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CBN set to punish exporters who refuse to repatriate export proceeds to Nigeria

The CBN has directed banks to submit details of all the exporters who have failed to repatriate their export proceeds.

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MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

The Central Bank of Nigeria (CBN) is set to go tough on exporters who are guilty of forex non-repatriation. This is part of the CBN’s ongoing efforts to resolve the prevalent forex crisis in the country by increasing forex liquidity.

To this end, the CBN has directed banks to submit the names, addresses, and Bank Verification Numbers (BVNs) of all the exporters who have failed to repatriate their export proceeds. Necessary ‘action’ would be taken against such defaulters, the CBN said in a statement that was seen by Nairametrics.

The statement further noted that the Central Bank Governor, Godwin Emefiele, gave the directive on August 25, 2020, while virtually attending a Bankers’ Committee meeting.

READ: CBN’s N50 billion loan: NIRSAL warns Nigerians against fake loan adverts

“As part of its effort to increase foreign exchange liquidity in the country, the Central Bank of Nigeria (CBN) has directed all banks in the country to submit the names, addresses and Bank Verification Numbers (BVN) of exporters that have defaulted in repatriating their exports proceeds, for further action.

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“The directive issued by the CBN Governor, Mr. Godwin Emefiele, on Tuesday, August 25, 2020, during the Bi-monthly virtual meeting of the Bankers’ Committee, comes barely 24 hours after the Bank announced the abolition of third-party “Form M” payment,” part of the statement said.

READ: FG orders NITDA to design framework for lawful use of citizens’ data

Just yesterday, Nairametrics reported that the CBN had informed stakeholders about its decision to permanently stop agents/companies or any third parties from accessing its SMIS forex window through FORM M forex purchases. A circular issued to this effect by the CBN noted that “authorized dealers are herby directed to desist from opening of Form M whose payment are routed through a buying company/agent or any other third parties.”

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Nigeria’s currency woes got exacerbated by the COVID-19 pandemic and the drastic decline in oil revenues, caused by declining oil prices and oil war between some of the world’s major oil producers. There has, since, been concerted efforts by Governor Emefiele and his team to manage the forex situation. Some of these efforts range from tackling forex speculators, to restricting Forex for the importation of maize,  and now targeting exporters who refuse to repatriate the proceeds of their trades to Nigeria.

READ: NAFDAC to commence e-license for importers

Please, note that export repatriation basically entails moving back the proceeds (be it dollars, pound, euro, etc) of one’s exports back to Nigeria. Such hard currencies would typically contribute towards ameliorating the forex challenges. However, some exporters now prefer to keep such earnings outside of the country. As far as they are concerned, this is a safer way to preserve the value of their earnings.

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.

2 Comments

2 Comments

  1. Femi Oyeneyin

    August 26, 2020 at 3:47 pm

    Can’t you see that something is wrong with your economic policies Mr. Governor. Do something that will attract direct foreign investment to boost the economy.

  2. Anonymous

    October 14, 2020 at 10:53 am

    Rubbish.
    If they don’t repatriate the proceeds where are they going to get the working capital to continue with the business? Unless of course it’s government thieves who have embezzled people’s money and pretend to be exporters to hide the proceeds overseas. A true exporter will bring back his sales revenue in other to continue with the business.

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ENDSARS

#EndSARS: IGP orders immediate mobilisation of officers to restore normalcy

The IGP has directed officers to take control of the current unrest and breakdown of law and order in some parts of the country.

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IGP orders immediate withdrawal of police officers attached to VIPs

The Inspector-General of Police, Mohammed Adamu has ordered the immediate of all police operational assets and resources to bring an end to the unrest.

This was made known via the official Twitter handle of the Nigerian Police Force, @PoliceNG, in a statement titled, “RECLAIM THE PUBLIC SPACE AND RESTORE NORMALCY – IGP ORDERS AIGs, CPs, PMF, CTU & SPU COMMANDERS”.

According to the statement, the IGP has directed the officers to reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

The IGP gave the order to all Assistant Inspectors General of Police (AIGs), Commissioners of Police (CPs), Heads of Police Operational Units, Squadron and Base Commanders in charge of Zonal/State/FCT Commands, the Police Mobile Force, Counter Terrorism Unit.

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The statement read in part, “The Inspector-General of Police, IGP M.A Adamu, NPM, mni has ordered the immediate mobilization of all police operational assets and resources to bring an end to the wanton violence, killings, looting and destruction of public and private property, and reclaim the public space from criminal elements masquerading as protesters in some parts of the country.

“In addition, CPs/Heads of Police Formations in the various states have also been charged to mobilize their men and work in sync with the Command CPs in the areas where they are domiciled, to dominate the public space and ensure peace and safety in the affected areas.

“The IGP, while noting that enough is enough to all acts of lawlessness, disruption of public peace and order and wanton violence which have resulted to indiscriminate looting of shops, malls and warehouses, damage to property and loss of lives in some parts of the country.”

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The IGP further enjoined law-abiding citizens not to panic but rather join forces with the police and other members of the law enforcement community to protect their communities from the criminal elements. He also called for “the understanding and cooperation of the citizens, assuring that the action is geared towards ensuring public order and safety and public security in our communities.”

What you should know

In the last few days, several parts of the country, especially Lagos, Cross River and Delta have witnessed a rise in civil unrest as hoodlums torched down Police stations, government properties and have also looted and destroyed several private businesses.

The recent unrests could be traced to the hijacking of peaceful protests organised by #EndSARS agitators who took to the streets of many Nigerian cities in the last two weeks to demand the dissolution of a notorious police unit, Special Anti-Robbery Squad, better known as SARS, who has been alleged to be involved in a countless number of harassment, extortion, abduction, armed robbery and murder of innocent citizens.

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Business News

Lagos state moves against fake news and inciting messages merchants

The government has warned fake news and inciting message merchants to stop their evil enterprise or face legal consequences.

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The Lagos State Government has warned against fake news and inciting messages as they react to videos in social media and online space, creating tension and encouraging ethnic conflicts.

This was contained in a statement that was issued by the Lagos State Commissioner for Information and Strategy, Gbenga Omotosho, on Saturday, October 24, 2020.

In the statement, Governor Babajide Sanwo-Olu urged Lagosians to disregard the videos, which are the tools of anarchists, whose plan is to create hatred and divisiveness for which Lagos is not known for.

The statement partly reads, ‘’Inciting videos of this nature are not what our land needs now, following the loss of lives and destruction that fake news, misinformation and unfounded rumours have triggered in our dear state in the last couple of days.

‘’The government appeals to Lagosians to disregard the calls of ethnic and religious jingoists as well as agents of destruction who are on a mission to destroy our state by pitching us against one another for yet to be ascertained reasons. This is a very critical moment for us as a people. It is, therefore important that we stand together and remain circumspect because the brewery of falsehood is unrelenting in its mission.’

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The commissioner said Lagos State is the melting point of various cultures, tribes and religions across Nigeria and noted we have co-existed harmoniously for ages and will continue to live together peacefully.

He pointed out that the sad incident of the past few days affected everyone who lives, trades or works in Lagos, regardless of their tribe, culture, race and religion. He said this is a time for us to empathize with one another and not listen to purveyors of evil messages, especially on social media.

Omotosho said the government will continue to protect lives and property and warned fake news and inciting message merchants to stop their evil enterprise or face the legal consequences of their destructive actions.

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Appointments

TCN MD, Sule Abdulaziz appointed Chairman of West Africa Power Pool

The acting Managing Director of TCN, Sule Abdulaziz, has been appointed the new Chairman of WAPP.

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TCN MD Abdulaziz, four other directors receive appointment letters

The acting Managing Director of Transmission Company of Nigeria (TCN), Sule Abdulaziz, has been appointed the new Chairman of the Executive Board of West African Power Pool (WAPP). Abdulaziz was nominated by the former Managing Director of Power Holding Company of Nigeria (PHCN), Joe Makoju, who is an honorary member of WAPP.

READ: NNPC signs gas development and commercialization deal with SEEPCO

This disclosure was made by TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah, through a public statement in Abuja on Thursday, October 22, 2020.

In her statement, Mbah revealed that the West African Power Pool was created by Decision A/DEC.5/12/99 of the 22nd Summit of the ECOWAS Authority of Heads of State and Government, and adopted during the 29th Summit of the ECOWAS Authority of Heads of State and Government held in Niamey, Niger.

READ: Indian firm, Ramco signs partnership deal with Nigerian airline

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The appointment was made during the 46th meeting of the WAPP Executive Board which was chaired by the Secretary-General of ECOWAS, Ki Sengui, and held through video conference on October 21.

The statement from Mba partly reads, “While making the nomination, Makoju noted that Abdulaziz is an expert in engineering with vast experience in the electricity sector and therefore will perform creditably as the new WAPP Executive Board Chairman.

READ: Continental Reinsurance Plc acquires 100% ownership of its Botswana subsidiary

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“His proposal was endorsed by MDs and Director Generals and other members of the board,” she said.

According to the statement, Abdulaziz in his acceptance speech thanked the board members and the honourary members for his nomination as the Chairman of the board and assured them of his total commitment to the overall objective of the regional electricity body.

READ: A bitter family feud has continued to hamper this company’s growth

He also expressed the need to move the pool to the next level of operational efficiency and solicited the support of member utilities, especially members of the executive board in this regard.

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He urged members to ensure prompt payment of their contributions to the pool and also continue to collaborate actively with the secretariat to ensure effective and efficient coordination and implementation of all WAPP programmes.

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