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Milk Import: Experts advise CBN on FX restriction 

Industry experts have advised the CBN to consider consulting stakeholders before effecting the ban on access to forex for milk importers.

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Industry experts including economic, public policy analysts and commentators have advised the Central Bank of Nigeria (CBN) to consider consulting stakeholders before effecting the ban on access to Foreign Exchange (forex) for milk importers. 

The experts made their opinions known to the public at the fourth edition of Regulatory Conversation, with the theme: “Foreign Exchange Restrictions on Food Imports and Implications for Regulating and Growing the Nation’s Economy.” 

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Speaking on the policy, the Publisher of BusinessDay, Frank Aigbogun said it was a necessity for the Central Bank to consult stakeholders before considering any implementation, particularly on the forex ban on milk importation. 

Aigbogun’s words: “There should be more consultation, and in the process of the consultation, there should be a consensus that this policy is indeed the right one for Nigeria at this particular time. I believe that that is not flexible enough. People should be given time to make the investment because we are talking about private sector investment here. 

“People will need to do feasibility studies; they need to look at the entire value chain so that they will position themselves; they will need to look at things around packaging; they will need to then raise capital. Surely, they haven’t been given time to do that. And so, my submission is this: there is a lot that is wrong with this policy. Even if the goal of the objective can be understood, we are going about it in a very wrong way.” 

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Similar to Aigbogun’s statementDirector-General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf said the forex ban was causing a great disruption, adding that it was alarming that the apex bank was considering more items to be on the list with forex restriction. 

Yusuf said“We have a situation whereby the CBN has taken over the matters of our trade markets. It is a major problem and it is causing great disruption. The policy is a game on Forex and we should let it go. The CBN is even telling us that more items will come on that list.” 

For Olusoji Apampa, the director and consultant for the Convention on Business Integrity, the forex ban would lead to a situation where dairy companies would start regressing with their value chain. Apampa further expressed that the new policy would lead to “accentuated pain for the poor without palliative or remedy.” 

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Apampa, however, noted in his presentation that the forex ban would lead to the improvement in the market access for herdsmen, reduction in the farmer/herdsmen clashes, creation of more jobs locally, and savings on forex. 

Note that other speakers at the forum include the founder of Centre for Values in Leadership, Prof. Pat Utomi; member of Manufacturers Association of Nigeria (MAN), Oluwasegun Oshindipe; official of the Consumer Protection Council (CPC), Sussy Onwuka; and Chairman of Proshare and moderator of the discussion, Olufemi Awoyemi. 

Meanwhile, Nairametrics had reported that the CBN had finally initiated moves to implement the ban of forex access to milk importers. 

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Patricia

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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Coronavirus

Just in: Lagos to reopen schools on August 3

The governor said that the resumption is only for pupils and students in graduating classes.

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Sanwo-Olu, COVID-19: Lagos ramps up measure to smash disease as it begins fumigation, Covid-19: Total lockdowm imminent as Lagos fears confirmed cases could hit 39,000, Hotels to remain shut in Lagos, as manufacturing and construction companies get conditional waivers, COVID-19 palliative: Sanwo-Olu concludes Homegrown School Feeding Programme

The Lagos State Governor, Babajide Sanwo-Olu has announced that both public and private schools will resume on August 3, 2020, after over 3 months of being shut down due to the coronavirus pandemic.

This is in line with the recent pronouncement by the Federal Government,

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This was disclosed by the Governor while giving a situation report on COVID-19 at Lagos House Marina on July 3, 2020.

The governor said that the resumption is only for pupils and students in graduating classes, that is Primary 6, JSS 3, and SSS 3 who are preparing for exams.

He said other schools will remain closed and should continue with the online studies.

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Details later…

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Hospitality & Travel

FAAN releases new guidelines for post COVID-19 flight operations

The new set of procedural guidelines for air travelers and other airport users is aimed at protecting all.

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FAAN reacts to release of guideline for resumption of flight operations post covid-19, FAAN releases new guidelines for post covid-19 flight operations

The Federal Airports Authority of Nigerian (FAAN), has released a new set of procedural guidelines for air travelers and other airport users. This follows the announcement of the Federal Government, the gradual commencement of domestic flight operations at the nation’s airports with effect from July 8, 2020.

This new Standard Operating Procedure (SOP) is aimed at protecting all stakeholders and preventing further spread of the coronavirus disease, especially through our airports.

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This was disclosed in a press statement by FAAN on Friday, July 3, 2020, and signed by the agency’s General Manager Corporate Affairs, Henrietta Yakubu.

According to the procedures that have been outlined by FAAN in the “New Normal”, departing passengers must comply with the following guidelines;

  • All passengers must arrive at the airport properly kitted with their face masks on.
  • They must also ensure a minimum of one point five meters (1.5m) physical distancing, Aviation Medical/Port Health personnel would screen each passenger and ensure the use of face masks, those traveling with pets must get necessary clearance from Nigerian Agricultural Quarantine Services.
  • All passengers’ luggage would be disinfected before entry into the departure halls.
  • Passengers are required to wash their hands as often as possible, hand sanitizer would be provided for passengers before entrance, at the waiting halls/lounges and pre-boarding gates.
  • All footwear would be disinfected/sanitized by foot mats placed at all entrances to the terminal building, amongst others.

(READ MORE: FG acquires profiling robots for airport)

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For arriving passengers, the following guidelines must be adhered to;

  • On disembarking from the aircraft, passengers would observe physical distancing as they board the Co-Buses (Hand Sanitizer would be provided in the buses).
  • Physical distancing protocols must be observed at the baggage claim area, where hand sanitizer is also provided, disinfected trolleys would be made available for passengers.
  • All Covid-19 protocols must be observed while undergoing customs check, Passengers would exit the halls and head straight to the car park for pick up.
  • If you must speak to anyone around, please speak to a properly tagged Aviation Security (AVSEC) officer, physical distancing would be maintained while waiting to be screened by personnel of port health services, amongst others.
  • In addition to the above guidelines, passengers are required to observe social distancing and make use of the floor markings at the security screening area. They must also comply with all other security guidelines as laid down by officials of the Aviation Security (AVSEC) department.

FAAN asked all passengers and stakeholders to observe these new protocols that have been put in place for their protection.

 

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Corporate Press Releases

First Bank’s FMAP graduates inuagural set of management associates

FMAP is a comprehensive developmental programme targeted at young, dynamic, highly driven individuals.

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First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider,  has graduated 28 successful candidates in its inaugural FirstBank Management Associates Programme (FMAP), virtually held on Tuesday, 30 June 2020 via the Zoom video-conferencing application. The programme which commenced in 2018 had a total of 48 candidates selected from thousands of entries and applications received nationwide.

FMAP is a 24-month fast-track comprehensive developmental programme targeted at young, dynamic, self-motivated and highly driven individuals that possess the right skill set and excellent leadership potential among Junior and entry-level cadre staff. Entries and applications for the programme enrolment was also extended to the public

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Speaking about the programme, Dr. Adesola Adeduntan, CEO, FirstBank said “It is an intensive skill development programme structured to enhance acute thinking, financial, methodical skills of staff. The bank would continue to reinvest in its human capital to create a kind of leadership needed for future growth and development.”

“This is part of the Bank’s strategic objectives of infusing and developing leadership at requisite levels across its staff hierarchy, aimed at building the next generation of leaders who will be groomed to drive the Bank’s vision of being Africa’s Bank of first choice,” he concluded.

READ MORE: FirstBank takes its SMEs Business Clinic to Port-Harcourt, Abuja

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At the end of the programme, successful candidates are moved to middle management, becoming Management Associates irrespective of their grades at the point of entry.

Cross country postings and secondment opportunities are also offered to such staff to provide them with global exposure and network.

 

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About FirstBank

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

With over 750 business locations and over 57,000 Banking Agents spread across 99% of the 774 Local Government Areas in Nigeria, FirstBank provides a comprehensive range of retail and corporate financial services to serve its over 15 million customers. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

The Bank has been nimble at promoting digital payment in the country and has issued over 10million cards, the first bank to achieve such milestone in the country. FirstBank’s cashless transaction drive extends to having more than 9million people on its USSD Quick Banking service through the nationally renowned *894# Banking code and over 3 million people on FirstMobile platform.

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Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

 

Folake Ani-Mumuney

Group Head, Marketing & Corporate Communications

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www.firstbanknigeria.com

 

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