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CBN adds Maize importation to “41 banned list”

Dealers are to return their forms on or before Wednesday, July 15, 2020.

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CBN Bans Maize Importation

The Central Bank of Nigeria (CBN) has directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country. This directive is contained in a notice that was addressed to authorised dealers and signed by Dr O.S Nnaji, CBN’s Director in charge of Trade and Exchange Department.

In the notice which was made available to the public earlier today, the CBN noted four main reasons for the directive to discontinue maize importation, The reasons are:

  • To increase local production
  • To stimulate a rapid economic recovery
  • To safeguard rural livelihoods
  • To increase jobs

In line with this development, all the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020. The notice by the CBN said:

“As part of efforts by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as a result of the ongoing COVID-19 pandemic, Authorised Dealers are hereby directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect. 

“Accordingly, all Authorised Dealers are hereby requested to submit the list of Forms M already registered for the importation of Maize/Corn using the attached format on or before the close of business on Wednesday July 15, 2020. Please ensure strict compliance.”

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What this means: Recall that in June 2015, the CBN issued a circular containing a list of 41 imported goods and services that were banned from accessing Nigeria’s official Foreign Exchange Market. A Nairametrics report at the time had noted that the ban was another hard-line position taken by the apex bank to keep control of the demand of the dollar to as low as it possibly can.

Over the years, the CBN has been modifying this list by including more items. The addition of maize/corn, which is a widely-consumed staple food in the country, is the latest modification.

It should be noted that cereals (which include maize and other assorted grains) make up Nigeria’s top ten imports. In 2019 alone, the country spent about $1.3 billion on cereals importation, according to World’s Top Export.


You may see a copy of the CBN notice along with ‘the attached format’ by clicking here.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

4 Comments

4 Comments

  1. Abdullahi Shehu O

    July 13, 2020 at 5:49 pm

    Great policy to create jobs/wealth but hope adequate majors are taken to prevent price hike:like supply from reserve into market.

  2. 9jaRealist

    July 14, 2020 at 8:20 am

    A reputable news outlet should quit using lines such “discontinuing maize importation” when the directive is merely precludes maize importers from accessing the CBN FX Window, but does not ban or other discontinue the importation of maize into Nigeria.

  3. olusegunsl Shewoniku

    July 23, 2020 at 10:43 am

    Laudable as it may be , Government should ensure that there is the will to build silos in each local government and ward areas in the country boy n preparedness for bountiful harvest of local grains.

  4. Fisayo OLATUNJI

    August 12, 2020 at 11:23 pm

    Please does this exclusion of Maize from the CBN FX include finished goods products which are maize derivatives like Custard, Maize Porridge, Corn Starch and Corn Flakes?

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Business

Sanwo-Olu speaks on need to resolve community’s agitations for tank farms relocation

Sanwo-Olu called stakeholders to come together in order to provide a lasting solution to the issue.

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Lagos introduces Dropbox facility for land documentation, China Development Bank, Sanwo-Olu sign $629m facility to complete Lekki Deep Seaport , Lagos State Government seeks partnership with insurance operators, Bond Issue: Lagos State Government to raise N100 billion for infrastructural development, Lagos State threatens to shut down Adron, Almond, 103 other estates for lacking approval

The Lagos State Governor, Babajide Sanwo-Olu, has listed conditions that must be met, in order to bring a lasting solution to the dispute between petroleum tank farm owners at Ijegun-Egba area of Amuwo Odofin and the residents of the host community.

One of these conditions is that tank farm owners and petroleum tanker drivers must subscribe to operational regulations that limit the loading of tankers beyond their weight capacities. Also, all Federal Government’s regulatory agencies operating in the area must stop working at cross purposes with the state’s agencies, in the bid to address the environmental degradation in the area.

The governor also stressed that both the federal and state authorities should collaborate on the regeneration efforts of road and infrastructure in the area.

This disclosure was made by the Lagos State Governor on Thursday, August 13, 2020, in Marina, while receiving members of the House of Representatives Ad-Hoc Committee on the Relocation of Tank Farms. The Committee, which was constituted by the Speaker, Femi Gbajabiamila, was also intended to investigate and make recommendations on the issue.

The Hon Sergius Ogun led Ad-Hoc Committee had initially gone on a two-day inspection to Ijegun before sharing the findings with the Governor.

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During the meeting, the governor pointed out that the regeneration of Ijegun-Egba was as important to the community as smooth transportation of petroleum products was important to the tank farms’ owners. He warned that the country could not afford to allow the host community’s agitation to hinder the operations of the tank farms, which, he said, supply 45% of petroleum products consumed in the country. The governor said:

“The Ijegun-Egba tank farms are strategic national assets created by the private sector to serve the whole country. Between 40 to 45% of the entire petroleum products that go across the country pass through that corridor. Even if it is to cater for our own need, we must take care of those assets, because they are like a strategic reserve for us as a nation.

“The rudiment of the problem in the area is a logistic issue, which is to ensure the movement of oil tankers in and out of the area without affecting the wellbeing of the community members. We have had to contend with environmental issues and the extent of the bad road network on the corridor is glaring. We have seen how small-capacity tankers are carrying up to 70,000 litres of petroleum products when they should be taking only 30,000 litres. This has exerted great pressure on the roads and the officers that are supposed to monitor them look away.

“These are part of the issues we need to resolve with the stakeholders. If we can let these people run their businesses within the confines of regulations, part of the solutions would have been achieved in the process. Also, there is a need for total regeneration of the roads in the area. We want the environment to be conducive for business, but we must do that in line with the safety of lives and property. We have talked with tank farms’ owners and we all need to come together. It is important for the Federal Government’s agencies to have an agreement and we are ready to play our own part.

The committee was set up following the agitations and demands by residents of Ijegun Egba Satellite Town for the immediate relocation of the tank farms in the residential area. This, according to the residents, would help to prevent further environmental degradation and loss of lives and property in the area.

The host community accused tank farm owners of disrupting the drainage system, damaging roads within the community, and even converting roads to parking lots for their tankers.

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The Governor stressed that genuine solution would be achieved if the entire network of infrastructure in the host community was cleaned up and regenerated. He, however, revealed that the new regeneration design that the state came up with could not take off because the federal authorities had not agreed with the plan.

Furthermore, Sanwo-Olu noted that it is high time for all the stakeholders to come together in order to provide a lasting solution to the issue.

After your thorough assessment of the situation, I hope you would be able to call all relevant stakeholders and agencies of Government together on the discussion table. We are committed to any effort that’ll bring a permanent solution. We know how much of investment we have in the area, but businesses have to be done under a safe and controlled environment. We want every stakeholder to play their roles,” he said.

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Making his own remark, the Chairman of the Ad-Hoc Committee, Hon Ogun, admitted the inability of the Federal authorities to work collaboratively with the Lagos State Government was part of the reasons the community’s agitation festered. He, however, promised that the House would prevail on the federal agencies to close ranks with stakeholders and bring about lasting solutions.

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Guinness warehouse in Lagos on fire

The warehouse was said to be used in storing plastic crates.

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Just-in: Guinness warehouse in Lagos on fire

A warehouse that is reportedly owned by Guinness Nigeria Limited, along the WEMPCO Road, Ogba, has been gutted by fire.

The warehouse was said to be used in storing plastic crates.

READ MORE: Why Guinness is a stock to pick – RenCap 

Director-General, Lagos State Emergency Management Agency, Olufemi Oke-Osanyintolu, explained that emergency responders, including the LASEMA response team and official of the state fire service, were on ground to salvage the situation, adding that the immediate cause of the fire could not be ascertained.

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He said, “On arrival at the scene of the incident at 0430am, it was observed that a warehouse storing plastic crates which appears to belong to the Guinness Nigeria Limited and used to store plastic crates, had been burnt.

“The immediate cause of the fire could not be determined. However, the agency’s responders and LASG Fire Service officials are on ground to carry out a dampening exercise to forestall any spread or secondary incident.”

READ ALSO: UPDATE: CAC headquarters in Abuja on fire

More details later…

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NBC slams N5 million fine on Nigeria Info over Mailafia’s inciting comments

This was contained in a press statement which was issued by NBC on Thursday.

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NBC slams N5 million fine on Nigeria Info over Mailafia's inciting comments

The Nigerian Broadcasting Commission (NBC) has slammed a fine of N5m on a radio station, Nigeria Info, over the recent claim by a former Deputy Governor of the Central Bank of Nigeria, Dr Obadiah Mailafia.

Mailafia, in an interview in one of the radio station’s programmes, claimed that some of the repentant Boko Haram militants confessed that one of the northern governors is the commander of Boko Haram in Nigeria.

This was contained in a press statement which was issued by NBC on Thursday, August 13, 2020, titled, ‘’The National Broadcasting Commission fines Nigeria Info 99.3 for Unprofessional Broadcast’’.

READ ALSO: Power: Nigeria’s deal with Siemens – the birth of a new era?

The NBC expressed its displeasure at the radio station for providing its platform to be used to promote unverifiable and inciting views that can lead to crime and public disorder.

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The NBC’s statement reads, ”The National Broadcasting Commission has noted with grave concern, the unprofessional conduct of Nigeria Info 99.3FM, Lagos, in the handling of the Programme, “Morning Cross Fire”, aired on August 10, 2020, between 8.30 am and 9.00 am. The station provided its platform for the guest, Dr Mailafia Obadiah, to promote unverifiable and inciting views that could encourage or incite to crime and lead to public disorder.”

READ MORE: NBC Code: Why video streaming platforms say ‘No’

”The Commission, again, wishes to reiterate that Broadcasters hold Licenses in trust for the people. Therefore, no Broadcast Station should be used, to promote personal or sectional interests at the expense of the people.

NBC noted that Dr Obadiah’s comments on the Southern Kaduna crisis, were devoid of facts and the broadcast of such by Nigeria Info 99.3 violates some sections of the Nigeria Broadcasting Code which include;

  • No broadcast shall encourage or incite to crime, lead to public disorder or hate, be repugnant to public feelings or contain an offensive reference to any person or organisation, alive or dead or generally be disrespectful to human dignity;
  • Broadcasting shall promote human dignity, therefore, hate speech is prohibited;
  • The broadcaster shall ensure that any information given in a programme, in whatever form, is accurate;
  • The Broadcaster shall ensure that all sides to any issue of public interest are equitably presented for fairness and balance;
  • The broadcaster shall ensure that language or scene likely to encourage or incite to crime, or lead to disorder, is not broadcast;
  • No programme contains anything which amounts to subversion of constituted authority or compromises the unity or corporate existence of Nigeria as a sovereign state;
  • The Broadcaster shall not transmit divisive materials that may threaten or compromise the indivisibility and indissolubility of Nigeria as a sovereign state.

The NBC further states, ”Consequent on these provisions and in line with the amendment of the 6th edition of the Nigeria Broadcasting Code, Nigeria Info 99.3FM Lagos, has been fined the sum of N5,000,000.00 (Five Million Naira), only. This is expected to serve as a deterrent to all other broadcast stations in Nigeria who are quick to provide a platform for subversive rhetorics and the expositions of spurious and unverifiable claims, to desist from such.”

The NBC also stated that it will not hesitate to suspend the license of broadcast stations that continue to breach to breach the broadcast code.

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