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MAN Urges CBN To Remain Resolute On Its New Policy On Forex

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Manufacters Association of Nigeria (MAN) has thrown its weight behind the recent policy of the Central Bank of Nigeria (CBN) to withdraw foreign exchange from Bureaux De Change (BDCs) in the country.

MAN President, Engr Mansur Ahmed said this yesterday in Ilorin, Kwara state capital at the Annual General Meeting (AGM) of Kwara and Kogi states branch of the association.

The MAN boss who lamented the effect of activities of the BDCs on the manufacturing sector further noted that CBN policy would temporarily hike exchange rate, the country’s economy would be better for it.

He said foreign is not a commodity that should be taken to the market and traded.

“In the last few months, there have been efforts by the central bank to control the flow of foreign exchange for us to get more Forex in the manufacturing sector.

“The decision by the CBN to withdraw supply of foreign exchange from the Bureaux De Change is one that the manufacturing sector is fully in support of.

“Foreign exchange is not a commodity that should be taken to the market and traded. Its availability is intended to allow those that are producing goods and services to bring in the necessary materials and equipment required in order to produce those goods and services at affordable prices”, he added.

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Engr Mansur said the action of the CBN on foreign exchange is most welcome even if it is belated.

He said “In this regard, I affirm the support of the MAN for this policy as well as others polices in the infrastructure sector executed by the FG. The art of getting foreign exchange in the market, to me does not make sense.

“And yet we know that this process has indeed made huge sum of forex into the BDCs. We do not see how that will help the economy.

“Certainly, if the foreign exchange is made available to our manufacturing companies, more young people will be employed and the companies will operate at higher capacity and more industries will be created while lot of the raw materials needed will be readily available

“So if you have to sell forex to traders in the market as if it is a commodity, you are denying the manufacturing sector these vital resources. The law of forex as it was being done is not sustainable.

“According to the CBN report, the number of BDCs exploded between 2005 and 2021 from 74 to over 6,000. Assuming giving $20,000 to BDCs weekly, this will amount to over $600m of forex weekly going into the market instead of going into industries to produce goods and services and create employment.

“How do you control the flow of forex in BDCs not to fall into the hands of those who will take it out of the country and go and stash in foreign bank or go to the hands of those who use it to buy weapon and make our lives miserable expanding the scope of terrorism and banditry?

“So we welcome this change by the CBN and ask that the central bank remain resolute. We are aware that this initiative was part of the reason for the recent hike in forex rate. We believe it is going to be temporary.
“Those who are using it for importation of drugs and arms and ammunition will pay anything to get it. Our message is that the CBN should remain resolute and continue to look for ways that those illicit flows can be contained for more forex to be directed to industries and to genuine legitimate users which it is supposed to be for”, he added.

Earlier, Kwara and Kogi state chair of MAN Bioku Rahmon urged the Federal Governemnt to apply quick remedies to support for the country’s industrialists.

Mr. Rahmon bemoaned the high and fast-rising Nigeria’s debt profile and sundry other challenging plaguing the manufacturing sector.

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Tinubu’s Peace Move Takes Effect as Rivers Assembly Suspends Fubara’s Impeachment

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By Yusuf Danjuma Yunusa

The Rivers State House of Assembly has halted its impeachment proceedings against Governor Siminalayi Fubara and his deputy, Professor Ngozi Odu, following President Bola Tinubu’s latest intervention in the state’s protracted political crisis.

The Assembly made the decision during Thursday’s plenary, TVC News reported.

The lawmakers had on January 8 initiated impeachment moves against the governor and his deputy, citing alleged gross misconduct . The notices of allegation were forwarded to the Chief Judge of Rivers State, Justice Simeon Chibuzor-Amadi, with a request to constitute a seven-man investigative panel as required by Section 188 of the 1999 Constitution .

However, the process was halted after a Rivers State High Court sitting in Oyigbo Local Government Area restrained the lawmakers and the Chief Judge from proceeding . Justice F. A. Fiberesima issued an interim injunction barring Speaker Martin Amaewhule, the Clerk of the House, and 31 other defendants from taking further steps toward impeachment .

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The court specifically restrained the Chief Judge from receiving, forwarding, considering, or acting on any request or resolution aimed at constituting an investigative panel against Fubara and Odu . The matter was subsequently adjourned indefinitely after parties informed the court that appeals had been entered at the Court of Appeal .

Thursday’s decision by lawmakers to discontinue the impeachment process followed President Bola Tinubu’s fourth intervention in the oil-rich state’s political crisis .

Two weeks ago, Tinubu met with key political actors, including Governor Fubara and his predecessor, Nyesom Wike—now Minister of the Federal Capital Territory—at the Presidential Villa in Abuja . The closed-door meeting aimed to resolve the lingering power struggle that has polarised the state since Fubara’s assumption of office.

Following the meeting, Wike publicly acknowledged the President’s intervention and directed lawmakers to comply .

“I have told the assembly to do the needful and obey Mr. President, which I know they will not hesitate,” Wike said after inspecting projects in Abuja. “I also believe the governor will carry out his own part to make sure that this is the final time Rivers people will hear this kind of discord” .

The latest intervention marks a significant de-escalation in the crisis, which stems from the political feud between Fubara and his predecessor, Wike, over control of the state’s political structure . Observers note that Thursday’s development suggests both parties may have reached a new understanding following the presidential mediation.

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CDS Oluyede Honored with National Award in Sierra Leone

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By Yusuf Danjuma Yunusa

Nigeria’s Chief of Defence Staff (CDS), General Olufemi Oluyede, has been decorated with the Grand Commander of the Order of the Rokel, one of Sierra Leone’s highest national honours. The award was conferred during a grand ceremony marking the 17th Armed Forces Day of the Republic of Sierra Leone.

In a statement released on [Date, if available], the Director of Defence Information, Major General Samaila Uba, confirmed that the honour recognises General Oluyede’s pivotal role in securing peace in Sierra Leone during his service with the Economic Community of West African States Monitoring Group (ECOMOG).

The statement highlighted that the award serves as a profound appreciation not only for General Oluyede’s personal contributions but also for the sacrifices of all Nigerian officers and soldiers who fought to restore peace and stability to the nation during its civil war.

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General Oluyede’s connection to Sierra Leone dates back to the early 1990s. Between 1992 and 1994, he was deployed as a Platoon Commander, tasked with securing the residence of the then-Head of State. During this period, he was lauded for his exemplary leadership, professionalism, and unwavering commitment to protecting the government in a time of intense turmoil.

Aside from Nigerian CDS, other distinguished personalities from Nigeria, Guinea, United Kingdom, United States and Kenya, among others, were equally awarded medals during the ceremony.

They included former Nigerian CDS, Gen. Martin Luther Agwai (rtd), Lt. Gen. Daniel Opande of Kenya (rtd), Lt. Gen. Ibrahima Sory Bangoura of Guinea, Maj. Gen. Paul Rogers of USA and
Brig. Gen. Edward Butler (rtd) of the UK.

The Armed Forces Day event also served as a solemn tribute to the courage and sacrifice of regional forces. Special recognition was reserved for the Nigerian Armed Forces, whose steadfast commitment under the ECOMOG banner was described as being at the forefront of regional peace enforcement.

The Nigerian contingent was particularly commended for its distinctive bravery, resilience, and dedication to the protection of civilians during Sierra Leone’s brutal civil war, cementing the nation’s legacy as a cornerstone of peace and stability in the West African sub-region.

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Troops Kill Senior Boko Haram Commander, Arrest Drone Supplier in Zamfara Operation

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By Yusuf Danjuma Yunusa

Troops of Operation HADIN KAI, operating in coordination with local vigilantes and hunters, have killed a senior Boko Haram commander during a mission in the Madagali axis of Zamfara State.

Security sources confirmed that the neutralised terrorist, identified as Abdullahi Mafa, was a former hybrid commander of the insurgent group. He was killed in a targeted operation on Thursday following a fierce encounter with security forces along the Visik River corridor.

According to security analyst Zagazola Makama, the troops came into contact with suspected Boko Haram fighters while laying an ambush in the area, leading to a gun battle that resulted in Mafa’s death.

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In a separate but related operation within the same Madagali Local Government Area, troops also arrested a suspected logistics and drone supplier linked to the terrorists. The suspect, Dauda Usman Gubula, was apprehended during a raid at the Madagali Motor Park.

Makama, citing official sources, revealed that security operatives recovered several items from the suspect, including two aerial drones and 20 solar power banks believed to be destined for terrorist use. Gubula is currently in custody as investigations continue.

The military has maintained sustained offensive operations across the region as part of ongoing efforts to dismantle Boko Haram cells and restore normalcy to affected communities.

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