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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.

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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Almajiri Returns Lost Phones Worth Over 2.5 Million Naira

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Haruna Adamu left who found the phones ,right Ibrahim Muhammad Abdullahi the owner

Haruna Adamu, a 37-year-old resident of Kano who recites Quran at Tsangayar Malam Sani, has returned lost phones worth over 2.5 million Naira at Masjidurrahma Mosque in Kano.

The owner of the phones, Ibrahim Muhammad Abu Abdallah, recounted that after prayers, the Muazzin usually cautioned people to take care of their pockets. However, upon checking his pockets after prayers, Abdallah realized his two phones, worth over 2.5 million Naira, were missing. He recalled having visited the mosque’s toilet during that time.

The two phones, both with two terabytes of storage, were essential for Abdallah’s work, and he expressed immense gratitude upon their recovery through Haruna Adamu after forgetting them inside the toilet . He acknowledged that losing the phones could have resulted in a loss of over 20 million Naira due to the valuable data they contained.

The mosque later announced the discovery of the phones, which were found by another worshipperi inside the toilets Mosque , Haruna Adamu , a 37-year-old resident of Tarauni located close to the Mosque. Adamu, who is staying at Tsangayar Malam Sani for Quranic memorization and recitation, returned the phones promptly.

Masjidurrahma is a multi-million Naira Mosque situated along Maiduguri Road,Kano built by renowned businessman AY Maikifi and recently commissioned by Sultan of Sokoto Muhammad Saad Abubakar.

The Agony Of The Almajiri System In Northern Nigeria

In appreciation, Abdallah later gifted 100 thousand Naira to Haruna Adamu for his honesty. Adamu resides at Tsangayar Malam Sani, where he recites and memorizes the entire Quran in Tarauni local government area.

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Ace Nigerian Journalist and Parliamentarian Dies at 86, Governor Yusuf Offers Condolences

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Late Sidi Ali

 

The First Republic politician and Second Republic parliamentarian reportedly died in Kano on Thursday evening at 86.

Late Sidi Ali was a prolific writer with National dailies and was one of the Nigerian journalist who covered the civil war.

In his later life, he was a stalwart of the All Progressives Congress (APC) and a member of the party’s Elders Committee in Kano State.

The elder statesman spent years serving the Nigerian International Press Centre, Ministry of Information and National Broadcasting Commission, among other critical institutions.

Born in Kano but raised in Ghana, Ali’s wide travels reportedly influenced his love for journalism and communication.

 

In his 2018 birthday message, ex-President Muhammadu Buhari noted that Ali spent most of his life serving the country as a Public Affairs Officer, “most remarkably for ensuring accurate and balanced information on government activities during and after the Civil War.

 

Kano State Governor, Alhaji Abba Kabir Yusuf has condoled with the families of late Sidi Ali who died Thursday evening at the age of 86.

In a statement by the Governor’s Spokesperson, Sanusi Bature Dawakin Tofa, Governor Abba Kabir Yusuf described late Sidi Ali as a trusted Public Affairs Officer who worked hard to ensure the flow of true stories during the Civil war.

The Governor also noted the positive contributions of the deceased as a Senator in the Second Republic in shaping the Senate and the overall development of democracy in the country.

On behalf of the Government and people of Kano State, Governor Alhaji Abba Kabir extend condolences to his families, prayed for the repose of his soul, Aljannah be his final resting place, the courage and the fortitude to bear the loss.

 

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Nigeria Police Restore Presence to Kano Anti-Corruption Agency, Affirms Chairman Muhuyi Magaji

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Kano, Nigeria –  The Nigeria Police have reinstated their presence at the Kano Anti-Corruption Agency, as confirmed by Chairman Muhuyi Magaji in an address to journalists on Friday morning at his office.

Magaji, while speaking, underscored the importance of the nearly decade-long positive working relationship between the agency and the police. He acknowledged the inherent challenges in combating corruption, emphasizing the vital role of cooperation from security agencies.

“We appreciate their cooperation and the security agencies’ efforts in allaying fears,” Magaji stated, highlighting the ongoing personal audit being conducted. He reassured the public that despite recent developments, critical assignments are being diligently managed by both the police and the agency.

There are cases prone to compromise, but we have remained steadfast in our professionalism, which reflects in our success,” Magaji asserted. He cited instances where states like Bauchi and Benue have expressed interest in emulating Kano’s anti-corruption efforts.

Expressing gratitude to the media for their support, Magaji affirmed the agency’s unwavering commitment to its mandate and vowed not to be swayed from their objectives. “We must be resilient and persistent,” he declared, assuring the government and people of Kano State of their dedication.

Acknowledging the collaborative efforts with the police, Magaji attributed the agency’s success to collective support. “There are those who seek to intimidate us, but we are grateful for steadfast partners,” he remarked.

In conclusion, Magaji affirmed the commission’s determination to uphold justice and accountability, pledging to pursue the right course of action regardless of challenges.

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