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NEXIM Bank Unveils Digital Hub To Boost Cocoa Production

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The Nigeria Export-Import Bank has launched a digital hub, ‘Cocoa Connect Africa’ in its bid to boost cocoa production in the country.

This was disclosed by the Managing Director, NEXIM Bank, Abubakar Bello, on Thursday, while speaking on the sidelines of the International Cocoa and Chocolate Forum tagged, ‘Putting values in cocoa in producing regions,’ in Lagos State.

Bello explained that the move is to bring every activity of all stakeholders in the cocoa industry under one platform.

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The MD also noted that the digital infrastructure was significant as it would help ease the stress of trade, adding that stakeholders of various commodities would be put under the digital platform.

READ ALSO: Facts To Know About The Africa Cup Of Nations

Bello stated, “It is about somebody who has products and meeting someone who is interested in the product. It is about connection and market information. We are putting all the stakeholders on the value chain for different commodities, but the one we launched today is for cocoa and we are also doing the same for cashew.

“We are also doing so for Shea. The idea is to have a cluster because today everything is done digitally, why should our trade be lagging behind? We must create a platform for every stakeholder to log in to purchase what they want digitally from their comfort zones.”

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He added that the digital platform aims to boost trade facilitation and set standards for traceability.

The platform can be used to educate farmers, it can be used to educate regulators and pass the information on the latest developments. We must create an awareness for farmers on the latest trends, there is also a need for effective regulation in the value chain,” he said.

The NEXIM MD stated that the vision of the digital hub is to unlock the boundless potential of Cocoa in Africa.

READ ALSO: Army Arrests Soldiers Captured Torturing Civilian In Viral

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At Cocoa Connect Africa, we offer more than just a platform; we provide an immersive experience tailored to elevate your journey in the cocoa industry,” he noted.

In her address, the bank’s Executive Director, Business Development, Stella Okotete, said NEXIM Bank has supported Cocoa exporters with over N100 billion in the past seven years with all facilities performing and creating jobs for over 7,000 direct and 70,000 indirect jobs for Nigeria.

She added that amongst others, NEXIM created a Small and Medium Exporters Facility to support exporters, stressing that NEXIM has been supporting suppliers by growing their capacities.

She added that with the recent spike in the price of cocoa, the bank has opened up its refinancing windows to support exporters with single-digit loans.

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“We are sure that the cocoa exporters will take advantage of the opportunity because it will help them to reduce the burden of the double-digit interest rate. We are ensuring that we will continue to do more,” she averred.

Participants at the event were the Oloni of Eti-Oni, Osun State, who is also the Founder, International Cocoa Diplomacy, Dokun Gureje, and representatives of Lagos and Osun State Governors, amongst others.

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Banditry: Niger Speaker To Marry Off 100 Female Orphans

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The Speaker of the Niger State House of Assembly, Abdulmalik Sarkindaji, has announced plans to marry off 100 female orphans who lost their parents to banditry attacks in Mariga Local Government Area.

Sarkindaji disclosed this to journalists in Minna, the state capital on Friday.

The Speaker pledged to pay the dowries for the bridegrooms and has procured all necessary materials for the mass marriage ceremony.

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Accordingly, the girls who would be married off were carefully selected from the 170 girls whose names were submitted. Sarkindaji stated, without disclosing the age range of the orphaned girls.

READ ALSO: Court Stops Speaker, 24 Others Loyal To Wike From Parading As Assembly Members

The Speaker, who represents the Mariga Constituency, described the initiative as part of his constituency empowerment project, “aimed at alleviating the suffering of the impoverished.”

Sarkindaji revealed that the Niger State Governor, Mohammed Umar Bago, and the Emir of Kontagora, Alhaji Mohammed Barau, would serve as guardians to the female orphans during the mass marriage ceremony.

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The Kano State Commander General of the Hisbah Board, Sheikh Aminu Daurawa, is expected to attend the event, slated for May 24 at Bangi, the headquarters of Mariga Local Government Area.

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Edo Poll: Reason Ex-Speaker Resigns From PDP Revealed

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Former Speaker of the Edo State House of Assembly, Francis Okiye, has resigned his membership of the Peoples Democratic Party with immediate effect.

Okiye, a former governorship aspirant of the PDP officially joined the party in October 2020 after he, among others, defected from the All Progressives Congress.

In his resignation letter dated May 10, 2024, and addressed to the Chairman, PDP, Ward 3, Arue, Uromi, Esan North-East Local Government, Okiye, said his decision stemmed from the alienation of the majority of his constituents and supporters by the state government under Governor Godwin Obaseki from the activities and programmes of the party and the government of the state.

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READ ALSO: EFCC Trial: ‘Even The Prophets Went To Prison’ – Buhari’s Minister Comforts Self In Court

Okiye said, “I have resigned my membership of the PDP as of May 10, 2024, and I have communicated the same to the PDP through my ward chairman.

“My decision stemmed from the alienation of the majority of my constituents and supporters by the state government under Governor Godwin Obaseki from the activities and programmes of the party and the government of the state.

“As if that is not enough, the party candidate has declared that he would continue with the governor’s principle should he win the September election. Other reasons why I quit the party are personal to me.”

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He was, however, silent on his next political move.

 

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EFCC Stops Dollar Transactions, Asks Embassies To Charge In Naira

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The Economic and Financial Crimes Commission has read the Riot Act to foreign missions based in Nigeria, banning them from transacting in foreign currencies, and mandating the use of Naira in their financial businesses.

The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses.

The move, the EFCC noted, is to tackle the dollarisation of the Nigerian economy and the degradation of the naira

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The anti-graft commission, in an advisory to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” expressed reservations and displeasure “regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar(s).”

In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ministry of Foreign Affairs, the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.

READ ALSO: Cleric Arrested For Defiling Three Minors In Kwara

The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.

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The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).

“This practice is an aberration and unlawful as it conflicts with extant laws and financial regulations in Nigeria. Section 20(1) of the Central Bank of Nigeria Act, 2007 makes currencies issued by the apex bank the only legal tender in Nigeria.

“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.

READ ALSO: BREAKING: Reps To Probe Lagos-Calabar Coastal Highway Procurement Process

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“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”

The commission added that the refusal by some missions to accept the naira for consular service in Nigeria and also comply with the foreign exchange regulatory regime in fixing the exchange of the cost of their services is not only illegal but represents an affront to the country’s sovereignty symbolised by the national currency.

Such a situation, EFCC added, undermines Nigeria’s monetary policy and aspiration for sustainable economic development.

The letter continued, “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.

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“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”

READ ALSO: Why We Took Over Rivers Assembly Quarters – Police

When contacted for comments, the spokesperson for the EFCC, Dele Oyewale declined comments.

Meanwhile, the EFCC had resumed raiding in a bid to stabilise the naira.

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Operatives of the EFCC had on Tuesday arrested some Bureau De Change operators at the popular Wuse Zone 4 market in the Federal Capital Territory, Abuja.

However, traders also said some BDC operators resisted the arrest during a sting operation.

The operatives had embarked on routine raids to sanitise the market of street traders and eliminate arbitrary trading.

But this move was resisted on Tuesday, leading to gunshots and damage to the operatives’ vehicles.

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Penultimate week, the commission arrested over 35 suspected currency speculators for alleged foreign exchange fraud.

Last week, it also paraded over 20 BDC operators arrested in the capital city.
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