Business
Iron rod dealers backs NASS investigation of substandard steel producers
The Iron Rod and Steel Distributors Employers of Nigeria (IRSDEUN) has declared their support for the recent move by the House of Representatives Committee on Steel Development to harvest information regarding statutory compliance obligation and production processes of suspected iron rod producers from the Standard Organization of Nigeria, and Tax laws from the Federal Inland Revenue Service, to ensure validation of reports.
In a statement on Tuesday, the National President of IRSDEUN, Chief Gbenga Awoyale, said: “We applaud it ; it’s a bold step in the right direction after a long period of calling for a checkmate of the activities of SON, which has become ineffective in sanitizing the industrial production sector and ridding it of substandard product.
He reassured the National Assembly of the Union’s commitment to fully support efforts towards mopping up substandard steel products that have saturated the Nigerian market “because of the greeds of some producers, who are majorly foreigners working in collaboration with some government officials.
“We call on members of the National Assembly, especially the Steel Development Committee to remain undaunted and uncompromising as they are about to make history. We assure them of our unflinching support in the interest of the safety of Nigerian citizens and their properties.”
The statement also noted that “in a letter dated 4th August 2024, the National Assembly House Committee on Steel Development had written the SON and FIRS, to furnish the NASS with information on the extent of compliance with extant laws and regulations guiding metallurgical and foundry operations of some steel producing companies in Nigeria, by section 62(1) and (2) of the constitution of the FRN and Order 130 Subsection (2) (I) of the Standing orders of the House of Representatives.”
The reports, the statement further stated are expected to be submitted to the National Assembly on or before tomorrow Wednesday, 28th August 2024, according to a letter by the Committee Chairman, Hon. Zainab Gimba.
Business
CBN admits it opened domiciliary accounts for PFIPC agency
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
File photo : PFIPC agency DG, Adeniyi Adeyemi
The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).
The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.
“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.
He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.
“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.
The department that handles the mandate is different from the department that actually does the account opening,” he said.
Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910
EURO (EUR) Buy ₦1,580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.11
GREAT BRITISH POUND (GBP) ₦1,857.35
EURO (EUR) ₦1,575.95
SWISS FRANC (CHF) ₦1,705. 31
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.94
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.49
SOUTH AFRICAN RAND (ZAR) ₦83.69
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422
GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.18
GREAT BRITISH POUND (GBP) ₦1,854.42
EURO (EUR) ₦1,577.00
SWISS FRANC (CHF) ₦1,707.94
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.57
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.48
SOUTH AFRICAN RAND (ZAR) ₦83.29
CBN admits it opened domiciliary accounts for PFIPC agency
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