In order to check the increasing cases of smuggling of palm oil products and other products not eligible for foreign exchange into the country, the National Palm Produce Association of Nigeria (NPPAN) has called on the Nigerian Government to shut its borders against neighbouring countries.
Credit to the farmers: The group has also called on the Central Bank of Nigeria (CBN), to make credit available to producers of palm oil, using modalities different from those used when the farmers were granted loans under the Federal government’s Anchor Borrowers’ Programme (ABP). According to the group, while the Central Bank provided loans at a 9% interest rate under the Borrowers’ Programme, such arrangement would not work for palm oil production, owing to the gestation period of the product.
[READ MORE: ABCON advocates for exchange rate of N250/dollar]
The president of association, Mr. Henry Olatunjoye, while addressing newsmen in Abuja, said if the Federal Government was to achieve its self-sufficiency objectives in palm oil production, which is in line with the presidential directive to the apex bank, then credit with at least 7 years moratorium at a 2% interest rate, should be given to operators in the sector.
“We are appealing to the CBN governor to liaise with stakeholders to get our feelings across and chart a way forward. We are not against his ambition to develop the industry but we are saying that the implementation is faulty in the way the policy is going. Our problem is not the ban on Crude Palm Oil but that borders must be totally shut against illegal importers.”
[READ FURTHER: Emefiele “regrets” the discovery of oil for Nigeria’s economy]
Nigerian Government loses billions of naira yearly to smuggling: As earlier reported by Nairametrics, the Central Bank Governor, Mr. Godwin Emefiele, had earlier disclosed that if Nigeria had maintained its dominance in the palm oil industry, which stood at 40% in the 1970s, it should be earning over $20 billion yearly as foreign exchange.
The challenges experienced in the industry, as outlined by Mr. Olatunjoye, is not in the importation of palm oil but the unrestricted flow of the Crude Palm Oil (CPO), refined vegetable oil and fats that always find its way into the Nigerian market. This poses threat to the local market, thus making government lose billions of Naira every year.
“Our advice is that the government should write letters to all its neighbours that are in West Africa that such illegal importation will carry serious consequences. This move will now prevent them from making Nigeria a dumping ground.”
Reviving the sector requires huge investments into the development of research centres across the country and the discouragement of the importation of any of the banned items.
COVID-19: CACOVID spent N43.27 billion to support 3 key priorities – CBN
The Central Bank of Nigeria (CBN) has revealed that the Coalition Alliance Against COVID-19 (CACOVID) has so far incurred an expenditure of N43.27billion on the acquisition of, not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.
The recent press release noted that the funds raised by CACOVID was used to support 3 key priorities – Medical facilities and equipment, food relief programs and communications plans.
The breakdown of the expenditure in the aforementioned areas are:
- Medical Facilities and equipment: In collaboration with other stakeholders, CACOVID developed 39 fully equipped isolation centers across the 36 States of the Country including the Federal Capital Territory (FCT). The sum of N4.19billion was spent in Building Isolation Centers. In addition, medical equipment such as PCR test kits for suspected cases of COVID-19 were procured along with other required medical items at a cost of N9.02billion.
- Food relief programs: As a way of cushioning the impact of the lockdown on vulnerable citizens, CACOVID provided palliatives in the form of essential food items to 1.7million households, which is equivalent to supporting 8 million Nigerians. A total of N28.76billion was spent procuring these food supplies.
- Communication plans: CACOVID also worked to improve awareness in rural communities on the COVID-19 virus, and the measures community health workers and other members of society should take when someone in the community is suspected of having symptoms similar to that of COVID-19. In lieu of this, expenses were incurred on Print, TV, radio, and social media as part of CACOVID communication plans.
Why this matters
The recent disclosure is in line with the principle of accountability and transparency, as the organization seeks to lay bare facts regarding expenditure incurred so far; thereby, nipping in the bud, suspicions and unfounded rumor.
What you should know
Due to the sudden global health challenge (COVID-19), which wreaked havoc on most economies of the world, coupled with declining oil prices and declined government revenue; the Bankers Committee, comprising the Central Bank of Nigeria and the Deposit Money Banks, as well as key stakeholders in the private sector came together to set up an alliance in March 2020, known as the Coalition Alliance Against COVID-19 (CACOVID).
The ultimate objective is working with the government to provide support in areas that would result in improved health and welfare for vulnerable Nigerians.
PZ Cusson announces retirement of Chairman, Kola Jamodu
PZ has announced the retirement Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
The Board of Directors of PZ Cussons Nigeria Plc has announced the retirement of Chief Kola Jamodu as Non-Executive Director and Chairman of the Board of the company.
This disclosure was made in a notification signed by the Company’s Secretary, Jacqueline Ezeokwelume, and sent to the floor of the Nigerian Stock Exchange.
According to the notification issued by Mrs. Ezeokwelume, Chief Kola Jamodu will retire as a Non-Executive Director and Chairman of the Board effective 11 December 2020 to enable him to pursue other personal endeavours.
What you should know
Chief Jamodu joined PZ Cussons Group in 1974 and served in Executive positions for 24 years rising to the position of Chief Executive Officer of the Company, a position he held until he retired in 1999.
He thereafter continued as a Non-Executive Chairman of the Board until 2001 when he was appointed as the Honourable Minister of Industry of the Federal Republic of Nigeria, a position he held until 2003.
He was reappointed as the Chairman of the Board of PZ Cussons Nigeria Plc in November 2014.
Abbey Mortgage Bank announces appointment of 6 Directors
The Central Bank of Nigeria has approved the appointment of 6 Directors of Abbey Mortgage Bank.
Abbey Mortgage Bank has announced the appointment of 6 Directors, including Mr. Madu Hamman as the substantive Managing Director.
The disclosure is contained in a notification, signed by the Bank’s Secretary, Geoff Amaghereon Esq. and sent to the Nigerian Stock Exchange market today, as seen by Nairametrics.
What you should know
Five (5) other Directors were appointed by the CBN – 2 Executive and 3 Non-Executive Directors.
The names and portfolios of the Directors are; Mr. Mobolaji Adewumi – Executive Director; Mr. Oladipupo Ayodele Adeoye – Executive Director; Mr. Nonso Okpala – Non-Executive Director; Professor Marius N. Umego – Non-Executive Director; and Brigadier-General John Obasa (rtd) – Non-Executive Director.
The notice also mentioned that all appointments have been approved by the Central Bank of Nigeria.