Day: July 21, 2024

A financial expert, Mr Okechukwu Unegbu, says the directive by the Central Bank of Nigeria (CBN), that balances of dormant accounts be transferred to it, was in order.

Unegbu, a seasoned banker and past president of Chattered Institute of Bankers of Nigeria (CIBN), said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

According to him, monies in dormant accounts run into billion of Naira, which most Deposit Money Banks (DMBs) usually continue to invest without accountability.

He said that the DMBs were supposed to contact the accounts holders or their representatives when bank accounts are not operated for a considerable length of time.

‘But they usually do not make such contact.

‘The money in dormant accounts run into billions of Naira, which the banks continue to invest.

‘Sometimes, if the owners of the account show up,the DMB works out the interest if it is a savings account. But if it is a current account, the bank pays no interest, which is unfair.

‘What the CBN is tr
ying to do is to deprive the banks the monies they have been using to do business without accountability,’ he said.

Unegbu said that the CBN might want to lend out such monies to the Federal Government to bridge revenue shortage and support infrastructural development.

He urged the apex bank to be particularly vigilant in implementing the directive as some banks would want to present some dormant accounts as normal.

‘Some of the banks might want to hide details of dormant accounts from the CBN so as not to remit all.

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‘ Others might want to make dormant accounts look like working accounts to avoid transferring their balances to the CBN.

‘The apex bank will have to do a lot of work bothering on intelligence, by engaging experts in banking operations, to be able to implement the directive effectively, ‘ he said.

NAN reports that the CBN, on Friday, announced implementation of stricter regulations for managing dormant acc
ounts and unclaimed financial assets in banks and other financial institutions.

The apex bank released the guidelines in a circular by John Onojah, Acting Director, Financial Policy and Regulations Department.

The guidelines also reduced the dormancy period of accounts from six years of inactivity to 10 years with no customer activity.

After 10 years of dormancy, the guidelines allow eligible account balances and unclaimed financial assets to be transferred to a special account managed by the CBN.

Source:News Agency of Nigeria

The National Bureau of Statistics (NBS) says the average retail price of a litre of petrol increased from N545.83 in June 2023 to N750.17 in June 2024.

It made the declaration in its Petrol Price Watch for June 2024 released in Abuja on Thursday.

It stated that the June 2024 price of N750.17 represented a 34.77 per cent increase over the price of N545.83 recorded in June 2023.

‘Comparing the average price value with the previous month of May, the average retail price decreased by 2.53 per cent from N769.72.’

On state profiles analysis, the report said Benue paid the highest average retail price of N854.55 per litre, followed by Jigawa and Rivers at N847.00 and N810.00, respectively.

‘Conversely, Lagos, Kwara and Ogun paid the lowest average retail price at N626.94, N650.00, and N670.63, respectively,”it stated.

Analysis by zones showed that the South-South Zone recorded the highest average retail price in June 2024 at N794.64 while the South-West recorded the lowest price at N696.42 per litre.

The NBS
also stated in its Diesel Price Watch Report for June 2024 that the average retail price was N1,462.98 per litre.

It said that the June 2024 price of N1,462.968 per litre amounted to a 79.32 per cent increase over the N815.83 per litre paid in June 2023.

‘On a month-on-month basis, the price increased by 4.20 per cent from the N1,403.96 per litre recorded in May 2024,” it added.

On state profile analysis, the report said the highest average price of diesel in June 2024 was recorded in Niger at N1,979.23 per litre, followed by Cross River at N1,920.86 and Taraba at N1,742.46.

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On the other hand, the lowest price was recorded in Lagos at N1,210.77 per litre, followed by Ogun at N1,239.17 and Abuja at N1,240.00.

In addition, the analysis by zones showed that the North-East Zone had the highest price of N1,659.07 per litre, while the South-West recorded the lowest price at N1,280.54 per litre.

Source:News Agency of Nigeria

The National Agency for Food and Drug Administration and Control (NAFDAC) says it is ready to partner with the National Counter Terrorism Centre (NCTC).

The Director-General of NAFDAC, Prof. Moji Adeyeye, stated this in Abuja when the National Coordinator of NCTC, Maj-Gen. Adamu Laka, visited her office.

The News Agency of Nigeria (NAN) reports that the delegation from NCTC, which is domiciled in the Office of the National Security Adviser, was in NAFDAC to request for personnel to assist in running its DNA laboratories.

Adeyeye said a partnership between the two strategic agencies in the country was apt in safeguarding the lives of Nigerians.

She said NAFDAC was suitably positioned to fight drug counterfeiting, drug abuse, unwholesome food and unauthorised handling of chemicals fuelling terrorists operations and other criminal activities in the country.

According to her, NAFDAC, being a World Health Organisation Maturity Level 3 Regulatory Authority, has highly qualified experts and well equipped labora
tories.

She, however, said the agency needed more personnel to cope with its enormous responsibilities.

‘ As a regulatory agency, we are supposed to have 12,000 staff but we are barely 2,000 in a country of more than 230 million.

‘NAFDAC staff work round the clock. We are not just a civil service organisation but a regulatory body that is mandated to protect lives on a daily basis from food to drugs, to water, precursors and chemicals that can fall into the hands of the terrorists,’ she said.

Adeyeye also thanked the Office of the National Security Adviser for returning NAFDAC to the ports in 2018.

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‘So, many things were going wrong. Anything bad was coming into Nigeria in terms of drugs, precursors, whatever.

‘ Tramadol was rampant in the country. At a point, I told my Ports Inspection Director whether they were targeting Nigeria to erase us from the map.

‘ Our young people were getting mad. Suicide bombing was at the peak.

‘ I said do we really know what we are doing? NAFDAC is in charge of drugs. We are in charge of chemicals and NAFDAC was removed from the ports for seven years.

‘ That is part of why terrorism became big in the country. I always refer to the Office of the National Security Adviser as one of the agencies that helped us to go back to the ports,’ she said.

She commended the relentless efforts of the NCTC for supporting the return of NAFDAC to the ports.

Adeyeye pledged that NAFDAC would continue to work with the Office of the National Security Adviser.

She said: ‘ It has been a great relationship and it will continue to be better.

‘ We want to make the partnership stronger so that the counterfeiters will know that we have people watching our back.

‘ Without the support of the armed forces – the army, the police, Nigeria Security and Civil Defence Corps, Nigeria Customs Service and the Department of State Services- there is no way NAFDAC can exist in carrying out her operations. ‘

Laka, on his part, descri
bed NAFDAC as an embodiment of knowledge in the area of science and research.

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He pledged his continuous support to the agency in the areas of operations, research, laboratory testing and investigation.

Laka, however, sought NAFDAC’s support for the centre in the area of operationalisation of its laboratory equipment and analysis for it to achieve its objectives.

He equally thanked Adeyeye for releasing one of her staff to the centre and requested for more personnel from the agency.

Source:News Agency of Nigeria

The Vice-Chairman of International Chamber of Commerce (ICC) Nigeria, Mrs Dorothy Ufot (SAN), has called for more Nigerian arbitrators to be included in disputes involving resident multinationals and host community.

Ufot made the call in an interview at the ICC Nigeria and Alternative Dispute Resolution (ADR) meeting held on Friday at Victoria Island, Lagos.

The News Agency of Nigeria (NAN) reports that the quarterly meeting of the ICC/ADR meeting was hosted by Candide-Johnson Law Practice, which recently rebranded from Strachan Partners.

Speaking on the progress reports of arbitration in Nigeria, Ufot said that practitioners had made significant inroads across the globe.

On the resolution of ICC Nigeria, Ufot said that with the quality of arbitrators in Nigeria, there was no need to engage foreigners for settling disputes in multinational companies domiciled in the country.

‘We do not want investors coming to Nigeria to take our oil and gas and other natural resources, then when disputes rise, they will
claim that we do not have the competence of arbitration.

‘We are kicking against this; we want Nigerians, Africans to be appointed as arbitrators to resolve local and international disputes.

‘We now have all the banks in Nigeria as members of ICC Nigeria and also enjoin many to join us as well,’ she said.

Ufot, who is also the Chairman of Arbitration and Commission Nigeria, said the country was among the 170 members of the ICC adding that the commission would like to enlist more qualified arbitrators.

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‘We want more members who are Nigerians to join the ICC and benefit from the organisation.

‘Arbitration is one of the biggest most importance of the ICC and we have about 170 member countries which Nigeria is one of them.

‘It is interesting to know that after the second world war, the founders of ICC referred themselves to as merchant of peace and that if there is peace, the business world will function well.

‘So, ICC is number one in the
world and also have representatives in the United Nations and our members are happy with our commitments for the professional progress of the organisation.’

Ufot explained that international and domestic arbitration is one of the preferred mechanism for the resolution of business disputes.

She noted that before now, Africans were considered not to have what it took to resolve disputes in international climate, as they were not regarded as experts.

‘Today, Nigeria now boasts of several qualified arbitrators who have been appointed into serious and complex disputes in all fields.

‘This is the reason we gather quarterly to give updates on what is going on in the international circle, while we are proud to say that more of our members have bagged international appointments.

‘The faces of Nigerian arbitrators are now seen all over the world because it is a big business,’ she said.

The host, Mr Olayemi Candide-Johnson,

emphasised the need to have a more holistic approach to arbitration as a pathway of resolv
ing disputes in all areas of life especially in businesses.

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According to him, there is nothing more natural than arbitration as it is what has been in existence since time immemorial.

He said: ‘Arbitration is backed by the law to resolve issues and diffusion of tensions in businesses.

‘Before going to the court, we can resolve our issues, because we go to our elders to also resolve issues.

‘If we failed to resolve issues effectively, it will create impediments to the growth of the economy.

‘Also, we need to take the pressure off the court and instead engage in arbitration which is more cheaper, simpler and void of complexity.’

NAN reports that highlights of the ICC Nigeria meeting includes reading of reports and also the announcement about the change of leadership at ICC and ICC Nigeria.

Source:News Agency of Nigeria

Nigerian folklore music legend, Gentleman Mike Ejeagha, has taken social media by storm as his timeless Igbo highlife song, ‘Gwo Gwo Gwo Ngwo’, becomes the anthem of choice for content creators worldwide.

The News Agency of Nigeria (NAN) reports that the dance moves appear to have become a challenge, with many people creating versions of it.

Thanks to popular comedian and content creator, Brain Jotter, who kickstarted the challenge.

The decades-old song has experienced a remarkable resurgence on TikTok and other social media platforms.

The song’s deep meaning and rich representation of Igbo culture have resonated with today’s generation, propelling it to viral status.

A global competition has emerged, with users showcasing their creativity and talent using the song.

Social media users including celebrities have continued to jump on the dance move, ‘Gwo Gwo Gwo Ngwo’.

NAN reports that this unexpected boost has brought Gentleman Mike Ejeagha’s 41-year-old song back into the spotlight.

NAN also reports t
hat well-meaning Nigerians are paying homage to Mike Ejeagha in his house, he has been receiving cash gifts.

Unconfirmed reports suggested that Brain Jotter gifted him cash and a car.

The skit has become Brain Jotter’s most viewed video on Instagram, amassing an impressive four million likes and 500,000 comments.

This phenomenon has not only introduced Gentleman Mike Ejeagha’s music to a new audience but also cemented his legacy as a pioneer of Nigerian folklore music.

Source:News Agency of Nigeria

The Dada pottery community in Ilorin, Kwara, has appealed to the state and federal governments for assistance in providing a befitting factory to sustain their trade.

The community emphasised the urgent need for adequate shelter and facilities to continue their traditional pottery craft.

The News Agency of Nigeria (NAN) reports that Dada pottery community is a congregation of more than 100 women located at the Okelele Quarters in Ilorin East Local Government Area.

Deriving its name from the community, Dada pottery is said to be the largest in Nigeria and is as old as Ilorin town.

The skills are mostly passed down from generation to generation. Through pot making, these women have been able to care for their families despite the conditions they work in.

They are the source of most of the terracotta in and around Ilorin.

Two female potters spoke with NAN in separate interviews on the sideline of a visit by the Nigeria Association of Tour Operators (NATOP) to the community on Saturday.

This visit is part
of activities for the Eight Annual General Meeting of NATOP, held in Ilorin.

The potters told NAN that they have not been able to generate enough revenue to erect an attractive and conducive structure for the production of their products.

They also complained about lack of facilities to store their products.

According to the women, their trade promotes the nation’s cultural heritage of handcraft.

Raliat Saka urged government to transform the community to an attractive tourist site so as to attracting local and international visitors.

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Saka, who was born into the trade, spoke about the durability of the local product.

She said the community should be assisted and encouraged, as they were involved in the promotion of African culture.

Speaking on the quality of their products, Saka noted that the local pots could be carved into various shapes to perform different purposes and used for years without breaking.

‘We produce Ishasun, used
to cook in the olden days, it is still very good because it does not make food go burnt.

‘We produce some used as piggy banks, some to safe items with holes around it. We produce jugs, food warmers, some other ones to boil herbs.

‘We have flower pots and some used to melt gold,’ she said.

Also, Mujidat Saheed said most of their products were usually exposed to rain because of lack of standard accommodation.

Saheed said the infrastructural investment was needed to enable them to improve their financial benefits.

She described the preoccupation as lucrative saying she had been able to cater for her children’s academic needs as well as build a house for herself.

‘As the largest producer of terracotta products in Nigeria, we should be supported to work better, we usually have our products exposed to the rain and the sun, we want a warehouse built to keep them before sales.’

Source:News Agency of Nigeria