Connect with us

News

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

Published

on

 

 

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.

Advert

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.

News

BREAKING: INEC Removes David Mark-Led NWC from Portal, Updates Records Amid ADC Leadership Crisis

Published

on

 

By Yusuf Danjuma Yunusa

The Independent National Electoral Commission (INEC) has formally updated its official portal to reflect changes in the leadership of the African Democratic Congress (ADC), signaling the commission’s recognition of the leadership dispute within the party.

The commission confirmed that the removal of the National Working Committee (NWC) led by David Mark followed a detailed review of a recent Court of Appeal judgment and an ongoing suit at the Federal High Court in Abuja.

Advert

According to INEC, the decision comes after receiving conflicting legal representations from the two factions vying for control of the party. One faction, loyal to Nafiu Bala Gombe, urged the commission to enforce the appellate court’s ruling, which includes withdrawing recognition from the Mark-led NWC. The other faction, aligned with Mr. Mark, advised INEC against recognizing Mr. Gombe as acting national chairman, citing the pending legal proceedings.

The leadership crisis traces back to July 2025, when the ADC’s former leadership resigned, paving the way for a new executive committee headed by Mr. Mark. Mr. Gombe, a former vice-national chairman, has challenged this transition, arguing that the party’s constitution mandates his ascension to the leadership role.

In a ruling delivered on March 12, 2026, the Court of Appeal dismissed an interlocutory appeal filed by Mr. Mark. The court ordered all parties to maintain the status quo ante bellum—the state of affairs before the crisis—pending the resolution of the substantive suit at the Federal High Court.

Continue Reading

News

JUST IN: El-Rufai Detained as Bail Ruling Adjourned to April 14

Published

on

 

By Yusuf Danjuma Yunusa

Operatives of the Department of State Services on Wednesday took former Kaduna State governor, Nasir El-Rufai, into custody moments after proceedings at the Federal High Court in Kaduna.

El-Rufai, standing trial over alleged corruption, had just concluded a hearing on his bail application filed by the Independent Corrupt Practices and Other Related Offences Commission when DSS operatives bundled him into a waiting vehicle and drove him away, reportedly heading to Abuja.

A heavy DSS presence around the court before the hearing had fuelled speculation that the former governor might be taken into custody.

Advert

Security sources said vehicles had been strategically positioned around the court prior to proceedings.

El-Rufai had arrived at the court at about 9:05 a.m. in a Hilux van, drawing attention from security personnel and observers.

Speaking to journalists after the proceedings, lead defence counsel, Oluwole Iyamu (SAN), confirmed that the court had fixed April 14 for ruling on the bail application.

“The bail application was argued and responded to, and the ruling has been fixed for April 14.

“We look forward to that day. We are hopeful. We have put our arguments before the court, and this is a court of justice.

“We await the decision of the court,” he added.

He also noted that the defence team is prepared for a related case scheduled for April 10 at the Federal High Court in Abuja, describing it as “a separate matter.”

“That is a separate matter. As lawyers, we are ready. We have filed all necessary processes and will be in court. That is the DSS matter,” he said.

Continue Reading

News

Court Ends NNPP Crisis, Restores Party Leadership to Founder

Published

on

 

The Court of Appeal sitting in Owerri has delivered a decisive judgement in the protracted leadership crisis within the New Nigeria People’s Party (NNPP), affirming Boniface Okechukwu Aniebonam as the recognised leader of the party.

In its ruling, the appellate court set aside an earlier decision of the Abia State High Court in Uzuakoli, which had vacated its previous judgement delivered in favour of the faction led by Aniebonam.

The appellate court held that the lower court erred in granting a motion that effectively reversed its own earlier judgement, thereby upholding all three grounds of appeal filed by the Aniebonam-led faction.

The dispute stems from a November 2024 judgement of the Uzuakoli High Court in Suit No. HUZ/11/2024, which had recognised the Board of Trustees of the NNPP under Aniebonam. However, in June 2025, the same court granted an application that set aside that ruling, following a motion filed by Rabi’u Musa Kwankwaso.

Advert

Dissatisfied with the reversal, the Aniebonam faction approached the Court of Appeal in Owerri (Appeal No. CA/OW/271/2025), arguing that the trial judge lacked the jurisdiction to sit on appeal over his own judgement.

Delivering its verdict, the Court of Appeal agreed with the appellants, restoring the earlier judgement and effectively recognising Aniebonam as the legitimate leader of the party he founded in 2001.

Legal representation in the matter saw Onitsha-based senior counsel, Sir Azubike Anazor, appear for Aniebonam, while Abuja-based Eyitayo Fatogun, SAN, represented Kwankwaso.

The NNPP, which fielded Kwankwaso as its presidential candidate in the 2023 general elections, has been embroiled in internal disputes over its leadership structure, with rival factions laying claim to control of the party.

Continue Reading

Trending