Newspaper of the Year
•Jega, six national commissioners to retire on Tuesday P7 •I got no money, says Fayose as APC insists on N22b refund P8 •Lagos assures residents of security after bank robbery P56 •Judge to rule July 1 on Kashamu’s extradition case P5 •Nigeria’s widest circulating newspaper
VOL. 10, NO. 3257 FRIDAY, JUNE 26, 2015
Buhari for talks with Obama NEWS
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•INSIDE: PRESIDENT APPOINTS AGF P58 SEC SUMMONS BROKERS’ CHIEF OVER N16B P11
Dollar scarcity hits banks •Bank MDs lament as CBN struggles
B
ANKS are under pressure to meet customers’ foreign exchange (forex) demand amid scarcity of the dollar in the financial services sector. This was the position of top bank executives who spoke yesterday at the “CEOS Roundtable: Banking & Oil Industries” organised by Bloomberg in Lagos. The Group Managing Director/CEO, FirstBank of Nigeria Limited, Bisi Onasanya, said forex scarcity was making it difficult for lenders to immediately meet the demands of im-
By Collins Nweze, Snr. Finance Correspondent
porters requiring the greenback for transactions. Manufacturers are unable to fund the importation of their raw materials because of the scarcity of dollars. “Banks are not getting forex. Forex is drying up from the market. I sympathise with the CBN at this time and we cannot keep supporting the naira at this rate,” Onasanya said. Onasanya said many manufacturers had huge cash, but no forex to buy. He attributed the scarcity to the go down in oil revenues, which is ex-
•From left: Iain Pitt, co-founder and CEO Oil & Gas Council; Adewale Tinubu, Group Chief Executive Oando PLC; and Drake Lawhead, Managing Director Oil & Gas Council, following the conferment of the “Africa Executive of The Year Award” on Mr. Tinubu at the Oil & Gas Council’s 2015 Africa Assembly Award Dinner in Paris, France... on Wednesday.
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National Assembly crisis: Buhari backs APC’s stand Party insists on its list of officers FromYusuf Alli, Abuja
T
HE President spoke yesterday on the National Assembly crisis, saying he expected the All Progressives Congress (APC) lawmakers to toe the party’s line in the election of principal officers. Senate President Bukola Saraki yesterday announced the names of principal officers and adjourned plenary till July 21. President Muhammadu Buhari said: “The party did a straw poll – an open and transparent one – which should have been respected. There is no confusion about anything. The party did a process, the President had wished that the party would take that to the very end but that didn’t happen,” presidential spokesman Garba Shehu said. “The President has a responsibility to the party; the President has a responsibility to the nation and as far as we are looking at the situation, it has not gotten out of control. It is still within manageable parameters; it is a little storm. We will overcome and Nigerians better get used to it,” he added while speaking on Channels Television. Although APC senators maintained the peace inspite of the disagreement of the Senator Ahmed LaWILL THE CHIBOK GIRLS wan‘s supporters with the
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EVER RETURN?
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•CHA OS: The rowdy session at the House of Reps...yesterday. A member (right) whose dress was torn during the •CHAOS: fracas...yesterday. STORY ON PAGE 4 PHOTOS: ABAYOMI FAYESE
•BRAND P13 •AGRIC P16 •POLITICS P17 •SPORTS P23 •CITYBEATS P56 •FOREIGN P60