Bullion van attacks: Odumosu accuses bank officials of conspiracy – Newstrends
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Bullion van attacks: Odumosu accuses bank officials of conspiracy

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Lagos Police Commissioner, Hakeem Odumosu, has accused officials of commercial banks of conspiring with criminals to attack bullion vans and cause other security lapses at banks.

He specifically warned Cash in Transit (CIT) officials suspected to have exhibited some unprofessional conducts in the attacks of bullion vans in Lagos recently.

The police boss reportedly addressed some bank officials on Tuesday at the police command in Ikeja, where he frowned on the lackadaisical attitudes of banks and financial institutions to securing their facilities and cash in transit.

According to a statement by spokesman Olumuyiwa Adejobi, Odumosu recalled the attack on a bullion van in the Langbasa-Ajah area of Lagos State recently.

“The two policemen allegedly on the escort movement were procured illegally and without the knowledge of the command. This kind of a movement is condemned and unacceptable in totality.

“Moving forward, the police boss stressed that security must be provided for all bank facilities and CIT movements as the command will not tolerate kangaroo security arrangement for cash in transit in the state,” it said.

The statement read in part, “The police boss also directed that Standard Operating Procedure on Species Escort (movement of valuables) must be sustained; noting that there must be minimum of two operational vehicles conveying fully armed policemen escorting a bullion van which must be fully armoured.

“Similarly, in compliance with traffic rules, the Commissioner of Police strongly warned them against driving on One Way and BRT corridors, driving of bullion vans without or with covered number plates, breaking of traffic light and reckless driving on highways.

“He further warned that bullion vans must be roadworthy and standardised by the State Commands Transport Officer.

“CP Hakeem Odumosu then ordered Area Commanders, DPOs and Heads of Departments to henceforth stop and contravene any bullion van on movement without due compliance with the stipulated security arrangements and traffic regulations in the state.

“He also warned the Commanding Officers of Police Mobile Force in the state to desist from deploying men to banks and financial institutions without due approval of the Commissioner of Police.

“In addition, CP Hakeem Odumosu encouraged banks to fortify security in their facilities by installing more sophisticated CCTV cameras that have 100 day recording capacity so as to have a backup and source of evidence in police investigation of any incident within their areas of responsibility.

“At the end of the meeting, CP Hakeem Odumosu formed a committee for the implementation of the rules and regulations of providing security to banks, financial institutions and movement of valuables (cashes) within the state.

“The committee comprises the Deputy Commissioner of Police, Department of Operations, DCP Mohammed Ali, Officer in Charge of Bank Guards, Lagos State Command, two of the Chief Security Officers of the bankers and two representatives of the Cash in Transfer firms.”

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Naira loses N81 to dollar in one day

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Naira loses N81 to dollar in one day

The naira lost N81.34 against the US dollar at the foreign exchange market on Thursday

FMDQ data showed that the naira fell to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday.

This represents a 7.04 per cent loss against the dollar compared to N1,072.74 per dollar traded the previous day.

At the parallel market, the naira also depreciated N1,100 per dollar on Thursday from N1, 040 on Wednesday.

This is the second time the naira would be depreciating against the dollar in three days amid fears of depleting foreign exchange reserves.

Nigeria’s foreign reserves dropped to $32.29 billion as of April 15.

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Govt paying N600bn for fuel subsidy monthly — Rainoil CEO

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Govt paying N600bn for fuel subsidy monthly — Rainoil CEO

The CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market.

Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos.

He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion.

He said; “When Mr. President came in May last year, one of the things he said was that Subsidy is gone. And  truly, the subsidy was gone, because immediately the price of fuel moved from 200 to 500 per liter. At that point truly, subsidy was gone.

“During that period, Dollar was exchanging for N460, but a few weeks later, the government devalued the exchange rate. And Dollar moved to about N750. At that point, subsidy was beginning to come back.

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“The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol. If you want to know where petrol should be, just look at where diesel is. Diesel is about N1,300 and petrol is still selling for N600.

Furthermore, he said that NNPC being the only petrol importer in the country implies that there is an ongoing subsidy, as prices had to be fixed.

Earlier yesterday, the former governor of Kaduna State, Nasir El Rufai, said the federal government is spending more on petrol subsidy than before.

In addition, the Special Adviser to the President on Energy, Mrs. Olu Veŕheijen, said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country.

“The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.

“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that does not negate the fact that subsidy has been removed,” she said.

Govt paying N600bn for fuel subsidy monthly — Rainoil CEO

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Breaking: Dangote brings diesel price down to N1000/litre

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Breaking: Dangote brings diesel price down to N1000/litre

Dangote Petroleum Refinery has announced a further reduction in the price of diesel.

When it commenced operation a few weeks ago, Dangote Petroleum Refinery pegged the price of diesel as N1,200.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.

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However, on Tuesday, a further reduction of N200 was noticed in the price, with the product now pegged at N1,000.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

The President of Dangote Group, Aliko Dangote, had during the Eid-el-Fitr celebration said if the cost price of diesel comes down, the inflation rate will be substantially reduced.

Dangote spoke when he visited President Bola Tinubu in his residence in Lagos State to celebrate the end of the Ramadan fast with him.

Breaking: Dangote brings diesel price down to N1000/litre

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