Business
JUST IN: CBN Frowns At Exporting Without Documentation, as Proceeds hits $5.6bn
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has warned exporters and shipping companies to desist from exporting without documentation, saying, “What this does is to reduce the export earning potentials of the country.”
Emefiele made the call today during the Bi-Annual RT200 Non-Oil Export Summit in Abuja.
The CBN boss said: “we keep hearing cases of people trying as much as possible to sidestep the process.
“All I can do now is to appeal to those of us who want to export without documentation to please try as much as possible to desist from this practice.
“We will continue to engage customs, we will continue to engage Nigerian Ports Authority and we will continue to engage the shipping lines and agents to ensure that we nip in the bud the incidences of exporting without documentation.”
Emefiele recalls a meeting of the bank with the shipping lines : “About three years ago when we had a meeting at the CBN in Lagos with the shipping lines, I had said that the CBN will be beaming searchlight on undocumented exports.
“And we had advised the shipping lines at that meeting that we will also be monitoring and if we find that they export without documentation we will fine them by placing their accounts on Post No Debit order.
“We have so far not done anything like that, because we feel that our shipping lines will be responsible to do what is right.
“However, if we do not see the kind of cooperation that we expect, I will have to insist that we do what we need to do.”
He disclosed that the export proceeds repatriation into the country increased by 40 per cent from $3 billion in 2021 to $5.6 billion at the end of 2022.
The CBN Governor added that the momentum for 2023 was equally showing strong numbers and impressive prospects.
“In the first quarter of 2023, a total of US$1.7 billion was repatriated to the economy while about $790 million was sold at the Investors and Exporters window year-to-date.”
Emefiele said the balance of the proceeds remained in the Export Domiciliary Accounts of exporters, noting that proceeds that were not sold at the Investors and Exporters window (I&E) could not and would not be eligible for the rebate.
He urged those holding their export proceeds in their domiciliary accounts to take advantage of the rebate by selling them at the I&E Window.
He expressed the bank’s continued commitment and assurance to strengthening and expanding foreign exchange supply into the market.
Babajide Sanwo-Olu Commends CBN’s RT200 FX programme
Also at the event, Lagos State Governor, Babajide Sanwo-Olu, commended the CBN for its introduction of the programme.
He said that it was a critical step for diversifying the economy.
Sanwo-Olu was represented by the Lagos State Commissioner for Economic Planning and Budget, Samuel Egube.
He stated that it would also increase the capacity of the non-oil sector to generate more foreign exchange earnings, boost economic growth, and stabilise the economy generally.
Business
Dangote unveils ambitious plan for 20,000MW power project
“We are now going into power… 20,000 megawatts,” said Dangote during a conversation with International Finance Corporation Managing Director Makhtar Diop, adding that Africa’s most pressing needs remain energy, fertilisers, and industrial inputs.
Aliko Dangote, the billionaire behind Africa’s largest industrial conglomerate, is determined to end Nigeria’s epileptic power sector with a plan to generate 20,000 megawatts of electricity.
Dangote’s entry into the sector follows a string of failed promises from the Nigerian government.
Adebayo Adelabu, ex-Power Minister, has repeatedly missed deadlines to stabilise the grid at even 6,000 megawatts, a fraction of what Dangote is now proposing.
“We are now going into power… 20,000 megawatts,” said Dangote during a conversation with International Finance Corporation Managing Director Makhtar Diop, adding that Africa’s most pressing needs remain energy, fertilisers, and industrial inputs.
Business
Enugu govt to build 660MW coal-fired power plant
Governor Peter Mbah disclosed this during a solidarity visit by the leadership of Organized Private Sector Nigeria (OPSN) to him at the Government House, Enugu, yesterday.
Photo: A coal fired power plant in Hanchuan, Hubei province, China / Getty Images
Enugu State Government has concluded plans to build a 660MW coal-fired power plant in the state.
Governor Peter Mbah disclosed this during a solidarity visit by the leadership of Organized Private Sector Nigeria (OPSN) to him at the Government House, Enugu, yesterday.
” I am pleased to inform you that in July, we will break ground for a 660MW coal-fired power plant.The outlay in terms of time for building the plant is 24 months. So, our target is to commission that power plant 24 months after the groundbreaking in July,” said Mbah.
Mbah recalled that Enugu State, under his leadership, was the first subnational to set up an electricity market, following the Constitution and Electricity Act amendments that effectively transferred power from the Exclusive List to the Concurrent List, thus paving the way for states to participate in all the power value chain, namely generation, transmission, and distribution.
The governor allayed concerns normally associated with coal, citing the low sulfur content and high calorific value of Enugu coal, standing at about 7,000 kilocalories per kilogramme.
He said the project was not a knee-jerk decision, as his administration had taken about two years to undertake the necessary studies and also secure coal assets to guarantee unhindered supplies to the plant.
Business
Zenith Bank: Mustafa Bello succeeds Ovia as chairman
Engr Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank.
•Mustafa Bello
The former Minister of Commerce and longest-serving Non-Executive Director of Zenith Bank Plc, Mustafa Bello, has been appointed as the new Chairman of the Bank.
Bello’s appointment was announced yesterday during the bank’s yearly general meeting in Lagos.
In his remark, Jim Ovia stated, “Distinguished shareholders, it gives me great pleasure to address you this morning. This meeting will be the last Annual General Meeting that I will be attending as Chairman of this Bank. In line with the CBN’s corporate governance provision, I am expected to serve for 12 years. Having served for that term, I’ll be retiring at this AGM.
For continuity, the Board met and nominated Engineer Mustafa Bello as the next Chairman.
Engr Bello is the longest-serving Board Member and has a good understanding of the Bank. This appointment has been approved by the Central Bank.
I thank you for supporting me for this tenure. I hope you give him the same support that you gave me. Thank you and God bless Zenith Bank.”
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