Business
CBN moves to curb $580m annual cassava by-product imports
Despite being the world’s largest producer of cassava, Nigeria imports over $580 million worth of cassava by-products annually.
To keep this money from leaving Nigeria, the Central Bank of Nigeria (CBN) has offered to extend funds and high yielding cassava stems to farmers.
CBN Governor Godwin Emefiele made this disclosure yesterday at the inauguration of the Rivers Cassava Processing Company in Oyigbo, Rivers State.
Emefiele stated that by deliberately “reducing our dependence on the oil sector, agriculture and the manufacturing sectors have emerged as key catalysts for reducing unemployment and driving growth in Nigeria”.
The decline in foreign exchange earnings, he lamented, has made it imperative that the country can no longer afford to support continued importation of items that can be produced in Nigeria.
Nigeria’s current situation he added “has also made it imperative for the Central Bank to work towards supporting programmes that will enable greater cultivation and processing of key agricultural commodities in Nigeria”.
He then called on governors of the 36 states to make their states more viable by investing more in agriculture, particularly crops in which they have comparative advantage.
Emefiele identified land development as a major constraint to increase agricultural produce and activities in the Southern parts of the country because of the regions topography.
To this end, he said the CBN has released about N7.436 billion to four states in the Southsouth region to open up more land for cultivation.
The money will also be used to construct access roads to agricultural lands, and provide infrastructure among other support services in the region.
Over 3000 farmers, he said will supply cassava to the company which will in turn guarantee the off-take of their farm produce. The company will produce and process over 45,000 tons of high quality flour for households, industries and bakeries.
“This guaranteed off-take would encourage participating farmers to improve their output per hectare in order to earn additional income. It also provide them with a verifiable platform to access finance from the CBN and other financial institutions through the Anchor Borrowers Programme,” Emefiele said.
The CBN governor said “so far Rivers State has accessed over N13billion from our various intervention programmes and their loan status remains in good standing”.
Speaking at the occasion, the state governor, Nyesome Wike lamented that the rural people of state have not made up to one per cent effective utilisation of the N5billion intervention the CBN made available.
“The CBN gave us loan and we thought that if we call our people in the rural areas to see how we can give them money to come out to the farm, to see how we can give them money to go and trade, to see how we can give them money to go and fish and as I speak to you, we couldn’t get one percent of effective utilization of those funds,” he said.
Going forward, the state government he said “will identify and verify those genuinely interested and registered as cassava producers to this company, government will give them seed money to continue farming cassava”.
To the people of the state, he urged them to “apply to us that you want to farm only cassava, government will give you seed money to go into cassava planting but it will not be like the former one when you took our money and ran away”.
Regarding the loans extended to the state by the Deposit Money Banks (DMBs) and the CBN, Wike assured that he would repay all the loans before he leaves office.A
Accordingto him, “any loan we have taken, the payment will be done by March/April next year we will not owe a dime to any bank before we leave”.
Business
Naira rises to N1,618/$ in parallel market
Naira rises to N1,618/$ in parallel market
The naira yesterday appreciated to N1, 618 per dollar in the parallel market from N1,620 per dollar on Monday.
But, the Naira depreciated to N1,604 per dollar in the Nigerian Foreign Exchange Market (NFEM).
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Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,604 per dollar from N1,599 per dollar on Monday, indicating N5 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N14 per dollar from N21 Monday.
Naira rises to N1,618/$ in parallel market
Insurance
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Lasaco Assurance Plc, one of the leading insurance companies in Nigeria, is pleased to announce that it has successfully obtained the ISO/IEC 27001:2022 certification, a globally recognized benchmark for Information Security Management Systems (ISMS).
This certification comes after a thorough and detailed re-certification audit, validating its commitment to upholding the highest standards in information security and cybersecurity.
The ISO/IEC 27001:2022 certification highlights Lasaco’s ongoing efforts to protect confidential information, manage risks, and enhance its approach to information security, aligning with global best practices.
Speaking on this new development, the Managing Director, Lasaco Assurance Plc, Mr. Razzaq Abiodun, said, “We are incredibly proud of this achievement, which demonstrates our dedication to maintaining the highest standards of operational excellence and continuous improvement.
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“In today’s digital age, ensuring the safety and security of sensitive information is of paramount importance, and this certification reaffirms our commitment to being a trusted and responsible organization.”
ISO/IEC 27001:2022 offers a structured framework for managing and securing critical business information, ensuring that all aspects of the organization’s information security are addressed through proactive risk management. This certification affirms Lasaco Assurance’s robust commitment to safeguarding sensitive data against emerging cyber threats.
“Moving forward, we remain dedicated to ensuring the highest level of information security, compliance, and excellence in all our operations,” the Head of IT, Lasaco Assurance, Mr. Dimeji Ogundele said.
The company extends its deepest gratitude to its entire team, clients, and partners whose support was pivotal to achieving this certification. Lasaco Assurance Plc is a composite insurance company, providing a wide range of insurance solutions.
With a rich history of trust, innovation, and customer satisfaction, Lasaco continues to deliver reliable and cutting-edge services to individuals, businesses, and government institutions.
Lasaco Assurance Plc attains ISO/IEC 27001:2022 Certification for Information Security Management
Business
5 facts about trending digital trading platform, CBEX
5 facts about trending digital trading platform, CBEX
Investors have been left counting their losses after digital trading platform, China Beijing Equity Exchange (CBEX) crashed on Monday, April 14.
Many distraught investors took to social media, especially X and TikTok, to bemoan their losses, which was estimated at N1.3 trillion.
Following reports of the platform’s crash, some investors on Tuesday broke into CBEX’s office in Oke Ado area of Ibadan, Oyo State and looted furniture, electronics and other valuables.
Facts about CBEX and its operations:
1. CBEX is a digital trading platform that promised investors 100% profit within 30 days, by trading digital assets. Its purported goal was to create a secure, transparent environment for transactions.
2. CBEX reportedly attracted around 300,000 users, majority of whom are Nigerians, despite not being registered with Securities and Exchange Commission (SEC), making its operations illegal under the Investment and Securities Act (ISA) 2025. CBEX’s CEO, Yahaya Ibrahim claimed the platform was a registered Canadian crypto exchange, but no evidence supported this, and operations were primarily Nigerian-focused.
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3. Around April 9, investors reportedly faced withdrawal failures as funds in their wallets vanished. CBEX attributed the withdrawal issues to a “security breach” and demanded additional deposits for “verification”. The verification options included $200 fee for $2,000 wallet balance and $100 for $1,000 wallet balance.
4. The crash reportedly affected over 300,000 users, with estimated losses exceeding $840 million (N1.3 trillion), devastating investors, some of whom lost life savings or loans. Cryptocurrency expert and security analyst, Taiwo Owolabi said available data indicated that the funds were moved to a TRX address: (TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf). He noted that a total volume stolen so far in USDT is $847 million and likely to increase.
5. The Securities and Exchange Commission (SEC) has continued to warn the public against investing in unregistered platforms like CBEX, citing risks of fraud and lack of investor protection. Prior to CBEX’s crash, SEC stated that ISA 2025 signed by President Bola Tinubu makes it an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.
“Any business entity with the plan of setting up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” SEC said.
5 facts about trending digital trading platform, CBEX
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