Let me confess that the label of being a vintage Onitsha-based trader does not in any way confer on me the status of an economic expert. With my vast trading knowledge and my involvement in the real sector,

I am of the strong opinion that the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5% and the Cash Reserve Ratio, CRR, to 45% will further worsen the economic situation of most Nigerian households as it is bound to cause more job losses in the productive sector, especially manufacturing and other sectors that rely on bank loans and credit facilities for their funding needs.

Tightening liquidity in the financial system does not improve productivity, ie food production, which is the major cause of inflation in Nigeria. Moreover, only about 12% of N3.6 trillion of the total money in circulation is in the banking system which means that 88%, about N3.2 trillion is outside the banking system.

So, this measure would rather be counterproductive as it would not address the intended purpose of managing the money supply. These new measures will worsen the fragile economy as the supply of funds would dry up for the real sector, and

the new MPR rate hike will push the interest rate on loans to above 30%, which would be very difficult for the real sector operators especially manufacturers and SMEs to repay; resulting, obviously, in increased bad loans, and worsening the nation's economic situation.

The most critical way to manage our high rate of inflation and decline in production is for the government to address the issue of insecurity in the country, which will allow for increased food, and crude oil production, and an overall increase in production,

which will make products, especially food, cheaper. This way we would increase our productivity as well as restore the confidence of FDIs and FPIs to come back to the country.

I must caution that what the Nigerian economy needs now is hard headed practical originality and results. Tinkering with classical economic theories can only deepen our crisis. -PO

Ghana’s parliament on Wednesday unanimously passed a controversial anti-homosexuality bill that has drawn international condemnation.

“After three long years, we have finally passed the Human Sexual Rights and Family Values Act,” said Sam George, one of the main sponsors of the bill on social media.

The bill, which was introduced in the parliament in 2021, not only criminalizes LGBTQ relationships, but also those who support LGBTQ rights.

African countries still widely criminalize same-sex activity, mostly because of colonial era laws. But a raft of recent bills and proposed laws across Africa have looked to clarify and, in some cases, strengthen those laws.

A recent CNN investigation uncovered alleged links between a US nonprofit and the drafting of the homophobic laws. The group denied those links.

The bill in Ghana still needs to be signed off by the country’s president before it becomes law.

The United Nations human rights chief Volker Türk called parliament’s passing of the bill “profoundly disturbing” and urged the government not to sign it into law.

“The bill broadens the scope of criminal sanctions against lesbian, gay, bisexual, transgender, transexual and queer people – simply for being who they are – and threatens criminal penalties against perceived allies of LGBTQ+ people,” he said.

Responding to the passing of the bill, UNAIDS Executive Director Winnie Byanyima warned that if the bill did become a law it would “affect everyone” and hamper the country’s fight against HIV and AIDS.

“Approaches rooted in inclusion of all people have been crucial to Ghana’s progress in the HIV response,” Byanyima said in a statement.

“To achieve the goal of ending AIDS as a public health threat by 2030, it is vital to ensure that everyone has equal access to essential services without fear, stigma or discrimination, and that providers of life-saving HIV prevention, testing, treatment and care services are supported in their work,” she said.

Byanyima warned if the bill becomes law, “it will negatively impact on free speech, freedom of movement and freedom of association” and “obstruct access to life-saving services, undercut social protection, and jeopardize Ghana’s development success.

“Evidence shows that punitive laws like this bill are a barrier to ending AIDS, and ultimately undermine everyone’s health.”

Amid President Bola Tinubu’s government’s clampdown on cryptocurrency to save the battered naira, the world’s biggest cryptocurrency trading platform, Binance, has disabled its peer-to-peer function for Nigerian users.

Peer-to-peer function, popularly known as P2P, allows users, buyers and sellers to trade without third-party interference.

It allowed Nigerian users to trade when former President Muhammadu Buhari banned cryptocurrency in 2021.

With the disabling of the P2P function for Nigerian users, Nigerians might no longer trade on Binance.

People Gazette also noticed that the Nigerian currency was unavailable on Binance on Wednesday.

These follow Olayemi Cardoso, Central Bank of Nigeria governor, saying over $26 billion passed through Binance in the past year on Tuesday at the Monetary Policy Committee (MPC) meeting in Abuja.

Last week, Binance confirmed it was working with Tinubu-led to block dollar-naira trading on the platform.

The cryptocurrency platform also confirmed that its website had been blocked, noting that its app was still functioning for users to access the platform.

In the past week, federal authorities clamped down on cryptocurrency platforms while raiding bureaux de change nationwide to stabilise the free-falling naira.

Competition has commenced on Lagos-London route as Nigeria’s largest carrier, Air Peace pegs it’s economy class ticket at N1.2million, thereby slashing fares by 66 percent on the route.

BusinessDay’s checks show that foreign airlines charge an average of N3.5 million for economy class tickets from Lagos to London. This indicates that with Air Peace’s 1.2 million economy class ticket, the airline has slashed ticket price by about 66 percent.

British Airways which had an exclusive advantage of operating direct flight from Lagos to London now has Air Peace to contend with as Air Peace also has the same advantage as Air Peace would operate flight from Lagos to Gatwick London.

Air Peace went live on Wednesday with its flight schedules for its London service billed to commence on March 30, 2024.

According to the airline, a return economy class ticket goes for 1,200,000 naira while a Return Business Class Ticket sells for 4,000,000 naira, adding that Nigerians studying in the UK can now access their special 15 percent rebate on the already reduced economy fares.

It can be recalled that the airline had announced a special fare for Nigerian students in the UK when it hosted travel agents in Lagos last week preparatory to the launch of the London route.

British Airways Economy class return ticket from Lagos to London cost $2,698 which amounts to about N4.7 million, using the N1778 to a dollar International Air Transport Association (IATA) rate on the airline ticketing platform. British Airways Business class cost $8,598 which amounts to about N15.2million.

For Virgin Atlantic, Economy classic cost $1,745 which amounts to N3.1million, Economy delight cost $1,797 which amounts to almost N3.2million, Economy Premium cost $3,442 which amounts to N6.1 million.
Business class on Virgin Atlantic cost $7578, which amounts to about N13.5million.

Return tickets on Qatar Airways for
Economy Class tickets costs between ( $973 to $2,095 which amounts to between N1.7m and N3.2m depending on the ticket class.

Business class ticket on Qatar Airways cost between $3,826, and $4,757, which amounts to between N6.8m and N8.4million.

Ndukwe Ginika Ogechi, CEO Geena Travels And Tours Ltd told BusinessDay that Air Peace’s fares are good compared to other airlines, adding that she envisages intense competition on the route soon.

“My clients are already excited, although they expected the fares to be cheaper since Air Peace is a Nigerian carrier and the foreign exchange pressure is not so much on them. However, IATA’s exchange rate on the platform as at Wednesday is N1,778 to a dollar, which is really high. This exchange rate will continue to be a key consideration when airlines fix prices,” Ogechi said.

She said on Monday, the exchange rate on the IATA platform was N1,805. This also pushed ticket prices up on Monday.

John Ojikutu, industry expert and the CEO of Centurion Aviation Security and Safety Consult, Nigeria said “competition has started, I hope, with the foreign airlines and their multiple frequencies and destinations in our country can gradually get reduced.

“This is the beginning of the competition for scrapping the exploitation of the foreign airlines on the Bilateral Air Service Agreement (BASA) routes. We hope those in the administration of our government and the management of the agencies will give the necessary support to Air Peace?,” Ojikutu said.

Air fares in the last two years has risen by over 400 percent as a result of accumulating trapped funds of foreign airlines in Nigeria caused by the foreign exchange rate.

The CBN has directed banks to remove the cap on the investors and exporters’ (I&E) window of the fore market to allow for the free float of naira exchange rate.

Last year, Nigeria officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy.

Recalled that since two years now, airlines blocked low ticket inventories, leaving high inventories to be sold in naira only while the low ticket inventories on most airlines’ websites can only be bought with dollar cards only. This was in a bid to cushion the effect of their trapped funds in Nigeria.

Bankole Bernard, chairman of Airlines and Passengers’ Joint Committee (APJC) of the International Air Transport Association (IATA) said Air Peace London flight is a welcome idea, especially as Nigeria would now have its own carrier creating balance of trade which is not tilted to one side.

“There will be a bit of balance. Air Peace has been given a daily slot to Gatwick which amounts to seven frequencies, compared to 21 frequencies that the legacy airlines have; 14 in Lagos and seven in Abuja. To an extend, we have something that will balance it up.

“Air Peace is not going to be faced with challenges of foreign exchange because the fares will be in naira. It is a welcome idea for travel agents and Nigeria as a whole. We appeal to Air Peace to try it’s best to sustain the London route. We are willing to give them all the support to ensure this is successful. With Air Peace, travel agents envisage a 50 percent fare reduction,” Bernard said.

Oluwatoyin Olajide, chief operating officer, Air Peace during the launch of the Lagos-London flight with travel agents said the service will be operated with the airline’s Boeing 777 aircraft and the Boeing 787 Dreamliner aircraft, one of the most modern and efficient aircraft in the skies.

She also said the airline will be launching with special promo fares and attractive plans for agents.

“Operating daily, this service will also offer several other benefits which give Air Peace an edge over the competition. It’s a direct flight without stop-overs and offers unbeatable fares. The specifics of these offers and other Unique Selling Points will be presented as this engagement progresses.

London will be the Air Peace’s 7th international destination since kicking off operations less than 10 years ago.

Air Peace currently leads Nigeria’s aviation industry with a rapidly expanding network of 21 domestic routes, 10 regional routes and 6 international destinations with a growing modern fleet of over 30 aircraft.

A handful of crypto companies in Nigeria will no longer allow users to buy the USDT and USDC stablecoins with Naira after renewed scrutiny from the Central Bank of Nigeria (CBN).

“There was a meeting of crypto founders on Tuesday morning, and a number of them agreed to suspend the trades on their platform,” a person at that meeting told TechCabal. A second crypto industry player confirmed the meeting but declined to share details.

At least two crypto exchanges have told their Nigerian customers about the new development.

“We are suspending the buying and selling of USDT and USDC for Naira. This means you can’t buy or sell USDT or USDC with Naira,” said a notification sent by one exchange to customers.

Crypto exchanges in crosshairs as CBN talks tough

Binance and other exchanges have found themselves in regulatory crosshairs as regulators believe that crypto platforms encourage speculators to manipulate exchange rates. This week, users could not access the websites of crypto exchanges like Coinbase, Quidax, and Binance.

Increased volatility in Nigeria’s FX markets has triggered several policy actions, and on Tuesday afternoon, Olayemi Cardoso, the Central Bank governor, claimed “$26 billion has passed through Binance Nigeria from sources and users we cannot identify.”

An autonomous group, the Digital Currency Coalition, also claimed in a presentation seen by TechCabal that speculative trading on the Binance peer to peer offering significantly contributed to the “113.1% devaluation of the naira against USDT” since February 2023. It is unclear how the Coalition arrived at its numbers.

Unconfirmed reports claimed two executives at a crypto company were arrested on Tuesday in a move to force the company to share its KYC data.

Zakari Mijinyawa, a special adviser to Nigeria’s National Security Adviser, Malam Nuhu Ribadu, said he was unaware of any arrests and suggested that law enforcement agencies may have done them.

Crypto exchanges are treading cautiously, three people who work in the industry told TechCabal.

“The office asked us not to wear Binance t-shirts and caps and to not attend Binance-related events for now,” a Binance employee who asked not to be named told TechCabal, describing uncertainty and fear similar to last year when the Securities Exchange Commission announced that Binance was operating illegally in the country.

At least five leading leaders in the crypto space declined to comment on this story, citing regulatory fears.

“It is exactly as it was during the EndSARS protests in 2020,” an early-stage crypto investor in the country told TechCabal, adding that he has received warnings from peers to avoid attracting attention from law enforcement.

Suspected electricity vandals have intensified their assault on the nation's capital city, Abuja following reported the bombing of the Transmission Company of Nigeria (TCN) Tower 70, along the 330KV Gwagwalada -Katampe transmission line in the Federal Capital Territory.

The horrific incident has reduced bulk power supply flexibility and the volume of power into Abuja by 250MW, according to TCN's spokesperson, Ndidi Mbah.

Ndidi said the incident occurred at about 11.32pm on 26th February which forced the company to deploy a patrol team after an attempt at reclosure of power trip at the Gwagwalada Substation failed.

She said the tower is presently standing precariously with support of conductors.

"The sad incident occurred on the 26th of February, 2024, at about 11.32 pm. At the said time, the Gwagwalada - Katampe Transmission line tripped at Gwagwalada Transmission Substation and trial reclosure by TCN Operators failed, necessitating a physical patrol of the line.

"The TCN lines and patrol team discovered that the four (4) tower footings of Tower 70 were bombed, destroying the tower legs and causing the tower to stand on the ground, supported by conductors."

Mbah disclosed that the company had mobilised to the location for emergency repairs while calling for vigilance on the part of citizens .

"Meanwhile, TCN has mobilised to the site of the incident and has commenced an emergency repair of the damaged tower and its associated equipment.

"We reiterate the need for vigilance in the fight against vandalism of power equipment. It is important that we report suspicious movements around all power equipment to security operatives or to the nearest TCN offices nationwide."

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says himself and his team are not responsible for the current economic woes in the country.

This was made known by Cardoso while answering questions from journalists at the Monetary Policy Committee (MPC) meeting of the apex bank, on Tuesday, February 27, 2024, in Abuja, the first since he assumed office in September 2023.

Cardoso, however, said the CBN is taking the necessary steps to get the country’s fiscal and monetary health back to normal.

He said the current management of the CBN assumed responsibility at a time of crisis of confidence, adding that efforts being made to redress this are beginning to yield results.

We need to do the difficult thing to make things better

While responding to a question that the CBN was responsible for the current economic challenges faced by Nigerians, Cardoso said,

“I laugh at that question but it’s not a laughing matter,” Cardoso retorted. “And I think it is very important for Nigerians to understand that the Central Bank Governor — I and my team — are not responsible for the woes that we have today; we are part of the solution.

“We are determined to ensure that we work hard to get out of the mess that Nigeria is in. We assumed responsibility in a time of crisis of confidence; there was a crisis of confidence and you may all want to go to bed and wish that crisis of confidence was not there but it was, and we can’t turn back the clock.

“All we can do is do the difficult things to make a bad situation better and I do believe that the efforts that we are making are beginning to bring back confidence because to be frank, without confidence in your business, you are not going to get far.”

What you should know

Nairametrics had earlier reported that the CBN had raised the monetary policy rate (MPR) by 400 basis points to a record 22.75%.
This is the highest level we have seen the MPR topping 18.75% which had remained since the last MPC meeting on the 24th and 25th of July 2023.

The apex bank also increased the Cash Reserve Ratio to 45% and maintained the liquidity ratio at 30%. The Asymmetric Corridor was also raised to +200/-700.

The CBN Governor had said with inflation rate at 29.90%, he said the new MPR is part of moves to tackle the country’s inflation.

What Does a 188MW Geometric Power Plant Mean for Residents of Aba?

Here are my immediate thoughts on this very important milestone in the future of the power sector in Nigeria.

The power arrangement is an Embedded Power where power is generated close to the point of consumption, typically within an industrial or commercial facility or a specific geographic area.

In the case of Geometric Power Aba Ltd (GPAL) In the case of GPAL, it means that the power plant is located near Aba, where the electricity demand exists, rather than being part of a large centralized grid.

Power will thus be ring fenced to the 9 local government that will be impacted giving them 24/7 power.

For context of the size is 188MW, Lagos State generates around 800-1000MW monthly, even though demand is thought to be in the region of 2000MW.

Abia State, which falls under Enugu Disco, accounts for just 11.8% of the power on the grid.

So, assuming a total generation of 4000MW, it receives only 472MW, shared among all the states including Abia.

To grasp the magnitude of this development, a 188MW power plant operating 24/7 should generate approximately 135,360,000 kWh of electricity per month assuming operating at full capacity (not always the case).

Assuming an average consumption of roughly 500 kWh per household, this capacity could potentially impact around 270,720 households.

To deliver this power to the residents of Aba, several steps need to be taken. Firstly, the gas contract between Geometric and its gas suppliers needs to be airtight.

Without gas, the plant will be underutilized. They claim to have constructed a 27km natural gas pipeline to the location in Osisioma.

There will also be a Power Purchase Agreement (PPA) signed between Geometric, APLE (the local distributor), and the end-user customers.

These contracts will need to be enforceable. From what we gather, power will be sold to industrial customers first, and then to residents, possibly those living around the clusters.

Geometric also plans to sell power to the national grid. Aba is said to need around 100MW, while the rest will be sold to the grid. This sale will also require a contract to be signed between parties on the grid side. I suspect Enugu Disco and even PH will be off takers. Transmission and the gas companies will also be likely parties. TBH, GPAL will need grid off take as that helps with capacity utilization, a key component of tariff economics. If they don’t, it could impact cost and even service down the line. Good enough, there is demand downstream

One issue that will need to be resolved is the legacy debts owed to the Discos by the customers. It's either these debts will be written off forever, or the Disco and the customers will figure out a way to resolve them.

In terms of tariffs, it appears they will be implementing a cost-reflective tariff, which may not align with the current tariffs being charged under the national service-based tariff. I haven’t seen the details yet, but I suspect it could be higher. NERC will likely need to approve it.

There is an also the issue of redundancy that may have been created for legacy power assets in these communities. For example, transformers, 415 lines, distribution lines, meters etc. I suspect distribution use of service contracts may have been signed with the local disco. If that’s the case then customer should be slightly wary.

Will there be 24-hour power? I believe this could be the case, assuming the contracts are airtight and the usual challenges in Nigeria do not interfere.

Key issues to note are gas supply, maintenance contracts, tariffs, energy losses, and service levels. If there are any issues in any of these layers, the system could fail at some point.

For now, congratulations to the people of Aba and Abia State at large. This could be a major game changer not just for their local economy but for the country in general.

Finally, stakeholders in the industry, particularly those with a long-standing presence, will be closely monitoring how this unfolds. If the contracts are robust and service delivery is exceptional, it could serve as a model for others to emulate.

This development has the potential to disrupt the entire sector. As is typical with disruptions, there will be both gleeful winners and sore losers.

This is merely the beginning.

In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators, THISDAY has gathered.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

DHQ REFUTES ALLEGATION OF GUARDS BRIGADE PLACED ON HIGH ALERT OVER SUSPICION OF COUP PLOT IN NIGERIA

The attention of the Defence Headquarters
@DefenceInfoNG has been drawn to a malicious and unfounded article published online by SaharaReporters on 25 February 2024 claiming that the Guards Brigade has been put on high alert following unusual movements, leading to suspicion of a coup plot in Nigeria. The publication also asserted amongst other things that the suspicion prompted emergency meeting involving President Bola Tinubu, the Chief of Staff to the President and Commander of the Guards Brigade.

The Defence Headquarters wishes to categorically state that the allegation is totally false. For the avoidance of doubt, the Guards Brigade has been statutorily assigned the responsibility of protecting the seat of power (The Presidency) and by extension the Federal Capital Territory and its environs. Hence, it is to be noted that the Guards Brigade has always been on high alert in order to effectively executive its assigned tasks.

It will be recalled that the Chief of Defence Staff, General Christopher Musa OFR had in various fora reiterated the unalloyed commitment of members of the Armed Forces of Nigeria to the protection and sustenance of democracy in Nigeria. Therefore, the Defence Headquarters strongly condemn this unsubstantiated assertion which is just a figment of imagination of the publisher and enjoins members of the public to disregard it.

Furthermore, the Defence Headquarters calls on relavant security agencies to immediately take appropriate action against the Sahara Reporters for this unpatriotic action. Meanwhile, the Defence Headquarters will seek legal redress on the issue which has the ulterior motive of creating unnecessary tension in the country.

TUKUR GUSAU
Brigadier General
25 February2024
Acting Director Defence Information

EFCC officials are caught on camera assaulting ABU Zaria students at a private hostel called Greenhouse at Samaru main campus.

My friend and his neighbors were harassed and assaulted by @officialEFCC in zaria.

First of all he’s not a yahoo boy, he owns a clothing brand, earns an honest living and he’s a student. In the first video you’d see clearly he was slapped, quacked and even kicked because he asked why they wanted his phone. The EFCC also broke into apartment of people that were not home and carted away with gadgets. Our forces in Nigeria are now armed robbers with uniforms, harassing innocent civilians.

Something urgently must be done about the rogue manner of operations carried out by the EFCC, we cannot condone such inhuman conducts in the name of a raid. The officer in the first video must also be brought to book after a thorough investigation by the
@officialEFCC because the law states innocent until proven guilty.

Qatar is right in rebuffing Nigeria's plea for a business summit. It has nothing to gain discussing with our policymakers and business leaders.

It has been a fairly long descent to "big for nothing". We could start reversing it today but the political deck is wrongly staffed.

No business, investment forum with FG, Qatar Govt refutes claims

The government of Qatar has rejected President, Bola Tinubu’s request to visit the country for a business and investment meeting over legal disagreement.

The Qatari authorities in a letter sent to Nigeria’s Ministry of Foreign Affairs on Thursday, said that the Middle East country would not be able to welcome Tinubu and hold the proposed forum intended to hold on March 2 and 3.

Qatar said that the rejection of Tinubu’s request for visitation for the business and investment forum was due to the lack of a legally binding agreement between the country and Nigeria for the promotion of investment.

Qatari authorities in the letter further noted that its ministry of commerce had other commitments on the days Tinubu desired to visit.

Qatar was quoted as saying in the letter sent to Nigeria’s Ministry of Foreign Affairs on Thursday that “The Embassy has the honour to inform that the Ministry of Commerce and Industry in Qatar apologises that it will not be able to hold a Business and Investment Forum as proposed by Nigerian side.

“There is no any agreement signed between the State of Qatar and the Federal Republic of Nigeria on Investment Promotion and Protection.”

The country further stressed that its Minister of Commerce and Industry, Sheikh Mohammed bin Hamad bin Qassim al-Thani “will be carrying out official missions outside the country during the upcoming visit period” which makes him unavailable to meet with the Nigerian leader.

Qatar added that its officials would be too busy because Qatar was hosting its own “web summit” the same time Mr Tinubu planned to visit.

The letter added that “The State of Qatar will be hosting a web summit during the suggested period and the state’s authorities will be preoccupied with this event.”

The Qatari government’s failure to reschedule the business and investment forum with President Tinubu to a more convenient period, perhaps, suggested its unwillingness to enter into any economic alliance with Nigeria.

Recall that in 2023, the government of United Arab Emirates (UAE) debunked an announcement by the Special Adviser to Tinubu on Media and Publicity, Ajuri Ngelale, that a visa ban on Nigerians had been lifted after President Tinubu visited the country’s leader, Mohammed bin Zayed Al Nahyan.

Nigerian supporters club still on the road from Ivory Coast👇🏿🤣🤣🤣🤣. So These Men nor fit pay their transport from there back home. Who wan answer them as things red for Naija now.Them go wait Taya.

The Central Bank of Nigeria is considering increasing the share capital of Bureau De Change operators to N2bn and N500m for Tier 1 and Tier 2 licences.

The currency operators were previously charged N35m for a general licence.

This was contained in the draft paper of a “Revised Regulatory And Supervisory Guidelines For Bureau De Change Operations In Nigeria” published by the apex bank on Friday.

The new guidelines contain several new changes to the guidelines for BDC operations in the country and if endorsed will be effective at a date decided by the CBN.

Recently, operations of the currency operators have suffered heavy backlash following the free fall of the naira against the dollar.

Government officials have severely blamed the black market operators for this fall though liquidity remains a huge challenge.

This week, operatives of the Economic and Financial Crimes Commision arrested over 250 BDC operators in Abuja and many more in other states of the federation.

Under the minimum capital requirements, the central bank is introducing a two-tier license for BDC operators in the country.

The guidelines read, “A Tier 1 BDC is authorised to operate on a national basis can open branches and may appoint franchisees, subject to the approval of the CBN.

“A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.

“Also, a Tier 2 BDC is authorised to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”

“Under Tier 1, operators are expected to have N2bn as minimum share capital while also depositing a Mandatory Caution Deposit of N200m.

“The application and licence fee is also N1 million and N5 million respectively.

“Under Tier 2, operators are expected to have N500 million as minimum share capital while depositing a Mandatory Caution Deposit of N50 million. The application and licence fee are also N250,000 and N2 million respectively.”

The apex bank also stated that the prescribed minimum capital of BDCs and any subsequent capital injection shall be subject to verification by the CBN.

Amoo Bandele Alabi Ganiyu, a native of Kwara State, is presently the Managing Director at EcoDonini Solutions Ltd, a private practice he undertook after retiring from the CBN as the Director of Research in 2018.

EcoDonini Solutions Ltd specializes in clearing and forwarding services. His educational background includes a BSc in Economics from the University of Ibadan (1981–1984), an MSc in Banking & Finance from Bayero University Kano (1991–1993), a second MSc in Economics from the University of Abuja (2005), and a Ph.D. in Economics also from the University of Abuja (2012).

Other schools attended are Kwara State College of Technology(Now Kwara State Polytechnic), Ilorin 1978 – 1980; Saka Tinubu Memorial High School, Orile–Agege, Lagos 1973 – 1977; and Ansar-ud-Deen (Primary) School, Alakoro – Lagos1966 – 1971; and the University of Cambridge Local Examinations Syndicate.

Ganiyu began his career at the CBN in 1986 as a senior supervisor from where he rose to become the Deputy Director of Research at CBN between 2009 and 2018.

While at the CBN, he was a member of, the Micro-Finance Policy Committee (Interdepartmental Committee), CBN Research, Other Financial Institutions and Development Finance Departments; member, CBN/NBS Project Committee on Quarterly GDP and Business Conditions, amongst others.

While at the CBN, he was a member of, the Micro-Finance Policy Committee (Interdepartmental Committee), CBN Research, Other Financial Institutions and Development Finance Departments; member, CBN/NBS Project Committee on Quarterly GDP and Business Conditions, amongst others.

He has also been an Editor, of CBN Bullion Journal since 2019 -till date.

Ganiyu has also contributed to academia, serving as an associate Lecturer at the University of Abuja on financial Management and international finance courses; and as a part-time senior lecturer at the Abuja Business School (‪2002 -2004‬).

His professional journey also includes the role of an assistant manager at Niger-Hope Enterprises Nigeria Limited in Lagos (‪1985-1986‬); and Clerk, at Union Bank of Nigeria Limited (1980).

Mustapha Akinkunmi is a seasoned economist with decades of experience in using data mining and econometrics to decipher and predict financial and economic outcomes.

For ten years, he has served as a Principal Consultant to the CBN assisting the
Deputy Governor of Economic Policy in identifying, formulating, and implementing new fiscal and monetary policies.

In 2004, he obtained a Ph.D. in Economics from Fordham University, New York, USA, building on his earlier Master’s degree (MA) in Economics from the same institution. He equally holds an MS in Computer Science and a BSc in General Studies with a concentration in Electrical Engineering, both from the New York Institute of Technology.

Currently serving as an Associate Professor at the American University of Nigeria, Yola, within the School of Business and Entrepreneurship, Akinkunmi concurrently holds the position of Senior Research Associate at the Centre for International Policy Studies, Fordham University, Bronx, NYC, since 2017.

Akinkunmi’s diverse professional journey includes his recent role as the Executive Vice Chairman of Funds & Electronics Transfer Solutions Limited (fets) from 2019 to 2023.
He was the Commissioner of Finance, the Lagos Ministry of Finance (2015 – 2016).

He is a member of the board of Allied Foods (Franchisee of Burger King in Nigeria), and Non-Executive Director; Wow Creamery (Subsidiary of Ice berry), as Non-Executive Director; Moody’s Group / GCR Credit Rating, as Non-Executive Director, December; and Macrothink Institute as a member.

Akinkunmi’s involvement extends beyond academia and finance; he serves on the boards of Allied Foods (Franchisee of Burger King in Nigeria), Wow Creamery (Subsidiary of Ice berry), Moody’s Group / GCR Credit Rating, and Macrothink Institute in various non-executive capacities.

Aku Pauline Odinkemelu is a Non-Executive Director, Board Member, and Audit & Finance Committee Chair with about fifteen years of board-level experience and particular expertise in the Banking, Insurance, Oil & Gas, and Education sectors.

Trained as a lawyer, she currently serves as an Independent Non-Executive Director and Chair of the board Finance, Risk and Audit Committee, Nord Oil APS & Energy Services Group. She is also an Independent Non-Executive Director at Klasha Technologies Inc. – Lagos and San Francisco-based tech startup company that builds multiple cross-border e-commerce solutions for Africa. She is a member of the Pioneer Board of Trustees, at Spiritan University Nneochi.

Between 2015 and 2019, she served as a board member of, the Audit & Risk Committee, Nigerian Interbank Settlement System, and board member, the Credit and Risk Committee
Guaranty Trust Assurance Plc (Now AXA Mansard) between 2009 and 2011.
From October 2022 to January 2024, she served as Non-Executive Director and Chair of the Board Credit Committee, Polaris Bank Limited.

A seasoned banker, Odinkemelu served as the Executive Director, South Directorate, Fidelity Bank Plc (2014–2020); General Manager and Divisional Head at Guaranty Trust Bank Plc (2004–2014) and Deputy General Manager at Access Bank Plc (2000–2004).

She holds an LL.B. Hons from the University of Nigeria (1986). Additionally, she has a Dual Executive MBA, from IMD Business School, Switzerland, and CKGSB, China, and completed the Advanced Management Program (AMP174) at Harvard Business School.

Aloysius Uche Ordu currently serves as the Senior Fellow & Director, the Africa Growth Initiative at The Brookings Institution. He began his career as an Economist at The Economist Intelligence Unit (The EIU) in 1983 where he worked until joining Midland Bank Ltd as an International Economist. By 1988, he joined the World Bank as a Manager until 2007. Following that, Ordu worked at the African Development Bank Group as Vice President from 2007 to 2011, later returned to the World Bank, but this time as a director between 2011 and 2014. In 2015, he became the Managing Partner of Omapu Associates LLC, where he worked until 2020.

Ordu attended the University of Wales in 1976, where he pursued a Bachelor of Science (BSc) degree in Economics and Law. He later went on to obtain a Master of Science (MSc) degree in Quantitative Economics by 1981.

Building on his knowledge and qualifications, Ordu then pursued a Ph.D. (Economics) at the University of Sussex from 1981 to 1990.

In addition to his academic achievements, Ordu obtained a certification in the Corporate Finance Leadership Program from the prestigious Harvard Business School in July 2000.

Born on October 10, 1968, Murtala Sabo Sagagi, a Professor and board director at the CBN hails from Kano State.

He holds a B.Sc in Business Administration and a Master’s degree in Business Administration (MBA), all obtained from Bayero University, Kano, in 1990 and 1996 respectively. He equally holds a a PhD in Strategic Management from Usmanu Danfodio University, Sokoto which he obtained in 2006, as well as Graduate Research in (International Business & Global Economics) from Brandeis University, Boston (2004/2005).

Earlier, Sagagi served as the Adviser for Sustainable Inclusive Economic Growth at FSSP/Global Affairs Canada between 2021 and 2023. He was also a Special Assistant to the Minister of Agriculture (‪2019 – 2020‬); Senior Policy Adviser of the ministry in 2020; and Secretary Ministerial Advisory Board (‪2019 – 2020‬). From 2019 to 2022, he assisted the Policy Development Team of the Federal Ministry of Agriculture and Rural Development which produced the current National Agricultural Technology and Innovation Plan (NATIP). He was a member, of the Steering Committee on National Agricultural Mechanisation (2019 – 2020); and an Adviser, in Investment Promotion and Investment Climate (‪2007-2018‬).

Sagagi was the Pioneer Dean of the Dangote Business School at Bayero University (‪2014-2019‬).

He also served as the Director of the Centre for African Entrepreneurship Research and Training (2011 – 2014) and editor-in-chief of the Journal of African Entrepreneurship Research (‪2015 – 2018‬), and led the design of the National Entrepreneurship Education curriculum and the creation of Centre for African Entrepreneurship Research and Training to support youth employability and enterprise development, among other engagements.

Serving as Chairman of the Kano State Institute for Entrepreneurship Development (‪2011 – 2013‬), Sagagi showcased his commitment to education and entrepreneurship. In the course of his career, he provided professional services to the World Bank, IFAD, British Council, DFID/FCDO, and GIZ, among others in the field of Inclusive Economic Growth, Foreign Direct Investments, Employment, Women Empowerment, and Private Sector Development.

Lydia Shehu Jafiya, mni was born on 30th July 1967 in Gulak, Madagali Local Government Area of Adamawa State. She attended Central Primary School, Gulak from 1974 to 1980 and Federal Government College, Jos, 1980 to 1985.

She then proceeded to Ahmadu Bello University (ABU), Zaria, where she obtained a B.Sc. Business Administration (specialising in Banking and Finance) and Master of Business Administration (MBA) in 1989 and 1994 respectively.

Lydia Shehu Jafiya is the permanent secretary of the Federal Ministry of Finance, an office she assumed in January 2024. Born in 1967 in Gulak, Madagali Local Government Area of Adamawa State, she holds a B.Sc. Business Administration (specialising in Banking and Finance) from Ahmadu Bello University (ABU), Zaria, and Master of Business Administration (MBA) from same university.

Jafiya joined the Federal Civil Service as Finance Officer II in 1990 under the pool of the Office of Accountant-General of the Federation (OAGF) and was deployed to Federal Ministry of Works and Housing. She served in various capacities among which were: Assistant Director (Accounts) in The Presidency (OSSAP-MDGs); Deputy Director,(Budget) at the Ministry of Foreign Affairs; Director,(Finance and Accounts) at the Pensions Transitional Arrangement Directorate (PTAD), and was appointed Permanent Secretary, Federal Ministry of Information and Culture in August, 2022.

Jafiya is an Alumnus of the prestigious National Institute for Policy and Strategic Studies (NIPSS), Kuru, an Associate of The Institute of Chartered Accountants of Nigeria (ICAN), and a Fellow, Certified National Accountants of Nigeria (FCNA); among others. She has attended several courses, both locally and internationally. Mrs. Jafiya is married with children. Her hobbies include reading, travelling, listening to the radio, and mentoring young people.

Lamido Abubakar Yuguda, the Director General of the Securities & Exchange Commission (SEC) Nigeria, has over 3 decades of experience in Banking, Accounting, Finance, Economics and Investment Management.

He spent 32 years at the Central Bank of Nigeria (CBN) in various roles. For 16 of these years, he led the team that successfully managed reserve assets that grew to billions of US dollars. In 1997, he joined the International Monetary Fund (IMF) Washington DC, on a four-year stint as an economist in the Africa Department where he worked on the assessment of economic policies and management of balance of payment support programmes in IMF member countries. He served in several departments of the CBN, and retired in 2016 as Director of Reserve Management.

Mr. Yuguda holds a B.Sc. degree in Accounting in 1983 from Ahmadu Bello University, Zaria, Nigeria and an M.Sc. in Money, Banking and Finance in 1991 from the University of Birmingham, United Kingdom. He also holds a Certificate in Financial Asset Management and Engineering from the Swiss Finance Institute, Geneva and a Certificate in Investment Performance Management from the CFA Institute. He is a holder of the CFA charter, and Fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Bankers of Nigeria (CIBN).

He has attended leadership training programmes at leading business schools including Harvard, INSEAD, IMD, Oxford Saïd, Wharton, Haas, Kellogg, Chicago Booth and London.

Mr. Yuguda has served as Non-Executive Director on the Boards of Africa Finance Corporation (AFC), National Pension Commission (PENCOM) and Asset Management Corporation of Nigeria (AMCON).

Philip Ikeazor, a banker and chartered accountant with a stint in the manufacturing industry, assumed duty as a Deputy Governor at the Central Bank of Nigeria on October 5, 2023.

Before he joined the Bank, he was a Director at the Tideway Advisory and Greenwich Merchant Bank Limited.

Ikeazor’s banking career spans over 33 years, during which he has held various positions such as the Managing Director/CEO of Keystone Bank Limited; Managing Director/CEO, Ecobank Kenya Limited; Executive Director, Union Bank Nigeria Plc; Director, Union Bank, United Kingdom; and Director Orient Bank, Uganda.

He also served at the United Bank for Africa Plc, as the General Manager, in charge of Corporate Investment Banking and the Director of Wholesale Banking at various times.

Mr. Ikeazor holds a degree in Economics from the University of Buckingham, United Kingdom. He is also an alumnus of the Wharton CEIBS-IESE Business School Global CEO programme and has attended various executive programmes at the Harvard Business School, Wharton Business School, and the Henley Business School, among others.

He is a Fellow of the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Bankers of Nigeria and the Chartered Institute of Taxation of Nigeria.

Emem Usoro is a Deputy Governor at Central Bank of Nigeria.

As the Deputy Governor in charge of Operations at the Central Bank of Nigeria (CBN), Emem Usoro oversees banking operations, branch operations, currency operations, currency operations, information technology, and reserve management.

Before her appointment at the CBN, Emem was Executive Director of Nigeria North Bank at the United Bank for Africa, with over 23 years of experience as a retail, commercial, public sector, and corporate banking expert.

She is a fellow of the Chartered Institute of Bankers of Nigeria (CIBN) with solid capabilities in business development, financial and business advisory, strategic planning and execution.

Emem’s passion for banking and finance fueled the attainment of several academic and professional qualifications over the years. She holds an MBA from the Obafemi Awolowo University and has attended several international courses on leadership, marketing, and management from the Lagos Business School and Harvard Business School.

Emem Nnana Usoro, a seasoned banker with over two decades of experience, assumed the position of Deputy Governor of the Central Bank of Nigeria on October 5, 2023.

Prior to this, she was an Executive Director, North Bank, in the United Bank for Africa (UBA). She was a member of the Board of Directors, collectively responsible for Northern Nigeria, supervising and ensuring market leadership. She championed developing and implementing sales strategies and executive management initiatives in seven regional banks and 151 branches across the Northern directorate.

Preceding this appointment, Ms. Usoro served as a regional executive at Bank PHB Plc (now Keystone Bank), in charge of developing commercial businesses and achieving sustainable growth in revenues, customer base and profitability for the region. Subsequently, she became the regional director for the Lagos Island region, overseeing 32 branches, responsible for developing, planning and implementing strategies whilst maintaining a strong focus on operational excellence.

Usoro obtained a Bachelor of Science (B.Sc.) in Biochemistry from the University of Uyo, Akwa Ibom State, in 1995 and a Masters in Business Administration (MBA) from Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria, in 2000. She is an alumnus of both the Harvard Business School and Lagos Business School, a Fellow of the Chartered Institute of Bankers of Nigeria (CIBN), and has attended several other international professional courses on Leadership, Corporate Credit, Marketing and Negotiation skills.

Dr. Bala M. Bello assumed office as a Deputy Governor at the Central Bank of Nigeria (CBN) on October 5, 2023.

Before his appointment at the CBN, Bala was the Executive Director (Corporate Services) of Nigerian Export - Import Bank, as appointed by the President of the Federal Republic of Nigeria on 20th April, 2017.

Bala M. Bello has successfully completed the High Potential Leadership Program (HPLP) at Harvard Business School, Boston, Massachusetts and Executive Development Program (EDP) at Wharton Business School, Philadelphia, Pennsylvania both in the United States of America. In addition to a certificate in Operations Leadership from the prestigious Richard Ivey School of Business, University of Western Ontario, Canada, as well as Portfolio Management Academy Certificate, New York Institute of Finance, he holds a Bachelor of Science Degree in Accounting and an MBA from The Ahmadu Bello University, Zaria.

A certified strategic management performance system professional by LBL Strategies / George Washington University Center for Excellence in Public Leadership, Bala holds a Stanford Graduate School of Management Certificate in Leading Change and Organizational Renewal (LCOR). He commenced his banking career with Guaranty Trust Bank Plc and later joined the Securities and Exchange Commission (SEC) as a Financial Analyst. He was commended several times by both SEC and CBN Training School for outstanding performance. He was a member of the SEC Committee that reviewed the Investments and Securities Act between 2002 and 2003 from where he joined Sigma Pensions Ltd in 2005 as the pioneer Head of Research & Strategy and later Head, Investment and Treasury Department.

He was appointed the first indigenous Executive Director/Chief Operating Officer of Sigma Pensions in January 2011 and Executive Director (Operations) from January 2013 to December 2014. In this capacity, he had direct administrative oversight and managerial responsibility of over $1.5 billion of pension funds/assets under management (A-U-M), Budget preparations and other financial activities of the Company.

A Fellow Chartered Certified Forensic Accountant/Auditor (FCCrFA), Bala is an honorary senior member of the Chartered Institute of Bankers of Nigeria, a fellow of the Institute of Credit Administration, a member of the Institute of Directors, the Certified Pension Institute of Nigeria, and Nigerian Institute of Management. He has successfully completed the Bank Examiners Course (BEC) organised by the Central Bank of Nigeria. While at Guaranty Trust Bank Training School, he was the overall best participant in Economics. He also won The Okonjo Iweala Award as the Best Treasurer in FHDL Bond Simulation and Fixed Income Training, Lagos in 2006. He was also conferred with Doctor of Business Administration (Honoris Causa) by CommonWealth University in conjunction with London Graduate School and Doctor of Philosophy (Honoris Causa) in Leadership and Management by ESAE University, Republic of Benin.

Bala was recently awarded the Ambassador for Peace by the Universal Peace Federation / International Federation for world Peace (UPF / IFWP), a global award for those individuals whose lives exemplify the ideal of living for the sake of others.

An expert in CandleSticks (Technical Analysis), he has attended several courses on Investment Management, Wealth Creation, Portfolio Construction, Strategic Management Systems, Technical Analysis, and Financial Sector Surveillance both locally and overseas. He holds a certificate from Beafort Institute (Sandton, South Africa), Share Direct (Midrand, South Africa), West African Capital Market Institute (Accra), EITC Leadership Initiatives (Ontario, Canada) and European Management Development Institute (EMADIN - Brussels, Belgium) among others.

With over 21 years meritorious service (the last 10 years at Executive level) in the financial services sector spanning through Banking, Capital Market, Development Finance and Pensions Funds management, Bala co-founded Marine Capital Limited, a private sector driven project finance, real estate development and strategic business advisory firm based in Abuja. He was the pioneer CEO of Marine Capital Limited from where he joined Apricot Investments Limited in March 2016 as the pioneer Managing Director/CEO.

He is a Member of the Finance Committee of the Chartered Institute of Bankers of Nigeria (CIBN) and an Honorary Senior Member of the Institute.

A native of Taraba State, Dr. Bala Mohammed Bello is an industry leader, whose career has spanned Banking, Capital Markets, and Pension Fund Management:

Bello is a well-respected public official and a renowned accountant. In April 2017, Bello was appointed by former President Muhammadu Buhari as the Executive Director of Corporate Services at the Nigerian Export-Import Bank

Bello has an excellent performance record brimming with excellence. He is well known for surpassing his competition to achieve the greatest level of success in his field.

Muhammad Sani Abdullahi popularly known as Dattijo is a Deputy Governor of Economic Policy at the Central Bank of Nigeria. President Bola Ahmed Tinubu appointed Muhammad as Deputy Governor on 15 September 2023, and his appointment was confirmed by the Nigerian Senate on 23 September, 2023. Dattijo served as a policy adviser at the Executive Office of United Nations Secretary General Ban Ki Moon in New York. Dattijo formed the core team that developed the Sustainable Development Goals (SDGs). Dattijo resigned from this appointment to serve the Nigerian government as the Commissioner for Budget and Planning in Kaduna State. He published a book titled "Disruption Rethinking Governance to work for the Poor." On 2 July 2023.

Early life

He was born on 26 October 1979 in Kaduna State, Nigeria.

Sani Abdullahi obtained his master's degree in Development Economics and Policy from the University of Manchester and obtained a second Masters from Ahmadu Bello University where he studied International Affairs and Diplomacy. He obtained certificates including in Public Finance at the London School of Economics; Sustainable Development at Columbia University and Advanced Project Management at Oxford University. He was part of the 2017 cohort of Georgetown University's Leadership Seminar.

Career

Before his appointment as Commissioner in Kaduna State, Abdullahi worked closely with Secretary Ban and UN Deputy Secretary General, Amina Mohammed. The two share a close mentor-mentee relationship. Earlier he worked as an Economist and Deputy National Program Manager for the Millennium Development Goals at the Nigerian Presidency. He served as Economic Adviser of the Nigeria Governor's Forum after the MDGs. In 2018 he was one of two Nigerians - himself and Sahara Group co-founder, Tonye Cole - appointed to the World Bank Expert Advisory Council on Citizen Engagement.

Political involvement

Abdullahi was involved with the All Progressives Congress Kaduna transition committee in 2015. In 2018 he was appointed as a member of the Kaduna Central campaign directorate for the reelection of Governor Nasir El Rufai.

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Senate confirms the New Monetary Policy Committee Members.

Photo caption (L-R): Mr. Murtala Sabo Sagagi, Mr. Mustapha Akinwumi, Mrs. Aku Pauline Odinkemelu, Senator Abdullahi Gumel (SSA to the President on National Assembly Matters), Mr. Bamidele A.G. Amoo, Mr. Lamido Yuguda, Mr. Aloysius Uche Ordu.