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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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INEC Restores NDC Nomination Portal Access Despite Court Case

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By Yusuf Danjuma Yunusa

The Independent National Electoral Commission has restored the Nigeria Democratic Congress’ access to its candidate nomination portal, allowing the party to upload the names of its National Leader, Senator Seriake Dickson and presidential candidate, Peter Obi, despite the ongoing legal battle over the party’s status.

Dickson disclosed the development in a post on his X account on Tuesday.

He described it as a positive step after the party filed a notice of appeal and an application for stay of execution against last week’s judgment of the Federal High Court in Lokoja.

He said the appeal and accompanying applications had been served on the electoral commission with a covering letter urging it to act in accordance with the law.

According to him, the NDC remains a duly registered political party and has validly conducted its primaries under INEC’s supervision.

“Today, the NDC has filed an appeal against the ruling as well as a stay of execution/injunction, which has been served with a covering letter to the INEC chairman and his team to do what is right according to law and what is legally sensible.

“The Nigeria Democratic Congress has come to stay and remains a duly registered party in Nigeria which has participated in all the political processes so far.

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“Nomination processes have already been concluded and, in the eyes of the law, candidates have already emerged from the party for all offices across the country in primaries observed, monitored and recorded by INEC.

“What is left is the administrative process of submitting the names to INEC, and we have been granted access to the portal to upload our qualified candidates,” he said.

Dickson disclosed that his name and that of the party’s presidential candidate had already been uploaded to the commission’s portal.

“My name and that of the presidential candidate have been uploaded to the INEC portal, while that of the vice presidential candidate will be done tomorrow upon completion of the deposition. The process is also ongoing for other candidates,” he stated.

The Senator urged party members not to panic, noting that there was still sufficient time to complete the nomination process within INEC’s timetable.

“In accordance with the INEC timetable, which we have religiously abided by, we have between now and the 11th of next month to upload all National Assembly candidates, while those of governors and State Houses of Assembly will end on the 17th of July.

“So there is enough time for all candidates’ names to be submitted to INEC and there is no reason for anyone to panic,” he added.

The former Bayelsa State governor also appealed to unsuccessful aspirants to support the party, saying reconciliation efforts had commenced.

“The reconciliation processes have started and we expect them to reach everyone. We assure them that all those who expressed interest will be carried along in the party’s campaigns, committees and structures because they constitute the grassroots strength and the backbone of our party,” he said.

Dickson thanked INEC Chairman, Prof. Joash Amupitan, for what he described as the commission’s professionalism and urged the judiciary to determine the appeal in accordance with the law.

“We thank INEC, led by Professor Joash Amupitan, for their professionalism so far, and we expect them to continue on this path.
“Having filed and served our appeal and the accompanying applications, the ball is now in the court of the judiciary, and we expect the judiciary to do what is right under the law,” he said.

The development comes days after the NDC filed an appeal challenging the Federal High Court judgment that sparked uncertainty over the party’s registration, insisting the judgment neither dissolved nor deregistered the party.

The opposition party has maintained that it remains legally recognised pending the determination of its appeal.

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Sowore Granted N200m Bail Over Social Media Post Labeling Tinubu ‘Criminal’

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By Yusuf Danjuma Yunusa

The presidential candidate of the Africa Action Congress, Omoyele Sowore, was granted N200 million bail on Tuesday by Justice Mohammed Umar of the Federal High Court, Abuja Division.

In his ruling, Justice Umar ordered Mr Sowore to produce two sureties. One must be a traditional ruler from his community, while the other must own landed property in Abuja.

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The judge directed the prosecution to verify the sureties.

The judge also ordered Mr Sowore to deposit his passport with the deputy chief registrar of the court pending the determination of the case.

He adjourned the case until Monday to commence the defence.

The State Security Service is prosecuting Mr Sowore for allegedly making false claims against President Bola Tinubu by referring to him as “a criminal” in a post on X and Facebook.

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NYSC Gets Biggest Revamp Since 1973 as FEC Approves Civilian Leadership, New Uniform, Tech-Driven Call-Up

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By Yusuf Danjuma Yunusa

The Federal Executive Council has approved a comprehensive overhaul of the National Youth Service Corps, marking the first major restructuring of the scheme since it was established 53 years ago.

The reforms, approved at the FEC meeting in Abuja on Monday, are aimed at repositioning the NYSC into a skills-focused, productivity-driven institution aligned with the Federal Government’s economic agenda.

A key aspect of the reform is a change in the leadership structure of the scheme, with the NYSC set to be headed by a civilian, while the military will continue to provide security for corps members nationwide.

The council also directed the Attorney-General of the Federation and the Federal Ministry of Youth Development to amend the NYSC Act and relevant regulations to provide legal backing for the approved changes and enable their implementation.

Announcing the approval on X, the Minister of Youth Development, Ayodele Olawande, described the reforms as the first holistic review of the scheme in its 53-year history.

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He said, “We are transforming the Scheme into a platform that not only unites Nigeria but also equips our young people with the skills, experience and opportunities they need to thrive in a fast-changing world.”

Olawande said the approved reforms would reposition the scheme as “a skills-driven, productivity-focused and youth-empowering institution that aligns with President Bola Tinubu’s vision of building a $1 trillion economy.”

According to him, the reforms include “a technology-driven call-up process, risk-sensitive deployment to better protect corps members, a redesigned six-week orientation programme with stronger focus on leadership, entrepreneurship, digital skills and specialised career streams, skills-based primary assignments aligned with academic background and career pathways, modern governance with civilian operational leadership while the military continues to provide security support, improved camp standards through a national grading and certification system, and a new graduation ceremony to replace the Passing Out Parade, alongside a redesigned NYSC uniform that reflects professionalism and national pride.”

Olawande said the reform process began in 2025 through a broad-based review involving the Federal Ministry of Youth Development, the Federal Ministry of Education and the Office of the Special Adviser to the President on Policy and Coordination before receiving FEC approval.

He added, “This is more than a reform of an institution. It is an investment in Nigeria’s greatest asset, our young people. The future of the NYSC begins now, and it is brighter, more relevant and more impactful than ever.”

Established in 1973 following the Nigerian Civil War, the NYSC was created to promote national unity by deploying graduates to states outside their regions of origin for one year of compulsory national service.

The latest reforms represent the first comprehensive review of the scheme since its creation, with the Federal Government saying the changes are designed to make the institution more relevant to Nigeria’s contemporary economic and youth development needs.

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