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BREAKING: CBN To Prosecute Forex Defaulters

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The Central Bank of Nigeria has said it is set to prosecute forex defaulters in the country.

The CBN Acting Director of Communication, Mrs. Sidi Ali, disclosed in a statement in Abuja on Wednesday.

Nigeria has nearly $7 billion in forex forwards that have matured which is a major concern for investors, but the CBN promised to pay up to boost confidence in the foreign exchange markets.

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Sidi explained that the apex bank commissioned an independent forensic review by a reputable firm to look into the forex exchange issues in the country.

READ ALSO: CBN Decongests Dead Office, Moves Departments To Lagos

According to her, “the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and :appropriate sanctions would be enforced in collaboration with relevant agencies”

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She also said the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months.

Nigeria’s foreign currency shortages have been worsened by declining oil production, which is the country’s largest export, accounting for more than 90 per cent of dollar inflows.

The statement read, “The Central Bank of Nigeria in its bid to clear the backlog of outstanding foreign exchange liabilities, has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum.

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READ ALSO: BREAKING: CBN Sacks Boards Of Union, Titan Trust, Keystone, Polaris Banks

“The Bank has also cleared up the entire liability of 14 banks and started settlements with foreign airlines.”

Explaining that the bank had commissioned an independent forensic review by a reputable firm, she also disclosed that payment of the forex backlog for qualified transactions had commenced.

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She, however, noted that the review revealed grave infractions, gross abuse, and significant non-compliance with market regulations, and appropriate sanctions would be enforced in collaboration with relevant agencies.

Sidi stressed the CBN’s resolve to sanitise the financial services sector and foster trust among all market participants, as well as internal and external stakeholders, in the Nigerian economy.

Nevertheless, the CBN will continue to settle the legitimate foreign exchange backlog as it has consistently been doing in the last three months,” the statement added.

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Read How Ex-Edo IDP Became A PhD Student In US Varsity

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Ishaku Amos, a native of Gwoza Local Government Area of Borno State, on Wednesday narrated how his life was transformed from displacement to academic excellence.

Amos, who currently pursues a PhD in Chemical Engineering at the University of Illinois, Chicago, in the United States, spoke when he paid a visit to the Internally Displaced Person (IDP) at the Home for the Needy Foundation in Uhogua, Edo State.

The excited Amos, who once lived in Home for the Needy Foundation,
said the organisation played a decisive role in changing the course of his life.

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According to him, after completing his undergraduate studies at Edo State University, Iyamho, he secured a scholarship for doctoral studies abroad.

He narrated how he left Nigeria in August with the support of Pastor Solomon Folorunsho, Coordinator of the IDP Camp in Uhogua.

READ ALSO:Imansuangbon Donates To Benin IDPs, Charges Wealthy Nigerians To Advance Humanity

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“I had never travelled outside Nigeria before. I grew up in the North and in the camp, so everything was new to me. Having him accompany me made the transition easier and gave me confidence.”

Amos explained that adjusting to life in the United States would have been difficult without that support.

It was a new culture, a new system and a different weather. But I was prepared. I was guided on what to expect and how to adapt, so I didn’t experience culture shock. He made sure I was comfortable before returning to Nigeria.”

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Speaking on his past, Amos described himself as a victim of terrorism and insurgency in the North-East.

“Anyone who says these things are not happening should listen to my story.

READ ALSO:Militia Attack On DRC IDP Camp, Kills 10, Mostly Women, Children

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“I know what I suffered. People sometimes talk because they have not experienced it. When you have lived through killings and displacement, you can never deny the reality,” he said.

He expressed deep gratitude to the Home for the Needy Foundation, saying words were not enough to appreciate what the organisation did for him and thousands of others.

“They changed my narrative and my understanding of life. Despite our trauma, they never gave up on us. They paid for our exams even when we failed and had to try again. They kept telling us to focus and try one more time.”

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Amos said his experience has inspired him to give back to society and support vulnerable people in the future.

He also appealed to the Borno State Government and lawmakers from his area to support displaced indigenes.

“They know we exist and that we are Borno indigenes, but we have been ignored for too long. We are calling on them to clear outstanding school fees and provide scholarships. We will continue to call until something is done.”

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Minister Suspends Aide Over 2027 Governorship Election Write-up

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The Minister of Information and National Orientation, Mohammed Idris, has formally distanced himself from a political article titled “Malagi 2027,” which speculated on potential scenarios ahead of the 2027 Niger State governorship election.

In a statement released on Wednesday, the minister’s office clarified that the article was published without authorization by one of his aides, Sa’idu Enagi, emphasizing that the opinions expressed do not represent Idris’ views or intentions.

“The write-up and all its contents are hereby vehemently disclaimed,” the statement affirmed, urging the public to disregard the publication.

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The statement noted that the minister remains fully dedicated to his duties at the Federal Ministry of Information and National Orientation and has no interest in, nor tolerance for political distractions or premature electioneering.

READ ALSO:Presidential Pardons Undermine Rule Of Law, Says Amnesty

It further stressed that he neither approved nor directed the publication of the write-up.

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Following the incident, the minister has ordered an immediate investigation, and the aide responsible has been suspended with immediate effect.

The statement also underscored the cordial and mutually beneficial relationship between the minister and Niger State Governor Mohammed Umaru Bago, highlighting their joint commitment to the development and stability of the state.

Speculations about the 2027 elections would be inimical to these noble objectives,” the statement added.

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The disclaimer was signed by Rabiu Ibrahim, Special Assistant (Media) to the minister.

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How To Calculate Your Taxable Income

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