Business
Hunger Looms As Bakers Set To Shut Down Industry Nationwide
Published
2 years agoon
By
EditorThe Association of Master Bakers and Caterers of Nigeria (AMBCN) South-East chapter, has said it is set to withdraw its services from July 13, as directed by its national body.
The Zonal Chairman of the association, Chief Dominic Nwibe made this known in an interview with NAN on Wednesday in Abakaliki, the Ebonyi State capital.
Recall that the National President of AMBCN, Malam Mansur Umar had also said members would begin a two-week strike from July 13, citing an increase in prices of bakery materials.
Following the directive, Chief Dominic said, “We had a zonal meeting in Abakaliki and decided to follow the directive which is supposed to last for two weeks.
READ ALSO:Bread Producers Threaten Strike Over Bakery Materials’ Price Hike
“A bag of baking flour which hitherto cost N25,000 presently cost N28,000 and it is worrisome that it will keep increasing.
“A bag of sugar which hitherto cost N9,000 presently cost N30,000 while 20 litres of groundnut oil costs about N20,000″.
According to him, the members felt it was unnecessary to keep increasing the prices of bakery products such as bread to the detriment of customers.
“The customers would feel that we are greedy and we want to let the federal government know that the situation has become unbearable.
“We are asking for the liberalisation of the sugar importation process to break the monopoly by two or three firms.
“These firms import sugar and control its price mechanisms as the withdrawal of services will make our customers know we are telling the truth on reasons for price increases,” he added.
The zonal chairman regretted that the authorities blamed the high cost of materials on the economic effects of the invasion of Ukraine by Russia.
“We don’t see any justification to this assertion as flour for instance, can be sourced from nearby countries,” he said.
Also speaking, the south east Zonal Secretary of the association, Mr Okey Ezeanata said that “bakers have been seriously affected by the development as most of them have closed shops”.
“The market forces have been unfair to us and as the time we increased prices of products in April till present, there have been several changes.
“We urge the federal government to allow mass participation in our materials’ importation process just like in the telecommunication sector,” he said.
READ ALSO: Lagos Bread Seller, Others Wins N1m In ALAT’s 5for5 Promo
NAN reports that the association alleged that the National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year.
You may like
Nigerian Correctional Service Begins Commercial Bread Production In Benin
Bakers, Millers Disagree Over Flour Price Hike
Man Accused Of Killing His Wife Over Bread Reacts To Allegations
Bakers Halt Bread Production Thursday Over Skyrocketing Costs
Bread Producers Threaten Strike Over Bakery Materials’ Price Hike
The Central Bank of Nigeria (CBN) started fresh and direct sales of US dollars at N1,021 per dollar to Bureau De Change operators.
Nigeria’s apex bank disclosed this in a circular signed by its Director of Trade and Exchange Department Hassan Mahmud.
“We write to inform you of the sale of $10,000 by the Central Bank of Nigeria (CBN) to BDCs at the rate of N1,021/$1. The BDCs are in turn to sell to eligible end users at a spread of NOT MORE THAN 1.5 percent above the purchase price,” the circular posted on its website read.
READ ALSO: Tinubu Unveils African Counter-Terrorism Summit
“ALL eligible BDCs are therefore directed to commence payment of the Naira deposit to the underlisted CBN Naira Deposit Account Numbers from today, Monday, April 22, 2024, and submit confirmation of payment, with other necessary documentations, for disbursement of FX at the respective CBN Branches.”
CBN’s move is coming as the naira is recording a slight depreciation against the dollar after weeks of gains.
In late March, the bank also sold $10,000 to each of the eligible Bureau De Change (BDC) operators in the country at the rate of N1,251/$1.
READ ALSO: Mixed Reactions Trail Video Of Couple’s Customised N200 Notes
Like in the most recent sales, it warned BDCs against breaching terms of the dollar sales, vowing to sanction defaulters “including outright suspension from further participation in the sale”.
The fortunes of the naira have fallen sharply since President Bola Tinubu took over in May. Inflation figures have reached new highs and the cost of living hitting the rooftops.
Nigeria’s currency slid to about N1,900/$ some months ago at the parallel market. But in recent weeks, it has gained against the dollar.
The Nigerian authorities have also doubled down on their crackdown against cryptocurrency platform Binance and illegal BDCs.
On March 1, the CBN revoked the licences of 4,173 BDCs over compliance failures.
Olusegun Alebiosu has been appointed as the Acting Managing Director/Chief Executive Officer of First Bank of Nigeria Limited (FirstBank Group), effective April 2024.
Alebiosu steps into this pivotal role from his previous position as the Executive Director, Chief Risk Officer, and Executive Compliance Officer, a position he held since January 2022.
Alebiosu brings to the helm of FirstBank over 28 years of extensive experience in the banking and financial services industry. His expertise spans various domains including credit risk management, financial planning and control, corporate and commercial banking, agriculture financing, oil and gas, transportation, and project financing.
READ ALSO: JUST IN: Access Holdings Names New Acting CEO
Having embarked on his professional journey in 1991 with Oceanic Bank Plc. (now EcoBank Plc.), Alebiosu has held several notable positions in esteemed financial institutions.
Prior to joining FirstBank in 2016, he served as Chief Risk Officer at Coronation Merchant Bank Limited, Chief Credit Risk Officer at the African Development Bank Group, and Group Head of Credit Policy & Deputy Chief Credit Risk Officer at United Bank for Africa Plc.
Alebiosu’s academic credentials further enrich his professional profile. He is an alumnus of the Harvard School of Government and holds a Bachelor’s degree in Industrial Relations and Personnel Management. Additionally, he obtained a Master’s degree in International Law and Diplomacy from the University of Lagos, as well as a Master’s degree in Development Studies from the London School of Economics and Political Science.
READ ALSO: Meet Newly Appointed Union Bank CEO
A distinguished member of various professional bodies, including the Institute of Chartered Accountants (FCA), Nigeria Institute of Management (ANIM), and Chartered Institute of Bankers of Nigeria (CIBN), Alebiosu is renowned for his commitment to excellence and ethical practices in the banking sector.
Beyond his professional endeavors, Alebiosu is known for his passion for golf and adventure. He is happily married and a proud parent.
With Alebiosu’s appointment, FirstBank of Nigeria Limited anticipates continued growth and innovation under his leadership, reinforcing its position as a leading financial institution in Nigeria and beyond.
Business
CBN Gives New Directive On Lending In Real Estate
Published
1 week agoon
April 17, 2024By
EditorThe Central Bank of Nigeria, CBN, has released a new regulatory directive to enhance lending to the real sector of the Nigerian economy.
The directive, issued on April 17, 2024, with reference number BSD/DIR/PUB/LAB/017/005 and signed by the Acting Director of Banking Supervision, Adetona Adedeji, signifies a notable shift in the bank’s policy towards a more contractionary approach.
In line with the new measures, the CBN has reduced the loan-to-deposit ratio by 15 percentage points, down to 50 per cent.
This move aligns with the CBN’s current monetary tightening policies and reflects the increase in the Cash Reserve ratio rate for banks.
READ ALSO: JUST IN: CBN Gov Sacks Eight Directors, 32 Others
The LDR is a metric used to evaluate a bank’s liquidity by comparing its total loans to its total deposits over the same period, expressed as a percentage.
An excessively high ratio may indicate insufficient liquidity to meet unexpected fund requirements.
All Deposit Money Banks are now mandated to adhere to this revised LDR.
The CBN has stated that average daily figures will be utilised to gauge compliance with this directive.
Furthermore, while DMBs are encouraged to maintain robust risk management practices in their lending activities, the CBN has committed to continuous monitoring of adherence and will adjust the LDR as necessary based on market developments.
READ ALSO: JUST IN: CBN Increases Interest Rate To 24.75%
Adedeji has called on all banks to acknowledge these modifications and adjust their operations accordingly. He emphasised that this regulatory adjustment is anticipated to significantly influence the banking sector and the wider Nigerian economy.
The circular read in part, “Following a shift in the Bank’s policy stance towards a more contractionary approach, it is crucial to revise the loan-to-deposit ratio policy to conform with the CBN’s ongoing monetary tightening.
“Consequently, the CBN has decided to decrease the LDR by 15 percentage points to 50 per cent, proportionate to the rise in the CRR rate for banks.
“All DMBs must maintain this level, and it is advised that average daily figures will still be applied for compliance assessment.
“While DMBs are urged to sustain strong risk management practices concerning their lending operations, the CBN will persist in monitoring compliance, reviewing market developments, and making necessary adjustments to the LDR. Please be guided accordingly.”
PHOTOS: FCCPC Raids Supermarkets In Port Harcourt, Seizes Underweight, Re-bagged Rice
Outrage As Kingsmen Flogged Anambra Man To Death [VIDEO]
Man Declared Wanted For Stabbing Wife To Death, Attempted Murder of Two Children
Trending
- Entertainment3 days ago
Bridesmaids’ Dance At Wedding Causes Stir On Social Media [VIDEO/PHOTOS]
- Politics5 days ago
Edo Guber: Akoko-Edo PDP Leaders Meet In Igara, Describe Ighodalo, Ogie As ‘Perfect Match’
- Metro3 days ago
VIDEO: ‘UNN Lecturer’ Caught Pants Down With Married Student
- News1 day ago
Drama! Supporters Of Yahaya Bello Perform Rituals to Prevent His Arrest By EFCC [Video]
- News2 days ago
VIDEO: Force PRO Orders Arrest Officers Caught On Video Bashing Driver’s Car
- Headline2 days ago
Drama As Women Fight Dirty, Breasts Fall Out During Spring Break Outing In US [PHOTOS/VIDEO]
- News4 days ago
Outrage As Chinese Supermarket In Abuja Denies Nigerians Entry
- News3 days ago
IGP, Jonathan Disagree Over State Police
- Entertainment2 days ago
Nollywood Actor, Zulu Adigwe Is Dead
- Metro1 day ago
Edo Cultists Kill Rival In Daughter’s Presence, Abandon Getaway Car