas Utilization”, “Deepening Nigerian Content in the Manufacturing Sector”, and “Financing a Thriving Midstream Sector for Socioeconomic Development”, and “Sustainable Framework for Human Capacity Development.” Presentations on R&D Success Stories are also expected.

“In addition to the expansive exhibition, the PNC Forum affords prospective investors and clients as well as fund managers an interactive platform with key Federal Government officials overseeing the oil and gas sector, key industry operators and service providers, and chief executives of the regulatory agencies.

“Among the industry players, a major activity is evaluation of their performances in local content practice, and consideration of appropriate adjustments aimed at better results.

“To be showcased are opportunities for collaboration and partnership between the public sector and private business interests and between the private sector and academia; also, emerging opportunities from divestments by IOCs and the decarbonisation drive in the industry.”

admin by — November 28, 2023 in Oil&Gas 0
Senate Summons NIPCO, AMOCON, Dangote, Pinnacle Oil,Others Over N130bn Gas Expansion Funds

 

Mohammed Shosanya

The Senate has summoned Nigeria Independent Petroleum Company,NIPCO,Amalgamated Oil Company of Nigeria ( AMOCON ), Pinnacle Oil , Dangote and other companies to to explain the N130 billion they had received from the Central Bank of Nigeria as intervention fund for the Nigeria Gas Expansion Programme (NGEP).

The companies would appear before the Senate Committee on Gas on Thursday , November 30,this year,according to the invite signed by its Chairman, Senator Jarigbe Agom Jarigbe,and made available to Premium News on Sunday.

The 15 companies are required to appear before the committee with their progress reports stating location of projects and the current status of the projects,the committee said in the letter.

Premium News reports that the breakdown of the disbursed funds to the companies showed that NIPCO Gas Limited received N25 billion; NIPCO Plc received N5 billion; AMOCON N5 billion ; Hyde Energy Limited received N2 billion; Delta State government N20 billion; Dangote N5 billion; Greenville LNG N10 billion ; Gas Nexus N10 billion; Pinnacle Oil and Gas N10 billion; Lee Engineering N15 billion among others.

Analysis of the funds released shows that NIPCO Group got the highest of N35 billion ,amounting to about 30⅚ of the money inclusive of that of AMOCON .

Premium News recalls that the sum of N250 billion was set aside by Federal Government through Central Bank of Nigeria (CBN ) as funds to aid national gas expansion programme at concessionary interest rate few years ago under the administration of President Muhammadu Buhari .

There has been apprehension over proper utilisation of the funds fuelling speculations that the beneficiaries may have diverted the funds that meant for the project that would have deepen gas consumption in the country.

Besides,stakeholders are worried that the actual utilisation of the money was shrouded in secrecy by most beneficiaries,who have kept sealed lips since they collected the fund.

Sources close to the committee told Premium News that they may visit some of the projects to be listed by the beneficiaries for on-the spot check

Meanwhile,stakeholders in the nation’s gas sector have commended the action of the Senate Committee on Gas,saying it was a right step in the right direction to stem the tide of corruption in the country’s oil and gas sector.

They told Premium News that the Senate’s probe of the N130billion gas expansion projects represent a new lease of life for the sector,as well as deviates from the old ways of seeing government money as funds that can be diverted from its original purpose of disbursement,thus defeating the intended purpose.

They implored the lawmakers to wield the big sticks on companies found wanting in the diversion of the fund,with a view to serving as deterrent to others

admin by — November 26, 2023 in News 0
FG Considers Financial Agencies’ Partnership On Revival Of Ajaokuta Steel

Mohammed Shosanya

Nigeria is currently expediting action to collaborate with financial agencies to revive the Ajaokuta Steel,Minister of Steel Development, Shuaibu Audu,has said.

The Minister,who spoke at the 7th PEEF Annual Conference (PAC) in Abuja recently,lamented that the privatization of the steel sector in Nigeria has over the years not yielded the desired result.

The theme of the conference was:”Accelerating Steel Sector Development in Nigeria & Achieving Zero Corruption in Procurement Management”

Represented by A. T. Umar,the Minister revealed that the funding of the Steel Companies in Nigeria became challenging which was what led to the privatization of the steel companies.

He said,most of the companies that were privatized could not take off, these were the fallouts of privatization,adding that Nigeria is at a stage where it’s rethinking whether to reverse the privatization of the steel sector in the country.

“During the President Buhari’s administration a lot of fund were invested on mining but the steel sector was neglected. As a government we need to produce steel from raw materials, this will bring economic prosperity to the nation. What the Minister is doing is to think outside the box in developing the Ajaokuta Steel.

“We want to collaborate with agencies, including financial agencies to see what we can do. We are working to develop the necessary manpower to man the sector,” he said.

Speaking,the Chairman, Board of Trustee (BoT), People Expertise and Excellent Foundation (PEEF) Engr.Abdullar Bukar advocated the need for the revival and expansion of the Ajaokuta Steel.

The development,he said,will bring about economic prosperity for Nigeria.

He said,there was need for a corruption free environment in the management of the nation’s investment in the steel sector.

He said,”Let us develop our country, so that we can process what we have and also sell finished products. Switzerland does not produce a single raw cocoa but they are the one who make the most money out of cocoa. They take raw materials that we produce, add value to it, they sell it at the price and we also go and buy”.

According to him,steel has the potential to generate N7billion annually for the country if properly harnessed.

He added:”Nigeria is exporting cement, it is also possible to export steel, therefore Ajaokuta should not only be revived but should be expanded.

“The most important part of it, is that we also need a corruption free environment to ensure efficient management of our investment on steel”

admin by — November 26, 2023 in Power 0
Protest: Chevron Ready To Partner Stakeholders On Sustainable Development

Mohammed Shosanya

Chevron Nigeria Limited,has expressed commitment to partnership with various stakeholders including the communities neighbouring its areas of operations in the Niger Delta, for sustainable development.

The company affirms that it is engaging with relevant stakeholders including the protesters at its Terminal and Escravos Gas—To-Liquid (“EGTL”) jetties, community leaders, traditional rulers, the Board of Trustees (“BOTs”) of the Warri Onshore Host Community Development Trust (“HCDT”), the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”), the Delta State Government, and other critical stakeholders to ensure the peaceful vacation of the protesters who have blocked access to the Terminal and EGTL jetties since November 21, 2023.

The protesters are demanding for the renaming of the Warri Kingdom Onshore Host Community Development Trust (“HCDT”) and involvement in the nomination of additional persons for inclusion on the Board of Trustees (“BOT”) of the HCDT. In addition, they are requesting for mobilization of their community workers for the EGTL Turn Around Maintenance (“TAM”) activities,a statement said.

CNL’s General Manager, Policy, Government and Public Affairs, Esimaje Brikinn reaffirms CNL’s strict compliance with applicable laws and regulations.

“As a law-abiding corporate citizen, CNL is committed and continues to make progress in the operationalization of the respective HCDTs in compliance with the Petroleum Industry Act, 2021. We continue to collaborate with the relevant stakeholders, including community leaders and traditional rulers towards the operationalization of the HCDTs. Also, CNL is committed to ensuring the participation of community workers in the EGTL TAM in line with the manpower mobilization plan”, he said.

Esimaje stated that contrary to untrue media reports about some protesters that are allegedly missing, verifiable reports on ground indicate that none of the protesters are missing.

He reiterated CNL’s priority on the safety of the people, the environment, and assets in all its operations and noted that CNL will continue to engage the relevant stakeholders to resolve the issues amicably.

“CNL advocates respect for the rule of law and use of constructive dialogue in the resolution of all issues,” he concluded.

admin by — November 26, 2023 in Oil&Gas 0
CBN Mulls New Forex Laws To Stabilize Exchange Rate

Mohammed Shosanya

The Central Bank of Nigeria,will soon introduce a new set of foreign exchange laws and guidelines to address naira depreciation and achieve exchange rate stability in the country.

Governor of Central Bank of Nigeria, CBN, Mr Yemi Cardoso,disclosed this in Lagos in a keynote speech at the 2023 Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria, CIBN.

According to him,the CBN will also conduct a new recapitalisation exercise for the banking industry, by directing banks to increase their minimum capital base to a level sufficient to support the vision of a $1trillion economy.

He added that the CBN will introduce a new licensing framework for fintechs and payment banks, warning that operators found engaging in activities outside their licenses will be sanctioned.

Cardoso said the apex bank will further tighten money supply for the next two quarters in order to curtail the challenge of rising inflation in Nigeria.

He added that to further reduce excess cash in the banking system the management of the CBN has approved and will soon conduct another round of liquidity mop up via issuance of Open Market Operations, OMO, treasury bills.

He said:“Our monetary policies will aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector. In order to ensure the proper functioning of domestic and foreign currency markets, clear, transparent, and harmonized rules governing market operations are  essential.

“New foreign exchange guidelines and legislation will be developed, and extensive consultations will be conducted with banks and FX market operators before implementing any new requirements”

On new licensing framework for fintechs, Cardoso said: “Technology will continue to play a critical role in delivering financial services and enhancing financial inclusion.  “However, recent developments in the payment services landscape have raised concerns regarding the use of technology and the existing licensing and regulatory framework. We have observed that some licensees are operating outside the approved activities, breaching the boundaries set for them.

“Any intentional or unintended noncompliance will be subject to sanctions, as operators have the responsibility to ensure that they are licensed for the activities they undertake. “Concurrently, as we conduct a comprehensive review of the licensing framework for payment services, we will engage in extensive consultations to develop a new regulatory and compliance framework that is suitable for the technology-driven payment services sector.”

admin by — November 26, 2023 in Banking&Finance 0