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STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU CALLS FOR SUSPENSION OF SANCTIONS ON GUINEA, MALI, NIGER, AND BURKINA FASO

President Bola Tinubu has called for the suspension of economic sanctions imposed on Niger, Mali, Burkina Faso, and Guinea by ECOWAS.

Speaking at the Extra-ordinary Summit of ECOWAS in Abuja on Saturday, President Tinubu, who is the Chairman of the Authority of Heads of State and Government of the organization, stated that: “Everything we did was in hopes of persuading our brothers that there existed a better path, a path that would lead to genuine improvement of their people’s welfare through democratic good governance. And this was a path each of our nations had solemnly agreed with one another pursuant to formal regional treaty and protocol.

“However, the sanctions that we contemplated might help lead our brothers to the negotiating table have become a harsh stumbling block. In my mind and heart, that which is hurtful yet ineffective serves no good purpose and should be abandoned.

"ECOWAS was established for the unassailable objective of improving the lives of the people of this region through fraternal cooperation among all member states. This edifice was cemented on the strong foundation and apt conviction that, united as one, we can be the true masters of our destiny."

The President further explained that ECOWAS took the steps it did based on the regional ideals of security, social stability; democratic governance, political freedom, broad-based prosperity, and sustainable economic development through fair opportunity for each and every one in West Africa.

He said neither hatred nor hidden motive influenced the steps taken and that there was never any intention to douse or undermine the legitimate political aspirations of any member state or to advance the interests of any outside party.

In calling for the suspension of sanctions, President Tinubu stressed that: "We must take note of the approach of the holy month of Ramadan and of Lent. Whether you pray in the mosque or in the church, this represents a time for compassion, hope, and harmony. It is a time that we must not only seek God but also a closer relationship with brother and neighbour.

"In the Spirit of the holy month and of the Lenten period, and with hearts bestirred by goodwill towards all our people, let us extend a hand as brothers and friends to those in Niger, Mali, Burkina Faso, and Guinea.

"What I suggest in real and practical terms is that we, my colleagues and fellow heads of state in ECOWAS, indefinitely suspend economic sanctions against Niger, Mali, Guinea and Burkina Faso and against the leadership of the military authorities in those nations."

Asemota against shuaibu I think APC Is only party that doesn't have a factional candidate.

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What is the meaning 9f ekwute

This is a welcome development

The Central Bank of Nigeria (CBN) is considering raising the minimum capital requirements for Bureau De Change (BDC) operators to N2 billion for Tier 1 licenses and N500 million for Tier 2 licenses.

It was previously N35 million for a general license.

The updated regulations encompass numerous modifications to the guidelines governing BDC activities within the nation. Once approved, these updated guidelines will come into effect on a date determined by the CBN.

Tier 1 operators must maintain a minimum share capital of N2 billion and also submit a Mandatory Caution Deposit of N200 million.

The fee for application is N1 million, while the license fee amounts to N5 million.

In Tier 2, operators are required to possess a minimum share capital of N500 million and maintain a Mandatory Caution Deposit of N50 million.

The application fee is N250,000, while the license fee amounts to N2 million.

The central bank also mentioned that the specified minimum capital requirement for BDCs, along with any additional capital infusion, will need to be confirmed by the CBN.

We all await a positive result

This is great