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CBN lifts restrictions on forex access for importation of dairy products
CBN lifts restrictions on forex access for importation of dairy products
The Central Bank of Nigeria (CBN) has lifted the restrictions on the importation of milk and dairy products.
On February 11, 2020, the CBN had added milk and dairy products to the list of items not eligible for forex.
However, in a notice to customers, Zenith Bank said the regulator had provided an update on eligible items for foreign exchange in a notice to commercial banks on March 12.
“Please be informed that the Central Bank of Nigeria (CBN), through its circular Ref No. TED/FEM/PUB/FPC/001/010, dated March 12, 2024, has provided an update on eligible items for foreign exchange (Non-Valid for FX),” the statement reads.
“In light of the foregoing, please note that the restriction on foreign exchange for the importation of dairy products and its derivatives to all entities except selected companies has been lifted.”
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Zenith Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at the Nigeria Foreign Exchange Market (NAFEM) for the transactions”.
On October 12, 2023, the apex bank announced the lifting of the ban on 43 items previously restricted from accessing forex
“Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market,” the apex bank had said.
“The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.”
Some of the affected items include rice, cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables and processed vegetable products, poultry, tomatoes/tomato paste, soap, cosmetics, and head pans.
CBN lifts restrictions on forex access for importation of dairy products
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After viral video, Army launches probe into crowded soldiers’ cells, poor feeding
After viral video, Army launches probe into crowded soldiers’ cells, poor feeding
The Army Headquarters on Saturday said it has ordered investigations into allegations of overcrowded cells in its barracks and poor feeding of detained personnel following a viral video showing some detained soldiers protesting.
A statement by Major Gen Onyema Nwachukwu, Director of Army Public Relations, titled, “Army’s Response to Viral Audio Visual Footage of Soldiers Protesting Overcrowded Cells, Poor Feeding” made this known.
It reads, “The Army headquarters has taken note of a report and audiovisual recording circulating on social media produced by some of its personnel held in custody at the 8 Division Garrison detention facility.
“Undoubtedly, the Sokoto barracks detention facility incident is quite unfortunate and an embarrassment to the sound administration efforts of the Chief of Army Staff (COAS), to say the least, and in line with his leadership style.
“The COAS has instituted an appropriate investigation into the incident to determine whether it is an isolated or widespread situation in similar detention facilities.
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“While the service regrets and has gleaned some lessons from the incident, it will, however, not condone the manner the inmates expressed their purported grievance.
“Mutiny and conduct prejudicial to service order are grievous misconducts, and this very incident epitomises such.
“As such, as Army, on the one side, goes ahead to implement the COAS directive to look into the state of all NA detention facilities, as detainees’ lives also matter, the Service shall not shy away from appropriately sanctioning the soldiers involved in the unruly behaviour in its Sokoto detention facility for failing to exhaust all available options to channel their complaints to the appropriate authorities.
“And if it was discovered they did and nothing was done, necessary administrative actions will be taken against anyone found to have failed to discharge his/her duties effectively.
“While the Service is mindful of its subjective oversight engagements by statutory bodies, it remains primarily a responsible, self-regulating professional body.
“As such, the Service remains committed to ensuring that everyone, even those found guilty of aiding terrorists, kidnappers, and bandits, and are awaiting confirmation of their sentencing, as it has been discovered in the Sokoto case is accorded a relatively decent life until their judgment is confirmed and executed.
“This commitment underscores the NA’s dedication to upholding professional standards and maintaining a just and fair system.
“The NA appreciates all Nigerians for their concern and support as well as pledge to remain focused on its drive to defeating security challenges facing the nation in conjunction with sister services and other security agencies.”
After viral video, Army launches probe into crowded soldiers’ cells, poor feeding
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Minister inspects Nigeria-assembled CNG buses, says transport costs to drop
Minister inspects Nigeria-assembled CNG buses, says transport costs to drop
Ahead of the roll-out of compressed natural gas (CNG)-powered mass transit buses meant for commuting nationwide, Finance Minister and Coordinating Minister of the Economy, Mr Olawale Edun, has inspected the assembly plant where the vehicles are being put together.
He expressed optimism that the buses when they hit the road would ease transportation and lead to a substantial slash in fares.
He expressed this view during his visit to the JET Motor Company Assembly Plant in Lagos.
The CNG buses are being mass produced under the Presidential CNG Initiative (PCNGi) as part of measures to reduce the high cost of living and curb inflation after the removal of fuel subsidy.
The Federal Government has promised to launch the first set of the CNG buses and tricycles by the end of this month (May).
Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, quoted the minister as saying, “I have come to see the CNG buses that Nigerians are asking about. I have seen them. “I have tested them and driven them. I have seen them being assembled. The benefits will soon be available to Nigerians.”
Edun highlighted the significant cost savings that CNG buses offer compared to their petrol-powered counterparts.
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“Two critical aims will be achieved. Whereas it costs about N55,000 to fill a 15-20 seater bus with petrol, it will cost between N12-15,000 to fill a CNG bus of the same capacity. This is three times, if not four times less.
“This is a huge savings that will help reduce transport costs and at the same time help reduce inflation,” he said.
According to him, the PCNGi is all about mass transit that is affordable, and praised JET’s employment of local talents in the assembly of the vehicles.
The Chairman and founder of JET, Chidi Ajaere, took the minister round the assembly plant during the visit.
Also on hand were the CEO of JET motor company, Engr Derek Ewelukwa, and other members of the JET team such as Sanjay Rupani of the Technical Development Department and Ebimo Ofongo, the plant manager.
Present also were Tosin Coker, Commercial Director at the PCNGi, and Joseph Osanipin, Director-General of the National Automotive Development and Design Council.
Ajaere commended President Bola Tinubu for his initiative in promoting local production of the CNG vehicles and the entire PCNGi team’s resolve to make the project a success.
JET was established in 2018 to build Electric Vehicles (EV) vans, pickups and CNG/Petrol buses tailored to meet Nigeria’s unique transportation needs.
Minister inspects Nigeria-assembled CNG buses, says transport costs to drop
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NSCDC arrests man for allegedly defiling 4-year-old girl in Ekiti
NSCDC arrests man for allegedly defiling 4-year-old girl in Ekiti
The Nigeria Security and Civil Defence Corps (NSCDC), Ekiti state command, has arrested a 27-year-old man, Ojo Afolabi, for allegedly defiling a four-year-old girl.
The suspect, who lives on Olujoda Street, Ado-Ekiti, was arrested after the mother of the girl made a formal complaint at the office of the NSCDC in Ado-Ekiti.
The four-year-old victim, while narrating the incident, alleged that the suspect removed her underwear and had carnal knowledge of her sometime in late April, 2024.
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The mother of the girl, who spoke to journalists, also said that her daughter informed her about the incident.
However, the suspect denied the allegation, saying he was being indicted unjustly.
The NSCDC spokesperson in the state, Tolu Afolabi, said a medical report had confirmed that the hymen of the girl had been broken.
Afolabi stated that investigations were ongoing.
NSCDC arrests man for allegedly defiling 4-year-old girl in Ekiti
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