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Travelex, CBN, EFCC seek transparency in foreign exchange

Travelex, CBN, EFCC seek international best practises of Nigeria’s BDC.

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Travelex

Travelex Nigeria Limited have partnered the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to ensure international best practices for Nigeria’s Bureau De Change (BDC).

In a statement made available to newsmen, the subsidiary of Travelex UK made known that the collaboration is part of efforts towards ensuring transparency in the foreign exchange market.

How the BDC engagement will come to fruition

The engagement will commence from a two-day national seminar on best practices in the BDC segment of the foreign exchange market in Nigeria.

The statement suggested that the seminar would highlight a major cooperation between Travelex and the CBN as well as other key financial services regulatory authorities in the country.

According to the statement, key presenters at the seminar are the Deputy Governor of the CBN on Financial System Stability Directorate, the Chairman of the EFCC, Director-General of the Nigeria Financial Intelligence Unit, Managing Director/CEO Nigeria Inter-Bank Settlement System as well as the President of Association of Bureau De Change of Nigeria (ABCON) alongside experts and technical personnel from Travelex UK.

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Some of the topics to be discussed include BDC and anti-money laundering laws and regulations; Detection and prevention of illicit financial flows in election year; International best practice in BDC operations; How BDC work in other climes; Standard reporting guidelines on BDC returns; Application of IT in facilitating BDC operations; and Practical effects of CBN policies on BDC operations.

The statement read in part:

“The core objective of the seminar is to harmonise the practices and procedures in the nation’s BDC subsector by bringing them in line with international best practices.

“In addition, the seminar is slated in the countdown to the general elections in Nigeria to help the BDCs guard against facilitating illicit financial flows associated with the season of campaign financing. African countries lose more than $50 billion annually through illicit financial flows.”

“It is estimated that $100 billion a year, about four percent of Africa’s GDP, has been illegally earned, transferred, or used, much of it due to mis-invoicing. This retards Africa’s growth; weakens public institutions and rule of law; discourages the culture of paying taxes and value-addition to natural resources; and results in countries over-relying on official development assistance.”

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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#EndSARS: Buhari should guarantee freedom of peaceful protesters in Nigeria – Martin Luther King III

Martin Luther King III has joined other world political figures in calling on President Buhari to respect the freedom of peaceful protests.

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Martin Luther King III, son of late 60’s civil rights leader, Martin Luther King Jr, has called on the Federal Government of Nigeria to guarantee the freedoms of peaceful protesters in Nigeria as the #EndSARS protests draw more International attention after the Lekki shootings.

Martin Luther King III disclosed this in a statement on Saturday evening through social media.

I appeal to President Muhammadu Buhari to guarantee the fundamental freedoms of peaceful protesters in Nigeria, including their right to protest.

“’Injustice anywhere is a threat to justice everywhere.’ -MLK, Jr. We must stand with those protesting to #EndSARS,” he said.

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Mr. King joins other American political figures including US Presidential candidate Joe Biden and US Senate leader Elizabeth warren in condemning the attacks of brutality on peaceful protesters.

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ENDSARS

#EndSARS: Lagos to prosecute 229 suspects for looting and vandalizing public and private properties

229 suspects who allegedly vandalized and looted public and private properties during the recent unrest will be prosecuted by the Lagos State government.

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Lagos State Government has disclosed that it will be prosecuting 229 suspects who allegedly took advantage of the #EndSARS protests to vandalize and loot public and private properties in different parts of the State.

This disclosure was made by Lagos State Attorney-General and Commissioner for Justice, Mr. Moyosore Onigbanjo, SAN, in a statement issued to the general public via social media.

“229 suspects were arrested by the Police for various criminal offences ranging from arson, murder, stealing, malicious damage of property and assault before and after the Statewide curfew imposed by the Governor, Mr. Babajide Sanwo-Olu to restore law and order in Lagos,” the Commissioner stated.

What you should know

Recall that some hoodlums hijacked the peaceful protest of youths against brutality by operatives of the disbanded Special Anti-Robbery Squad (SARS) and other police personnel tagged #EndSARS to wreak havoc and disturb the peace in the State.

Mr. Moyosore Onigbanjo, disclosed that the government will be prosecuting these suspects with prima facie cases, who allegedly took advantage of the #EndSARS protests to destroy and loot public and private properties in different parts of the State.

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However, he called on Lagosians to maintain peace, law and order in their respective communities, pledging the commitment of the Governor Babajide Sanwo-Olu-led administration to uphold the rule of law at all times.

The Lagos State Attorney-General revealed that the State Director of Public Prosecution, Mrs. Olayinka Adeyemi has gone round relevant Police formations with a team of Prosecutors to evaluate files of those arrested by the police with a view to determining those that have prima facie case made against them.

What to expect

According to statements reaching Nairametrics, after the conclusion of the evaluation exercise, those who have cases to answer will be arraigned before the Courts on Monday while others will be released.

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Coronavirus

COVID-19 Update in Nigeria

On the 24th of October 2020, 48 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,930 confirmed cases.

On the 24th of October 2020, 48 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 1,372 samples across the country.

To date, 61,930 cases have been confirmed, 57,285 cases have been discharged and 1,129 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 603,611 tests have been carried out as of October 24th, 2020 compared to 602,239 tests a day earlier.

COVID-19 Case Updates- 24th October 2020,

  • Total Number of Cases – 61,930
  • Total Number Discharged – 57,285
  • Total Deaths – 1,1129
  • Total Tests Carried out – 603,611

According to the NCDC, The 48 new cases were reported from 6 states- Lagos (18), FCT (13), Kaduna (6), Rivers (5), Ogun (5), Ondo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,807, followed by Abuja (5,961), Plateau (3,594), Oyo (3,423), Rivers (2,770), Edo (2,648), Kaduna (2,611), Ogun (1,995), Delta (1,812), Kano (1,741), Ondo (1,662), Enugu (1,314),  Kwara (1,067), Ebonyi (1,049), Katsina (948), Osun (922), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

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Imo State has recorded 614 cases, Benue (486), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (164), Taraba (122), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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