Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023.

This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate.

MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government.

The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax Reform initiative.

According to MAN, the unintended negative consequences on the manufacturing sector are humongous and cannot be accommodated at this time of evident downturn in our economy.

The statement read in part, “The imposition of EEL poses a potential impact on the manufacturing sector and the economy at large.

“This will in turn mark an unwarranted and unprecedented addition to the cost of doing business in Nigeria, especially to manufacturers. The manufacturing sector is already beset with multidimensional challenges. In the year 2023, 335 manufacturing companies became distressed and 767 shut down.”

The statement further noted that capacity utilisation in the sector has declined to 56 per cent amid rising interest rates and scarcity of forex needed to import raw materials and machinery.

It added, “Inventory of unsold finished products has increased to N350bn and the real growth has dropped to 2.4 per cent.”

MAN also said it was concerned that the EEL contradicts our international trade agreements and the obligations contained therein.

It argued that Nigeria is a signatory to the African Continental Free Trade Area agreement, which seeks to promote the free movement of skilled labour across the continent, which is complemented by non-discriminatory measures against fellow Africans.

The association expressed worry that the introduction of the levy could trigger retaliatory measures against Nigerians working across Africa and other nations of the world and may also frustrate regional integration efforts and portray Nigeria as a spoiler among her peers.

“We are equally worried that the imposition of such a levy could have far-reaching implications for our national economy and potentially exert pressure on our national currency could be introduced through a Handbook, rather than a law enacted by the National Assembly.

This levy, if not reversed, might expose the Federal Government to a plethora of lawsuits that would  distract Government from the task of salvaging the current dire situation of our economy,” the statement added.

In its recommendation, MAN urged the president to direct that the implementation of the Expatriate Employment Levy be discontinued.

The Expatriate Employment Levy, a new policy introduced by the Federal Government aims to address wage gaps between expatriates and the Nigerian Labor force while encouraging skills transfer and the employment of qualified Nigerians in foreign-owned companies.

The new levy is $10,000 for staff and $15,000 for directors. This represents a significant shift from the $2,000 paid by foreign nationals for the Combined Expatriate Residence Permit and Alien Card.

However, the introduction of the EEL has been met with strong criticism from members of Nigeria’s Organised Private Sector, who argue that the policy may negatively affect Foreign Direct Investments in the country.

In a statement signed by its Director-General, Chinyere Almona the Lagos Chamber of Commerce and Industry said it is concerned about the likely perception by foreign investors that the Nigerian government is not accommodating to foreign workers.

The chamber expressed concern that this perception would be harmful to our drive for Foreign Direct Investments inflows.

The statement read in part, “The Expatriate Employment Levy may cause unintended consequences that may trigger the relocation of foreign companies to neighbouring countries that present a more conducive and less expensive environment for business.

“The imposition of this levy may likely spark retaliatory actions taken by other countries by imposing levies on foreigners and particularly targeting Nigerian workers. This will in turn affect diaspora remittances from Nigerian workers resident in other countries.”

In the same vein, the Centre for the Promotion of Private Enterprise, in a statement signed by its Chief Executive Officer, Muda Yusuf, criticised the new policy directive.

The Centre said that the policy could be a major setback for the continental economic integration vision.

The statement read, “There are serious implications for diaspora Nigerians. The policy may trigger reciprocal actions from other countries and this may affect Nigerians in the diaspora.

“There are currently over 17 million Nigerians in various countries around the world doing extremely well in the fields of education, medicine, health, sports, media & entertainment, leadership & politics, finance, science & ICT, transportation, tourism, industry and agribusiness.”

Punch

Guaranty Trust Bank (GTB) subsidiary in Ghana says it is working with relevant government agencies and customers in the country to resolve the trade-related issues in no time.

On February 4, 2024, the Central Bank of Ghana suspended the foreign exchange (FX) trading licences of two Nigerian-owned banks over “fraudulent documentation” during operations.

The suspension, which is to take effect on March 18, 2023, and last for one month, involves GTBank and First Bank of Nigeria (FBN).

However, in a statement on Tuesday, GTBank assured customers that the suspension would not affect other  services 

“We would like to assure all our esteemed customers and stakeholders that we are currently working with the relevant government agencies and customers with a view to resolving these trade-related issues timely,” GTBank said.

‘’Our customers and stakeholders are our primary responsibility and, Guaranty Trust Bank Ghana would like to clarify that this development does not affect customers’ own deposits and other business segments of our operations.

“All other products and services, Main branches, Agency Banking outlets are available for your convenient use at our regular opening hours and our Mobile Apps and Internet banking are available for your use at any time of the day.

“We further assure our customers that the issue was not a function of willful non-compliance by the Bank, as the Bank has a culture that endeavours to comply with regulations at all times and stringent Anti-money laundering CFT policies which are applied across all our operations.

“We are also in ongoing consultations and discussions with the Central Bank of Ghana to fully resolve all matters raised in the shortest possible time.”

The bank said it remained committed to being a constructive participant in Ghana’s financial markets and to contributing to its developments in the interest of all its customers and stakeholders.

LIKE GTB, FBN ASSURES OF WORKING TO ADDRESS ISSUE 

On its part, FBN Ghana, on Monday, also reaffirmed its willingness to resolve the FX trading licence suspension.

The bank said all branches would be open for operations as usual.

“We refer to the Bank of Ghana’s announcement of the 30-day suspension of our Foreign Exchange Trading Licence effective March 18, 2024,” FBN said.

“We would like to advise our valued customers and esteemed stakeholders that we are working with the Bank of Ghana to remediate the identified trade-related matters.

“FBNBank would like to assure its valued customers that when the suspension kicks in, the Bank’s other business segments and solutions will be fully operational. This will include branch operations, agent banking partners and channels for seamless banking.”

FBN said it will continue to uphold high ethical standards.

The Cable

Cryptocurrency giant Binance has said it will discontinue all its naira services, days after two of its officials were detained in Nigeria.

The world’s biggest cryptocurrency exchange has already told its Nigerian users to either withdraw their naira deposits, trade their assets denominated in the currency or convert their naira holdings into crypto before the discontinuation comes into effect on Friday.

“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT,” Binance said in a statement posted on its website on Tuesday.

The federal government blocked access to the platform in February, noting that the platform was used to funnel illicit funds to terrorists.

Bayo Onanuga, a spokesman for President Bola Tinubu said Binance could wreck the Nigerian economy if not tamed.

The governor of the Central Bank OF Nigeria, Yemi Cardoso has said that Binance operations in Nigeria have been used to funnel “illicit” funds.

Cardoso also said that $26 billion flowed through Binance Nigeria in one year from unverifiable sources.

The crypto exchange said it will no longer support deposits of naira after “2024-03-05 14:00 (UTC) while the withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).”

Binance further said that after March 8 08:00 (UTC), it will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.

It urged users to note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.

According to the statement, the conversion may take approximately up to 24 hours or longer because USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.

It added that if users hold less than 0.00000001 USDT worth of NGN in their Spot and Funding wallets, they will each receive 0.00000001 USDT in their Spot wallets after the conversion.

Binance also announced that it will delist all existing NGN spot trading pairs (i.e., BTC/NGN and USDT/NGN) at 2024-03-07 (March 7) 03:00 (UTC).

It further warned users that all open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.

Binance also called on users to ensure that they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases.

Also according to the statement, Binance Convert will delist NGN and all corresponding pairs at 2024-03-07 02:00 (UTC). Binance P2P had already delisted all NGN trading pairs at 2024-02-28 15:00 (UTC).

Binance Auto-Invest will delist NGN after 2024-03-06 (March 6) 03:00 (UTC). Binance said users may choose to remove the plan(s) beforehand otherwise, the next recurring cycle of the aforementioned token(s) will fail.

Binance further announced that it will remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).

“We thank you for your support as we continue to build the crypto ecosystem in a way that promotes transparency and long-term, sustainable growth,” the Binance Team added.

The Guardian

Gaza cease-fire talks fail to achieve a breakthrough with Ramadan just days away, Egypt says

Three days of negotiations with Hamas over a cease-fire in Gaza and the release of Israeli hostages failed to achieve a breakthrough on Tuesday, Egyptian officials said, less than a week before the start of the Muslim holy month of Ramadan, the informal deadline for a deal.

The nearly five months of fighting left much of Gaza in ruins and created a worsening humanitarian catastrophe, with many, especially in the devastated northern region, scrambling for food to survive.

“We must get more aid into Gaza,” U.S. President Joe Biden said Tuesday. “There’s no excuse. None.”

Aid groups have said it has become nearly impossible to deliver supplies within most of Gaza because of the difficulty of coordinating with the Israeli military, the ongoing hostilities and the breakdown of public order.

The United States, Qatar and Egypt have spent weeks trying to broker an agreement in which Hamas would release up to 40 hostages in return for a six-week cease-fire, the release of some Palestinian prisoners and an major influx of aid to the isolated territory.

Two Egyptian officials said that the latest round of discussions ended on Tuesday. They said Hamas presented a proposal that mediators would discuss with Israel in the coming days. One of the officials said that mediators would meet Wednesday with the Hamas delegation, which didn’t leave Cairo.

Hamas has refused to release all of the estimated 100 hostages it holds, and the remains of around 30 more, unless Israel ends its offensive, withdraws from Gaza and releases a large number of Palestinian prisoners, including senior militants serving life sentences.

U.S. officials have said that they are skeptical that Hamas actually wants a deal, because the group has balked at a number of what the U.S. and others believe are legitimate requests, including giving the names of hostages to be released.

“It is on Hamas to make decisions about whether it is prepared to engage,” U.S. Secretary of State Antony Blinken said Tuesday.

“We have an opportunity for an immediate cease-fire that can bring hostages home, that can dramatically increase the amount of humanitarian aid getting in to Palestinians who so desperately need it, and can set the conditions for an enduring resolution,” Blinken said.

Senior Hamas official Osama Hamdan said Tuesday that his group demands a permanent cease-fire, rather than a six-week pause, and a “complete withdrawal” of Israeli forces.

“The security and safety of our people will be achieved only by a permanent cease-fire, the end of the aggression and the withdrawal from every inch of the Gaza Strip,” Hamdan told reporters in Beirut.

Israeli Prime Minister Benjamin Netanyahu has publicly rejected Hamas’ demands and repeatedly vowed to continue the war until Hamas is dismantled and all the hostages are returned. Israel didn’t send a delegation to the latest round of talks.

Israel was still waiting for Hamas to hand over a list of hostages who are alive as well as the hostage-to-prisoner ratio it seeks in any release deal, an Israeli official said. It wasn’t clear if that information was included in the latest proposal.

The Israeli and Egyptian officials spoke on condition of anonymity because they weren’t authorized to brief the media on the negotiations.

When asked whether Hamas has a list of the surviving hostages, Hamdan said that the matter wasn’t relevant to the talks and accused Israel of using it as an excuse to avoid engaging in the negotiations.

Benny Gantz, a member of Netanyahu’s War Cabinet and his main political rival, met with senior U.S. officials in Washington on a visit that drew a rebuke from the prime minister, the latest sign of a growing rift within Israel’s leadership.

Mediators had hoped to broker an agreement before Ramadan, the month of dawn-to-dusk fasting that often sees heightened Israeli-Palestinian tensions linked to access to a major holy site in Jerusalem. Ramadan is expected to begin around March 10, depending on the sighting of the moon.

“The negotiations are sensitive. I can’t say there is optimism or pessimism, but we haven’t yet reached a point at which we can achieve a cease-fire,” Egyptian Foreign Minister Sameh Shoukry said Monday.

The war began with a Hamas attack on southern Israel on Oct. 7 in which Palestinian militants killed around 1,200 people and took about 250 hostages. More than 100 of them were released during a weeklong cease-fire in November.

The attack sparked an Israeli invasion of the enclave of 2.3 million people that Gaza’s Health Ministry says has killed more than 30,000 Palestinians. Aid groups say the fighting has displaced most of the territory’s population and pushed a quarter of the population to the brink of famine.

The U.N. children’s agency said Monday that at least 10 children have reportedly died in isolated northern Gaza because of dehydration and malnutrition.

“There are likely more children fighting for their lives somewhere in one of Gaza’s few remaining hospitals, and likely even more children in the north unable to obtain care at all,” Adele Khodr, the UNICEF regional director for the Middle East and North Africa, said in a statement.

“These tragic and horrific deaths are man-made, predictable and entirely preventable,” she added.

The Gaza Health Ministry said Sunday that 15 children have starved to death at the Kamal Adwan Hospital in northern Gaza and another six were at risk of dying from malnutrition and dehydration. It wasn’t clear if the children had underlying medical conditions that increased their vulnerability.

Northern Gaza, the first target of Israel’s offensive, has suffered mass devastation. The World Food Program recently suspended aid shipments to the north, citing a security breakdown. An attempt by the Israeli military to bring in aid ended in tragedy last week when more than 100 Palestinians were fatally shot by Israeli forces or trampled to death in a melee.

The United States and Jordan airdropped 36,800 meals over northern Gaza on Tuesday, the second U.S. airdrop since Saturday.

Up to 300,000 Palestinians are believed to remain in northern Gaza after Israel ordered the evacuation of the entire region, including Gaza City, in October. Many have been reduced to eating animal fodder to survive. The U.N. says that one in six children under age 2 in the north suffer from acute malnutrition.

Israel is still carrying out strikes in all parts of Gaza. Gaza’s Health Ministry said that 97 people had been killed over the last 24 hours, bringing the overall Palestinian death toll to 30,631. The ministry doesn’t differentiate between civilians and combatants in its figures, but says women and children make up around two-thirds of the total casualties.

AP

WESTERN PERSPECTIVE

Ukraine says it has sunk a Russian patrol ship near Crimea

Ukrainian sea drones hit and sank a Russian Black Sea Fleet patrol ship off occupied Crimea in an overnight attack, the Ukrainian military said on Tuesday.

Ukraine's GUR military intelligence agency said a special unit called Group 13 had fired Magura V5 maritime drones at the Sergey Kotov near the Kerch Strait, which connects the Sea of Azov to the Black Sea.

It said on the Telegram messaging app that the vessel had sustained damage to the stern, starboard and port sides, at an estimated cost of $65 million.

"Right now this ship is on the seabed as a result of fire damage by unmanned boats," navy spokesperson Dmytro Pletenchuk said in televised comments.

Andriy Yusov, a GUR spokesperson, said a helicopter had been on board the vessel.

Ukrainian President Volodymyr Zelenskiy made no direct reference to the reported sinking of the vessel in his nightly video address.

But he said Ukraine had "proven what we are capable of, what our strength is capable of."

"That is shown by the number of downed Russian aircraft and the capabilities of our boys against the Russian fleet. There are no safe havens for Russian terrorists in the Black Sea and nor will there be."

And there would be, he said, "no safe space for them in the sky, given sufficient Ukrainian strength".

Reuters was unable to verify the reports. Russia's defence ministry did not immediately reply to a request for comment.

Some Russian military bloggers confirmed the account. The Telegram channel VChK-OGPU reported attempts to tow the ship to port but said it eventually sank.

Ukraine has in recent months stepped up attacks in the Black Sea and on Crimea, which Russia seized and annexed in 2014. Kyiv has reported a series of strikes, including the sinking of a large landing ship by naval drones in mid-February.

Pletenchuk said the Sergey Kotov had also been hit in September 2023 and that a similar patrol vessel had been damaged in attacks since Russia's invasion of Ukraine two years ago.

"They have four similar ships, two of them are no longer in service," he said.

Reuters was unable to confirm the earlier strikes.

Train and highway traffic was temporarily stopped and later resumed on a bridge spanning the Kerch Strait and linking the Crimean peninsula to the Russian mainland, Moscow-installed officials in Crimea said.

Russia controls close to one-fifth of Ukraine's territory. Zelenskiy said in November Kyiv had seized the initiative in the Black Sea and forced back Russia's fleet.

RUSSIAN PERSPECTIVE

Kiev loses 500 troops in Avdeyevka area over past day — Russia’s top brass

The Ukrainian military lost roughly 500 troops in battles with Russian forces in the Avdeyevka area near Donetsk over the past day, Russia’s Defense Ministry said on Tuesday, reporting on the progress of the special military operation in Ukraine.

Units of Russia’s Battlegroup Center continued seizing more advantageous sites and positions in the Avdeyevka area over the past day in their well-coordinated operations. They inflicted damage by firepower on the personnel and military hardware of the Ukrainian army’s 24th, 31st, 47th and 61st mechanized brigades near the communities of Netailovo, Novosyolovka Pervaya and Toretsk in the Donetsk People’s Republic, it specified.

"They also repulsed three attacks by Ukrainian army units near the settlements of Kirovo, Berdychi and Shumy and ten counterattacks near the communities of Tonenkoye, Pervomaiskoye and Orlovka in the Donetsk People’s Republic. The enemy lost as many as 500 personnel, 4 armored combat vehicles, including a Bradley infantry fighting vehicle and an M113 armored personnel carrier of US manufacture, 4 motor vehicles and a D-30 howitzer," the ministry reported.

Russian forces destroy 300 Ukrainian troops in Donetsk area over past day

Russian forces destroyed roughly 300 Ukrainian troops and four enemy armored vehicles in the Donetsk area over the past day, the ministry reported.

"The Ukrainian army lost as many as 300 personnel, 2 tanks, 2 armored personnel carriers and 3 motor vehicles. In counter-battery fire, the following targets were destroyed: an US-made M198 howitzer, two D-20 howitzers, an Msta-B howitzer, two Gvozdika motorized artillery systems, a D-30 howitzer and a Grad multiple rocket launcher," the ministry said.

Russian forces eliminate 230 Ukrainian troops in south Donetsk area over past day

Russian forces struck Ukrainian army units in the south Donetsk area, eliminating roughly 230 enemy troops and a UK-made air defense system over the past day, the ministry reported.

"In the south Donetsk direction, units of the Battlegroup East inflicted damage on manpower and equipment of the 102nd and 128th territorial defense brigades near the settlements of Vodyanoye in the Donetsk People’s Republic and Malinovka in the Zaporozhye Region. The Ukrainian army’s losses amounted to 230 personnel, 2 tanks, 2 armored combat vehicles, 6 motor vehicles, an Msta-B howitzer and a UK-made Stormer surface-to-air missile launcher," the ministry said.

Russian forces wipe out Ukrainian S-300, Buk anti-aircraft missile launchers in DPR

Russian forces destroyed S-300 and Buk anti-aircraft missile launchers of the Ukrainian army in the Donetsk People’s Republic (DPR) over the past day, the ministry reported.

"Russian forces destroyed a missile launcher of an S-300 surface-to-air missile system near the settlement of Mayaki in the DPR and a missile launcher of a Buk anti-aircraft missile system near the community of Vozdvizhenka in the DPR," the ministry said.

Over the past 24 hours, operational-tactical aircraft, unmanned aerial vehicles, missile troops and artillery of the Russian groupings of forces destroyed a Ukrainian UAV (unmanned aerial vehicle) control post near the settlement of Novokalinovo in the DPR and struck enemy manpower and military hardware in 104 areas, it said.

Russian air defenses down Ukrainian MiG-29 warplane over past day

Russian air defense forces shot down a Ukrainian MiG-29 fighter jet and intercepted four rockets of the US-made HIMARS multiple launch rocket system over the past day, the ministry reported.

"Air defense capabilities shot down a Ukrainian Air Force MiG-29 plane near the settlement of Lyubomirovka in the Nikolayev Region. During the last 24-hour period, they intercepted four HIMARS rockets," the ministry said.

Russian air defense systems also destroyed 112 Ukrainian unmanned aerial vehicles, in particular, near the settlements of Peschanoye, Nikolskoye, Staromikhailovka and Lastochkino in the Donetsk People’s Republic and Romanovskoye in the Zaporozhye Region, it specified.

In all, the Russian Armed Forces have destroyed 576 Ukrainian warplanes, 267 helicopters, 14,305 unmanned aerial vehicles, 479 surface-to-air missile systems, 15,360 tanks and other armored combat vehicles, 1,233 multiple rocket launchers, 8,299 field artillery guns and mortars and 19,365 special military motor vehicles since the start of the special military operation, the ministry reported.

Reuters/Tass

Even if you’re not the boss’s favorite, getting into your manager’s good graces can improve your morale and productivity, and ultimately, boost your career.

But it takes a lot more than being a hard worker who meets deadlines to be a standout employee. 

If you want a relationship that goes beyond “we get along fine,” you’ll need to connect with your boss on a personal level, say Gensler’s co-CEOs and global co-chairs Andy Cohen and Diane Hoskins, who help manage the design and architecture firm’s more than 7,000 employees across the world.

Hoskins has noticed that younger employees — Gen Zers and millennials —are especially good at establishing strong, empathetic relationships with higher-ups. 

“Many of Gensler’s younger employees will find 15 minutes on my calendar just to grab coffee and talk, whether it’s about work or life outside of work, our hobbies and interests,” she says. “I can’t tell you how much I appreciate and enjoy those conversations.”

Having that informal one-on-one time with your manager allows for more casual, free-flowing conversation, which can help build trust and give them ideas on how to better support your career goals. 

“In these kinds of conversations, most bosses are thinking, ‘What I can offer or say to help this person unlock some of their thinking about their careers, or try something new?’” she says. “These conversations can end up being really meaningful and productive.”

To develop a stronger rapport with your boss, start by scheduling the occasional coffee chat —Hoskins says you don’t need more than 15 minutes — and come prepared to ask about their interests and hobbies, in addition to current work projects they’re excited about. 

As for what not to talk about, Alison Green, in her widely read advice blogAsk A Manager, says it’s smart to avoid discussing religion, politics or money troubles with your manager. More casual conversations about your personal lives are fine, Green says, but you shouldn’t go into detail about your relationship problems or what you discuss with your therapist.

If it’s hard to find time on their calendar for a check-in, Cohen says you can still build a strong personal relationship with your boss with small gestures. 

For example: You can ask how their week is going at the top of a meeting, express appreciation for their contributions and celebrate them on special occasions, like their birthday or work anniversary.

“A lot of people are intimidated by their bosses, but a good leader likes to hear from their employees, hang out and have open lines of communication,” he says. “That’s really important for building a positive work environment.”

What most employees don’t realize, adds Hoskins, is that “as much as you want your boss to like you, they want you to like them too. So don’t be afraid to be seen, to build a close relationship with them.”

CNBC

Economic and Financial Crimes Commission, on Monday, indicted banks as being linked to about 70 per cent of the financial crimes in Nigeria.

EFCC’s Chairman, Ola Olukayode, disclosed this while speaking in Abuja at the 2023 Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria.

He pointed out that the banking sector was increasingly becoming a cesspool of fraudulent activities and this had been raising considerable challenges and concerns to the commission.

Olukayode who was represented by the Director, Internal Audit, EFCC, Idowu  Apejoye, said there was a need for concerted effort by relevant authorities and professionals, especially audit executives to prevent and tackle issues of fraudulent practices in the sector.

He said, “Broadly speaking, banking fraud in Nigeria is both inside and outside related. The inside related fraud comprises outright stealing of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices.

“The outsider related ones include hacking, ATM fraud, conspiracy, among others. And then the absurd one is when both collaborate, that is collaboration among the bankers and the outsider.

“That one is the one that is really absurd because when you do that, that means you are selling out the system. It is estimated that about 70 per cent of financial crimes in Nigeria are traceable to the banking sector, this scenario is disturbing and unacceptable.”

Olukayode stated that in order to curb the anomalies, ACAEBIN should ensure proper reconciliation of accounts every month in accordance with accounting requirements.

He charged the association to monitor the financial activities of banks, comparing actual and budgeted revenue with expenses, carry out periodical review, checks, among others.

Chairman, ACAEBIN, Akamadu, said the association would work towards achieving some of the recommendations provided by the EFCC boss.

He also stated that the association was fully committed to fixing the foreign exchange challenges in Nigeria, which was one of the issues that the retreat aimed to achieve.

“That is part of the reason why we are having this retreat, to ask ourselves, to do an introspection and ask ourselves, given our position in the banking industry, or the executives of banks in Nigeria, are we doing enough?

“Have we done enough? What more can we do to help in sanitising the system? Are there things the banks could do to help in sanitising the FX in this country?”

“By the end of this retreat, we are expected to come up with a communique and we hope to address some of the issues, one way or the other, that will address the role of banks in FX  challenges in this industry,”

Akamadu further explained that banks were not resting on their oars to curb fraudulent activities, as they were putting efforts in the Know Your Customer mechanism.

“I will tell you something, I’m not aware of any institution, any sector that has done more in the area of KYC than the banking industry. But it truly goes beyond the banks.

“And I can tell you truly again that even at the bankers committee level, and even at the typical details of banks in Nigeria, these are areas we are actually looking at to see where there are leakages and to begin to block them,” he stated.

He stated that the association was working tirelessly to address these concerns and assured the EFCC boss that there would be more positive results going forward.

Punch

Edo State Governor, Godwin Obaseki, has criticised policies recently introduced by the Central Bank of Nigeria (CBN), saying they cannot support the economic growth of the country.

The governor said the interest rates that are raised would hinder small business owners from getting loans to expand their businesses which are detrimental to the growth of the country.

Obaseki made this known at an event organised by the Edo Zone of Bankers’ Committee in Benin City, the state capital.

According to the governor, Nigeria needs not to worry over interest rates but to create an enabling atmosphere for Nigerians to produce the goods and services we consume and reduce reliance on imported goods.

He said, “Policies that have just been rolled out by the central bank, unfortunately, will not support the growth of our economy. Interest rates are already very high, and jacking up interest rates clearly will not allow small borrowers, small businesses to have access to credit at the price to help them grow their businesses. When an economy is in this state, it meets all the push and support.”

The governor said the motive behind increasing the monetary policy rate (MPR) cannot support economic growth, stressing that the exchange rate is not a remedy to the nation’s economic upheavals.

He empahsised that there should be job creation for the teeming Nigerian youths to transform the country into a productive economy.

“I understand the monetary rationale for increasing MPR fundamentally and fiscally, it is not going to lead to growth in our economy. We must focus on the fundamentals which are increasing production, making sure our citizens produce goods and services we consume, and depend less on imports.

“Our economic policy and monetary policy cannot be determined by exchange rate alone, so the issue of increasing cash reserves in the bid to tighten the liquidity is going to be detrimental to our economy.

“I understand the challenge the monetary authorities face, but unfortunately, you cannot clap with one hand. The economy is about fiscal and monetary policies – both must work hand-in-hand and when they don’t as they don’t in Nigeria, there can be a crisis.

“We should focus on fiscal issues so that we can grow our economy out of the challenges we had. We should not panic too much because of foreign exchange. We must focus on how we can do things within our economy, and how we can grow our economy and earn more foreign exchange if foreign exchange is our problem, but I believe creating jobs for young people should be more of a priority for us as people at this time,” Obaseki stated.

Daily Trust

Nigerian Bar Association Section on Public Interest and Development Law has sued the Inspector General of Police, Kayode Egbetokun, over the issuance of the Central Motor Information System for vehicle owners across the country.

The police had in December 2023, unveiled CMRIS as one of the means to help the police have essential details of vehicle owners in its database.

However, according to the NBA-SPIDEL, obtaining the certificate from the Nigeria Police Force costs N6,000.

In a letter dated January 29, the NBA-SPIDEL Chairman, John Aikpokpo-Martins, and Secretary, Funmi Adeogun, described the issuance of the certificate illegal and issued a seven-day ultimatum on the IG  to discontinue its issuance.

Following the failure of the IG to oblige to their request, the NBA-SPIDEL chair and secretary filed an application seeking to stop the IG and the Nigeria Police Force from issuing the certificate.

The plaintiffs contended that no provisions under the Constitution of the Federal Republic of Nigeria, the Police Act, or any other law gave the Nigeria Police Force, under the command and authority of the IG, the right, power, or authority to maintain a motor registry or issue certificates of identification or proof/evidence of ownership called the Central Motor Registry Information System Certificate (or in any other name called) to Nigerians.

They also held that the Nigeria Police Force was not a revenue-generating agency of the Federal Government of Nigeria and as such, lacked the right to fix and collect fees for the issuance of the Central Motor Registry Information System Certificate from Nigerians.

Vanguard

UN envoy says 'reasonable grounds' to believe Hamas committed sexual violence on Oct. 7

The U.N. envoy focusing on sexual violence in conflict said in a new report Monday that there are “reasonable grounds” to believe Hamas committed rape, “sexualized torture,” and other cruel and inhumane treatment of women during its surprise attack in southern Israel on Oct. 7.

There are also “reasonable grounds to believe that such violence may be ongoing,” said Pramila Patten, who visited Israel and the West Bank from Jan. 29 to Feb. 14 with a nine-member technical team.

Based on first-hand accounts of released hostages, she said the team “found clear and convincing information” that some women and children during their captivity were subjected to the same conflict-related sexual violence including rape and “sexualized torture.”

The report comes nearly five months after the Oct. 7 attacks, which left about 1,200 people dead and some 250 others taken hostage. Israel’s war against Hamas has since laid waste to the Gaza Strip, killing more than 30,000 people, according to Gaza’s Health Ministry. The U.N. says a quarter of Gaza’s 2.3 million people face starvation.

Hamas has rejected earlier allegations that its fighters committed sexual assault.

Patten stressed at a press conference launching the report that the team’s visit was not to investigate allegations of sexual violence but to gather, analyze and verify information for Secretary-General Antonio Guterres’ annual report on sexual violence in conflict and for the U.N. Security Council.

Her key recommendation is to encourage Israel to grant access to the U.N. human rights chief and the Independent International Commission of Inquiry on the Palestinian territories and Israel “to carry out full-fledged investigations into the alleged violations” — and she expressed hope the Security Council would do this.

Patten said the team was not able to meet with any victims of sexual violence “despite concerted efforts to encourage them to come forward.” While the number of victims remains unknown, she said, “a small number of those who are undergoing treatment are reportedly experiencing severe mental distress and trauma.”

However, team members held 33 meetings with Israeli institutions and conducted interviews with 34 people including survivors and witnesses of the Oct. 7 attacks, released hostages, health providers and others.

Based on the information it gathered, Patten said, “there are reasonable grounds to believe that conflict-related sexual violence occurred during the 7 October attacks in multiple locations across Gaza periphery, including rape and gang rape, in at least three locations.”

Across various locations, she said, the team found “that several fully naked or partially naked bodies from the waist down were recovered – mostly women – with hands tied and shot multiple times, often in the head.”

While this is circumstantial, she said the pattern of undressing and restraining victims “may be indicative of some forms of sexual violence.”

At the Nova music festival and its surroundings, Patten said, “there are reasonable grounds to believe that multiple incidents of sexual violence took place with victims being subjected to rape and/or gang rape and then killed or killed while being raped.”

“There are further accounts of individuals who witnessed at least two incidents of rape of corpses of women,” Patten said. “Other credible sources at the Nova music festival site described seeing multiple murdered individuals, mostly women, whose bodies were found naked from the waist down, some totally naked,” some shot in the head, some tied to trees or poles with their hands bound.

On Road 232 — the road to leave the festival — “credible information based on witness accounts describe an incident of the rape of two women by armed elements,” Patten said. Other reported rapes and gang rapes couldn’t be verified and require investigation.

“Along this road, several bodies were found with genital injuries, along with injuries to other body parts,” she said. “Discernible patterns of genital mutilation could not be verified at this time but warrant future investigation.”

She said “the mission team also found a pattern of bound naked or partially naked bodies from the waist down, in some cases tied to structures including trees and poles, along Road 232.”

People fleeing the Nova music festival also attempted to escape south and sought shelter in and around kibbutz Reim where Patten said there are “reasonable grounds” to believe sexual violence occurred.

The mission team verified the rape of a woman outside a bomb shelter and heard of other allegations of rape that could not yet be verified.

At Kibbutz Be’eri, Patten said, her team “was able to determine that at least two allegations of sexual violence widely repeated in the media, were unfounded due to either new superseding information or inconsistency in the facts gathered.”

These included a highly publicized allegation that a pregnant woman’s womb was reportedly ripped open before being killed with her fetus stabbed inside her, Patten said.

Another was “the interpretation initially made of the body of a girl found separated from the rest of her family, naked from the waist down,” she said. “It was determined by the mission team that the crime scene had been altered by a bomb squad and the bodies moved, explaining the separation of the body of the girl from the rest of her family.”

Patten said further investigation is needed of allegations, including of bodies found naked and in one case gagged, at kibbutz Be’eri to determine if sexual violence occurred.

At Kibbutz Kfar Aza, Patten said, verification of sexual violence was not possible. But she said “available circumstantial information – notably the recurring pattern of female victims found undressed, bound, and shot – indicates that sexual violence, including potential sexualized torture, or cruel, inhuman and degrading treatment, may have occurred.”

Patten stressed that “the true prevalence of sexual violence during the Oct. 7 attacks and their aftermath may take months or years to emerge and may never be fully known.”

Patten said the team, which also visited the West Bank, received information from institutional and civil society sources as well as through interviews “about some forms of sexual violence against Palestinian men and women in detention settings, during house raids and at checkpoints.”

The head of the U.N. agency for Palestinian refugees on Monday said hundreds of Palestinians detained by Israel after Oct. 7 attacks have reported a broad range of ill-treatment from having pictures taken of them naked to being threatened with electrocution.

Phillipe Lazzarini told a news conference his agency, known as UNRWA, had put together an unpublished internal report based on information from detainees returning to Gaza “completely traumatized by the ordeal.”

He said some had been detained for a couple of weeks, some for several months.

“We heard stories of people not only having been systematically humiliated,” the UNRWA commissioner general said. “People have been being obliged to be pictured naked.”

AP