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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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Court Adjourns Nafiu Gombe’s Suit Challenging Mark’s Leadership of ADC

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By Yusuf Danjuma Yunusa

The Federal High Court in Abuja on Wednesday adjourned a suit filed by Nafiu-Bala Gombe against Sen. David Mark-led leadership of the African Democratic Congress (ADC), until June 8 for hearing.

Justice Peter Lifu adjourned the case after Gombe’s lawyer, Robert Emukpoeruo, SAN, applied for an adjournment following the absence of counsel to parties seeking to join the suit in court.

When the case was called, only the Independent National Electoral Commission, INEC, and parties seeking joinder were not represented in court.

Although it was confirmed from the court record that INEC was duly served with hearing notice, parties seeking to join were not served.

Counsel to ADC, Shaibu Aruwa, SAN, called the attention of the court to the history of the suit in relation to parties applying for joinder.

He said the former trial judge, Justice Emeka Nwite, had taken judicial notice of them in the previous proceedings.

Aruwa, therefore, urged the court to accord the parties seeking joinder the same respect to come and say why they needed to be joined in the interest of fair hearing.

Besides, he said issues had already been joined with the parties seeking to join the case, and that the plaintiff was in the know.

Responding, Emukpoeruo gave a titbit about the Supreme Court judgement which ordered for an accelerated hearing of the case, in line with the earlier Appeal Court judgement.

The lawyer, who applied that all pending processes be filed and served, sought an adjournment to give the parties seeking to join the leverage for fair hearing.

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ADC’s counsel, Aruwa; Suleiman Usman, SAN, who appeared for Sen. David Mark; Realwan Okpanachi, who represented Ogbeni Rauf Aregbesola and P. I. Oyewole, lawyer to Chief Ralp Nwosu, did not oppose the application for adjournment.

The defence counsel however informed the court that the attitude of the plaintiff, in applying for the reassignment of the case when the matter was before Justice Nwite, had allegedly frustrated the order of accelerated hearing of the apex court.

But Justice Lifu, who said that nobody has the right to choose which court his case should be determined, said based on the directive of the chief judge who assigned the case to him and the Supreme Court decision for accelerated hearing, he was bound to do justice to the matter.

The judge said the court would take the full responsibility for inability to effect service of the hearing notices on the parties seeking to join the suit.

He subsequently adjourned the matter until June 8 for hearing.

Justice Lifu, who ordered accelerated hearing of the case, directed the bailiff of the court to serve all the parties seeking to be joined in the suit within 24 hours of the order.

“In the circumstances of this case and overall interest of justice and order of the Supreme Court and the Appeal Court, this case is hereby given accelerated hearing,” he said.

He ordered all the parties to file and serve all their processes before the next adjourned date.

The aggrieved former National Deputy Chairman of ADC, Nafiu Bala, had filed the suit marked: FHC/ABJ/CS/1819/2025.

The plaintiff, in the suit, is seeking an order restraining Mark, the embattled National Chairman of ADC; Aregbesola, the National Secretary, and members of their interim National Working Committee (NWC) from parading themselves as the party’s leaders.

He had argued that the emergence of Mark, Aregbesola and other NWC members as party’s leaders breached the provisions of the party’s constitution and the Electoral Act.

Gombe had sued ADC, Mark, Aregbesola, Independent National Electoral Commission (INEC) and Ralph Nwosu as 1st to 5th defendants respectively in the suit.

Nwosu was the former ADC National Chairman who stepped down for David Mark leadership of the party.

The former Vice President Atiku Abubakar emerged as ADC presidential candidate on May 27 after defeating two other aspirants, including Rotimi Amaechi, former Minister of Transportation, at the party’s national convention.

Also, Dumebi Kachikwu, in a national convention conducted by another faction of ADC, emerged the presidential candidate of the party for the 2027 general election.

The 2023 presidential candidate of the party was adopted by factional members of the party as sole presidential candidate on May 24.

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Court Sentences Four to Death over Owo Church Massacre

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By Yusuf Danjuma Yunusa

The Abuja Federal High Court on Wednesday sentenced four members of the Al-Shabaab terrorist group to death by hanging for their involvement in the June 5, 2022, attack on St. Francis Catholic Church, Owo, Ondo State, which left more than 40 worshippers dead and over 100 others injured.

The trial judge, Justice Emeka Nwite, made the declaration after convicting Idris Abdulmalik Omeiza, 25; Al Qasim Idris, 20; Jamiu Abdulmalik, 26; and Abdulhaleem Idris, 25, on a nine-count terrorism charge filed by the Department of State Services on behalf of the Federal Government.

The court, however, discharged and acquitted the fifth defendant, Momoh Otuho Abubakar, 47, after finding insufficient evidence linking him to the terrorist attack.

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In the judgment, Justice Nwite held that the prosecution successfully established the guilt of the four convicts beyond reasonable doubt, noting that the evidence before the court clearly showed that they were members of, and active participants in, the activities of the terrorist group responsible for the deadly church attack.

The court found that the convicts were principal members of an Al-Shabaab terrorist cell operating in Kogi State and that they took part in the assault on the church during a Pentecost service.

According to the prosecution, the attackers stormed the church, held worshippers hostage, and unleashed violence that resulted in massive casualties and destruction.

They were said to have used improvised explosive devices and AK-47 rifles in attacking furtherance of their extremist religious ideology.

To establish its case, the prosecution called 11 witnesses and tendered 23 exhibits, including confessional statements and a digital forensic examination report.

Among the exhibits admitted by the court was a technophone device alleged to contain communications exchanged by the defendants before and after the attack.

One of the prosecution witnesses, a Catholic priest who survived the incident, gave a chilling account of how the assailants detonated at least three explosive devices inside the church, triggering panic and bloodshed among worshippers.

Justice Nwite held that the totality of the evidence presented by the prosecution firmly linked the four convicts to the attack and justified their conviction on the terrorism charges.

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Insecurity:Sack Service Chiefs, Pastor Adeboye Urges FG

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By Yusuf Danjuma Yunusa

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has urged the federal government to give Nigeria’s security chiefs a 90-day deadline to eliminate terrorists across the country or resign from office.

Adeboye made the call in a video shared on X on Tuesday in which he expressed concern over the country’s security situation and urged authorities to act swiftly against those responsible for the violence.

Addressing the government, the cleric said security chiefs should be held accountable for delivering results in the fight against terrorism.

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“If I were asked to make suggestions, I would say quietly to our government, ‘Move fast and tell our security chiefs, get rid of these terrorists within 90 days or resign,” he said.

The cleric also called on the government to go beyond targeting terrorists and focus on those financing and supporting their activities.

“When giving orders to the service chiefs this time around, we should make it clear to them that they are not only to eliminate the terrorists; they should eliminate their sponsors, no matter how influential they may be,” he added.

Adeboye recalled advising a former Nigerian president to issue a similar ultimatum to security chiefs in the past, noting that although the directive was given, it was not fully enforced when the deadline elapsed.

According to him, the experience underscored the need for stronger political will and strict enforcement of directives aimed at ending insecurity.

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