PAGE
NATIONAL NEWS
6
NOVEMBER 12, 2016
Saturday Mirror www.nationalmirroronline.net
All the Facts, All the Sides A PUBLICATION OF GLOBAL MEDIA MIRROR LTD BARRISTER JIMOH IBRAHIM, CFR n PUBLISHER SUNDAY OLAJIDE – MANAGING DIRECTOR/CEO •AG. EDITOR, DAILY BEN MEMULETIWON
•EXECUTIVE DIRECTOR, OPERATIONS LANRE OYETADE
•CO-EDITOR, DAILY DELE FASHOMI
•EXECUTIVE DIRECTOR, MARKETING PATRICK ASONYE
•SATURDAY EDITOR GBEMI OLUJOBI
•AG. MANAGER, ADVERT BODE EHINMISAN
•SUNDAY EDITOR AYO OLESIN
•MANAGER, SPECIAL PROJECTS AMUDA AKANBI
•CO-ORDINATOR EDITORIAL BOARD DOZIE OKEBALAMA
•MANAGER, SALES & DISTRIBUTION FEMI SHOBOWALE
•EDITORIAL PAGE EDITOR CALLISTUS OKE
•HEAD, GRAPHICS FRANCIS IYONMANA
•BUREAU CHIEF (ABUJA/NORTH) OPERATIONS AKINDELE ORIMOLADE
•AG. HEAD, ACCOUNTS OKOCHA MADUEKWE
FG clampdown on money changers I
n order to force a favourable exchange rate for the Naira, the Nigerian government has commenced a clampdown on money changers, called Bureau De Change operators. Dozens of money changers have since Wednesday been arrested by officials of the State Security Service, SSS, in Lagos and Abuja. The arrests, it was learnt, commenced after a meeting between the SSS, officials of Nigeria’s Central Bank, CBN, and leaders of the Bureau De Change in Abuja over the weekend. At the meeting, held in Abuja, the officials agreed that sharp practices by Bureau De Change operators was a major factor responsible for the value of the Nigerian currency which has gone as high as N480 to a dollar at the black market and the parallel market despite selling below N400 at the official market. “The meeting agreed to
force the bureau de change to buy from willing sellers at N390 or lower and sell to willing buyers at N400 or below,” an official briefed on the agreements said. The Naira value was arrived at after considerations of recent actions by the Central Bank to stabilise the currency. The Bank now allocates dollars to licensed money changers through Travelex at about N381 per dollar, to enable them sell to end users at about N385 per dollar. As part of the guidelines, the Central Bank directed the operators not to sell foreign exchange above two per cent margin of the buying rate. However, there have been reports that some money changers, particularly those unregistered, have been engaging in some illegal activities considered to be undermining the foreign exchange policy. On Monday, the Central
Bank warned Nigerians in the Diaspora against patronising unlicensed money transfer operators. The bank said the illegal operators use Naira-denominated accounts opened in local commercial banks to lure unsuspecting customers with ridiculous exchange rates. The foreign currencies from such transactions, the CBN said, were used to fund the activities of the parallel market. The CBN warned deposit money banks (DMBs) against being used to carry out such illegal transactions, saying it would not hesitate to block such accounts when discovered, while operators would be handed over to the law enforcement agencies for prosecution. Officials react The President of the Association of Bureaux De Change Operators of Nigeria, ABCON, Aminu Gwad-
abe, did not answer calls to his telephone seeking his comments on the development. He also did not respond to a text message sent to his telephone. A senior Central Bank official, who requested anonymity because he was not authorized to speak on the issue, said the bank was aware of the arrests of the money changers. “The security operatives are doing their job. None of the registered BDCs operating according to the stipulated guidelines has been affected,” the official said. “The unregistered operators in the black market are the ones responsible for the pressure on the Naira, with the artificial exchange rate they use.” Despite the clampdown, however, it was learnt that the money changers have still found a way to shortchange the system. At their base in Zone 4 in
FG fears Trump may scuttle climate change deal
T
he Nigerian government has expressed fear that the emergency of Donald Trump as the President of the United States could portend great danger to Paris climate change agreement. One of the striking features of the Paris agreement was a commitment by all Parties to limit global temperature at 1.5 C in order to significantly reduce risks and impacts of climate change. However, many commentators had feared that the emergency of Donald Trump as the President-elect of the US could scuttle the climate change deal Mr. Trump had never
hidden his disdain for the environment, particularly, issue of climate change, which he described during one of his campaigns as a ‘hoax’. Addressing journalists on the Nigeria’s participation at the UNFCCC, COP22, holding in Marrakech, the Minister of Environment, Mrs. Amina Mohammed, expressed similar concerns about Trump’s position on the issue of climate change. She said the earlier he understood that those things he said during the campaigns had no basis in reality, the better for the US and also for the whole global community.
According to the minister, so many evidences abound across the world to convince anyone that climate change is real. She said, “We congratulate the American people for their process with democracy. That has really tested them. We are looking see exactly what it is President elect, Donald Trump is going to do in reality. “In his election campaign, he said a number of things that gave grave concern to governments around the world. You cannot say that climate change is not real today. Science has proven it, so also has the extent of human suffering and attendant loss
of lives and valuable property, given credence to it. “We can make those connections. This agreement has gone very far, we want US to be part of this because they would benefit as well as us. Our job, when we go to COP this time, is to sit with the delegation and make sure they know the importance of transitioning to the President elect with clear indications of how important it is to remain at the table with their commitments.” Mohammed, however, said if the US refused to be persuaded, the world would not wait, saying that “it will not have effect if they don’t go the way they are supposed to go.”
Abuja, the Nigerian capital, money changers reportedly tell interested customers that the dollar is sold for N400. Suspicious of the identity of the enquirer, the operators tell unfamiliar customers that they, however, do not have dollar to sell. Familiar trusted customers are, however, told they can buy the dollar at about N470. The black market opera-
tors are a toast of Nigerians and businesses who find it difficult to access foreign exchange from the banks. An over 50 per cent increase in price of crude, Nigeria’s main export commodity, and a reduction of volume of exported oil due to militancy in the Niger Delta, has reduced the country’s foreign earnings, thus causing a scarcity of foreign exchange.
Femi Fani-Kayode sighted at Kuje Prisons
E
xcept he was able to meet his bail conditions later yesterday, Former Minister of Aviation and Director of Media and Publicity for re-election bid of former President Goodluck Jonathan, Femi Fani-Kayode , was seen at the Kuje Prisons at 9:am yesterday. He was seen by our correspondent at the office of Deputy Controller of Prisons, Akilu Abdullahi, possibly perfecting his bail conditions. Fani-Kayode was welldressed and kept smiling all through the period our correspondent was with him. The fiery critic of President Muhammadu Buhari’s government was re-arrested on 21st of last month by the Economic and Financial Commission, EFCC, for allegedly collecting N26 million from the $2.1 billion Arms Procurement Fund over which former National Security Adviser, Sambo Dasuki, among other chieftains of the opposition Peoples Democratic Party, PDP, are being tried. The arms intended to be purchased with the fund were to be used to fight Boko Haram insurgents that have ravaged the nation’s north-east states of
Yobe, Borno and Adamawa. Fani-Kayode pleaded not guilty to the five-count charge preferred against him when he was arraigned by the anti-graft agency. He is standing trial for charges bordering on corruption, criminal breach of trust and diversion of funds. The alleged offences are punishable under the Money Laundering Prohibition Act (2011) as amended in 2012. Fani-Kayode was apprehended by the EFCC on Friday, October 21 while leaving the Federal High Court premises in Lagos States. Trial judge, John Tsoho, granted him N50 million bail-bond last Wednesday when he was arraigned, after spending days in the EFCC custody. The court also directed him to produce a surety, who must be a senior civil servant that has a landed property in Abuja worth N50 million. He was to be remanded at the Kuje Prisons pending when he would meet his bail conditions. Kayode, who has been vindicated by the nation’s court on similar charges, is also trying trial in different courts in the country for other charges.