CBN Investigates More Companies over Suspected FX Infractions Stallion Nigeria, Interswitch, Flour Mills, Promasidor Nigeria affected Obinna Chima In order to ensure that the country's forex resources are prudently managed and used for the importation of priority goods, the Central Bank of
Nigeria (CBN) has further beamed its searchlight on more bank customers and unauthorised FX dealers. An anonymous source in one of the Deposit Money Banks (DMB) at the
weekend told THISDAY that CBN has requested for all accounts (both Naira and foreign currency) of over 100 suspected companies, who specialise in buying forex from certain unauthorised sources
without passing through the legitimate sources, thereby avoiding documentation and overheating the exchange rates. CBN, he added, is also investigating the avenues through which
the companies source forex that they eventually sell to counterparties, who buy and repatriate the funds otherwise known as free funds. Whereas CBN recognises that certain little payments
of sums below $10,000 could be made for travels, school/ boarding fees, subscription, fees, hospital bills among others with little or no Continued on page 9
NNPC to Unveil Successful Bidders for Pipeline Rehabilitation Q1, 2021... Page 8 Monday 21 September, 2020 Vol 25. No 9296. Price: N250
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Buhari, Babangida, Tinubu, Others Mourn Idris, Emir of Zaria...Page 5
Be Magnanimous, Buhari Urges Obaseki as PDP Routs APC in Edo My victory, triumph against godfatherism, says Edo gov APC rejects election results, to decide on next step Atiku, Saraki Tambuwal, others greet gov-elect Deji Elumoye, Omololu Ogunmade in Abuja, Nseobong Okon-Ekong, Chuks Okocha and Adibe Emenyonu in Benin In an unusual move, President
Muhammadu Buhari yesterday swiftly congratulated Edo State Governor, Mr. Godwin Obaseki, who posted a resounding victory in last Saturday’s governorship election, trashing his main
WINNERS
challenger, Pastor Osagie IzeIyamu of the All Progressives Congress (APC). For Obaseki’s party, the Peoples Democratic Party (PDP), it was a spectacular rebound under its fire-spitting
National Chairman, Prince Uche Secondus, reclaiming a state it lost in 2012. The outcome of the contest left APC, the ruling party at the centre, dumb-founded as PDP routed it in 13 of the 18
local government areas of the South-south state, returning the oil-rich region to its firm grip. With the emphatic victory, PDP now controls the entire South-south states, including
Akwa Ibom, Bayelsa, Cross River, Edo, Delta, and Rivers. Obaseki was declared winner in the keenly contested election by the Chief Returning Continued on page 9
LOSERS
Obaseki
Secondus
Ize-Iyamu
Oshiomhole
Adamu
Yakubu
Tinubu
Mala-Buni
See Winners and Losers stories on pages 17-19