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JUST IN: CBN Frowns At Exporting Without Documentation, as Proceeds hits $5.6bn

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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.

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Tax Reform: I rented secret apartment after death threats –Oyedele

These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.

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Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.

Chairman of Nigeria’s Presidential Committee on Tax Policy and Fiscal Reforms, Taiwo Oyedele, has revealed that he was forced to flee his home and now lives in a secret location under armed police protection after receiving death threats linked to his tax reform efforts.

The Guardian reports that during a live radio interview on Nigeria Info FM, Oyedele said that the threats began shortly after he announced a clampdown on more than 60 government agencies illegally collecting taxes and levies across the country.

“I had to pack out of my house,” he said. “I rented a place in a secret location where I now live. I’m not the kind of person who wants anybody carrying a gun to follow me around, but I had to accept mobile police protection.”

”Oyedele, a former Africa Tax Lead at PwC, has led the drive to simplify and clean up Nigeria’s tax system.

He described the backlash as unexpected but driven by powerful individuals who had turned tax collection into a personal revenue stream.

“These are not small boys and girls,” he said. “They are big people with deep connections and resources. So naturally, they would resist any effort to block those illegal streams.”

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Dangote Refinery Planning 1.6m Barrels Fuel Storage Tanks in Namibia

The storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

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Dangote petroleum refinery will construct storage tanks in Namibia to hold at least 1.6 million barrels of petrol and diesel to supply refined fuel to southern Africa.

Reuters reports that the storage tanks would be used to supply petrol and diesel to Botswana, Namibia, Zambia and Zimbabwe.

Dangote was also considering supplying fuel to southern Democratic Republic of Congo, the sources said.

It was not immediately clear how much the project would cost, but the second source said construction of the storage tanks would begin shortly in the port city of Walvis Bay.

The move underscores the refinery’s ambition to dominate fuel supply in Africa and beyond, potentially reshaping energy trade flows in the region and boosting access to refined products for southern African nations.

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UBA Announces Strategic Expansion into Key Markets Across Africa

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UBA Group senior executives have concluded the Group’s Half Year Business Review, which was held at the global headquarters in Lagos Nigeria.

UBA Group Managing Director/CEO, Oliver Alawuba, brought together executives responsible for UBA’s twenty-four countries of operation.

He said “the gathering was an opportunity to restate the Group’s pan-African strategy, and commitment to further expanding the Group’s coverage across high potential markets across Africa, while also deepening its operations in its existing twenty African presence markets.

“With over 51.7% of Group revenues from ex Nigerian operations, UBA’s journey to being Africa’s most diversified financial services group was clearly in evidence.”

The international strategic intent reinforces with the Group’s intention to deliver innovative financial solutions to its fast-growing global customer base.

The strategy demonstrates UBA’s unique position as Africa’s global bank and ability to leverage growth opportunities in emerging and leading African markets.

The Group commenced its Pan African journey, with its entry into Ghana in 2004, followed by rapid expansion into 18 additional African markets.

Today, as a resilient and future-focused institution, UBA continues to push boundaries by connecting Africa to the world and the world to Africa.

Mr Alawuba highlighted the Group’s expansion plans, disclosing that the Group is excited about the vast opportunities that the new markets present, a testament to UBA Group’s confidence in the African economy, providing world-class banking services that meet the continent’s evolving needs.

He noted that: “UBA’s vision is clear – we are building a truly global institution anchored in Africa, but serving customers across continents”.

“Further strategic expansion positions us to unlock new opportunities, support intra-Africa trade, and deliver world-class banking experiences wherever our clients choose to do business,” Alawuba said.

“In Europe, UBA has operations in the United Kingdom and upgrading its license in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in NY.”

These moves signal a clear message of UBA’s intent to reshape the competitive landscape”, Alawuba further said.

As part of the Group’s plan to expand its global presence, UBA, in January, announced plans to open operations in Saudi Arabia.

Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees’ group wide and serving over 45 million customers globally.

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